Annual Report FY 2025-26

September 02, 2026 The Manager The Manager The Department of Corporate Services The Listing Department BSE Limited National Stock Exchange of India Limited P. J. Towers Exchange Plaza, Bandra Kurla Complex Dalal Street, Mumbai - 400 001 Bandra (East), Mumbai - 400 051 Scrip Code - 540775 Symbol - KHADIM Dear Sir / Madam, Subject: Annual Report for the financial year 2025-26 of Khadim India Limited (the “Company”) in terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations') Pursuant to Regulation 34 of the Listing Regulations, please find enclosed herewith the Annual Report of the Company for the financial year 2025-26 along with the Notice convening the 45th (Forty-Fifth) Annual General Meeting (‘AGM’) of the Members of the Company scheduled to be held on Thursday, September 24, 2026 at 11:30 a.m. IST through Video Conferencing / Other Audio-Visual Means. The same is also available on the website of the Company at www.khadims.com. This is for your information and record. Thanking you. Yours faithfully, For Khadim India Limited Group Company Secretary & Head - Legal Membership No.: A21358 Encl: As above READ INSIDE... CORPORATE FINANCIAL 01 03 OVERVIEW STATEMENTS 02 About Khadim Standalone 04 Our Journey 92 Independent Auditor’s Report 06 Brand Portfolio 104 Balance Sheet 10 Message from the Executive Chairman 105 Statement of Profit and Loss 14 Retail Business 106 Statement of Changes in Equity 17 Marketing Initiatives 108 Statement of Cash Flows 23 Business Outlook 110 Notes to Financial Statements 24 Our People 159 Form AOC-1 26 Corporate Social Responsibility 27 Corporate Information Consolidated 28 Board of Directors 160 Independent Auditor’s Report 30 Leadership Team 168 Balance Sheet 169 Statement of Profit and Loss 170 Statement of Changes in Equity 172 Statement of Cash Flows STATUTORY 174 Notes to Financial Statements REPORTS 32 Management Discussion & Analysis 223 Notice 44 Board’s Report Guided by an unwavering commitment to affordability and quality, Khadim empowers consumers across India to step forward with confidence on every occasion. Through decades of innovation and a growing retail presence, the Company continues to shape the nation’s footwear industry by expanding its stores and reaching more customers across the country. To view this report online or for any other information, please visit: https://www.khadims.com GROWTH TRAJECTORY AND STRATEGIC TRANSFORMATION Revenue ₹3,670.95 MILLION EBITDA ₹472.85 MILLION EBITDA Margin 12.9% ₹31.39 MILLION Retail Outlets Volume Sales 5.80 MILLION PAIRS Annual Report 2025-26 ABOUT KHADIM BUILDING ON OUR HERITAGE Khadim India Limited is among India’s leading branded footwear companies, operating an extensive network of exclusive branded retail stores across the country. The Company positions itself as an “Affordable Fashion” brand, catering to middle and upper-middle income consumers across metros, mini-metros, and Tier I to Tier III cities. Its product portfolio spans men’s, women’s and kids’ footwear, including leather and non-leather sandals, slippers, boots, ballerinas, stilettos, moccasins, sports shoes, and accessories. Khadim ranks as the second-largest footwear retailer in India, the largest presence in East India, and prominent brand player in South India. It operates India’s largest footwear retail franchise network. The retail business channels 78% of its presence through the franchise route as of March 2026, while outsourcing 100% of its product requirement, reflecting a fully asset-light operating model. Khadim’s footwear portfolio spans contemporary designs, everyday comfort, and accessible price points. It is well- positioned to serve the evolving preferences of domestic consumers. With a focused approach to India’s aspiring middle class across all age groups, the Company leverages its extensive retail network and core operational strengths to deliver a superior footwear experience, driving sustainable value for all stakeholders. 2nd largest footwear retailer in India* Largest presence in Eastern India* Prominent Brand Player in South India* Largest footwear retail franchise network in India *In terms of number of exclusive retail stores Corporate Overview Statutory Reports Financial Statements OUR GUIDING PRINCIPLES ETHOS Our Vision Our Mission To be one of the largest Ensuring customer and successful affordable delight and stakeholders fashion footwear brands return by delivering in India for the entire quality products at an family for every occasion. affordable price. Our Value Creation Ecosystem Khadim’s business model is designed to deliver sustained value across seven key stakeholder groups: Promoters Investors Customers Retailers Personnel responsible Long-term wealth Affordable, stylish, and A trusted partnership for establishing, guiding, creation through comfortable footwear built on strong brand and supporting the profitable and for every occasion equity and consistent Company’s growth and responsible growth demand long-term vision Suppliers Employees Environment & Communities Reliable, long-term Meaningful business relationships employment, skill Responsible operations anchored in mutual development, and a safe with a positive social and growth work environment environmental footprint Annual Report 2025-26 OUR JOURNEY A CHRONICLE OF STEADY GROWTH 1981 1999 2005 2014 Acquired and took over Commenced retail Accredited with ISO Commenced the business of M/s S.N. operations in South 9001:2000 certification e-commerce retailing Industries as a going India with two outlets for the manufacturing operations through concern with all its in Chennai and one facility at Kasba the Company’s assets and liabilities each in Bengaluru and Industrial Estate, West e-commerce website, Secunderabad Bengal while also utilizing Incorporated as online marketplace(s) a private limited company K E Y M I L E S T O N E S 1993 2002 2013 Commenced retail Commenced Investment by business through manufacturing Fairwinds Trustees COCOs for footwear operations for footwear Services (Reliance products and leather products at Alternative Inv Fund) Kasba Industrial Estate, Kasba facility West Bengal accredited with ISO 9001:2008 certification Corporate Overview Statutory Reports Financial Statements 2017 2021 2025 Listed on NSE & Launched the new Demerger of BSE with an IPO of logo of the brand along distribution business ₹ 5,431 Mn with new brand tagline including the “Its Wow Its Khadim” manufacturing - Fresh issue of segment into KSR ₹ 500 Mn Launched the new Footwear Limited retail identity - Offer for Sale of ₹ 4,931 Mn K E Y M I L E S T O N E S 2015 2019 2022 Expanded retail Implemented TOC Launched the first ever business to include the across top COCO & CRM program for the retail ‘shop-in-shop’ retailing EBO stores Forayed into travel retail model Engaged 3 brand with first store in Kolkata ambassadors International Airport Launched new Opened first store at website & increased iconic Sealdah Station online sales Annual Report 2025-26 BRAND PORTFOLIO A PORTFOLIO BUILT FOR EVERY ASPIRATION With distinct positioning across key market segments and a comprehensive product portfolio, Khadim is well-placed to penetrate approximately 85% of India’s footwear market opportunity. The Company’s identity as an accessible, fashion-forward brand ensures it remains the preferred choice for families across all occasions and price points. Khadim’s diversified brand portfolio is designed to serve the full spectrum of consumer needs, from everyday essentials to premium craftsmanship, making it a one-stop footwear destination for Indian households. The flagship Khadim brand caters to the value- conscious consumer with fashionable, affordable footwear. British Walkers addresses the premium segment, offering men’s leather shoes and sandals that blend timeless craft with modern aesthetics. Lazard targets the young professional with trend- forward formal and semi- [Showing first 8,000 characters — download PDF for full document]