Same-store sales growth (Q4 FY26)
6.8%
+6.8pp YoY
SSG for Q4 FY26 was 6.8%, indicating healthy like-for-like store performance.
KEWALKIRANCLOTHING
Other
15 May 2026
Kewal Kiran Clothing Limited — Q4 FY26
Kewal Kiran Clothing delivered a strong Q4 FY26 with consolidated revenue of ₹325 crore (+12.4% YoY) and full-year revenue of ₹1,212 crore (+20.9% YoY).
✓ Verified against BSE filing
2-Min Summary
Kewal Kiran Clothing delivered a strong Q4 FY26 with consolidated revenue of ₹325 crore (+12.4% YoY) and full-year revenue of ₹1,212 crore (+20.9% YoY). EBITDA for the quarter was ₹62 crore (+18% YoY), with margins expanding to 19.6% for FY26, above the guided 17-18% range. Growth was driven by double-digit volume growth of 16%, strong same-store sales growth of 6.8% (Q4) and 9.4% (FY26), and robust performance across brands including Killer, Cross, and Junior Killer. The company raised its three-year CAGR guidance from 15% to 20%, with organic growth of 15-18% supplemented by inorganic acquisitions. Management remains open to acquisitions across categories and price points. Key risk: raw material price inflation from global trade disruptions may pressure margins if not fully passed on.
Key Numbers
Volume growth (Q4 FY26)
16%
+16% YoY
Consolidated volume grew 16% YoY, driven by design capabilities and consumer demand.
Total EBO count
666
+57 stores YoY
Net addition of 57 EBOs in FY26, taking total to 666 stores as of March 31, 2026.
Cross brand growth (FY26)
>20%
>20% YoY
Cross brand grew upwards of 20% in FY26, its first full year under KKCL ownership.
Management Guidance
Three-year revenue CAGR target raised to 20%
Management raised the Vision 2028 CAGR target from 15% to 20%, with organic growth of 15-18% and inorganic contribution of ~5%.
growthOrganic growth guidance of 15-18% for FY27
Organic revenue growth expected to be in the range of 15-18% for FY27, excluding any inorganic contributions.
revenueNet store additions of 50-70 EBOs in FY27
Planned net addition of 50-70 EBOs in FY27, primarily franchisee-operated, with COCO stores at 15-20% of the mix.
expansionCapex guidance of ₹30-35 crore for FY27
Annual capex requirement of ₹30-35 crore for front-end and back-end investments, including COCO stores.
capexKey Risks
Raw material price inflation from global trade disruptions
Management acknowledged that raw material prices have increased substantially due to global trade disruptions, and the impact on margins is uncertain.
medium · analyst_questionExport market disruption due to Middle East tensions
Exports, primarily to the Middle East, have been disturbed over the last 3 months and may remain constant or decline next year.
medium · management_commentaryWorking capital days could rise with cross brand
Cross brand has higher working capital days due to skew towards LFS and retail, potentially increasing overall working capital above the 130-140 day target.
low · analyst_questionInorganic growth dependency for 20% CAGR target
The raised 20% CAGR target relies on acquisitions, which may not materialize uniformly each year, creating execution risk.
medium · data_observationNotable Quotes
We are pleased to report a strong close to FY26 with Q4 marking yet another quarter of double-digit sales growth and taking full-year growth of 20.9%.
We aim to further accelerate the growth target from 15% CAGR to 20% CAGR in the next three years and it's expected to be meaningfully supported by a well-defined acquisitions framework.
We don't want to lose the revenue. Major focus is revenue, ready to take that kind of heat.