Khadim India Limited (KHADIM) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Khadim India Limited ₹99.41, price ₹113, upside -12.3%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range ₹78.59 – ₹434.05 · fair‑value band ₹86.35 – ₹112.85 · the ₹113.40 price screens above the ₹99.41 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Khadim India Limited manufactures, wholesales, and retails footwear in India.
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Khadim India Limited manufactures, wholesales, and retails footwear in India. The company offers formal, casual, sports, school, and labour shoes; sandals and floaters, slippers and flip-flops, flats, heels, and ballerina, as well as accessories that include backpack, crossbody bag, handbag, laptop bag, minaudiere, mini bag, portfolio bag, purse, school and sling bags It offers its products under the Khadim's, British Walkers, Lazard, Turk, Pro, Sharon, Cleo, Waves, Softouch, Adrianna, Pedro, and Bonito brands for men, women, and children. The company also sells its products online. It also exports its products. The company was formerly known as Khadim Chain Stores Limited and changed its name to Khadim India Limited in August 2005. Khadim India Limited was incorporated in 1981 and is based in Kolkata, India.
Stock analysis
Khadim India Limited (KHADIM) currently trades at ₹113.40, while our model-based Fair Value estimate is ₹99.41, 12.3% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of ₹180.71 per share, and 11 of the 21 models we run sit above the ₹113.40 price.
Bear case: the Earnings-Based group reads lowest at ₹14.01, and 10 of the 21 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹86.35 (bear) to ₹112.85 (bull), the price of ₹113.40 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Consumer Cyclical sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Khadim India Limited reported revenue of ₹3.7B in FY2026 versus ₹5.9B in FY2022, a compound −11.2%/yr. Reported net income was ₹31.0M in FY2026, compounding −16.7%/yr from FY2022.
Key figures
Market cap ₹2.1B (≈ $21.6M) · P/E ratio 67.1 · P/S ratio 0.57 · EPS (TTM) ₹1.69 · Net margin 0.8% · Return on equity 1.5% · Return on assets (EBIT) 8.0% · Operating margin 6.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 58% below its 52-week high and 44% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 49% fair-value upside, at −12%, KHADIM screens richer than that median.
Fair Value models
Bear ₹86.35Fair Value ₹99.41Bull ₹112.85
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹0.8566 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−14.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−14.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−14.0% vs −20.2%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−5% → 6%
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 1.9%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+51.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +45.2% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Footwear & Accessories · 89 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside−12.3% · Below median
Profitability
Return on equity (TTM)1.5% · Below median
Return on assets2.1% · Below median
Net margin (TTM)0.8% · Below median
Operating margin (TTM)6.4% · Above median
Growth and dividend
Revenue growth−10.9% · Bottom 25%
Balance sheet
Debt / equity0.08× · Above median
Valuation Multiplesvs Footwear & Accessories median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Khadim India Limited Fair Value". https://www.fairvalue-calculator.com/stock/KHADIM
Frequently asked questions
Is Khadim India Limited (KHADIM) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹99.41 versus a price of ₹113.40, about −12% upside (overvalued).
What is the fair value of KHADIM?
Our model-based fair value for Khadim India Limited is ₹99.41 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹113.40.
What is the quality score of KHADIM?
Khadim India Limited has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Khadim India Limited (KHADIM)?
Our model-based price target is the fair value of ₹99.41 (as of Sep 27, 2026) from 21 valuation models. Cautious scenario ₹86.35, optimistic scenario ₹112.85. It is a calculation from audited fundamentals, not an analyst target.
What is the Khadim India Limited stock forecast for 2026?
Our models put fair value at ₹99.41, about −12% upside versus a price of ₹113.40 (overvalued). Cautious scenario ₹86.35, optimistic scenario ₹112.85. The calculation is refreshed regularly with new filings.
What is the revenue of Khadim India Limited (KHADIM)?
Khadim India Limited reported trailing-twelve-month revenue of about ₹3.7B (latest available figure, as of Sep 27, 2026).
What growth is priced into Khadim India Limited (KHADIM)?
For today's price to be fair in a discounted-cash-flow model, Khadim India Limited would have to grow free cash flow by +51.3 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -10.1 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of KHADIM use?
Our models discount Khadim India Limited at 10.9 %: a base by market capitalisation (nano), damped by beta 0.20, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Khadim India Limited that is +51.3 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has Khadim India Limited (KHADIM) delivered so far?
Over the past 5 years revenue at Khadim India Limited grew -10.1 % a year. The price currently implies +51.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Khadim India Limited (KHADIM) growing?
The median revenue growth in the sector is +3.2 % a year. That is the yardstick for the growth priced into Khadim India Limited (+51.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Khadim India Limited (KHADIM)?
The free-cash-flow yield on the price is 1.14 %: that much free cash flow Khadim India Limited produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Khadim India Limited (KHADIM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Khadim India Limited it is ₹99.41 per share (as of Sep 27, 2026), against a price of ₹113.40. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Khadim India Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, KHADIM trades above its calculated fair value: price ₹113.40, fair value ₹99.41, a gap of about −12% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KHADIM?
No. The price is what the market pays today (₹113.40); the fair value is what the company's own numbers justify (₹99.41). For Khadim India Limited the two are ₹13.99 per share apart. That gap is exactly why we show both numbers side by side.
How much is Khadim India Limited worth?
The market values Khadim India Limited at about ₹2.1B (market capitalisation, as of Sep 27, 2026). Per share that is ₹113.40; our models calculate a fair value of ₹99.41 per share.
What do the bullish and bearish scenarios say about KHADIM?
Our models span a range for Khadim India Limited: cautious scenario ₹86.35, base ₹99.41, optimistic ₹112.85 per share (as of Sep 27, 2026, price ₹113.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KHADIM?
Khadim India Limited trades at a price-to-earnings ratio of 67.1 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹99.41 is built from several models across several years. Other multiples: P/B 1.3, P/S 0.6, EV/EBITDA 4.3.
How solid is the balance sheet of Khadim India Limited (KHADIM)?
Balance-sheet figures for Khadim India Limited (as of Sep 27, 2026): return on equity 1.5%, debt of 0.08 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is KHADIM from its 52-week high?
Khadim India Limited trades at ₹113.40, about 58% below its 52-week high of ₹268.25 and 44% above the low of ₹78.59 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹99.41 is for.
Which stocks are comparable to Khadim India Limited?
From the same area (Consumer Cyclical) we also value NIKE, Inc, adidas AG, Deckers Outdoor Corporation, On Holding, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Khadim India Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹113.40, calculated fair value ₹99.41 (−12%), Quality Score 46/100, from 21 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KHADIM calculated?
We run Khadim India Limited through 21 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹99.41, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Khadim India Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Khadim India Limited (KHADIM)?
The closing price on Oct 1, 2026 was ₹113.40. Our model-based fair value is ₹99.41, about −12% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Khadim India Limited right now?
Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder. The price sits above our optimistic bull case: the favourable scenario is already priced in. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Khadim India Limited (KHADIM) come from?
Earnings per share at Khadim India Limited grew −19.2 % a year from 2016 to 2026. Broken into its drivers: revenue per share −2.9 %, EBIT margin +9.5 %, tax rate −2.3 %, residual (interest, one-offs) −22.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Khadim India Limited
How large is the market capitalisation of Khadim India Limited (KHADIM)?
The market capitalisation of Khadim India Limited is ₹2.1B (≈ $21.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Khadim India Limited (KHADIM)?
The price-to-sales ratio of Khadim India Limited is 0.57 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Khadim India Limited (KHADIM)?
Earnings per share at Khadim India Limited are ₹1.69 (price ÷ EPS = P/E 67.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Khadim India Limited (KHADIM)?
The net margin of Khadim India Limited is 0.8% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Khadim India Limited (KHADIM)?
The return on equity (ROE) of Khadim India Limited is 1.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Khadim India Limited (KHADIM)?
On an EBIT basis the return on assets of Khadim India Limited is 8.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Khadim India Limited (KHADIM)?
The operating margin of Khadim India Limited is 6.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Khadim India Limited (KHADIM)?
Revenue at Khadim India Limited is growing −10.9% versus a year earlier (3y avg −17.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Khadim India Limited (KHADIM)?
Earnings per share at Khadim India Limited are growing −18.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Khadim India Limited (KHADIM) carry?
The net debt of Khadim India Limited is ₹2.4B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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