KSR Footwear Ltd (KSR)
🎯 Key Takeaways
- KSR Footwear Ltd appears to be in a financial distress phase, marked by persistent losses, negative ROE and ROCE, and stagnant promoter ownership. Despite governance stability demonstrated through recent AGM approvals and financial statement adoptions, the company is not generating sustainable profitability.
- Revenue declined 13.3% QoQ to ₹52 in Q1FY27.
- ⚠️ Persistent operational losses and negative margins across multiple quarters with no signs of recovery.
- Market Cap
- ₹69
- P/B Ratio
- 0.92
- ROE
- -10.1%
- ROCE
- -8.6%
- Debt/Equity
- 0.21
- Promoter
- 60.9%
📖 The Story
KSR Footwear Ltd appears to be in a financial distress phase, marked by persistent losses, negative ROE and ROCE, and stagnant promoter ownership. Despite governance stability demonstrated through recent AGM approvals and financial statement adoptions, the company is not generating sustainable profitability. The business is likely in a survival or stabilization mode rather than growth or turnaround.
📰 What's Happening
Management has focused on procedural compliance and governance continuity in recent filings, including the adoption of FY2026 audited financials at the August 24, 2026 AGM and reappointment of director Rittick Roy Burman. The company conducted its third consecutive AGM via video conference with strict electronic voting protocols, emphasizing digital access and shareholder registration updates. There were no strategic announcements, new investments, or operational expansions disclosed in the reviewed filings.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 42 | 45 | 60 | 52 |
| Operating Profit | -12 | -3 | 1 | 1 |
| OPM % | -28.2% | -6.7% | 2.4% | 2.0% |
| Net Profit | -9 | -4 | 5 | 0 |
| EPS | ₹-4.98 | ₹-2.08 | ₹2.76 | ₹0.17 |
The company's financial trajectory shows volatility and deterioration: revenue declined from ₹60 crores in Mar 2026 to ₹42 crores in Sep 2025, while operating profit swung from a ₹1 crore loss to a ₹12 crore loss over the same period. Margins collapsed from -6.7% to -28.2%, and net losses deepened from ₹4 crores to ₹9 crores. Despite a modest operating cash flow of ₹11 crores in Mar 2026, this was offset by financing and investment outflows, resulting in a net cash outflow of ₹0 crores. The trend suggests no meaningful recovery in core operations.
🔮 Management Outlook & What's Next
Management provided no forward-looking guidance or strategic outlook in the reviewed filings. The board emphasized procedural adherence and governance continuity, particularly around the AGM and financial statement adoption, but did not articulate a recovery plan, margin improvement strategy, or revenue growth vision. The absence of any commentary on future performance or operational initiatives indicates limited confidence or clarity in near-term prospects.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2026 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 18 |
| Reserves | 70 | 57 | 56 | 65 |
| Borrowings | 56 | 16 | 32 | 55 |
| Total Liabilities | 204 | 182 | 174 | 206 |
| Fixed Assets | 70 | 46 | 49 | 67 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 204 | 182 | 174 | 206 |
The balance sheet reveals a capital structure with modest leverage (D/E of 0.21) but limited financial flexibility. Equity remains flat at ₹18 crores with reserves declining slightly, while borrowings fluctuated between ₹16 and ₹55 crores. Total assets peaked at ₹206 crores but show no clear growth trend. The company appears to be managing liabilities cautiously but is not investing aggressively, suggesting capital preservation over expansion.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +11 |
| Investing | -5 |
| Financing | -7 |
| Net Cash Flow | -0 |
👥 Shareholding Pattern
| Category | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoters | 60.7% | 60.9% | 60.9% |
| FII | 0.0% | 0.0% | 0.0% |
| DII | 4.6% | 0.0% | 0.0% |
| Public | 30.0% | 33.9% | 34.3% |
| # Shareholders | 32,067 | 30,455 | 29,930 |
Promoter holding remains stable at approximately 60.94%, indicating no immediate exit risk. However, institutional (FII) and DII ownership are negligible or near zero, with public shareholding rising slightly. The shareholder base is highly dispersed, with over 29,000 retail investors. There are no signs of institutional accumulation, and DII stakes have declined from 4.59% in Q3FY26 to 0% in Q4FY26 and Q1FY27, suggesting limited investor confidence or liquidity interest.
⚖️ Peer Comparison — Leather
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| METROBRAND | 23,762 | 58.4 | 38.9% | — | 0.00 |
| BATAINDIA | 7,953 | 54.4 | 20.7% | — | 0.00 |
| RELAXO | 7,259 | 39.1 | 12.4% | — | 0.00 |
| CAMPUS | 6,405 | 50.7 | 32.5% | — | 0.41 |
| MAYURUNIQ | 3,167 | 15.3 | 29.0% | — | 0.01 |
| BIL | 1,336 | 51.7 | 10.2% | — | 1.07 |
| SREEL | 655 | 20.0 | 9.5% | — | 0.00 |
| MIRZAINT | 389 | — | -3.4% | — | 0.03 |
| LIBERTSHOE | 383 | 47.0 | 8.9% | — | 0.84 |
| KHADIM | 213 | 76.7 | 10.5% | — | 0.73 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Persistent operational losses and negative margins across multiple quarters with no signs of recovery. 2. Absence of institutional or DII interest, reflecting low market confidence. 3. High reliance on procedural compliance without strategic clarity or communication from management. 4. Elevated cash flow volatility and net cash outflows despite positive operating cash in one quarter, indicating fragile liquidity management.
📋 Recent Filings
- Announcement2026-09-28KSR Footwear Ltd announced that its trading window will close on October 1, 2026, and remain shut for 48 hours after the unaudited quarterly results f…
- 🟡 Board Meeting2026-08-24KSR Footwear held its 3rd Annual General Meeting on August 24, 2026 via video conference, adopting audited FY2026 financial statements and re-electing…
- Announcement2026-08-18KSR Footwear Limited clarified that its unaudited financial results for Q1 FY2027 were submitted in machine-readable format as required by NSE, with a…
- 🔴 annual report2026-08-03KSR Footwear Limited announced that its 2025-26 Annual Report and notice of the 3rd Annual General Meeting scheduled for August 24, 2026 will be distr…
- 🟡 Board Meeting2026-08-02KSR Footwear Limited announced its 3rd AGM on August 24, 2026, via video conferencing, where shareholders will vote on adopting FY2026 audited financi…
- 🔴 annual report2026-07-30KSR Footwear announced its 3rd Annual General Meeting will be held on August 24, 2026 via video conference, with the Annual Report and voting instruct…
- Announcement2026-07-27KSR Footwear Limited disclosed its Q1 FY2025 interim audited financial results showing a net loss of ₹48.27 million driven by ₹50.78 million loss befo…
- 🟡 Board Meeting2026-07-01KSR Footwear announced the resignation of CFO Suvajit Choudhury effective June 30, 2026, following his transfer to Commercial Department, and appointe…
- 🟡 Board Meeting2026-07-01No summary available
- 🟡 Board Meeting2026-07-01KSR Footwear Limited informed exchanges that its Board has authorized key managerial personnel to determine materiality of events and disclose them un…
🧠 Analyst's Read
KSR Footwear is navigating a fragile financial position with no visible path to profitability. Investors should monitor upcoming disclosures for any strategic shifts, margin improvement initiatives, or changes in capital allocation. The lack of institutional interest and stagnant promoter stake trends warrant caution, though governance stability offers minimal downside protection.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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