Sector Alpha Week of 2026-09-11
Not SEBI Registered !! Not Investment advice !!
Sector Alpha — machine-written from the numbers · Data as of 2026-09-11

Kewal Kiran Clothing Ltd

KKCL
Textiles - Readymade Apparel

Kewal Kiran Clothing Ltd is coiled. The quarters are improving, yet the P/E sits at the 24th percentile of its own 10-year range — the business is moving before the market.

Biggest watch item: the price is already 5 weeks into its uptrend — timing risk, not thesis risk.

The price is in a confirmed uptrend (5 weeks in) while the P/E sits at the 24th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +28.1% year on year, and 73% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.

Stage
Mixed
fundamental trajectory, 12 quarters
Price
₹495
−6.2% 1Y
P/E
20.6×
24th pctile
of its own 10-year range
Revenue (Jun 26)
₹279 Cr
+19.2% YoY
Profit (Jun 26)
₹41.0 Cr
+28.1% YoY
Operating margin
19.0%
+1.0 pp YoY
ROCE
17%
FY26
ROIC
16.8%
vs WACC 12.0% → +4.8 pp
Cash conversion
73%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Kewal Kiran Clothing Ltd trades at ₹495, in a confirmed uptrend and 5 weeks into that stage. That is +0.0% against its own 200-day average. It sits at 61% of a 52-week range of ₹427 to ₹539. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 5 of stage 2, confirmed. At ₹495 it trades +0.0% versus its 200-day average and sits at 61% of its 52-week range (₹427–₹539).

Sep 26: ₹495 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+0.0% versus the 200-day line, week 5 of stage 2
Price50-day avg200-day avg
S2S4S1S4₹820₹714₹609₹503₹398₹495₹495Sep 23Jun 24Mar 25Jan 26Sep 26
S2S4S1S4₹820₹714₹609₹503₹398₹495₹495Sep 23Mar 25Sep 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (555 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Sep 26

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +31% while the NIFTY 500 moved +264% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-09-04) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

02 · Story check

Story check

Kewal Kiran Clothing Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: Not stated in the research file. Still open: Management credibility: five guidance walk-backs in four calls indicates targets are set optimistically and revised without accountability

NOT YET CHECKED

Our read, 22 August 2026. Revenue compounding at 15-21% annually while PAT has been flat for three years — the Kraus acquisition absorbed operating leverage gains; the underlying clean-PAT recovery is real but management has walked back five guidance items across four consecutive calls.

From the numbers. PE 21.5x sits in the 30th percentile of its own ten-year range (min 11.3x, median 25.3x, max 40.8x). The cycle_normalized framework corrects for margin timing: OPM at 19-20% is near the mid-range of KKCL's historical…

From the price. Price stage 2, week 5 — below its 200-day line, relative strength rising.

From the research. Revenue compounding at 15-21% annually while PAT has been flat for three years — the Kraus acquisition absorbed operating leverage gains; the underlying clean-PAT recovery is real but management has walked back five…

🚨 Where they disagree. PE 21.5x sits in the 30th percentile of its own ten-year range (min 11.3x, median 25.3x, max 40.8x). The cycle_normalized framework corrects for margin timing: OPM at 19-20% is near the mid-range of KKCL's historical band (57th percentile), so the trailing PE is not materially distorted by cyclically depressed margins. Normalized PE is 22x at the 36th percentile — a difference of only 6 percentile points, confirming margins are near mid-cycle, not trough. The operating cycle is in early expansion (EBITDA accelerating from the Kraus-integration trough). The price is off peak by 35%, consistent with a stock that ran to PE 33-40x in 2021-2023 and has since de-rated as growth moderated and…

What is proven. Revenue compounding at 15-21% annually while PAT has been flat for three years — the Kraus acquisition absorbed operating leverage gains; the underlying clean-PAT recovery is real but management has walked back five guidance items across four consecutive calls.

What is not proven yet. Management credibility: five guidance walk-backs in four calls indicates targets are set optimistically and revised without accountability

Layer 1 read, 22 August 2026 — KEEP. Three flat years hid a 21% profit recovery, and the cash proves it — but the price has not moved. Kewal Kiran sells Killer, Lawman, Integriti and Kraus jeans and is moving from selling through wholesalers to running its own 670 stores. Reported profit looked stuck near Rs 150 crore for three years, but that is a mirage: the FY25 figure contained Rs 25 crore of one-off non-operating income, so on a like-for-like basis profit went from about Rs 121 crore to Rs 147 crore. The June quarter settles it — sales up 19.2% and profit up 28.1% with no one-off help — and cash backs it up, with operating cash flow jumping from Rs 14 crore to Rs 183 crore. Two things hold it back: management promised standalone growth above 15%, delivered 12% and would not discuss it, and the share price has gone…

What would change Layer 1’s mind. Standalone growth staying under 15% in the September quarter while consolidated growth also slips below 15% — that is the timeline's own make-or-break test sharpened, and it matters because September is the festival quarter and by far the largest, so a miss there cannot be blamed on seasonality the way the 4 net store additions in Q1 can. The second trigger is quality of profit reasserting itself: management raised its annualised other-income estimate from Rs 30-35 crore to about Rs 50 crore…

Layer 2 read, 22 August 2026 — ADVANCE. A real earnings turn meets an improving apparel cycle, but management promises still need proof. KKCL's latest quarter grew revenue 19.2% and profit 28.1%, with revenue the main driver rather than other income. The external sector timeline independently reads EARLY_RECOVERY and a tariff-led TAILWIND, but its own concentration warning means this is confirmation to investigate, not proof that every apparel name wins.

What would change Layer 2’s mind. DROP if the sector's FY27 export and margin recovery fails while KKCL posts two more quarters below 12% standalone growth or Kraus working-capital days stay above 140, which would switch off drivers D2 and D3.

Layer 3 read, 22 August 2026 — BENCH. The cash recovery is real, but cotton pass-through and management delivery still need proof. Timeline R2 is mitigated, not cleared: debtor days and the cash-conversion cycle improved, but the three-year cash-conversion ratio remains only 0.73. Timeline R3 is confirmed by the current cotton-cost search and management's plan to cut discounts or raise prices, while repeated guidance walk-backs keep this P2 on BENCH.

What would change Layer 3’s mind. Standalone growth above 15% in the September festival quarter, with Integriti revenue disclosed and working-capital days below 120, would flip BENCH to DEPLOY; another Integriti delay would move toward DROP.

The test written in advance. Standalone growth above 15% in the September festival quarter, with Integriti revenue disclosed and working-capital days below 120, would flip BENCH to DEPLOY; another Integriti delay would move toward DROP. — the thesis as written as stated by the next result — from our Layer 3 read of 22 Aug 2026.

the numbers
EMERGING_OPPORTUNITY
the price
stage 2, below the 200-day line
the why
EMERGING_OPPORTUNITY
FY26-Q2FY27-Q1

🚨 What the surface reading misses. The surface reading is: PE at 30th percentile of 10-year history suggests the stock is trading below its historical norm — a cheap read The research reads it further: OPM is at the 57th percentile of its own history (not at trough margins), so the trailing PE is not artificially inflated by cyclically depressed earnings. Normalized PE is 22x at the 36th percentile — only 6 points above the trailing read. The de-rating from 33x peak (Sep 2023) to 21.5x reflects multiple compression on improving-but-credibility-uncertain earnings, not a trough-earnings distortion.

🚨 What the surface reading misses. The surface reading is: OCF FY26 of Rs 183 Cr vs PAT Rs 152 Cr = OCF/PAT 1.2x, appearing to indicate excellent cash quality The research reads it further: FY26 OCF/PAT of 1.2 is elevated partly because FY25 absorbed Rs 401 Cr capex (Kraus acquisition) and Rs 167 Cr WC build — FY26 saw a reversal of some of that WC (inventory days fell from 548 to 161) as the post-acquisition inventory normalization occurred. The 3-year OCF/PAT aggregate of 0.73 is the honest through-cycle measure, not the single FY26 reading.

Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

03 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Kewal Kiran Clothing Ltd reported ₹279 Cr of revenue in the Jun 26 quarter, +19.2% year on year. That is the 8th straight quarter of year-on-year growth. Over 10 years it has compounded at 10.6% a year. The last full year, FY26, came in at ₹1,213 Cr. The last four reported quarters add to ₹1,258 Cr.

Why this happened. Lawman was repositioned from wholesale to direct-to-consumer over FY25-FY26 with 81 EBOs (up from near zero). Management stated the formula is now right, having completed the working-capital normalization and store-productivity ramp. This adds a second revenue engine inside the existing manufacturing and distribution infrastructure at near-zero incremental fixed cost. The pivot is qualitatively confirmed but standalone revenue contribution was not disclosed in the August 2026 call.

FY26 revenue came in at ₹1,213 Cr (+20.9% on the year), capping 10 years at 10.6% compound. The latest quarter (Jun 26) printed ₹279 Cr, +19.2% year on year — the 8th consecutive quarter of year-over-year growth.

FY26 revenue ₹1,213 Cr (+20.9% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
10.6% a year over 10 years
RevenueYoY growth
1.3k447%983315%655184%32852%0−79%₹ Cr%₹1,21320.9%FY16FY21FY26
1.3k447%983315%655184%32852%0−79%₹ Cr%₹1,21320.9%FY16FY21FY26
Jun 26: ₹279 Cr (+19.2% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
8th straight quarter of growth
Revenue (quarterly)YoY growth
38261%28740%19120%960.0%0−21%₹ Cr%₹27919.2%Sep 23Dec 24Jun 26
38261%28740%19120%960.0%0−21%₹ Cr%₹27919.2%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged +16.1% growth against the decade's 10.6% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +15.9% over the last 4 quarters against +23.0%/yr over the last 8 — rolling over; TTM profit +3.2% vs +5.0%/yr — stabilising.

FY26-Q4. revenue ₹324 Cr and profit ₹35 Cr as reported.

FY27-Q1. revenue ₹279 Cr and profit ₹41 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

04 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Kewal Kiran Clothing Ltd's operating margin is 19.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 6.0% to 23.0%. The current quarter sits inside that band.

Why this happened. KKCL runs 100% of manufacturing in-house (Killer; Cross is outsourced). As EBO count grows from 670 toward the 720-740 target by FY27-end, fixed costs spread across higher volume. Q1 FY27 OPM of 19.35% held despite a 19% revenue increase and rising cotton prices, consistent with the operating-leverage catapult pattern — fixed costs are already installed, so incremental volume accrues to margin at above-average rates. Revenue per square foot was not disclosed, but EBO footprint crossed 4 lakh sq ft.

The latest quarter's operating margin is 19.0%, +1.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 6.0%–23.0%.

Why the margin moved: operating margin went +1.6 pp year on year while gross margin went −1.0 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 20.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 12-year window.
within a 6.0–23.0% band over 12 years
operating marginYoY change (pp)
24%12%19%5.4%15%−1.0%9.6%−7.4%4.6%−14%%%20%1%FY06FY20FY26
24%12%19%5.4%15%−1.0%9.6%−7.4%4.6%−14%%%20%1%FY06FY20FY26
Jun 26: 19.0% operating margin (+1.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
24%3.5%23%1.7%21%0.0%19%−1.7%18%−3.5%%%19%1%Sep 23Dec 24Jun 26
24%3.5%23%1.7%21%0.0%19%−1.7%18%−3.5%%%19%1%Sep 23Dec 24Jun 26

FY26-Q4. revenue ₹324 Cr and profit ₹35 Cr as reported.

FY27-Q1. revenue ₹279 Cr and profit ₹41 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

05 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Kewal Kiran Clothing Ltd earned ₹41.0 Cr of net profit in the Jun 26 quarter, +28.1% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹152 Cr. The 10-year compound rate is 8.4%. That is 14.7% of the quarter's revenue. The same quarter a year earlier earned ₹32.0 Cr.

Jun 26 profit was ₹41.0 Cr, +28.1% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹152 Cr (+2.0%), and the 10-year compound rate is 8.4%.

FY26 profit ₹152 Cr (+2.0% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
8.4% a year over 10 years
Net profitYoY growth
166510%125353%83197%4241%0−116%₹ Cr%₹1522%FY16FY21FY26
166510%125353%83197%4241%0−116%₹ Cr%₹1522%FY16FY21FY26
Jun 26: ₹41.0 Cr (+28.1% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
3rd straight quarter of growth
Net profit (quarterly)YoY growth
7352%5530%377.6%18−15%0−37%₹ Cr%₹4128.1%Sep 23Dec 24Jun 26
7352%5530%377.6%18−15%0−37%₹ Cr%₹4128.1%Sep 23Dec 24Jun 26

Why profit moved: revenue contributed +19.2% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +15.0% vs revenue +16.1%. Profit and revenue are moving roughly in step.

FY26-Q4. revenue ₹324 Cr and profit ₹35 Cr as reported.

FY27-Q1. revenue ₹279 Cr and profit ₹41 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

06 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 73% of Kewal Kiran Clothing Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹183 Cr of operating cash against ₹152 Cr of profit. After ₹55.0 Cr of capital spending, ₹128 Cr was left as free cash.

FY26: operating cash of ₹183 Cr against reported profit of ₹152 Cr, leaving free cash of ₹128 Cr after ₹55.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 73% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹183 Cr vs profit ₹152 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
73% of 3-year profit arrived as cash
Operating cashNet profitFree cash
22963−102−267−433₹ Cr₹183₹152₹128FY16FY21FY26
22963−102−267−433₹ Cr₹183₹152₹128FY16FY21FY26
FY26: CFO = 120% of profit (three-year rate 73%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
324%237%150%63%−24%%120%FY16FY21FY26
324%237%150%63%−24%%120%FY16FY21FY26

Why conversion sits at 73%: the cash cycle stretched 141 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: conversion is below par and the cash cycle has stretched 141 days — the next section's job is to find where the cash is stuck.

07 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Kewal Kiran Clothing Ltd's cash conversion cycle runs 346 days in FY26, up from 205 days in FY21. Capital spending ran ₹473 Cr over the last 3 years. At FY26 sales of ₹1,213 Cr each day of that cycle holds about ₹3.3 Cr, so roughly ₹1,150 Cr sits inside the business at any moment.

FY26: debtors at 97 days, inventory at 385 days — roughly 12.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 346 days, looser than FY21's 205.

The full loop: cash goes out to suppliers and production on day 0; stock waits 385 days to sell; customers pay about 97 days after that; and suppliers themselves are paid at 135 days — netting out to the 346-day cycle.

In money terms: at FY26 sales of ₹1,213 Cr, each day of the cycle holds about ₹3.3 Cr — so the 346-day loop keeps roughly ₹1,150 Cr sitting inside the business at any moment.

FY26: a 346-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 12-year window.
+141 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
58744430215916days346d385d97d135dFY06FY17FY20FY23FY26
58744430215916days346d385d97d135dFY06FY20FY26

On the investment side: capital spending of ₹473 Cr over the last 3 fiscal years against ₹86.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹55.0 Cr, work-in-progress ₹0.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
4333252171080₹ Cr₹55₹0FY17FY19FY21FY23FY26
4333252171080₹ Cr₹55₹0FY17FY21FY26

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

08 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Kewal Kiran Clothing Ltd earns a ROCE of 17% in FY26. That is up from a trough of 6% in FY21. Return on invested capital clears the cost of that capital by +4.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 12.5% net margin on 0.81× asset turns.

FY26 ROCE is 17%, recovered from a FY21 trough of 6% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 12.5% net margin × 0.81× asset turns × 1.60× balance-sheet leverage ≈ 16.2% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 16.8% − 12.0% = a +4.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

FY26: ROCE 17% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 10-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY21's 6%
ROCEROIC (annual)WACC
43%33%23%13%3.2%%17%16.1%FY17FY21FY26
43%33%23%13%3.2%%17%16.1%FY17FY21FY26
Q4 FY26: ROCE 15.8% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
40%33%25%18%9.9%%15.8%15.8%Q1 FY24Q2 FY25Q4 FY26
40%33%25%18%9.9%%15.8%15.8%Q1 FY24Q2 FY25Q4 FY26
09 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Kewal Kiran Clothing Ltd carries total debt of ₹128 Cr against shareholder equity of ₹1,119 Cr as of Mar 26, a debt-to-equity of 0.11 — effectively unlevered. On the annual view that ratio went from 0.17 in FY22 to 0.11 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹128 Cr against shareholder equity of ₹1,119 Cr — a debt-to-equity of 0.11. On the annual view, debt-to-equity went from 0.17 (FY22) to 0.11 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹128 Cr at 0.11× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
1770.18×1330.14×890.10×440.06×00.02×₹ Cr×₹1280.11×FY22FY24FY26
1770.18×1330.14×890.10×440.06×00.02×₹ Cr×₹1280.11×FY22FY24FY26
Mar 26: debt ₹128 Cr, debt-to-equity 0.11 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
1900.18×1430.14×950.10×480.06×00.02×₹ Cr×₹1280.11×Jun 23Sep 24Mar 26
1900.18×1430.14×950.10×480.06×00.02×₹ Cr×₹1280.11×Jun 23Sep 24Mar 26
10 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 1.9 points of Kewal Kiran Clothing Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 8.8% of the company. Foreign institutions moved −0.4 points over the same window, to 2.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +1.9 points over 8 quarters to 8.8%; Foreign institutions: −0.4 points over 8 quarters to 2.4%; Promoters: +0.0 points over 8 quarters to 74.3%.

Why the register moved: domestic institutions drove it (+1.9 points) — steady accumulation by institutions reading the same numbers this page reads.

Fiscal-year ends: promoters +0.0 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
80%59%38%17%−3.7%%74.3%2.3%8.6%14.8%Mar 24Mar 25Mar 26
80%59%38%17%−3.7%%74.3%2.3%8.6%14.8%Mar 24Mar 25Mar 26
Domestic institutions added 1.9 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
80%59%38%17%−3.7%%74.3%2.4%8.8%14.5%Jun 23Dec 24Jun 26
80%59%38%17%−3.7%%74.3%2.4%8.8%14.5%Jun 23Dec 24Jun 26
11 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Kewal Kiran Clothing Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

12 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Kewal Kiran Clothing Ltd trades at 20.6× P/E, near the bottom of its own range — cheaper only 24% of the time. Its long-run median P/E is 24.8×, measured across 10.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 20.6× is near the bottom of its own range — cheaper only 24% of the time, against a long-run median of 24.8× measured over 10.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 20.6× vs a 24.8× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.1-year window; loss-period spikes above 42× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 24% of the time
P/EMedianEPS (TTM) (quarterly)
45.0×₹28.435.6×₹21.326.1×₹14.216.7×₹7.17.3×₹0.0×20.60×₹24Aug 16Mar 19Sep 21Mar 24Sep 26
45.0×₹28.435.6×₹21.326.1×₹14.216.7×₹7.17.3×₹0.0×20.60×₹24Aug 16Sep 21Sep 26
PEG 3.59 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 20 quarters.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
5.4×4.2×2.9×1.7×0.5××3.59×Q1 FY22Q1 FY23Q2 FY24Q3 FY25Q4 FY26
5.4×4.2×2.9×1.7×0.5××3.59×Q1 FY22Q2 FY24Q4 FY26
P/E
20.6×
24th percentile of 10y
PEG
0.82
derived from 3-year earnings growth

Why the multiple sits where it does: over the past year annual EPS moved −1.7% against a −6.2% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +24.9%/yr price move, ~+31.8%/yr came from earnings growth and ~−6.9 pp from the multiple (compressing); over 10y, of the +2.6%/yr price move, ~+8.7%/yr came from earnings growth and ~−6.1 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

13 · What the price assumes

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 23 August 2026 price, Kewal Kiran Clothing Ltd was paying for profit growth of about 11.4% a year. Profit itself has compounded 8.4% a year over the past 10 years. Today the market pays 20.6× P/E, the 24th percentile of its own 10-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is close to what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 23 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

14 · Stage: Mixed

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Kewal Kiran Clothing Ltd reads as mixed on its fundamental arc. Mixed — profit growth is rising at +3.2% while revenue growth is decelerating from its peak at +15.9% — the curves disagree, so the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.

Growth, year by year: revenue +20.9% in FY26, profit +2.0% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
447%330%315%222%184%114%52%5.4%−79%−103%%%20.9%2%FY16FY21FY26
447%330%315%222%184%114%52%5.4%−79%−103%%%20.9%2%FY16FY21FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue rolling over, profit stabilising
RevenueProfitEPS
33%37%25%22%17%6.6%9.3%−8.7%1.6%−24%%%15.9%3.2%−1.7%Sep 23Dec 24Jun 26
33%37%25%22%17%6.6%9.3%−8.7%1.6%−24%%%15.9%3.2%−1.7%Sep 23Dec 24Jun 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
35%30%26%21%17%%18.9%Sep 23Mar 24Dec 24Sep 25Jun 26
35%30%26%21%17%%18.9%Sep 23Dec 24Jun 26
Revenue growth
Rolling over
latest +15.9% · span +3.7% to +30.4%
Profit growth
Rising
latest +3.2% · span −17.7% to +32.7%
EPS growth
Recovering
latest −1.7% · span −19.7% to +32.9%
ROCE
Rolling over
latest 18.9% · span 18.3%–33.4%

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+20.9%+15.9%+32.0%+10.6%
Profit+2.0%+8.5%+50.0%+8.4%
EPS−1.7%+6.0%+48.3%+7.6%
Share price−6.2%−9.6%+24.9%+2.6%
Revenue YoY (Jun 26)
+19.2%
latest quarter vs a year ago
Profit YoY (Jun 26)
+28.1%
latest quarter vs a year ago
Revenue 10y
10.6%
long-run compound pace
15 · 4-Factor Sector Score

4-Factor Sector Score

69.0/100 — rank 1 of 26 in Textiles - Readymade Apparel · 100% evidence confidence

Kewal Kiran Clothing Ltd scores 69.0 out of 100 against the 26 companies it is compared with in Textiles - Readymade Apparel, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 18.9 + 18.4 + 17.1 + 14.6 = 69. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

16 · Said versus delivered

Said versus delivered

What Kewal Kiran Clothing Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Annualized Other Income Estimate Increased · 7 August 2026. In May 2026, management indicated annualized other income of INR 30 crores to INR 35 crores. In Aug 2026, it indicated around 50 crores, a material increase of roughly 43% versus the top end of the prior range without reconciling the change or identifying a new driver.

🚨 Standalone Growth Expectation No Longer Reaffirmed · 7 August 2026. In May 2026, management expected standalone growth to be above 15% as the Lawman and Integriti changes began contributing. In Aug 2026, the call referenced 12% standalone growth for the quarter, while management declined to comment on standalone performance rather than explaining the shortfall or reaffirming the earlier expectation.

Brand Pivot Execution Status Has Been Walked Back · 7 August 2026. In Feb and May 2026, management said Integriti growth would begin in the first quarter of the next year period and that growth would be in line with the company. In Aug 2026, management said the pivot was still being experimented with and that it had not found the formula, without explaining why the earlier expected ramp had not materialized.

Vision 2028 Growth Strategy Shifted from Organic-Only to Inorganic-Supported · 11 May 2026. In the Oct 2025 call, management confirmed in direct response to an investor question that the Vision 2028 INR 1,500 crore revenue target was purely organic with no acquisition component. The May 2026 call formally reversed this by presenting an upgraded 20% CAGR three-year target explicitly stated to be meaningfully supported by acquisitions, with approximately 5% of the CAGR directly attributed to inorganic deals. This shift materially alters the risk profile, capital allocation assumptions, and execution dependencies that analysts would build into the company's forward growth model.

Every quote above is taken word for word from the company’s own earnings calls.

17 · Related companies · Textiles - Readymade Apparel
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Kewal Kiran Clothing Ltdthis pageKKCL 69.0/100Favorable setup100% evidence BREAKING OUT 18.9/35 Revenue 15.9% · PAT 3.2% · OPM change 1 pp 100% evidence 18.4/25 ROCE 17.2% · OPM 19% 100% evidence 17.1/20 P/E 20.6× · PEG 0.59 100% evidence 14.6/20 RS sector 0.5% · RS bench 1.8% · 1Y -5.4%7 of 12 weeks ahead 100% evidence
Exact sum: 18.9 + 18.4 + 17.1 + 14.6 = 69 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2SBC Exports LtdSBC 68.9/100Favorable setup87% evidence LEADER 32.4/35 Revenue 47.3% · PAT 100% · OPM change 3.4 pp 95% evidence 12.9/25 ROCE 18.2% · OPM 10.8% 95% evidence 6.6/20 P/E 60.2× · PEG — 50% evidence 17.0/20 RS sector 46% · RS bench 48.8% · 1Y 136.2%10 of 12 weeks ahead 100% evidence
Exact sum: 32.4 + 12.9 + 6.6 + 17 = 68.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Iris Clothings LtdIRISDOREME 64.8/100Mixed-positive evidence87% evidence LEADER 22.5/35 Revenue 31.8% · PAT 31.9% · OPM change 3 pp 95% evidence 15.2/25 ROCE 16% · OPM 17% 95% evidence 7.1/20 P/E 66.6× · PEG — 50% evidence 20.0/20 RS sector 61.1% · RS bench 63.4% · 1Y 92%12 of 12 weeks ahead 100% evidence
Exact sum: 22.5 + 15.2 + 7.1 + 20 = 64.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Cantabil Retail India LtdCANTABIL 63.6/100Mixed-positive evidence87% evidence BREAKING OUT 22.2/35 Revenue 15.8% · PAT 22.8% · OPM change 2 pp 95% evidence 18.5/25 ROCE 19.4% · OPM 33% 95% evidence 12.8/20 P/E 20.6× · PEG — 50% evidence 10.1/20 RS sector -4.6% · RS bench -3.1% · 1Y -6.4%6 of 12 weeks ahead 100% evidence
Exact sum: 22.2 + 18.5 + 12.8 + 10.1 = 63.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5V2 Retail LtdV2RETAIL 58.9/100Mixed-positive evidence83% evidence ASLEEP 27.4/35 Revenue 63.3% · PAT 100% · OPM change 0 pp 100% evidence 12.1/25 ROCE 19.3% · OPM 14% 100% evidence 9.3/20 P/E 50.1× · PEG — 15% evidence 10.1/20 RS sector 0.6% · RS bench 2% · 1Y 33.2%4 of 12 weeks ahead 100% evidence
Exact sum: 27.4 + 12.1 + 9.3 + 10.1 = 58.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6V-Mart Retail LtdVMART 57.7/100Mixed-positive evidence93% evidence LEADER 25.4/35 Revenue 19.1% · PAT 100% · OPM change 1 pp 100% evidence 7.4/25 ROCE 13.2% · OPM 15% 100% evidence 7.8/20 P/E 46.4× · PEG 2.5 65% evidence 17.1/20 RS sector 15.1% · RS bench 16.1% · 1Y 8.4%12 of 12 weeks ahead 100% evidence
Exact sum: 25.4 + 7.4 + 7.8 + 17.1 = 57.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Arvind Fashions LtdARVINDFASN 54.8/100Mixed-positive evidence93% evidence TURNING 22.9/35 Revenue 14% · PAT 100% · OPM change 0 pp 100% evidence 15.4/25 ROCE 19.6% · OPM 12% 100% evidence 9.6/20 P/E 45.5× · PEG 1.95 65% evidence 6.9/20 RS sector -5% · RS bench -3.9% · 1Y -17.5%1 of 12 weeks ahead 100% evidence
Exact sum: 22.9 + 15.4 + 9.6 + 6.9 = 54.8 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -5% and the one-year return is -17.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
8Trent LtdTRENT 53.9/100Mixed-positive evidence93% evidence FADING 18.3/35 Revenue 16.9% · PAT 15.6% · OPM change 2 pp 100% evidence 19.7/25 ROCE 28.3% · OPM 19% 100% evidence 4.5/20 P/E 81.7× · PEG 5.17 65% evidence 11.4/20 RS sector -1.2% · RS bench -0.1% · 1Y -24%5 of 12 weeks ahead 100% evidence
Exact sum: 18.3 + 19.7 + 4.5 + 11.4 = 53.9 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
9Baazar Style Retail LtdSTYLEBAAZA 53.4/100Mixed-positive evidence83% evidence TURNING 22.9/35 Revenue 34.9% · PAT 100% · OPM change -0.6 pp 100% evidence 4.1/25 ROCE 7.6% · OPM 14.8% 100% evidence 8.5/20 P/E 108× · PEG — 15% evidence 17.9/20 RS sector 20% · RS bench 21.6% · 1Y 12%4 of 12 weeks ahead 100% evidence
Exact sum: 22.9 + 4.1 + 8.5 + 17.9 = 53.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10S P Apparels LtdSPAL 52.8/100Mixed-positive evidence100% evidence LEADER 16.9/35 Revenue 1.6% · PAT 9.3% · OPM change 2 pp 100% evidence 12.6/25 ROCE 14% · OPM 15% 100% evidence 4.5/20 P/E 24.5× · PEG 3.72 100% evidence 18.8/20 RS sector 26.2% · RS bench 28% · 1Y 39.5%12 of 12 weeks ahead 100% evidence
Exact sum: 16.9 + 12.6 + 4.5 + 18.8 = 52.8 · Decision use: Price leads the evidence: RS versus the benchmark is 28%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
11Aditya Birla Lifestyle Brands LtdABLBL 52.5/100Mixed-positive evidence78% evidence BASING 20.4/35 Revenue 9.1% · PAT 100% · OPM change 1 pp 100% evidence 12.6/25 ROCE 15% · OPM 15% 100% evidence 11.5/20 P/E 47.8× · PEG 1.39 65% evidence 8.0/20 RS sector — · RS bench -22.5% · 1Y -41%0 of 10 weeks ahead 25% evidence
Exact sum: 20.4 + 12.6 + 11.5 + 8 = 52.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12Vishal Mega Mart LtdVMM 52.1/100Mixed-positive evidence87% evidence BASING 23.5/35 Revenue 19.8% · PAT 29.6% · OPM change 0 pp 100% evidence 12.8/25 ROCE 15.2% · OPM 15% 100% evidence 4.6/20 P/E 53.4× · PEG 5.39 65% evidence 11.2/20 RS sector 2.7% · RS bench -16.5% · 1Y -33.3%0 of 10 weeks ahead 70% evidence
Exact sum: 23.5 + 12.8 + 4.6 + 11.2 = 52.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13Bella Casa Fashion & Retail LtdBELLACASA 51.2/100Mixed-positive evidence61% evidence 21.9/35 Revenue 21.8% · PAT 37% · OPM change -0.3 pp 53% evidence 13.6/25 ROCE 17.2% · OPM 8.7% 71% evidence 11.4/20 P/E 16.6× · PEG — 50% evidence 4.3/20 RS sector -20.8% · RS bench -31.3% · 1Y -40%0 of 12 weeks ahead to 2026-03-29 70% evidence
Exact sum: 21.9 + 13.6 + 11.4 + 4.3 = 51.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14Thomas Scott India LtdTHOMASCOTT 50.5/100Thin evidence · provisional54% evidence 17.7/35 Revenue 61.5% · PAT 54.4% · OPM change -0.4 pp 53% evidence 15.4/25 ROCE 20.4% · OPM 11.8% 71% evidence 10.7/20 P/E 21× · PEG — 15% evidence 6.7/20 RS sector -5.2% · RS bench -17.3% · 1Y -28.8%1 of 12 weeks ahead to 2026-03-29 70% evidence
Exact sum: 17.7 + 15.4 + 10.7 + 6.7 = 50.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15Pearl Global Industries LtdPGIL 50.3/100Mixed-positive evidence82% evidence BASING 20.5/35 Revenue 13.7% · PAT 29.4% · OPM change 2 pp 95% evidence 17.1/25 ROCE 19.9% · OPM 11% 76% evidence 7.0/20 P/E 35× · PEG — 50% evidence 5.7/20 RS sector -22% · RS bench 42.1% · 1Y -1.3%4 of 12 weeks ahead 100% evidence
Exact sum: 20.5 + 17.1 + 7 + 5.7 = 50.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16Monte Carlo Fashions LtdMONTECARLO 49.4/100Mixed-negative evidence73% evidence TURNING 16.7/35 Revenue 15.4% · PAT 32.9% · OPM change -4.8 pp 71% evidence 8.7/25 ROCE 14% · OPM -9% 95% evidence 13.9/20 P/E 11× · PEG — 50% evidence 10.1/20 RS sector 0% · RS bench -6% · 1Y -7.5%0 of 10 weeks ahead 70% evidence
Exact sum: 16.7 + 8.7 + 13.9 + 10.1 = 49.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17Sai Silks (Kalamandir) LtdKALAMANDIR 47.8/100Mixed-negative evidence81% evidence ASLEEP 12.8/35 Revenue 4.8% · PAT 20.2% · OPM change -1 pp 95% evidence 15.3/25 ROCE 14.4% · OPM 14% 95% evidence 15.0/20 P/E 9.3× · PEG — 50% evidence 4.7/20 RS sector -16.9% · RS bench -31.5% · 1Y -51.6%0 of 10 weeks ahead 70% evidence
Exact sum: 12.8 + 15.3 + 15 + 4.7 = 47.8 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
18Vedant Fashions LtdMANYAVAR 44.9/100Mixed-negative evidence94% evidence BREAKING OUT 10.0/35 Revenue 2% · PAT -2.5% · OPM change 0 pp 100% evidence 19.4/25 ROCE 22.8% · OPM 43% 100% evidence 7.9/20 P/E 36.7× · PEG 9.55 100% evidence 7.6/20 RS sector -32% · RS bench 17.2% · 1Y -19.6%7 of 10 weeks ahead 70% evidence
Exact sum: 10 + 19.4 + 7.9 + 7.6 = 44.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19Raymond Lifestyle LtdRAYMONDLSL 40.9/100Mixed-negative evidence78% evidence ASLEEP 17.9/35 Revenue 9.2% · PAT 4.9% · OPM change 1 pp 74% evidence 2.5/25 ROCE 3.5% · OPM 6% 100% evidence 14.9/20 P/E 28.3× · PEG 0.74 65% evidence 5.6/20 RS sector -8.1% · RS bench -22.4% · 1Y -43.9%0 of 10 weeks ahead 70% evidence
Exact sum: 17.9 + 2.5 + 14.9 + 5.6 = 40.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20Credo Brands Marketing LtdMUFTI 36.4/100Mixed-negative evidence87% evidence ASLEEP 5.3/35 Revenue -2.7% · PAT -33.1% · OPM change -4.7 pp 95% evidence 15.5/25 ROCE 14.4% · OPM 21.2% 95% evidence 12.1/20 P/E 10.7× · PEG — 50% evidence 3.5/20 RS sector -19.3% · RS bench -18.5% · 1Y -42.1%4 of 12 weeks ahead 100% evidence
Exact sum: 5.3 + 15.5 + 12.1 + 3.5 = 36.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21Lux Industries LtdLUXIND 33.3/100Adverse evidence82% evidence BASING 12.1/35 Revenue 10.6% · PAT -31.6% · OPM change 1 pp 95% evidence 8.2/25 ROCE 8.1% · OPM 7% 76% evidence 9.1/20 P/E 31.1× · PEG — 50% evidence 3.9/20 RS sector -7.1% · RS bench -6.1% · 1Y -15.6%2 of 12 weeks ahead 100% evidence
Exact sum: 12.1 + 8.2 + 9.1 + 3.9 = 33.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
22Go Fashion (India) LtdGOCOLORS 32.5/100Adverse evidence81% evidence ASLEEP 5.7/35 Revenue -1.6% · PAT -39.1% · OPM change -4 pp 95% evidence 10.7/25 ROCE 10.8% · OPM 27% 95% evidence 12.3/20 P/E 32× · PEG — 50% evidence 3.8/20 RS sector -47.6% · RS bench -19.2% · 1Y -55.5%7 of 10 weeks ahead 70% evidence
Exact sum: 5.7 + 10.7 + 12.3 + 3.8 = 32.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23Aditya Birla Fashion & Retail LtdABFRL 27.9/100Adverse evidence64% evidence ASLEEP 12.8/35 Revenue 11.4% · PAT -77.9% · OPM change -1 pp 71% evidence 3.1/25 ROCE -3.8% · OPM 5% 76% evidence 10.0/20 P/E — · PEG — 0% evidence 2.0/20 RS sector -25.3% · RS bench -24.5% · 1Y -41.3%0 of 12 weeks ahead 100% evidence
Exact sum: 12.8 + 3.1 + 10 + 2 = 27.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24Gokaldas Exports LtdGOKEX 27.0/100Adverse evidence94% evidence BREAKING OUT 9.2/35 Revenue 7.7% · PAT -40.1% · OPM change 0 pp 100% evidence 6.4/25 ROCE 7.7% · OPM 10% 100% evidence 1.9/20 P/E 55.9× · PEG 4.98 100% evidence 9.5/20 RS sector -6.8% · RS bench 5.5% · 1Y 7.2%10 of 10 weeks ahead 70% evidence
Exact sum: 9.2 + 6.4 + 1.9 + 9.5 = 27 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
25Kitex Garments LtdKITEX 18.0/100Adverse evidence79% evidence BASING 1.9/35 Revenue -36.5% · PAT -80% · OPM change -11 pp 95% evidence 4.7/25 ROCE 1.5% · OPM 6% 76% evidence 9.3/20 P/E — · PEG — 35% evidence 2.1/20 RS sector -27.7% · RS bench -26.9% · 1Y -32.4%0 of 12 weeks ahead 100% evidence
Exact sum: 1.9 + 4.7 + 9.3 + 2.1 = 18 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
26Karnika Industries LtdKARNIKA 60.8/100Thin evidence · provisional48% evidence ASLEEP 20.4/35 Revenue — · PAT — · OPM change 2.3 pp 19% evidence 21.4/25 ROCE 51.2% · OPM 17.2% 95% evidence 10.5/20 P/E 26.4× · PEG — 15% evidence 8.5/20 RS sector -2.4% · RS bench -8.4% · 1Y -37%1 of 10 weeks ahead 70% evidence
Exact sum: 20.4 + 21.4 + 10.5 + 8.5 = 60.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

18 · Frequently asked questions

Frequently asked questions

What is Kewal Kiran Clothing Ltd's share price today?

Kewal Kiran Clothing Ltd trades at ₹495, −6.2% over the past year. The company is valued at ₹3,050 Cr. The stock sits at 61% of its 52-week range of ₹427–₹539, +0.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 5 weeks in. — as of 11 September 2026.

What were Kewal Kiran Clothing Ltd's latest quarterly results?

Kewal Kiran Clothing Ltd reported revenue of ₹279 Cr and net profit of ₹41.0 Cr for the Jun 26 quarter. Revenue rose 19.2% and profit rose 28.1% year on year. Earnings per share were ₹6.17. The operating margin was 19.0%, 1.0 pp higher than a year earlier. — as of 11 September 2026.

What is Kewal Kiran Clothing Ltd's revenue?

Kewal Kiran Clothing Ltd reported revenue of ₹279 Cr in the Jun 26 quarter, +19.2% year on year. For the full FY26 fiscal year, revenue was ₹1,213 Cr (+20.9%). Over the last 10 years revenue compounded at 10.6% a year. — as of 11 September 2026.

What is Kewal Kiran Clothing Ltd's profit?

Kewal Kiran Clothing Ltd earned ₹41.0 Cr of net profit in the Jun 26 quarter, +28.1% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹152 Cr. The operating margin ran 19.0% in the latest quarter. — as of 11 September 2026.

What is Kewal Kiran Clothing Ltd's market cap?

Kewal Kiran Clothing Ltd's market capitalisation is ₹3,050 Cr at a share price of ₹495. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.

What is Kewal Kiran Clothing Ltd's P/E ratio?

Kewal Kiran Clothing Ltd trades at a P/E of 20.6×, at the 24th percentile of its own 10-year range, against a long-run median of 24.8×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.

Does Kewal Kiran Clothing Ltd pay a dividend?

Yes — Kewal Kiran Clothing Ltd's dividend payout was 9% of profit in FY26, and it recorded a payout in each of its last 12 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.

Is Kewal Kiran Clothing Ltd overvalued?

On its own history, Kewal Kiran Clothing Ltd looks cheap: its P/E of 20.6× has been cheaper only 24% of the time in 10 years (long-run median 24.8×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.

Is Kewal Kiran Clothing Ltd growing?

Yes — Kewal Kiran Clothing Ltd is growing: latest-quarter revenue +19.2% year on year, profit +28.1%, and the margin +1.0 pp at 19.0%. The 10-year compound rates are 10.6% (revenue) and 8.4% (profit). The earnings engine currently reads: improving — as of 11 September 2026.

How is Kewal Kiran Clothing Ltd performing?

Kewal Kiran Clothing Ltd is in a confirmed uptrend, 5 weeks in. Its latest quarter's revenue rose 19.2% and profit rose 28.1% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 11 September 2026.

What stage is Kewal Kiran Clothing Ltd in?

Mixed — profit growth is rising at +3.2% while revenue growth is decelerating from its peak at +15.9% — the curves disagree, so the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +15.9% latest, profit growth +3.2% latest, eps growth −1.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.

Is Kewal Kiran Clothing Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 5 of stage 2), trading +0.0% versus its 200-day average and at 61% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.

Is Kewal Kiran Clothing Ltd beating the market?

Not lately — on a trailing-13-week view Kewal Kiran Clothing Ltd is currently behind the NIFTY 500 (1 week and counting; last ahead the week of 2026-09-04), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +31% against the NIFTY 500's +264% — behind the index over the full window. — as of 11 September 2026.

Will Kewal Kiran Clothing Ltd's share price go up?

This page publishes no price forecast for Kewal Kiran Clothing Ltd. What it measures instead: the share price is ₹495, the price is in a confirmed uptrend 5 weeks in. Its P/E of 20.6× sits at the 24th percentile of its own 10-year range. — as of 11 September 2026.

Who owns Kewal Kiran Clothing Ltd?

Promoters hold 74.3% of Kewal Kiran Clothing Ltd, foreign institutions 2.4%, domestic institutions 8.8% and the public 14.5% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 1.9 points over 8 quarters. — as of 11 September 2026.

Does Kewal Kiran Clothing Ltd have too much debt?

No — Kewal Kiran Clothing Ltd's debt-to-equity is 0.14, and operating profit covers the interest bill 17×. FY26 borrowings were ₹128 Cr against equity of ₹938 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.

What is Kewal Kiran Clothing Ltd's capex?

Kewal Kiran Clothing Ltd spent ₹473 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹55.0 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.

What is Kewal Kiran Clothing Ltd's cash flow?

Kewal Kiran Clothing Ltd generated ₹183 Cr of operating cash flow in FY26 and ₹128 Cr of free cash flow after ₹55.0 Cr of capital spending. Reported profit that year was ₹152 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.

Is Kewal Kiran Clothing Ltd's profit real cash?

Mostly — over the last 3 fiscal years, 73% of Kewal Kiran Clothing Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹183 Cr against reported profit of ₹152 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 11 September 2026.

Where is Kewal Kiran Clothing Ltd in its business cycle?

Kewal Kiran Clothing Ltd's FY26 operating margin was 20.0%, against a 12-year band of 6.0%–23.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 19.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.

What growth does Kewal Kiran Clothing Ltd's price assume?

At its price on 23 August 2026, Kewal Kiran Clothing Ltd was priced for profit growth of about 11.4% a year. Profit itself has compounded 8.4% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.

What could break the Kewal Kiran Clothing Ltd story?

Biggest watch item: the price is already 5 weeks into its uptrend — timing risk, not thesis risk. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.

Is Kewal Kiran Clothing Ltd a stock worth studying right now?

This is not investment advice. The machine read: Kewal Kiran Clothing Ltd is coiled. The quarters are improving, yet the P/E sits at the 24th percentile of its own 10-year range — the business is moving before the market. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.

Sector Alpha — machine-written from the numbers · Data as of 2026-09-11. Every chart on this page is drawn by deterministic code from the raw series — no forecasts, no price opinions, and nothing here is investment advice.

Not SEBI Registered !! Not Investment advice !!

Chat with this pageChat with pageChatChatGPTClaudePerplexityGoogle AI