Khadim

Sector: Manufacturing (Leather Footwear & Goods Plant)  |  HQ: India  |  Founded: Not separately disclosed  |  Employees: Not separately disclosed

Listed as: Privately held  | 

Company overview

Khadim operates in the manufacturing segment of the Indian market, with a presence noted in the leather footwear & goods plant category. The company is among the recognised participants in this segment alongside other Indian and multinational players. Operations follow the standard Companies Act 2013 disclosure framework where Khadim is incorporated as a private or public limited company under Indian law, with statutory audit, GST registration under the CGST Act 2017, and applicable sectoral compliance under FSSAI, BIS, MoEF, or sectoral regulators as relevant to the activity. The competitive set in leather footwear & goods plant includes pan-India brands, regional players, and multinational subsidiaries operating in India through wholly-owned or joint-venture structures.

Recent developments

21 May 2026

Khadim India reported a challenging close to FY26, with Q4 FY26 profit plummeting 86% as the footwear retailer confronted intensifying headwinds [3]. Consolidated net profit for the March 2026 quarter contracted 18.48% [5], while full-year FY26 net profit fell to Rs 31.39 million [2]. Net sales for Q4 standalone came in at Rs 83.56 crore, representing a 10.93% year-on-year decline [8], consistent with the consolidated figures [1]. Markets Mojo subsequently assigned a Strong Sell rating to Khadim India Ltd [10]. The company has scheduled its Q4FY26 results conference call for May 26, 2026, where management is expected to address the deteriorating financial performance and outline corrective strategies [4][7].

On the operational front, Khadim India expanded its retail reach through a partnership with Fynd, extending coverage across 260 stores [6]. Separately, KSR Footwear completed its demerger from Khadim India and listed on the NSE and BSE in late November 2025 [9], representing a significant corporate restructuring that separated the footwear manufacturing and retail operations into distinct listed entities.

Sources (10)

1. Khadim India Consolidated March 2026 Net Sales at Rs 83.56 crore, down 10.93% Y-o-Y - Moneycontrol.com · Moneycontrol.com · Thu, 21 May 2026
2. Khadim India FY26 Net Profit Falls to Rs 31.39 Million - scanx.trade · scanx.trade · Thu, 21 May 2026
3. Khadim India Q4 FY26: Profit Plunges 86% as Footwear Retailer Battles Mounting Headwinds - Markets Mojo · Markets Mojo · Wed, 20 May 2026
4. Khadim India Sets May 26 for Q4 FY26 Earnings Call - Whalesbook · Whalesbook · Thu, 21 May 2026
5. Khadim India consolidated net profit declines 18.48% in the March 2026 quarter - Business Standard · Business Standard · Wed, 20 May 2026
6. Khadim India Expands Retail Reach with Fynd Across 260 Stores - digital terminal · digital terminal · Tue, 12 May 2026
7. Khadim India schedules Q4FY26 results conference call - scanx.trade · scanx.trade · Wed, 20 May 2026
8. Khadim India Standalone March 2026 Net Sales at Rs 83.56 crore, down 10.93% Y-o-Y - Moneycontrol.com · Moneycontrol.com · Wed, 20 May 2026
9. KSR Footwear to List on NSE and BSE Tomorrow After Demerger From Khadim India - HDFC Sky · HDFC Sky · Wed, 26 Nov 2025
10. Khadim India Ltd is Rated Strong Sell - Markets Mojo · Markets Mojo · Wed, 20 May 2026

Financial performance and recent trajectory

Disclosed revenue (FY25): Not separately disclosed in segment-wise FY 2024-25 reporting.

Competitive position

Khadim occupies a position in the leather footwear & goods plant category alongside other listed and unlisted Indian players. Competitive intensity in the segment is shaped by raw material cost cycles, distribution depth, branded versus unbranded share, and the regulatory framework governing manufacturing, FSSAI labelling (for food), BIS standards (for engineering goods), or sectoral norms. The principal competitive moats in this category are typically scale, distribution reach, brand trust, and integrated procurement. KAMRIT's project report on leather footwear & goods plant benchmarks new entrant economics against the listed peer cost structure including capex per tonne (or per unit of output), working capital intensity, gross margin band, and the EBITDA delta between organised and unorganised participants.

Key risks

Input cost volatility in the leather footwear & goods plant value chain Competitive intensity from larger Indian groups and multinational subsidiaries Regulatory tightening under FSSAI, BIS, environmental norms, or labour codes

Outlook

Khadim is a participant in the Indian leather footwear & goods plant category, which forms part of the broader Manufacturing space. The Indian leather footwear & goods plant market continues to evolve with rising organised share, premiumisation, distribution expansion, and a regulatory architecture covering the Companies Act 2013, the Income Tax Act 1961, the CGST Act 2017, the Legal Metrology Act 2009, and sectoral statutes including the Food Safety and Standards Act 2006 (for food and beverage subsegments), the Drugs and Cosmetics Act 1940 (for pharmaceutical or healthcare adjacencies), the Environment Protection Act 1986 (for emissions and effluents), and labour codes consolidated under the four 2020 labour codes. In KAMRIT's project report framework for this category, the competitive set typically includes pan-India branded leaders, multinational subsidiaries, mid-sized regional players, and a long tail of MSME participants. The structural attractiveness of the category for new entrants is a function of (a) market growth rate, (b) the share that remains with unorganised or fragmented operators, (c) the cost of regulatory compliance, and (d) the capex intensity of plant and machinery. The KAMRIT bankable DPR for this category structures a new entrant's economics against this competitive landscape. For Khadim specifically, public-domain disclosures provide a baseline view of operations, but segment-wise revenue, EBITDA, capacity utilisation, and forward capex plans are not separately broken out in many cases. Where the company is part of a listed group, the SEBI LODR and the Companies Act 2013 governance framework apply, with statutory audit conducted under SA 700 and CARO 2020 reporting. Where the company is unlisted, the Companies Act 2013 framework continues to govern with reduced public disclosure. The risk and opportunity outlook for Khadim mirrors the broader leather footwear & goods plant category dynamics. Demand-side drivers include rising household consumption, urbanisation, organised retail expansion, and policy support including PLI schemes (where applicable to the segment). Supply-side risks include input cost volatility, regulatory tightening, environmental compliance escalation, and competitive intensity from larger groups or imports. Management quality, balance sheet strength, distribution depth, and the capex execution track record are the differentiators within the peer set. KAMRIT's research desk maintains a baseline reference for Khadim as a peer benchmark within the leather footwear & goods plant category. For investors, lenders, or new entrant promoters seeking a fuller assessment of Khadim, KAMRIT's deep-dive company profile engagement covers financial trajectory, capacity and capex, distribution and customer concentration, regulatory exposure, and the competitive position with named peers.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.