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Kewal Kiran Clothing Ltd

KKCL
NSE
474.85
0.63%
Last Updated:
30 Apr '26, 4:00 PM
Company Overview
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Kewal Kiran Clothing Ltd

KKCL
NSE
474.85
0.63%
30 Apr '26, 4:00 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
2,926Cr
Close
Close Price
474.85
Industry
Industry
Textiles - Readymade Apparel
PE
Price To Earnings
20.97
PS
Price To Sales
2.49
Revenue
Revenue
1,177Cr
Rev Gr TTM
Revenue Growth TTM
26.02%
PAT Gr TTM
PAT Growth TTM
-5.98%
Peer Comparison
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Quarterly Results

Upcoming Results on
9 May 2026
Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
199178262200219151308255288234354301
Growth YoY
Revenue Growth YoY%
17.615.416.00.610.0-15.217.427.431.354.514.918.0
Expenses
ExpensesCr
160144201161177124244208236192283238
Operating Profit
Operating ProfitCr
393462394228644752427163
OPM
OPM%
19.619.123.519.419.318.220.818.418.117.820.120.9
Other Income
Other IncomeCr
7118991134231473
Interest Expense
Interest ExpenseCr
221111334444
Depreciation
DepreciationCr
22333391010111111
PBT
PBTCr
424166444835863641416351
Tax
TaxCr
1181611101019101191613
PAT
PATCr
313450333825682630324738
Growth YoY
PAT Growth YoY%
27.356.327.023.620.2-25.236.2-21.5-20.126.9-30.145.3
NPM
NPM%
15.818.918.916.617.316.721.910.210.513.713.412.6
EPS
EPS
5.15.58.15.46.14.110.64.04.75.17.35.5

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
4574674605035303036087798611,0031,177
Growth
Revenue Growth%
2.0-1.39.25.3-42.9100.728.310.416.517.4
Expenses
ExpensesCr
353368362391435284508628683812949
Operating Profit
Operating ProfitCr
10499981129519100152177191228
OPM
OPM%
22.721.221.322.317.96.216.519.520.619.019.3
Other Income
Other IncomeCr
717212218171720374927
Interest Expense
Interest ExpenseCr
3357975641015
Depreciation
DepreciationCr
45688779103243
PBT
PBTCr
1041081081199623105157199198196
Tax
TaxCr
363435392332438454849
PAT
PATCr
68757380732082119154149147
Growth
PAT Growth%
9.7-1.89.7-9.0-72.9312.245.829.4-3.2-1.2
NPM
NPM%
14.916.015.916.013.86.513.415.317.914.912.5
EPS
EPS
11.012.111.913.011.83.213.319.325.023.422.6

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Dec 2025
Equity Capital
Equity CapitalCr
1212121212126262626262
Reserves
ReservesCr
286362387418434421416485614758857
Current Liabilities
Current LiabilitiesCr
108137151208180143260257143348358
Non Current Liabilities
Non Current LiabilitiesCr
17167106413198692
Total Liabilities
Total LiabilitiesCr
4245135566456365827438178371,4261,547
Current Assets
Current AssetsCr
295305336412486456618658684858993
Non Current Assets
Non Current AssetsCr
129208220233150127125159153567554
Total Assets
Total AssetsCr
4245135566456365827438178371,4261,547

Cash Flow

Consolidated
Standalone
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
49805605197577513614
Investing Cash Flow
Investing Cash FlowCr
13-9-1434662-2-18-10-184
Financing Cash Flow
Financing Cash FlowCr
-81-27-46-11-70-85-32-52-66-20
Net Cash Flow
Net Cash FlowCr
-1943-4-8277423559-191
Free Cash Flow
Free Cash FlowCr
386647-1240944851127-70
CFO To PAT
CFO To PAT%
72.2107.576.0-0.569.8488.469.763.188.29.2
CFO To EBITDA
CFO To EBITDA%
47.281.056.7-0.353.6518.156.949.476.77.2

Ratios

Consolidated
Standalone
Financial YearMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
2,0992,1391,8761,5787781,0731,2312,5744,1292,816
Price To Earnings
Price To Earnings
30.928.725.619.610.754.115.121.626.819.5
Price To Sales
Price To Sales
4.54.64.13.11.53.52.03.34.82.8
Price To Book
Price To Book
7.05.74.73.71.72.52.64.76.13.4
EV To EBITDA
EV To EBITDA
20.321.419.014.48.351.911.216.322.214.9
Profitability Ratios
Profitability Ratios
GPM
GPM%
57.256.758.061.861.847.652.652.250.452.6
OPM
OPM%
22.721.221.322.317.96.216.519.520.619.0
NPM
NPM%
14.916.015.916.013.86.513.415.317.914.9
ROCE
ROCE%
32.626.925.424.119.66.119.626.629.321.1
ROE
ROE%
22.719.918.318.716.44.617.121.822.818.2
ROA
ROA%
16.014.513.212.411.53.411.014.618.410.5
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
### **Overview** Kewal Kiran Clothing Limited (KKCL) is one of India’s largest and most established branded apparel companies, with over **40 years of experience** in the fashion industry. Founded in the 1980s, KKCL has evolved from a denim-focused manufacturer into a **leading integrated lifestyle fashion brand**, offering a comprehensive portfolio across men’s, women’s, and children’s wear. The company operates a **fully integrated in-house ecosystem** spanning design, manufacturing, branding, sourcing, logistics, and retailing, allowing for end-to-end control, speed-to-market, and consistent quality. KKCL is headquartered in India and is recognized for shaping the country’s denim culture. It combines homegrown ethos with global fashion sensibilities, positioning itself as a **"homegrown icon"** in the Indian apparel space with growing international appeal. --- ### **Business Model & Operations** KKCL follows a **vertically integrated, marketing-led business model** with strong in-house capabilities across all key value chain stages: - **Design:** An in-house design team tracks national and international fashion trends to create trend-responsive, consumer-relevant products. - **Manufacturing:** Operates **four state-of-the-art manufacturing plants in India** (Vapi, Daman) with a total area of ~237,000 sq. ft. Approximately **80% of production is in-house**, focused on high-value categories like jeans, shirts, and trousers; the remaining 20% is outsourced for winterwear and accessories. - **Sustainability:** Uses **eco-friendly practices** including ozone-based denim washing, water conservation, blue technology, and certified green chemicals. The Vapi facility is ISO 14001:2004 certified for environmental management. - **Technology Integration:** Leverages **generative AI and large language models** for demand forecasting and personalized product recommendations. RPA, Warehouse Management Systems (WMS), and smart inventory planning enhance operational efficiency. --- ### **Brand Portfolio** KKCL owns a diversified portfolio of **six in-house brands**, each targeting distinct consumer segments by age, gender, lifestyle, and price point: | **Brand** | **Positioning** | **Target Segment** | |---------------------|----------------------------------------------------------------------------------|----------------------------------------------------| | **Killer** | Flagship premium brand; bold, youth-centric, fashion-forward | Men & Women (18–35) – denim, casuals, athleisure | | **Integriti** | Premium semi-formal wear; value-driven, affordable, professional | Young professionals, college students | | **Lawman** | D2C fast-fashion, glam-oriented partywear & western wear | Young adults (18–30) – trendsetters | | **Easies by Killer**| Premium semi-formal menswear; chinos, shirts, linen blends | Working professionals seeking style & comfort | | **Junior Killer** | High-street kids’ fashion; casual, sporty, classic styles | Boys aged 4–16; positions Killer as “four-to-forever” | | **Kraus Jeans** | Women’s denim & casual wear; comfort, fit, contemporary style | Fashion-conscious urban women | - **Acquisition:** In FY2024, KKCL acquired a **50% stake in Kraus Casuals Private Limited** for ₹166.51 crore, strengthening its presence in women’s wear and expanding market reach in India and the UAE. - **Accessories:** Operates the **Addiction** brand for deodorants, watches, belts, wallets, footwear, and innerwear. --- ### **Distribution & Retail Network** KKCL follows a **multi-channel, omnichannel strategy** to maximize reach, visibility, and profitability: #### **1. Exclusive Brand Outlets (EBOs)** - As of **September 2025**, operates **652 EBOs**, up from 488 in FY24. - **EBO Models:** - COCO (Company-Owned, Company-Operated) - COFO (Company-Owned, Franchisee-Operated) - FOFO (Franchisee-Owned, Franchisee-Operated) – **dominant model**. - **EBO Breakdown (Sep 2025):** - Killer: 437 outlets - K-Lounge: 96 - Lawman + Integriti: 96 - Kraus: 22 - Factory Outlet: 1 - **Expansion Strategy:** Target to grow EBO network to **900+ by FY28**, with a focus on Tier-2 and Tier-3 cities. FY25 saw 121 net new EBOs added; Q1 FY26 added 29 more. #### **2. Multi-Brand Outlets (MBOs)** - Served through **80+ distributors**. - Presence in **over 3,000 MBOs** and **2,700+ large-format counters** with national retailers like Reliance Retail, Max, Lifestyle, and Shoppers Stop. #### **3. Large Format Stores (LFS) & Shop-in-Shops (SIS)** - Focused expansion in **malls and Tier-1 cities**. - Increasing counter space and SIS formats for brand visibility. #### **4. E-Commerce & Digital Presence** - Presence on **Flipkart, Amazon, Myntra**, and own D2C platforms. - **Digital Strategy:** Selective, profitability-oriented e-commerce with **175 digital touchpoints** planned. - Aggressive digital marketing, influencer engagement, and AI-driven personalization (e.g., “Socially Killer” campaign). #### **5. Modern Trade & National Retail Chains** - Strong partnerships with **Reliance, Max, Pantaloons, and Shoppers Stop**. - Kraus is now distributed across 1,000+ large-format stores. --- ### **Growth Strategy** KKCL’s growth is anchored on **multi-brand, multi-category, multi-channel expansion**: 1. **Geographic Expansion:** - Focus on **north and west India**; eastern region in “auto phase” with limited new investment. - Deep penetration in **Tier-2 and Tier-3 cities** via EBOs, SIS, and MBOs. 2. **Product Diversification:** - Transition from denim (46.39% of FY25 sales) to **full lifestyle offerings**. - New categories: **Winterwear, athleisure, blazers, formal wear, accessories**. - Jeans contribution reduced from 52.91% in FY24 to 46.39% in FY25 – evidence of successful diversification. 3. **Manufacturing Expansion:** - **Brownfield expansion** underway in Vapi and Daman to increase capacity from **8 million to 10 million units annually**. - Investment of **₹30–35 crores** planned over 2–3 years. 4. **Inorganic Growth:** - Actively exploring **acquisitions and brand tie-ups** in new categories. - Kraus integration delivering strong returns (₹162 crore in 9 months of integration). 5. **Technology & Innovation:** - **AI-powered demand forecasting** using browsing and purchase behavior. - Bi-annual trade shows to enhance supply chain planning and client relationships. 6. **Marketing & Branding:** - Strategic **cricket sponsorships**: Kit Sponsor of Indian Cricket Team, title sponsor of India vs. Bangladesh Test series. - High-visibility campaigns: in-stadium branding, Pro Kabaddi League, digital influencer partnerships. - Brand ambassadorships (e.g., Rohit Shetty for Lawman, Ahan Shetty for Killer). --- ### **Recent Developments (Oct–Sep 2025)** - **Retail Channel Growth:** +14% YoY; Non-Retail: +15%, indicating balanced growth. - **Diwali 2025:** Reported **positive festive sales momentum**, stable business performance. - **Integriti Rebranding:** Transitioning into modern trade; improvement expected in H2 FY26. - **Lawman Repositioning:** Now a **D2C fast-fashion brand** to increase engagement and frequency. - **Digital Push:** Enhanced online experience using AI, social media, and immersive tech. ---