Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹2,926Cr
Textiles - Readymade Apparel
Rev Gr TTM
Revenue Growth TTM
26.02%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

KKCL
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 17.6 | 15.4 | 16.0 | 0.6 | 10.0 | -15.2 | 17.4 | 27.4 | 31.3 | 54.5 | 14.9 | 18.0 |
| 160 | 144 | 201 | 161 | 177 | 124 | 244 | 208 | 236 | 192 | 283 | 238 |
Operating Profit Operating ProfitCr |
| 19.6 | 19.1 | 23.5 | 19.4 | 19.3 | 18.2 | 20.8 | 18.4 | 18.1 | 17.8 | 20.1 | 20.9 |
Other Income Other IncomeCr | 7 | 11 | 8 | 9 | 9 | 11 | 34 | 2 | 3 | 14 | 7 | 3 |
Interest Expense Interest ExpenseCr | 2 | 2 | 1 | 1 | 1 | 1 | 3 | 3 | 4 | 4 | 4 | 4 |
Depreciation DepreciationCr | 2 | 2 | 3 | 3 | 3 | 3 | 9 | 10 | 10 | 11 | 11 | 11 |
| 42 | 41 | 66 | 44 | 48 | 35 | 86 | 36 | 41 | 41 | 63 | 51 |
| 11 | 8 | 16 | 11 | 10 | 10 | 19 | 10 | 11 | 9 | 16 | 13 |
|
Growth YoY PAT Growth YoY% | 27.3 | 56.3 | 27.0 | 23.6 | 20.2 | -25.2 | 36.2 | -21.5 | -20.1 | 26.9 | -30.1 | 45.3 |
| 15.8 | 18.9 | 18.9 | 16.6 | 17.3 | 16.7 | 21.9 | 10.2 | 10.5 | 13.7 | 13.4 | 12.6 |
| 5.1 | 5.5 | 8.1 | 5.4 | 6.1 | 4.1 | 10.6 | 4.0 | 4.7 | 5.1 | 7.3 | 5.5 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 2.0 | -1.3 | 9.2 | 5.3 | -42.9 | 100.7 | 28.3 | 10.4 | 16.5 | 17.4 |
| 353 | 368 | 362 | 391 | 435 | 284 | 508 | 628 | 683 | 812 | 949 |
Operating Profit Operating ProfitCr |
| 22.7 | 21.2 | 21.3 | 22.3 | 17.9 | 6.2 | 16.5 | 19.5 | 20.6 | 19.0 | 19.3 |
Other Income Other IncomeCr | 7 | 17 | 21 | 22 | 18 | 17 | 17 | 20 | 37 | 49 | 27 |
Interest Expense Interest ExpenseCr | 3 | 3 | 5 | 7 | 9 | 7 | 5 | 6 | 4 | 10 | 15 |
Depreciation DepreciationCr | 4 | 5 | 6 | 8 | 8 | 7 | 7 | 9 | 10 | 32 | 43 |
| 104 | 108 | 108 | 119 | 96 | 23 | 105 | 157 | 199 | 198 | 196 |
| 36 | 34 | 35 | 39 | 23 | 3 | 24 | 38 | 45 | 48 | 49 |
|
| | 9.7 | -1.8 | 9.7 | -9.0 | -72.9 | 312.2 | 45.8 | 29.4 | -3.2 | -1.2 |
| 14.9 | 16.0 | 15.9 | 16.0 | 13.8 | 6.5 | 13.4 | 15.3 | 17.9 | 14.9 | 12.5 |
| 11.0 | 12.1 | 11.9 | 13.0 | 11.8 | 3.2 | 13.3 | 19.3 | 25.0 | 23.4 | 22.6 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Dec 2025 |
|---|
Equity Capital Equity CapitalCr | 12 | 12 | 12 | 12 | 12 | 12 | 62 | 62 | 62 | 62 | 62 |
| 286 | 362 | 387 | 418 | 434 | 421 | 416 | 485 | 614 | 758 | 857 |
Current Liabilities Current LiabilitiesCr | 108 | 137 | 151 | 208 | 180 | 143 | 260 | 257 | 143 | 348 | 358 |
Non Current Liabilities Non Current LiabilitiesCr | 17 | 1 | 6 | 7 | 10 | 6 | 4 | 13 | 19 | 86 | 92 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 295 | 305 | 336 | 412 | 486 | 456 | 618 | 658 | 684 | 858 | 993 |
Non Current Assets Non Current AssetsCr | 129 | 208 | 220 | 233 | 150 | 127 | 125 | 159 | 153 | 567 | 554 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 49 | 80 | 56 | 0 | 51 | 97 | 57 | 75 | 136 | 14 |
Investing Cash Flow Investing Cash FlowCr | 13 | -9 | -14 | 3 | 46 | 62 | -2 | -18 | -10 | -184 |
Financing Cash Flow Financing Cash FlowCr | -81 | -27 | -46 | -11 | -70 | -85 | -32 | -52 | -66 | -20 |
|
Free Cash Flow Free Cash FlowCr | 38 | 66 | 47 | -12 | 40 | 94 | 48 | 51 | 127 | -70 |
| 72.2 | 107.5 | 76.0 | -0.5 | 69.8 | 488.4 | 69.7 | 63.1 | 88.2 | 9.2 |
CFO To EBITDA CFO To EBITDA% | 47.2 | 81.0 | 56.7 | -0.3 | 53.6 | 518.1 | 56.9 | 49.4 | 76.7 | 7.2 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 2,099 | 2,139 | 1,876 | 1,578 | 778 | 1,073 | 1,231 | 2,574 | 4,129 | 2,816 |
Price To Earnings Price To Earnings | 30.9 | 28.7 | 25.6 | 19.6 | 10.7 | 54.1 | 15.1 | 21.6 | 26.8 | 19.5 |
Price To Sales Price To Sales | 4.5 | 4.6 | 4.1 | 3.1 | 1.5 | 3.5 | 2.0 | 3.3 | 4.8 | 2.8 |
Price To Book Price To Book | 7.0 | 5.7 | 4.7 | 3.7 | 1.7 | 2.5 | 2.6 | 4.7 | 6.1 | 3.4 |
| 20.3 | 21.4 | 19.0 | 14.4 | 8.3 | 51.9 | 11.2 | 16.3 | 22.2 | 14.9 |
Profitability Ratios Profitability Ratios |
| 57.2 | 56.7 | 58.0 | 61.8 | 61.8 | 47.6 | 52.6 | 52.2 | 50.4 | 52.6 |
| 22.7 | 21.2 | 21.3 | 22.3 | 17.9 | 6.2 | 16.5 | 19.5 | 20.6 | 19.0 |
| 14.9 | 16.0 | 15.9 | 16.0 | 13.8 | 6.5 | 13.4 | 15.3 | 17.9 | 14.9 |
| 32.6 | 26.9 | 25.4 | 24.1 | 19.6 | 6.1 | 19.6 | 26.6 | 29.3 | 21.1 |
| 22.7 | 19.9 | 18.3 | 18.7 | 16.4 | 4.6 | 17.1 | 21.8 | 22.8 | 18.2 |
| 16.0 | 14.5 | 13.2 | 12.4 | 11.5 | 3.4 | 11.0 | 14.6 | 18.4 | 10.5 |
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.
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### **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.
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### **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.
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### **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.
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### **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).
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### **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.
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