1. Vision 2028 revenue target - Management targets ₹1,500 cr revenue by FY28, up from ₹1,213 cr in FY26, with growth accelerated from 15% to 20% CAGR via organic plus inorganic acquisitions. At 20% CAGR, FY28 revenue lands near ₹1,750 cr - roughly 45% above current levels, with EBITDA margin guided at 17-18% versus 19%+ delivered in FY26.
2. Kraus women's casualwear scaling - The 50%-owned subsidiary (₹166.51 cr acquisition) delivered ₹162 cr sales in its first nine months, grew 37.5% in Q3 FY26, and expanded EBOs from 12 to 33 in 15 months. EBITDA margins improved from \~12% at acquisition to \~20% now, and management expects 20%+ growth to continue for 2-3 years as MBO and export channels scale.
3. Killer EBO expansion and premiumisation - Killer operates 464 EBOs and targets 600, with store sizes shifting from 600-800 sq ft to 1,000-2,500 sq ft to house Junior Killer and future women's lines. Larger stores lift per-store revenue - an 800 sq ft store targets ₹1 cr annual business - while Killer already contributes 65-70% of company revenue at the highest margins.
4. Lawman D2C repositioning - Lawman pivoted to a fast-fashion D2C brand, opened 93 EBOs in 14-15 months, and discontinued MBO distribution; store count is set to double over three years. The repositioning resets the brand from a me-too label to a Gen Z-focused retail format, with double-digit growth expected and unit-level profitability targeted this year.
5. Integriti value-segment repositioning - Integriti was repositioned with new pricing for the value segment and is attempting to penetrate modern trade channels, with growth expected from Q1 FY27. This opens a large under-penetrated market - Tier-2 and Tier-3 cities - where the brand is gaining counters in MBO and chain store formats.
6. Junior Killer kidswear ramp - Junior Killer launched in April 2024, completed two seasons with double-digit growth, and is gaining traction across MBO and LFS channels. The kids category adds a new TAM with a small base growing faster than the company average, and distribution is expanding through traditional MBO and shop-in-shop formats.
7. EBO network expansion - The company added 57 net EBOs in FY26 (total 666) and guides 50-70 net new stores in FY27, with a Vision 2028 target of 900 EBOs. EBOs are profitable in year one with a 3-3.5 year payback, and the shift to larger-format stores raises per-store revenue potential.
8. Acquisition programme - Management holds ₹371 cr cash (net cash ₹336 cr) and is actively exploring acquisitions in premium, value, and adjacent categories under a defined framework. The Kraus template - buying at \~12% EBITDA margin and lifting it to \~20% - shows the earnings uplift available from disciplined deals.
9. Manufacturing capacity expansion - A ₹35 cr brownfield expansion at Vapi and Daman will lift annual capacity from 0.8 crore to 1 crore units, with current capacity nearly 100% utilised. The 25% capacity increase removes the main production bottleneck and supports the Vision 2028 revenue target without significant new capex beyond the guided ₹30-35 cr annual run-rate.