Kewal Kiran Clothing Limited (NSE: KKCL) Q1 2026 Earnings Call dated Aug. 08, 2025
Corporate Participants:
Unidentified Speaker
Hemant Jain — Joint Managing Director
Pankaj Jain — President Retail
Analysts:
Unidentified Participant
Jai Gupta — Analyst
Amit Agicha — Analyst
Arpan Rathod — Analyst
Pavan Kumar — Analyst
Varun Singh — Analyst
Yogesh Bhatia — Analyst
Shaurya Punyani — Analyst
Ankit Babel — Analyst
Shreyansh — Analyst
Sahil Doshi — Analyst
Preeyam — Analyst
Presentation:
operator
Ladies and Gentlemen, good day and welcome to the Cable Kiran Clothing Limited Q1FY26 earnings conference call hosted by Marathon Capital Advisory Private Limited. Before we begin, a brief disclaimer. The presentation which Kwal Kiran Clothing Limited has uploaded on the stock Exchange and their website, including the discussions during this call, contains or may contain certain forward looking statements concerning Keval Kiran Clothing Limited business prospects and profitability which are subject to several risks and uncertainties and the actual result could materially differ from those in such forward looking statements. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes.
Should you need assistance during the conference call, please signal an operator by pressing 0 on your Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Hemant Jain, joint Managing Director, Keval Kiran Clothing. Thank you. And over to you sir.
Hemant Jain — Joint Managing Director
Thank you. Good morning and thank you for joining us. Welcome to the Q1 earning call. I am joining today Mr. Pankaj, President Retail and Marathon Capital and our Investor Relations Advisor. We are pleased to report a strong start to FY26 which result that reflect solid operational executions and and continue tractions across our key brands. The quarter performance further strengthens our confidence in our Vision 2028 roadmap. Let me take you through the key highlights. Consolidated revenue for Q1 26 stood at rupees 235 crore up 54.5% year on year driven by strong volume growth and better realization.
Stand alone revenue grew by around 20% year on year reaching Rs. 181 crore. Supported by robust performance in both retail and non retail channels. Notably volumes. Growth of April on consolidated basis came in at 46.4% year on year reflecting strong consumer demand and improved market presentation. Average realization per unit improved by 14.4% year on year driven by higher full price sales and an increased shares of apparel in the product mix. Our performance reforms the strength of our portfolio and our ability to connect with aspirational consumer through compelling lifestyle positioning and trade forward merchandising on profitability.
EBITDA for the quarter came in at rupees 42 crores. A growth of 50.6% year on year. EBITDA margin stood at 17.8% at the upper end of our guide guided range of 17 to 18%. This is why driven by of operating leverage from higher volume product mix mix optimization including strong stronger contribution from Killer Cross and Junior Killer. Continue focus on cost efficiency across the volume chain. On the expansion front, we added a net 14 EVOs during the quarters bring bringing our total count of 623 stores as of June 30, 2025. The stores result rollout was focused on Tier 1 store in Tier 1 stores in malls, Tier 2 and Tier 3 cities.
In line with our strategy to expand lifestyle accessibility in underprinted markets. We also saw encouraging feedback from our summer 2026 trade show across all our major brand like Killer AG’s, Cross, Junior Killer and Integrity, which give us strong visibility for H2 booking and channel confidence. Looking ahead, the macro environment is showing sign of sustained recovery and we remain well positioned to benefit from improving consumer sentiment. We expect to maintain growth momentum through the festive and winter season supported by continued recovery in discretionary spending, product innovations and premiumizations Deeper retail expansion Ongoing EVO expansion with the target of adding 100 plus stores in FY 2006 category diversification strong brand lead storytelling.
We remain committed to drive profitable brand lead growth while driving superior shareholder returns over the long term. With that, I will now open the floor for questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touch tone telephone. If you wish to remove yourself from the question queue, you may press Star and two Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Jai Gupta from an individual investor. Please proceed.
Jai Gupta
Good morning sir.
Hemant Jain
Good morning.
Jai Gupta
So just wanted to check with you the key drivers for the growth for this has it been volume driven or ASP growth driven?
Pankaj Jain
It’s a combination of both on a standalone basis and there has been a consolidation of also so mix of all three.
Jai Gupta
But you’ve seen volume growth across both cross as well as on the standalone basis or it’s primarily on the There.
Pankaj Jain
Has been a volume growth on standalone as well as cross.
Jai Gupta
So the reason why I asked this question last quarter you had talked about you seeing renewed growth in the denim segment. So how has denim performed for this particular quarter? Specifically.
Pankaj Jain
Denim has been above 50% for this quarter also.
Jai Gupta
So you’ve seen the renewed demand for denim coming back to the market which has led to ASP growth or is just a combination of all factors.
Pankaj Jain
Volume growth has been there in all the categories of sales.
Jai Gupta
Including denim, including denim, including Denim.
Pankaj Jain
Including denim.
Jai Gupta
Just one more question. Primarily to do with the working capital. In the previous call you talked about efforts towards improving the working capital across levels. Any overview on that?
Pankaj Jain
Yeah. So currently the working capital as I had mentioned last time, also the working capital limits are cycle is high for cross. That’s one of the reason. And consolidation, the working capital cycle goes up. That’s one. However this time the seasons are prefold. So the manufacturing cycle works up three months in advanced structure. So we have already put things in working work in progress. And that’s the reason the working capital was higher on the first quarter. I think it should streamline over the annualized basis which we feel that it should be stay effective between 130 to 135 days.
Jai Gupta
That’s on a console basis or it’s primarily only on cross basis.
Pankaj Jain
That’s on consolidated.
Jai Gupta
Okay. And so just last one question on the vision statement which you released last time. Just wanted to check any positive steps towards any of the initiatives which you highlighted.
Hemant Jain
We already started working on evos. If you see that the first quarter we already opened 14 evos. So by all our all team is working on that and we are, we can say we will achieve that. Whatever we say.
Jai Gupta
Okay, sir, thank you. Thank you. All the very best. Thank you.
Hemant Jain
Thank you.
operator
The next question is from the line of Amit please.
Amit Agicha
Yeah, good morning sir. I’m audible?
Hemant Jain
Yeah, you are audible.
Amit Agicha
Yeah. So what is the current blended cost of debt expansion?
Hemant Jain
Your voice is cracking. No. Hello. Hello, Hello.
Amit Agicha
Yeah, Am I audible and clear now?
Hemant Jain
Yeah, now it’s clear.
Amit Agicha
Yeah. So my question is connected to the cost of debt. Like is there plan to remain debt free or take strategic leverage for expansion.
Pankaj Jain
Right now our growth can be achieved through internal accrual. So I don’t think there is a need for a debt to for an increment of the depth. However, if there is any opportunity for an inorganic growth, maybe we may look into it.
Hemant Jain
And so what is the current inventory holding period and how is the management balancing like fashion, seasonality, risk with inventory turnover?
Pankaj Jain
As I said. Okay. We feel that. Okay. Overall on an overall basis our working capital cycle should stay anywhere between 130 to 135 odd days. Okay. But during the quarter it has gone up. Okay. It should rationalize over the next 3/4 us.
Hemant Jain
Thank you sir. All the best.
Pankaj Jain
Thank you.
operator
Thank you. Take the next question from the line of from inside advice, please proceed.
Arpan Rathod
Good morning sir and congratulation on a very good set of numbers. Couple of questions. First is on the gross margin, why Oi the gross margin has come down a bit. Although QQ it is looking good. So if you can please guide us what gross margin on a full year basis we should look forward to and also why the dip?
Pankaj Jain
Okay, the gross margin. See we are comparing the gross margin on on Q1FY25 to a Q1FY20. If you look at the overall number of the last year the gross margins were at 42%. We feel that, okay, the gross margins should steadily be somewhere between 42 to 45%. Okay. Currently the gross margins have gone down because of the change in the channel mix and the category mix.
Arpan Rathod
Okay, category by category we means because of the addition of cross. Is the gross margin coming down because.
Pankaj Jain
it’s on console basis? It’s because of cross and it is also because of the category mix. So if you. Okay, denim contributes the highest. So if the margin, if the growth in denim is lower as compared to the other categories, definitely there’ll be a little bit impact on the gross margin.
Arpan Rathod
Okay. Secondly, can you just since you talked about channel performance, what has been your channel wise performance, your detail channel I understand has improved significantly. So you can just throw some light there.
Pankaj Jain
So retail contribute. Both the channels have generally we give the bifurcation on retail to non retail. Okay, retail has grown 86% on year on year basis and 29 has been on a non retail category. No basic reasons has been. Okay, one is the higher growth from EBO channel. The SSG growth during the current quarter was around 25% and acquisition of Cross which was primarily in LFS channels and last year’s numbers were only on a standalone basis. So on a like to like basis we feel that okay, there will be a healthy growth across all channels which includes the LFS, EBOs and MBOs as well as E Commerce.
And we feel that, okay, the retail as well as non retail challenge should contribute to55.45.
Arpan Rathod
That’s great to hear. My other question was on Cross as you mentioned that last year the same quarter across was not there. So what has been the performance of cross and a related question post that is considering that now Killer junior is almost two years old. So if you can throw some light on Killer Junior performance and where, where do we see for the full year.
Pankaj Jain
Basis on a standalone basis for Cross numbers it has been on a growth. Okay, growth has been on an overall basis has been around 20%. That’s one second junior. Okay, generally it’s not been two years. Okay, quarter one of FY25 was the first year for junior killer. Okay. Since the bases are low. Okay. We don’t give absolute number structures. But there has been a growth in this season also. We have already come from our roadshow where the dispatches should start from fourth quarters of this year. Okay. And we see there has been healthy attraction and Junior Killer also.
Arpan Rathod
Okay. On the roadshow front, I understand that typically you do you know, sales conference around this period. Can you just guide us how has been the response there? And considering that the season would be little early because of Diwali getting preponed. So how do we see quarter two performance there?
Hemant Jain
Secondly, positive market sentiment discounting come Hojatiya average realizations. We burjasai profit or bad name benefit. Market sentiment, positive response, double digit growth.
Arpan Rathod
Great, great, great. I think that’s it from my side. And all the best for the full year.
Hemant Jain
Thank you.
operator
Thank you. Before we proceed with the next question, participants, in order to ask a question, please press star and 1. The next question is from the line of amit Agija from HG Hawa. Please proceed. I would request Mr. Ahmed to unmute and then speak.
Amit Agicha
Audible. Sir.
Hemant Jain
Yeah, yeah. Please Amit.
Amit Agicha
Yeah, yeah. Thank you. What are the top two or three learnings from the last two or four quarters that have influenced the strategy changes?
Pankaj Jain
Last year Amari Amlog Just in time Stock inventory Kojab liquidated Osmara Last year first quarter was very bad. At least do a thin quarter. Lake learning Just in time Inventory garment sentiment positive or plus minus. Ota Isbari quarter Maya Positive sentiment Business grow Karname Hamarikobi benefit Mila market positive Discounting Response.
Amit Agicha
Revenue Percentage Quarter 1 FY26 for the full year exports.
Pankaj Jain
Because we are not doing any labels. We are doing our own brands only. So around 3 to 4%. Majorly we are expansion in India, not in abroad.
Amit Agicha
Thank you, sir. Thank you. All the best. That’s it for myself.
operator
Thank you. The next question is from the line of Pawan Kumar from Ratna Traya Capital. Please proceed.
Pavan Kumar
Hi, sir. Hello. As compared to last two quarters. Or. Sustainable rate or also at a full. Denim level. It would be great.
Pankaj Jain
Sorry, your first question was related to other income. The other income was around 13.9. Okay. Most of the investments are in mutual funds and it is linked to the navy of the mutual fund. That’s one. And secondly, okay. Some of the investments have been done. Some. A little bit of investment has been done in Style Bazaar. Okay. Where there has been a growth in. In the absolute value overall basis annualized figure. I think the other income should stay somewhere between 30, 35cr.
Pavan Kumar
At a denim level or shirt.
Pankaj Jain
We have already given the overall number that. Okay, there has been on a standalone basis there has been a growth of 19.9%. That includes volume as well as value. Sorry, more than 10%.
Pavan Kumar
Okay.
Pankaj Jain
More than 10%.
Pavan Kumar
Okay. Or going forward this year, can we do 20, 20% kind of growth in.
Pankaj Jain
Terms of top line, we are optimistic for the entire year but we’ll stick to our guidance. Okay. Where we say that okay, growth will be somewhere between 18 to 20%. 18 to 20% on the base of last year.
Pavan Kumar
FY25 numbers correct?
Pankaj Jain
Yep. Yep.
Pavan Kumar
Oh. Oh, thank you.
Hemant Jain
Thank you.
Pavan Kumar
Thank you.
operator
Thank you. We take the next question from the line of Varun Singh from aapms. Please proceed.
Varun Singh
Yeah. Hi sir, am I audible? Okay, thank you for taking my question. So my first question is can you comment provide some commentary on the Cross brand? How has the growth been in this quarter compared to last year?
Pankaj Jain
So on on a standalone basis, Cross has grown on at 20%.
Varun Singh
It has grown at 20%. And like how much of the growth would be on like to like basis.
Pankaj Jain
For Cross I am talking it was on like to like basis. So if I compare their numbers since it’s an uncomparable number. Okay. We had bought out the merger happened when the month of second quarter of the last year. Okay. So first quarter is not comparable. But if you compare it to their numbers, to the absolute numbers, okay, the.
Varun Singh
Growth was around 20% and even EBITDA growth would be 20% in cross.
Pankaj Jain
It would be higher.
Varun Singh
It would be higher than that. Oh wow. Understood. Answer my second question is like in our own business or the standalone business, we have recorded quite good growth. So this growth is because I mean what the possible reasoning that you see behind strong growth for us Is it because of good inventory loading at the reader distributor level because of expectation of better festival? I mean what explains that.
Pankaj Jain
We have optimized our inventory management for this quarter and we and the season also looks positive. That’s the reason. Okay. I think we have been able to capture the growth properly. Also the SSG during the quarter has been more than 25%.
Hemant Jain
Favorable market environment. We both impact so market sentiment learning inventory last year. So this is on time because Joe customer so we do our best execution. So it’s a lot of things.
Varun Singh
Under understood sir. And just one last question. That the good, extremely good amount of hard work that you have done on the inventory level. Can you explain a little bit more with regards to what what are the changes that we made and how much is the benefit that we. That we have enjoyed because of that? Any. Anything miserable.
Pankaj Jain
Not much changes. Okay. Last year which we felt that okay. We should work on a real time basis. We scrapped that working structure and came back to the old strategy.
Varun Singh
Why? Why did we scrap the.
Pankaj Jain
We try to optimize the working capital cycle as compared to the growth structure. Okay. We felt that. Okay. That that was working. We tried it. Okay. Failed. That’s the reason we came back to the old strategy.
Varun Singh
Okay. Okay. Understood. Okay.
Hemant Jain
Thank you very much and wish you all the best.
Varun Singh
Thank you.
operator
Thank you. We take the next question from the line of Yogesh Bhatia Investments. Please proceed.
Yogesh Bhatia
Hello.
Pankaj Jain
Yes.
Yogesh Bhatia
Yes sir. Congratulations on good set of numbers.
Pankaj Jain
Thank you.
Yogesh Bhatia
I have two questions. One currently we have 623 EBOs spread across. Across Killer and you know, Cross and everything else. So one I wanted to know. We have you know, 47 under development is what you’ve mentioned in the presentation. So can you guide us? They are under which. Which category? Like killer and you know, Cross Kitna Hai or something like that.
Pankaj Jain
I don’t have it upfront in front of me.
Yogesh Bhatia
What would be the largest?
Pankaj Jain
Probably we focus more on some storage in the Cross. Exact number majorly is Killer store. Out of 40 stores, 35 to 40 store agar and.
Yogesh Bhatia
Okay. So Cross may base is you know 15 stores. So we are planning to add five, seven more stores in Cross. Is that correct?
Hemant Jain
19 stores already operational till date. Or. Sad art store of your open.
Yogesh Bhatia
Okay. And so basically Cross is also doing well is what I wanted to understand. And we are looking to grow that segment also. Now my second question is if I. The standalone number is 181 crore and the consolidated sales number is 233 crore. Correct.
Hemant Jain
Yeah.
Yogesh Bhatia
So the difference in this number is the Cross sales which is 52 crore.
Hemant Jain
Yeah.
Yogesh Bhatia
So on like to like basis 52 crore would be how much last year. In Q1 for cross
Hemant Jain
around 43. 42. 43. Because it’s not in our balance sheet. Acquisitions is on the July 18th. So. This first quarter.
Yogesh Bhatia
Okay. And we have managed to get them at similar EBITDA margin levels as our.
Hemant Jain
Not similar, but close to similar.
Yogesh Bhatia
Not similar. Okay. Okay. And we are confident that the blended margins would not get diluted. Even you know when we grow Cross.
Hemant Jain
Will not get compromised.
Yogesh Bhatia
Okay. Okay. Thank you. So that should be.
operator
Thank you. We take the next question from the line of Shaurya from Arjav Partners. Please proceed.
Shaurya Punyani
Hi. Am I audible?
Hemant Jain
Yes. Yeah. Yeah.
Shaurya Punyani
So what has Been our same store growth in Q1.
Hemant Jain
Sorry,
Shaurya Punyani
what has been the same stores.
Hemant Jain
Like SSE growth.
Shaurya Punyani
More than 25%. And what do we expect like this year?
Hemant Jain
Okay. Evenly when we plan out we generally plan that annualized basis it should be between 7 to 8%.
Shaurya Punyani
7 to 8%. So for 20% growth we are saying like. For like additional 12% growth will come from the new flow.
Hemant Jain
Sorry.
Shaurya Punyani
So we are guiding for like 20% growth this year. So 7 to 8% from the from SSG. So from where the additional 12%. I’m trying to understand it will be.
Pankaj Jain
Organic also though it will be in retail as well as non retail. Number of counters, opening of new stores, new shop and shop counters.
Shaurya Punyani
Okay. New stores. Okay. Thank you sir.
operator
Thank you. Before we proceed with the next question a reminder to the participants in order to ask a question Please press star N1 on their touchstone telephone. The next question is from the line of Pawan Kumar from Ratnatraya Capital. Please proceed sir.
Pavan Kumar
On cross basically I understand we are doing some 50 crores per quarter right now. Different customer segment or same on Killer junior also.
Hemant Jain
Mainline last year only we launched in the April or May something so apparent any brand need at least thousand day. So almost those season is we are working on so and we are getting very good response Number of counter up bud Ray. We are come down to Metro one because to get the good visibility. Or. Metro tier two tier three already we are strong in that.
Pavan Kumar
Okay. Okay. Thank you.
Hemant Jain
Okay. Okay. Thank you.
operator
Thank you. Before we proceed with the next question participants please press star in one in order to ask a question. We take the next question from the line of Ankit Babin from Shubkam Ventures. Please proceed.
Ankit Babel
Very good afternoon.
Hemant Jain
Good afternoon
Ankit Babel
sir. If I had you know in the last 30, 40 minutes of your commentary. I mean you seems to be very positive on the market sentiments and the growth rates which you foresee in the coming quarters. But when I you know see your commentary on the growth rate. I mean the 15% growth rate for cable Kiran seems to be very mediocre guidance because considering your brand value, you know your overall base. I mean the size of the company. 15% growth seems to be very mediocre. Just wanted to understand is it possible for you to grow at 25% consistently for next few years considering the demand trends and you know the product categories where you are.
Hemant Jain
Businessman growth and if I get the good order or number of orders I should not I have to face your and I want to commit on my statement market sentiment for the next season quarter 4K. So it’s positive.
Ankit Babel
The two points. I understand, sir, two points. First of all, the growth in this quarter of 20 on standalone is on a low base. If you compare the two year cagr, it is actually flat. Right. And secondly, historically also we have never seen, you know, 2025 growth from, from your side. Why I’m asking you this question is because I can, you know, see that potential in your company, but somehow that growth rate is not coming in. So I mean, internally I believe you should target that your FY28 vision should be achieved in FY27. Then there will be a meaningful, you know, shareholder value creation which I can see.
Pankaj Jain
Where are you getting it to? Okay, see, it’s a combination. KKCL being the house of brands. Okay. Every brand strategy works different and you have to re strategize yourself as you saw that lawman we restrategized for last year. Okay. We are repositioning also. So both the aspects have to go hand in hand. And the market should have an uptick during the quarters itself. If it doesn’t happen, it gets postponed. And that’s where you lack on. It’s a combination. It’s a blended margin structure. Right.
Ankit Babel
So, so one more point here.
Pankaj Jain
I mean it’s not on an auto pilot mode where you can actually just scale it. And.
Ankit Babel
So one more point here. You mentioned that denim is the most suitable product category in your, you know, company. So the denim growth will be higher than the overall company’s growth. Sorry, Denim category is the most profitable category in your company. Right. I just wanted to know the growth in the denim would be higher than. Please, growth already lower than the overall company’s growth rate.
Pankaj Jain
It will be on the similar percentage. It will not be on a higher percentage.
Ankit Babel
Okay then sir, how you’ll be able to improve on the margin side.
Unidentified Speaker
Margins? As our guidance, our guided margins, we have given it around 17 to 18, 18%. We have been on the upper side structure. Okay. And if we scale okay, we’ll get that additional margin through operating leverage only.
Ankit Babel
Okay. Have you taken any price hikes in your product categories recently?
Pankaj Jain
If the average realization for the products have increased during the quarter.
Ankit Babel
Now, was it on account of price hike?
Pankaj Jain
It was because of the lower discounting.
Ankit Babel
Okay. But any, any potential price hikes possible in the near future?
Pankaj Jain
We haven’t taken a price hike for the current quarter.
Ankit Babel
No, I understand. But in coming quarters, do you foresee. Any price hikes.
Hemant Jain
Next quarter? Because you know, the market is very tough and competitive. Still. We are concentrated on growth path.
Pankaj Jain
So but there will not be any price hike. But definitely we’ll try to improve a fresh sell throughs to improve the ASPs.
Ankit Babel
Okay. And my last question is on the again the competition part. How is the competition environment as of now any, any players which are becoming aggressive? Are you losing market share to any channel or you are increasing market share. How is it going on.
Pankaj Jain
Looking at the scenarios or maybe to the B2B partners? I think I’ll be. I’ll be on the gaming side that I’ll be gaining some percentage of market share. They are not nationalized numbers, published numbers which I can give you. But looking at the scenario I can just tell you that I. I think that I’ll be. I have been gaining market share.
Ankit Babel
Gaining market share. And sir, the integrity lawman and all those unka be said. I mean are they now on the growth path?
Pankaj Jain
We have re. Strategized it, repositioned it. Okay. We should. We feel that. Okay. The growth for them should start coming from the second half of this year.
Ankit Babel
Second half. Okay. Okay. That’s it. Sir, I’ll be happy if you achieve your FY20 guidance in FY27.
Pankaj Jain
Thank you.
operator
Thank you. We take the next question from the line of Shreyansh from Swan Investments. Please proceed. It seems like the Shriansh is out of the queue. I’ll join him back to queue. Just give me a moment. Yes Shreyan, you can proceed with your question.
Shreyansh
Yes. Can you hear me?
Hemant Jain
Yeah.
Shreyansh
Yes sir. I’m just looking at your gross margins for Q1 over the last two years. Q1FY24 May 43% gross margins Q1FY25 45 and ABHI 42. So I’m just trying to understand lower mix of denims in the business is impacting this number.
Hemant Jain
If you look at the analyzed number for FY25 it was around 42%. We have our guidances around that are gross margin should stay anywhere between 42 to 45%. Okay. The. It’s a. There could be a. The gross margins have been dipped because of change in category mix as well as channel mix.
Shreyansh
So sir, when you do higher retail sales, that is EBO sales. So my understanding is gross margins typically are higher. Right. Because you don’t have to give a lot of commissions and discounts.
Hemant Jain
Right. So on a retail to non retail basis. Okay. The comp. The composite margins for retail as well as non retail is almost similar.
Shreyansh
Okay. Okay. Other retail players say when, when I do higher share of ebo my gross margins tend to Improve also because.
Hemant Jain
Okay, they do maybe most of them do more cocoa driven businesses. Okay. Mine is a four foot driven in business.
Shreyansh
Okay. We do four, four EBOs. Okay. And sir, second is when I’m looking at our product mix, 8% of accessories and others from last year has become 12%. So what has driven this change, sir? 4% swing. Hello.
Pankaj Jain
Just a moment. Okay. Okay, so if you’re looking at the numbers on a console basis structure. Okay. The cross does more. More of the categories on others will have to regroup that maybe. Okay. Going forward in the other coming quarters.
Shreyansh
No, but what is that others in. Cross
Pankaj Jain
it will be leggings, draggings, shorts.
Shreyansh
Okay. Okay. Okay. And so this last question, I’m looking at your PBT because it has not improved that much. So and if I exclude the other income, there is hardly any change in PBT from 24 crores last year to 25 crores this year. So I’m excluding the other income. So any reason in spite of growing 20% EBITDA, the flow is not happening down there. And you said EBO is mostly 4 4. Right. So the lease rent also is not a part of the interest and depreciation.
Pankaj Jain
Comparison should be done mostly on a EBITDA level, not at PBT level. Where big. Mainly because after the cross consolidation. Okay, there is a model
Shreyansh
I’m looking at standalone. Sorry, standalone numbers. I’m talking about talking about the standalone numbers. Yes. So 24 crores of PBT is just 25 and a half crores this year excluding other income which is actually we want from mutual funds. Right. So I’m excluding that portion of other income.
Pankaj Jain
PBT is around 20.1 on a standalone basis. Yes sir, compared to 21 of last year.
Shreyansh
No sir, you exclude the other income. Okay, I’ll take this offline. Probably. I’ll take this offline, hold on.
Pankaj Jain
Okay, I’ll just complete that. Okay, you compare it on the EBITDA level. Also EBITDA level it is similar. At a 19.9% revenue of growth there has been a ebitda growth of 19.4.
Shreyansh
Yes, so that’s what I’m saying, sir, ebitda growth of 19% is not flowing through. When I compare the PBT, PBT has just grown by 6%.
Pankaj Jain
Yeah, PPT has grown by 6%.
Shreyansh
Sir, because your depreciation has gone from 2.8 to 4.2 and interest has gone from 0.7 to three and a half. So I’m just trying to understand because you’re doing more EBOs on 4, 4 component of rent is not there. Right? So what is this which is driving increase in depreciation and interest.
Pankaj Jain
There are some stores. Okay. Of lawman we have done on cocoa basis and that’s the reason there will be an increase in depreciation and then there has been an increase in finance cost also.
Shreyansh
Okay. So just to summarize if I’m trying to understand standalone if you are targeting 15, 20% kind of growth rates on top line, what is the kind of growth rates that we should envisage on the PBT basis.
Pankaj Jain
Should be same. Excluding other income should be same.
Shreyansh
Okay sir. Okay. My. My calculation says it will be a little lower because you’re incurring some
Pankaj Jain
marginally lower. Because if the finance cost is there and depreciation cost will be little bit but it will not be to that extent of what you are asking for saying for.
Shreyansh
Okay sir. Okay. Thanks and all the best.
operator
Thank you. We take the next question from the line of Sahil Doshi from Think wise. Please proceed.
Sahil Doshi
Apologies if I have repeat this question. I will join late. My question pertains to Cross for the. Last three four quarters at least. I think the revenue number seems to be in the same range. So just want to understand what is the growth plan there and you know what kind of growth should we think. About Cross in particular.
Pankaj Jain
So firstly, okay. The fewer number for them last year was at 43 crores. So the first quarter they have grown by 20%. Okay. You will feel that. Okay. The entire year it has been even out business. Okay. The quarter two and quarter. Since quarter two becomes a comparable number, you will see a higher growth digit in the current quarter itself. We understand that. Okay. On the absolute basis the standard number should grow above 20% for the financial year 2526.
Sahil Doshi
Okay. Okay. Understood sir. Appreciate that. Second, I think we used to give the split of the ebos. I think we stopped giving that. And you’d also called out in the last quarter that we’d be talking more about our ambition for different brands and different pilots which we are doing. So could you talk a little more on each of those brand strategies and how do we think about the various verticals and the various pilots and other things which we are running. Any extensions, any other projects we are working on.
Pankaj Jain
Pivots are at. Okay. Lower state structure. We have not yet actually put it in under discussion. Okay. But if you look at the retail strategy. Okay. Killer is an auto mode structure and it has been growing very well. Okay. Cross, we are trying to scale up very well. We are restrategizing A strategy for K launch Lawman. We have repositioned and Integrity. Okay. We are engineering the price on. In terms of the price bracket.
Sahil Doshi
Okay. Any. Any milestones in terms of storage for this year and next year. If you can possibly call out for each of these brands or the.
Pankaj Jain
The strategy has just been done a year before. Okay. To scale. Scale that up. I think the growth on Norman Integrity, you’ll be able to see half yearly of this current year, second half of the current year.
Sahil Doshi
Okay. Okay. Okay. And also sir, anything you can talk about the extensions about getting into different like the house of brand. So the various pilots which will be running in the company, what stage they are in and anything which you should expect over the next one to three years which can be scaled up
Pankaj Jain
still. Early to talk about it. Okay. Let our pilot get executed implemented and we feel that. Okay. When it is the right time to scale up definitely will inform the investors.
Sahil Doshi
Okay. Thank you, Siddhartha.
Pankaj Jain
Thank you.
operator
Thank you. We take the next question from the line of Priyam from Antique Limited. Please proceed.
Preeyam
Hi sir, just wanted to check with the guidance which you have made on. Revenue, gross margin and EBITDA. So revenue of 18 to 20% and. Gross margin of 42, 45% and EBITDA 17 to 18% is based on standalone or a concern.
Pankaj Jain
I didn’t get your question only. Can you repeat that?
Preeyam
Yes, I just wanted to check with the guidance on revenue 18 to 20%. You have mentioned is on the standalone or a consult basis.
Pankaj Jain
On the console basis.
Preeyam
On a console basis. Right. At the same time the EBITDA margins as well, right? 70 to 80%.
Pankaj Jain
Yep.
Preeyam
Okay, thanks.
operator
Thank you. We take the next question from the line of Amit Agija from HD Hawa. Please proceed.
Amit Agicha
Twice. Currently.
Pankaj Jain
Your voice is cracking little bit.
Amit Agicha
So the total number of employees. This is my question.
Pankaj Jain
The total number of employees.
Hemant Jain
In standalone or consolidation.
Amit Agicha
So Both if possible.
Hemant Jain
1800 is in the KKCL.
Amit Agicha
Okay. This consolidated, sir.
Hemant Jain
So 1800 is on KKCL.
Amit Agicha
Okay.
Hemant Jain
1300 in cross. So all put together 3100.
Amit Agicha
Would it be possible for you to give approx. Like Capex like for each Coco Focus store? Like is it on a per square feet basis or how is it.
Pankaj Jain
Basis? So whenever a franchisee comes, we envisage that. Okay. The investment should be around 4000 rupees. 4000 to 4500 rupees a square feet. Okay. Where 2000 rupees is capex and 2000 rupees is opex.
Amit Agicha
That is for the franchise, right? So yep.
Pankaj Jain
That if it’s a franchisee investment that’s the same so is for cocoa where the investment so it’s just that, okay, the value remains the same. The investment value either is done either by the franchisee or by the company.
Amit Agicha
For the company also it is same right for you to give the proportion of sales from E. Com.
Pankaj Jain
They generally give bifurcation of retail to non retail. But that channel has been growing I.
Hemant Jain
Can tell you that at least.
Amit Agicha
Okay, thank you sir. Thank you. All the best.
Hemant Jain
Thank you.
operator
Thank you. As there are no further questions from the participants, I would now like to hand the conference over to Mr. Heman Jain for pleasing comments. Over to you sir.
Hemant Jain
Okay. Thank you. Thank you once again for joining us. Q1 has been strong started to the year marked by a healthy volume growth, disciplined margin executions and continue progress on our Vision 2028 priority. We are well positioned to capture growth across both urban and semi urban consumption centers with our differentiated brand portfolio and detailed first approach. We appreciate your continued support and confidence in our journey. Should you have any further questions, please reach out to our investor relations team. Thank you and have a great day ahead. Thank you so much.
operator
Thank you. On behalf of Kval Kiran Clothing Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.
Hemant Jain
Thank you.