Khadim India Limited (KHADIM) AI Stock Analysis

• Market Cap: ₹3.15B
• Dividend Yield: N/A
• Average Volume (3M): 1.28K
• Price to Earnings (P/E): 68.5
• Beta (1Y): 0.99
• Revenue Growth: -26.54%
• EPS Growth: -21.93%
• Country: IN
• Employees: 780
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Footwear & Accessories
• EPS (TTM): 0.91
• Shares Outstanding: 18,378,382
• 10 Day Avg. Volume: 1,869
• 30 Day Avg. Volume: 1,279
• PEG Ratio: -1.39
• Price to Book (P/B): 0.59
• Price to Sales (P/S): 0.35
• P/FCF Ratio: 2.67
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: ₹255.00 ▲(46.22% Upside)

Overall score reflects mixed financial performance (better margins and operating cash flow but low net profitability, revenue decline, and leverage risk), offset by weak technicals (below key moving averages and negative MACD) and an expensive valuation (high P/E with no dividend yield provided).

Positive Factors

Improving Gross Margins

Improved gross margins suggest better cost management, enhancing profitability potential, which can support long-term financial health.

Operating Cash Flow Increase

Increased operating cash flow indicates stronger core operations, providing more resources for reinvestment and growth initiatives.

Equity Growth

Growth in stockholders' equity enhances financial stability and shareholder value, supporting long-term investment and resilience.

Negative Factors

Revenue Decline

A decline in revenue suggests challenges in market demand or competitive positioning, potentially impacting future growth prospects.

Significant Leverage

High leverage can limit financial flexibility and increase risk, especially in volatile markets, affecting long-term sustainability.

Inconsistent Free Cash Flow Growth

Inconsistent free cash flow growth may hinder the company's ability to fund long-term investments and strategic initiatives reliably.

Khadim India Limited Business Overview & Revenue Model

Company Description

Khadim India Limited manufactures, wholesales, and retails footwear primarily under the Khadim's brand. It also provides footwear and leather accessories for men, women, and children under the British Walkers, Lazard, Turk, Adrianna, Bonito, Pro, Softouch, Sharon, Cleo, Waves, Adrianna, and Schooldays brands. As of March 31, 2021, the company operated 757 retail stores, as well as a network of 575 distributors selling to multi brand outlets in 23 states and one Union territory in India. It also exports its products. The company was formerly known as Khadim Chain Stores Limited and changed its name to Khadim India Limited in August 2005. Khadim India Limited was incorporated in 1981 and is based in Kolkata, India.

How the Company Makes Money

Khadim India Limited generates revenue through multiple streams, primarily by selling footwear products through its extensive retail network, which includes both company-owned and franchise stores. The company operates a significant number of outlets across India, enhancing its reach and visibility in the market. Revenue is primarily derived from direct sales to consumers, both in physical stores and through its online platform. Additionally, KHADIM benefits from strategic partnerships with suppliers and manufacturers, allowing for cost-effective production and distribution of its products. The company also occasionally engages in promotional campaigns and collaborations that boost brand visibility and sales. Overall, its revenue model is driven by a combination of retail sales growth, brand expansion, and efficient supply chain management.

Khadim India Limited Financial Statement Overview

Summary

Khadim India Limited exhibits a mixed financial performance. Improvements in cost management and equity growth are encouraging, but low net profit margins and high leverage remain challenges. While operating cash flow is healthy, consistent growth in free cash flow is needed. Continued focus on profitability and debt reduction will be crucial for future stability and growth.

Income Statement

Khadim India Limited shows fluctuating revenue with a decline in 2025 after a rise in 2024. Gross profit margins have improved since 2023, indicating better cost management, though net profit margins remain low due to high operating expenses. EBIT and EBITDA margins show a recovering trend, yet profitability needs to be sustained for stronger performance.

Balance Sheet

The company's debt-to-equity ratio indicates significant leverage, though it has improved slightly over time. Stockholders' equity has grown, enhancing the equity ratio, which is a positive sign of increasing shareholder value. However, the company still carries substantial debt, which could pose risks in volatile market conditions.

Cash Flow

Operating cash flow has increased, reflecting improved core business operations. Free cash flow is positive and growing, but the free cash flow growth rate has been inconsistent. The cash flow generation ability relative to net income shows potential for reinvestment, yet the company needs consistent cash flow growth to support long-term investments.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.10B	4.18B	6.15B	6.60B	5.91B	6.26B
Gross Profit	2.28B	2.27B	2.59B	1.24B	875.02M	1.52B
EBITDA	744.27M	768.81M	832.72M	922.15M	654.64M	228.82M
Net Income	52.61M	50.60M	62.78M	174.78M	64.38M	-329.44M
Balance Sheet
Total Assets	0.00	7.61B	7.32B	7.35B	6.51B	6.30B
Cash, Cash Equivalents and Short-Term Investments	131.28M	81.26M	55.48M	64.30M	31.13M	12.46M
Total Debt	0.00	2.95B	3.21B	3.10B	2.42B	2.44B
Total Liabilities	-2.51B	5.10B	4.92B	5.10B	4.44B	4.30B
Stockholders Equity	2.51B	2.51B	2.40B	2.25B	2.08B	2.01B
Cash Flow
Free Cash Flow	0.00	551.27M	410.37M	243.61M	223.36M	444.17M
Operating Cash Flow	0.00	670.68M	514.56M	393.77M	306.12M	478.33M
Investing Cash Flow	0.00	-88.78M	-95.30M	198.73M	-138.29M	-20.67M
Financing Cash Flow	0.00	-415.31M	-505.10M	-627.98M	-417.83M	-445.37M

Khadim India Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 174.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KHADIM, the sentiment is Negative. The current price of 174.4 is above the 20-day moving average (MA) of 170.18, below the 50-day MA of 194.08, and below the 200-day MA of 238.91, indicating a neutral trend. The MACD of -4.28 indicates Negative momentum. The RSI at 44.75 is Neutral, neither overbought nor oversold. The STOCH value of 33.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KHADIM.

Khadim India Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LGBBROSLTD	76 Outperform	₹59.13B	18.32	―	1.07%	14.37%	12.68%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
BATAINDIA	57 Neutral	₹116.43B	68.28	―	0.95%	-0.95%	-50.96%
RELAXO	56 Neutral	₹97.98B	56.22	―	0.75%	-8.39%	-3.74%
KHADIM	54 Neutral	₹3.15B	68.51	―	―	-26.54%	-21.93%
LANDMARK	48 Neutral	₹18.65B	89.15	―	0.10%	27.97%	-35.12%

Khadim India Limited Corporate Events

CARE Reaffirms Khadim India’s Bank Facility Ratings, Assigns Stable Outlook

Khadim India Limited has received a revised communication from CARE Ratings on its bank facilities totaling ₹182.95 crore, with the long-term facilities of ₹151.45 crore reaffirmed at CARE BBB with a Stable outlook and the short-term facilities of ₹31.50 crore reaffirmed at CARE A3+. The ratings have been removed from the previous Rating Watch with Developing Implications, suggesting a clearer outlook on the company’s credit profile following a review based on its FY25 audited and H1FY26 unaudited performance, which may provide greater confidence to lenders and stakeholders regarding the company’s financial stability and access to bank funding.

Khadim India Limited Publishes Financial Results for September 2025

Khadim India Limited has announced the publication of its unaudited standalone and consolidated financial results for the quarter and half-year ending September 30, 2025. This disclosure, made in compliance with SEBI regulations, was published in prominent newspapers, indicating the company’s commitment to transparency and regulatory adherence, which could impact investor confidence positively.