1. At a Glance
When your wardrobe screamsKiller,Integriti, andLawman Pg3, chances are you’ve indirectly funded KKCL. This Mumbai-based denim dominator sells jeans to college kids, shirts to confused uncles, and partywear to people who still think Goa trips need blazers. FY25 revenue stood at₹1,085 Crwith aPAT of ₹151 Cr. Market cap? ~₹3,100 Cr. Store count? 534 EBOs and ~3,000 MBOs. Basically, every small-town high street has KKCL somewhere between a paan shop and a Barbeque Nation.
2. Introduction
KKCL is the poster child of India’s1990s fashion boom— back when wearing “Killer Jeans” was the height of rebellion, and Salman Khan’sJudwaawardrobe was aspirational. Fast forward three decades, KKCL still runs on denim steroids, with jeans making up57% of H1 FY25 sales.
But it’s not a one-trick pony. The brand zoo includes:
- Killer: The flagship, for “premium” denim (read: overpriced jeans your mom said no to).
- Integriti: Mid-market pretender.
- Lawman Pg3: Partywear for anyone who still calls discotheques “discos.”
- Easies: Mass-market casual wear.
- Kraus & Desibelle: Women-focused denim + fashion — because men can’t have all the bad fashion choices.
- Junior Killer: Kids’ wear, aka future denim addicts.
KKCL’s big power move?Vertical integration.Four factories across three states do everything from stitching to washing to packing. Translation: they control the full supply chain so Zara can’t laugh at them.
Recent strategy includesbuying 50% of Kraus Jeans (₹166.5 Cr), because women’s denim is apparently the last unconquered frontier. They also launched a wholly owned subsidiary (Kewal Kiran Lifestyle Ltd) to push women’s wear harder. Basically, the midlife crisis of Killer is now dressed in Desibelle.
3. Business Model (WTF Do They Even Do?)
KKCL’s model is simple:make jeans, slap a Killer tag, open stores, rinse, repeat.
Revenue mix FY25 H1:
- Jeans = 57% (the real breadwinner).
- Shirts = 19% (so men can wear one shirt till it dies).
- Trousers = 8%.
- T-shirts = 5%.
- Others = 11% (blazers, athleisure, winterwear — basically “let’s try to look modern”).
Channel split:
- Retail (53%): Exclusive stores + National Chain Stores (like Reliance Trends, Max, Shoppers Stop).
- Non-Retail (47%): Multi-brand outlets (3,000+), e-commerce,
- exports.
E-commerce presence exists (Amazon, Flipkart), but let’s be honest — most Killer buyers still shop offline, asking for “jeans jo thoda tight ho but stretchable bhi.”
Moat? Brand nostalgia + distribution dominance. Once you open 534 stores in India, you’re basically the garment version of Domino’s.
4. Financials Overview
| Metric | Latest Qtr (Q1 FY26) | YoY Qtr (Q1 FY25) | Prev Qtr (Q4 FY25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹234 Cr | ₹151 Cr | ₹288 Cr | +54.6% | -18.8% |
| EBITDA | ₹41.5 Cr | ₹28 Cr | ₹52 Cr | +48.2% | -20.2% |
| PAT | ₹32 Cr | ₹25 Cr | ₹30 Cr | +28.0% | +6.7% |
| EPS (₹) | 5.08 | 4.09 | 4.73 | +24.2% | +7.4% |
Commentary:
- YoY = rocking.
- QoQ = oops (seasonality: jeans don’t sell in summer like they do in Diwali).
- Margins stable ~18–19% OPM.
- Annualised EPS ~₹20.3 → P/E ~25x. Versus industry ~29x, KKCL is a “discount denim.”
5. Valuation (Fair Value RANGE only)
Method 1: P/EEPS (TTM) = ₹24.4. Assign 18x–25x.→ FV = ₹440 – ₹610.
Method 2: EV/EBITDAEBITDA FY25 = ₹205 Cr. EV/EBITDA range 11x–14x.→ EV = ₹2,250 – ₹2,870 Cr. Less net debt (₹174 Cr), equity FV ~₹470 – ₹600.
Method 3: DCF (simplified)FCF low (CMP/FCF = 87x — lol). Assume ₹80 Cr FCF, 8% growth, 10% WACC.→ FV ~₹450 – ₹550.
Consolidated FV Range:₹440 – ₹610.Disclaimer: “This FV range is for educational purposes only and is not investment advice.”
6. What’s Cooking – News, Triggers,
