“The focus is to keep growing our core brands while entering categories where we can create value ourselves. We are not chasing volumes for the sake of it; we are building for long-term brand equity and profitability,” joint managing director Hemant Jain told Mint.
The June quarter offered a strong start to the year. Revenue rose 54.5% year-on-year to ₹233.8 crore; earnings before interest, taxes, depreciation and amortization (Ebitda) climbed 50.6% to ₹41.5 crore with a 17.8% margin. Net profit grew 26.9% to ₹32 crore.
The company net-added 14 exclusive brand outlets (EBOs), taking the total to 623 stores as of 30 June. “The growth came from both higher volumes and better realisations. We saw encouraging orders for Spring–Summer 2026 across brands,” Jain said.
The strategy now is to diversify the mix. “Killer will always remain the anchor, but LawmanPg3 will be driven harder on direct-to-consumer, Integriti is positioned to take share from unbranded apparel and value private labels and Kraus is our entry into women’s casualwear with its own retail and export plans,” Jain said.
On manufacturing, Jain was categorical: “We don’t want to do white label for others because our quality is as good as any other international brand. If we have to scale, we will do it for ourselves.”
White label in apparel manufacturing refers to a business model where the manufacturer produces clothes that are then sold by other companies under their own brand and logo.
Retail expansion remains the primary growth lever. From 623 EBOs now, KKCL plans to reach 900 by FY28. “About 85% will remain franchise-run, but in high-rent metro sites, we will operate stores ourselves to protect pricing and positioning,” Jain said, adding that store formats are being standardised as the network deepens in tier-2 markets.
On e-commerce, Jain said the company is not looking to go all-in on its own sites yet. “We are very clear, D2C is still a tough P&L to crack in our price points without creating channel conflict. So, we will focus on platforms where the unit economics work,” he said. That includes a renewed three-year exclusive partnership with Flipkart for Killer, while keeping brand-owned websites in “hygiene” mode.
Kraus is central to reducing dependence on Killer. “Historically, Kraus was more large-format-heavy. We are changing that with our own stores, export entry and a bigger marketplace play,” Jain said. Management expects to have about 30 Kraus EBOs by year-end.
Category mix is also shifting. “In Killer, jeans have come down from about 70% five years ago to 50% now. Shirts, trousers and tees are growing faster,” Jain said. Outside apparel, KKCL’s personal care and grooming lines, launched for brand connect, have become profitable. “Footwear is another interesting space. We launched it on Flipkart through a licence, and it’s already in their top-10 brands,” he added.
Exports, currently skewed to the Middle East, will test South Asia and parts of Europe. “We will start digital-first in new markets before going retail. The idea is to take the brand to diaspora-heavy markets first,” he said.
The company will fund expansion largely through internal accruals, with guided annual capex of ₹30-35 crore. “Most of it is going into brownfield expansion at Daman and Vapi,” Jain said. Working capital, which stretched after the Kraus acquisition, is expected to improve. “With integration stabilizing, we should come back towards 120 days,” he added.
Brokerages see merit in the pivot, but execution is key. ICICI Direct maintained a “Buy” in its latest note, citing KKCL’s “strong brand portfolio and pan-India store and distribution network” and its long-standing margin discipline. Anand Rathi, in a May report, retained “Buy” with a ₹610 target, highlighting the FY28 roadmap and noting that the retail channel now accounts for more than half of sales, a shift that could compress margins in the short term.
Kewal Kiran’s stock closed nearly 3.5% lower at ₹549 on the BSE on Friday.
Real estate could be another lever. KKCL has begun shifting its Goregaon headquarters and is evaluating options for monetizing the current site. “We will look at the best use: JV, outright sale or using it for a new category,” Jain said, without giving a timeline.
For the company, the near-term test will be in execution. “We have the brands, the network and the product quality. Now it’s about making each lever, retail, women’s wear, category expansion and exports, work in tandem,” Jain said.
If the plan holds, KKCL’s next chapter will be less about a denim revival and more about building a house of brands with Killer as the engine, LawmanPg3 as fast-fashion, Integriti for value, Kraus to unlock women’s wear, and extensions in grooming and footwear to widen wallet share. The first quarter points in that direction; the festive and winter seasons will show how fast it can run.
