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Khadim India Ltd

Q2 FY26

Khadim India Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹118

Market cap₹217 Cr

P/E48.1

Updated16 Oct 2026

Read4 min read

The short version

Volume growth was previously weak but has been arrested due to improved gross margins. Gross margin expected to improve to around 50-52% in Q3 and Q4 FY '26, better than Q1 and Q2, but not returning immediately to 53-55% levels.

From Khadim India Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Volume growth was previously weak but has been arrested due to improved gross margins.
With the GST rate cut to 5% for footwear under INR 2,500, demand volume growth is expected to improve due to better price competitiveness.
Post GST cut and during the wedding season, management expects sales growth compared to last year, especially in the lower price segments.
Despite closure of loss-making stores, overall sales have remained similar to last year, indicating stabilization.
Focus on expanding through franchise-operated models (TFM/FRM) and increasing e-commerce contribution (now around 4%) to drive growth.
Product innovation in the INR 500-1,500 range and premium brands like British Walkers and Sharon growing in double digits.

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Profitability & Margins

Gross margin expected to improve to around 50-52% in Q3 and Q4 FY '26, better than Q1 and Q2, but not returning immediately to 53-55% levels.
Distribution business turnover around INR100 crores in first half, with expectations to be profitable from next financial year; aiming for breakeven this year.
Retail sales post-GST cut steady; volume growth expected in lower price segments due to GST-driven price competitiveness.
E-commerce contribution increased to ~4% in Q2, with new agency partnership expected to improve operations and growth.
Focus on expanding franchise and TFM stores while closing loss-making COCO stores for productivity improvement.

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Capital Expenditure Plans

No specific details on current or future capex or strategic investments were disclosed during the call.
Focus highlighted on:
Product innovation, brand building, and strengthening retail network.
Expanding the Athleisure product line and sub-brands like British Walkers and Sharon.
The partnership and initial integration with Skechers to expand premium/lifestyle segment.
Retail expansion plans include opening more TFM and franchisee-operated stores rather than company-owned outlets.

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Fundraising & Capital Structure

No explicit mention of any new fundraising through debt or equity in the recent call or document.
Current debt stands around INR120 crores, expected to reduce slightly to less than INR115 crores by year-end.
Focus appears to be on reducing working capital and improving operational efficiency rather than raising fresh capital.

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Order Book & Pipeline

The provided transcript and related pages of Khadim India Limited's earnings call and investor meet do not mention any information regarding the current or expected order book or pending orders. The discussion mainly focuses on: - Sales performance and trends across different quarters and segments. - Impact of GST on pricing and volume growth. - Inventory and working capital management. - E-commerce and retail store expansion.

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Khadim India Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹84 Cr, net profit ₹1 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Khadim India's management said in earlier quarters

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Frequently Asked Questions

What were Khadim India Ltd Q2 FY26 results?

Volume growth was previously weak but has been arrested due to improved gross margins. Gross margin expected to improve to around 50-52% in Q3 and Q4 FY '26, better than Q1 and Q2, but not returning immediately to 53-55% levels.

What is Khadim India Ltd share price analysis?

Khadim India Ltd currently shows a neutral. The stock trades at a P/E of 48.1 with a market cap of ₹217 Cr. Investors should review the full earnings analysis for detailed insights.

Is Khadim India Ltd planning capital expenditure?

No specific details on current or future capex or strategic investments were disclosed during the call.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.