Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Kewal Kiran Clothing Limited (NSE: KKCL) Q4 2026 Earnings Call dated May. 11, 2026
Corporate Participants:
Hemant Jain — Joint Managing Director
Analysts:
Arpan Rathore — Analyst
Lakshmi Narayanan — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Cable Kiran Clothing Limited Q4FY26 earnings conference call. 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. Before we begin, a brief disclaimer. The presentation which Cable Current Clothing Ltd. Has uploaded on the Stock Exchange and their website, including the discussions during this call, contains or may contain certain forward looking statements concerning Kwel 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.
Should you need assistance during the conference call, please signal an operator by pressing STAR and then zero on your touchstone phone. I now hand the conference over to Mr. Hemant Jain, Joint MD Cable Kiran Clothing. Thank you. And over to you sir.
Hemant Jain — Joint Managing Director
Good afternoon everyone and thank you for taking the time to join us today. Welcome to Cable Current Clothing Limited Q4 and FY26 earning call. I am joining by Mr. Pankajain, President Retal and Marathon Capital, our Investor Relations Advisor. We are pleased to report a Strong close to FY26 with Q4 marking yet another quarter of double digit sales growth and taking full year growth of 20.9%. This performance is well ahead of the average growth rate envisioned in Vision 2028 and validates our brand wise different differentiated strategy.
Let me talk. Let me walk you through some of the key highlights for the quarters and financials years. Consolidated revenue for Q4 FY26 stood at 325 crores up by 12.4% year on year and for FY26 stood at 12 crores led by strong growth in both volumes and value. April volume growth on a consolidated basis saw an encouraging growth of 6, 16% year on year driven by strong design capabilities and sustained consumer demand for our product. Coming to our operational performance, our performance reflect the scalability, resilience and execution strength of our operating model.
Driven by disciplined execution of focus growth strategy across brand and channel. Strong consumer traction lead by our fashion forward design led product portfolio. Agility in navigating a competitive landscape while sustaining market shares and profitability. Some notable operational highlights across our brand. First, Killer continued its sustained growth journey with double digit sales growth in FY26 and now operated 457 EBOs. The SSG for Q4.26 is 6.8% and for the year FY26 is 9.4% cross delivered robust sales performance and growth in EBITDA margins as per overall KKCEL margin profile on track to evolve a significant player in women’s casual wear market.
Started getting good traction in MBO’s export market and expanded EBO’s network to 28. Focus now towards further improvement in working capital. Cycle Junior Killer posted high sales growth in FY26 validating our focused entry into kidswear. Backed by disciplined execution, the brand is gaining strong traction with this strategic repositioning toward D2C model. The brand had started showing positive traction and consumer acceptance resulting in double sales growth in FY26 and now operated 90 EVOs.
Integrity recorded notable growth in both Q4 and FY26 year on year driven by renewed focus and targeted brand building efforts. On the profitability front, EBITDA came in at 238 crore for FY26 and 62 crores for Q4 FY26 reflecting a staggering 25% and 18% growth year on year respectively. EBITDA margin expanded upward of 19% for both the quarter and financial years driven by efficient operational performance surpassing our guided range of 17 to 18%. Our execution led operational discipline enable us to grow at scale while protecting profitability resulting in a strong ebitda margin of 19.6% for FY26.
On the channel of sales front, our EVO last format stores, MBO and online channel reported healthy double digit growth in FY26 validating the effectiveness of our go to market strategy. Revenue growth 16% year on year in retail and 8% year on year in non retail Q4 Q4 FY26 for FY26 retail grew 24% and non retail grew 17% year on year underscoring consistent broad based momentum across formats. In line with our strategy to expand our brand footprint, we added net 57 EBOs in FY26 taking our total to 666 stores as on March 31st.
Coming to our outlook and strategy, the robust performance since FY26 particularly the contribution from Cross Casual gave us the confidence to raise our growth and ambitions. Backed by an inorganic acquisition strategy, we continue to achieve the Vision 2028. However, we aim to further accelerate the growth target from 15% CAGR to 20% CAGR in the next three years and it’s expected to be meaningfully supported by a well defined acquisitions framework. While acquisitions may not materialize uniformly each year, our three year strategic roadmap is designed to deliver this accelerated growth trajectory backed by our core principle of stability, sustainability and scalability.
We remain confident in our ability to achieve this ambition. With that, I would now like to open the floor for questions.
Operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press STAR and then one on their touchtone pole. If you wish to remove yourself from the question queue, you may press star. And two participants are requested to use hand fits while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles again. To register for a question, please press Star and then one. Your first question comes from Shubham Jain from Countercyclical.
Please go ahead.
Questions and Answers:
Arpan Rathore
Hello,
Lakshmi Narayanan
Good afternoon.
Arpan Rathore
Good afternoon. Thanks for the opportunity. I just have two quick questions. So. Firstly, on the monetization side of our land in Goregaon. Any update on that?
Lakshmi Narayanan
We are still under negotiations for that.
Arpan Rathore
Okay, and what is your expectation? When can we complete that part?
Lakshmi Narayanan
As of. As of now, the decision is still standstill. This decision on a quarter to quarter basis on every concurrent.
Arpan Rathore
Secondly sir, on the acquisition that we had done in cross, 50% stake. Are we planning to increase that stake going forward?
Lakshmi Narayanan
There is nothing changed for first five years period after there. There. There can be some
Arpan Rathore
And any other acquisitions that you have been planning in other segments form of inorganic growth. We are open for opportunities and we are also looking for some. Lastly, you have raised your guidance from 10 15% to 20 plus. Where are you particularly expecting that growth to be coming from?
Lakshmi Narayanan
So what I’m trying to say is that okay, organically our growth we still say that it should be around 15 to 18%. The additional vacuum of close to around 5% shall be covered by an inorganic acquisition.
Arpan Rathore
Okay, sir, thank you. I’ll get back into the.
Operator
Thank you. Before we take the next question, a reminder to everyone. You may press Star and then one to ask a question. The next question comes from the line of Rushab Shah from Bugle Rock pms. Please go ahead.
Arpan Rathore
Thanks. From option. Sir, a few calls back you have said that you see significant export potential for our flagship brands like Killer Cross. Especially in markets with a strong youth. So just wanted to have. Just wanted to know what wanted to have to look up for those markets. Which are those markets? What is the export potential? Any internal targets you have to. You have to reach an exports for next five years.
Lakshmi Narayanan
The exports for kkcl the exports doesn’t actually contribute significantly. However, most of the countries which they export to, including Cross is Middle east and Saudi. Okay, you have known the case scenario that over the last three months okay. It has been disturbed and that’s the reason. Okay. Exports has been little bit disturbed. Going to the article which have been said right now that all the channels have been growing and we think that. Okay. The exports going to remain constant or may degree for the next year.
Arpan Rathore
Okay. So my second question is KTCL has also launched the ACME segment. So how has that segment grown for us?
Lakshmi Narayanan
It’s a part of the entire brand. Okay. Some categories move upper, some categories move over. We are not treating is at a separate format.
Arpan Rathore
Yeah. So sir, what do you think about this segment? Can this segment going ahead in the next let’s say four to five years can be as big as the genes segment. We have
Lakshmi Narayanan
Too early to speak about it. As I said that we are treating it as a category only or as one of the category sales for us. Okay. We’re not treating it as a separate or a sub brand.
Arpan Rathore
Okay, next question is I wanted to know from the from your vision perspective and it is the cloud
Lakshmi Narayanan
Please.
Arpan Rathore
Yeah, Sir, I wanted to know more. More from your vision perspective and this question is not for just let’s say two to three years but a long term thought process. The question is that newer brands or categories like Killer Junior Cross and also the older ones like Lawman Integrity, do you think these can become as big as the Killer brand? And like any steps we have taken, we can see them as a huge brand like Keller Jeans over the coming years.
Lakshmi Narayanan
Every brand was launched with a separate mindset, separate price bracket and a separate tg. Okay. Definitely we had some problems for some of the brands. Okay. We have re strategized our strategy and we have started seeing attraction towards it. And I definitely feel that all the such brands have that potential to go where Killer is as of today.
Arpan Rathore
Okay, fine sir, thank you. I will get back.
Operator
Thank you. The next question comes from the line of Arpan Rathor from Insight Advisory. Please go ahead.
Arpan Rathore
Good afternoon. Congratulation on a great set of numbers. Thank
Lakshmi Narayanan
You.
Arpan Rathore
And more encouraging is the revision and guidance offered even considering the current market volatility. So my first question is emanating from that only. What is the impact of war on us? Obviously we are not too much in exports, but the raw material prices have increased substantially across commodities. So what is the impact? Are we able to pass on in terms of revision in price or are we looking at revision in candle pricing?
Hemant Jain
We don’t want to lose the revenue so Makisha will take hit in the profit or some percentage we will pass on to the consumers. We don’t Know as such. Nobody knows so day to day situation. But yes in future. We don’t want to lost the revenue. Major focus is revenue. The company is ready to take that kind of feed.
Arpan Rathore
That’s good to hear. Any color on the working capital?
Hemant Jain
Just a Hamari company cash reshare advantages to buying a cash and every cash volume value or volume scope benefit. So that nobody knows. But business loss. Yes sir. Please. Hello.
Operator
Yes sir. The line for the current participant has dropped from the queue. We’ll move on to the next question. The next question comes from the line of Lakshmi Narayanand KG from Tunga Investments. Please go ahead.
Arpan Rathore
Yeah, thank you. I thank you. Good result. Especially on the working capital front. We have done pretty well and I think we have sustained the operating margins Also we can enhance it. A couple of basis points. So a few questions from a sale of Cross brand how much that actually contributed to the growth for the full year? I think this school year is the first financial year with with Cross both in the baseline as well as towards the end of FY26. That is my first question.
Lakshmi Narayanan
Growth for Cross has been in upwards of more than 20%.
Arpan Rathore
How much cross contributes now is it compared to last year to this year?
Lakshmi Narayanan
We generally give the numbers on a console basis scenario. We don’t give brand wise numbers.
Arpan Rathore
And in terms of you know because of there has been some due to gst, there has been some pricing revisions and is there any. Any stock level loss we have to take or is that entire. The pre GST stock has been. Is out of the system. Just tell me how that actually got handled.
Lakshmi Narayanan
After the GST changes which was happened on 22nd of September. Okay. For. For the first the third quarter the company had to pass on the entire GST benefit to the consumer. Okay. Going forward or maybe for FY26 we feel that the. Okay. The. The impact of GST is neutral for the company. Some bread. For some brands it’s more and from some brands it’s less.
Arpan Rathore
And any price increases we have taken in the last few months.
Hemant Jain
That is up to season to season of course. So we have a room. We have that room.
Arpan Rathore
And the E. Commerce Channel, is it growing ahead of your growth or is it in line with your company’s growth?
Lakshmi Narayanan
It’s in line with the company.
Arpan Rathore
Okay. And in terms of full price sales, can you just give a sense of how much it was for the the men’s fair and the women’s wear? Because usually around 60, 65 is
Lakshmi Narayanan
Close to around 60%.
Arpan Rathore
Okay. Okay. Okay. And when you started the Year and ended the year. What are the areas which actually did better than what you anticipated for FY26 and what are the areas which did not do well as per your expectations for FY26.
Hemant Jain
Is on the west. East we are already very much so. Now we are focusing on the west and we are having a very good result. Yes, But as west and south we are majorly focused on this year also. End of the day we have to achieve that business target. Yes, we are focusing on territory but expectations.
Arpan Rathore
And in the other segment which includes innerwear and perfume, glasses and so many other things. So that has actually also grown ahead of our overall growth I believe. Right? Or can you just explain as to within that which segment is growing in the other faster.
Hemant Jain
Our major focus is on the apparel business. All the accessories business is impulse buying focus. Karni Ray Our major focus is on the apparel side like jeans, shirt, trouser T shirt, winter wear jackets, sweatshirt, sweaters. So our major focus is not. We are not major focusing on the innerwear or some socks or some of the accessories business. Yes, we do that. But it’s a. Because the brand is all about the lifestyle. We have to keep all these things. But our major focus is on the apparel.
Arpan Rathore
Okay, thank you sir and I’ll come back in queue.
Operator
Thank you. The next question comes from Anoj Thakur from Motilal Oswal. Please go ahead.
Arpan Rathore
Hello, good afternoon and congratulations on great set of numbers both on the operational front and as well as on the revenue growth. So I have just had a couple of questions on my side. So regarding our development and progression of cross on the margin front, how we were back like about one year back and how we are doing now. What has been our focus in creating the additional EBITDA margin that we can get from cross.
Hemant Jain
For the temporary basis making GST benefit. So it’s all mixed.
Arpan Rathore
Okay. Yes, yes. Great set of numbers as I said also on a store guidance level, what are we targeting for next couple of quarter and full year.
Lakshmi Narayanan
Full year should be around net around 50 to 70 odd stores.
Arpan Rathore
These are all majorly abuse
Lakshmi Narayanan
All epsilon.
Arpan Rathore
Yes. Yes. Okay sir, I’ll just come back in with you for further questions.
Lakshmi Narayanan
Sure.
Operator
Thank you. Participants, you may press star and then one to ask a question. The next question comes from the line of Arpan Radhpur from Inside Advisory. Please go ahead.
Arpan Rathore
Thank you for taking my call. So my continuing from the conversation wherein I dropped. Can you give some sense on the working capital?
Lakshmi Narayanan
Can you be little louder and clearer?
Arpan Rathore
Okay. My question is regarding the working Capital what are the short term and long term working capital days which we are looking at? Hello.
Lakshmi Narayanan
Okay. The working capital should stay. Yeah. Should stay anywhere between a limit of 130 to 140 odd days.
Arpan Rathore
And this is same for Cross and the company on a standard basis.
Lakshmi Narayanan
This is the overall limit structure. Okay. Cross it will be little higher.
Arpan Rathore
Any specific reason?
Lakshmi Narayanan
Okay. Most of it business is skewed towards
Hemant Jain
LFS
Lakshmi Narayanan
And
Hemant Jain
Retail. That’s the reason.
Arpan Rathore
Okay.
Hemant Jain
Secondly we are the manufacturing company. We are not the vendor based company. There is a wip. So when we are manufacturing. Manufacturing days and then other days. So selling date 130, 140 days.
Arpan Rathore
Right. So my second question is linked to that only Cross currently cost. Currently everything is outsourced in terms of manufacturing.
Hemant Jain
Yeah. So
Arpan Rathore
And considering that we have on a standalone basis enough capacities wherein we can actually work absorb that manufacturing also any plan there
Lakshmi Narayanan
That’s. That’s not the plan for the immediate future also. Okay. Currently the KKCL is only operating at 100 efficiency structure.
Arpan Rathore
Okay. So any CapEx which considering that you know the growth targets have been revised upwards obviously with acquisitions but then also on a standalone basis you’ll need some capacity expansions.
Lakshmi Narayanan
So. Okay. Not much. Okay. As we said that okay. Close to around 30 to 35 crores. We the requirement for capex that includes the front end as well as the back end on a year on year basis.
Arpan Rathore
Sure. Taking the. In the opening remarks you had made a pointed remark on growth with alongside acquisitions.
Hemant Jain
So
Arpan Rathore
Any you know plan which have been drawn up. I. I know it’s very difficult to point at any specific company currently but which segment or you know like we did cross. So which would be the other segment which we will be looking at Any broad strategies around that? Obviously the name, value everything can’t be discussed currently. But broad, broad parameters just for our understanding.
Lakshmi Narayanan
More importantly we are right now okay. Open for all the company structure. We just define whether. Okay. We can add to the synergies and we look it from an ROC perspective whether we get that synergy and ROC can deliver. Okay. We are also. We are open for our competitive categories also as well as. Okay. Premium as well as the value segment. We are even open for any gender specific. Okay,
Arpan Rathore
Sure. That’s it from my chat. Thank you and all the best.
Lakshmi Narayanan
Thank you. Thank you.
Operator
Thank you. The next question comes from the line of Sahil Doshi from Thinkwise. Please go ahead.
Arpan Rathore
Hello. Good afternoon sir.
Lakshmi Narayanan
Good afternoon.
Arpan Rathore
Yeah, just one on the integrity bit which we said it’s done exceedingly well this Quarter and so please just talk a little more on integrity and for FY27, with the pivot in the brand strategy, can we start expecting better numbers from that?
Lakshmi Narayanan
Yep.
Arpan Rathore
Okay. So. Okay.
Lakshmi Narayanan
Okay. We have, we have changed the price strategy for that and we have started seeing an interesting results. We have also started gaining counters. Okay. On the multi brand as well as change store formats. Okay. We feel. Okay. The growth will be in line as what we are talking about the company.
Arpan Rathore
Okay. So meaning the transition in terms of modern trade and number of counters, are we complete in terms of the entire plan?
Lakshmi Narayanan
There is huge vacuum left yet.
Arpan Rathore
Okay, understood, Understood. Okay. So additionally, basically these all new pivots from Lawman and Integrity should start contributing higher from first quarter
Lakshmi Narayanan
Of this year itself.
Arpan Rathore
Okay. So if I had to just correlate, if I see standalone, you know, which is your traditional business, see this quarter, maybe it’s been 8% kind of growth and for full year is 13. So directionally do we think that this should start picking up at a much higher level?
Lakshmi Narayanan
Should be. Should be an upward of 15%.
Arpan Rathore
Should be upwards of 15%. Understood. Sure. And just a follow on. In terms of brand, if I see the segment mix, the bottom and the denim which typically have higher margins this quarter we’ve seen an improvement in terms of the share of bottoms and denims. But if I see in the standalone, at least our gross margins are not showing a similar momentum. So is there some strategic Collier or just wanted to get a sense on this.
Lakshmi Narayanan
The mix would have also changed because of the starting change in the price brackets for some of the brands. Right.
Arpan Rathore
Okay. Okay. So that is so a. You know, because I think we used to say 41, 42% gross margin should be normal on an annualized basis. Is that the best we should.
Lakshmi Narayanan
Okay. But going forward also the gross margin should stay anywhere between 41 to a 43 range.
Arpan Rathore
41 to 43. Understood. And just lastly, if you know, we’ve talked, spoken about a few pivots and you know, you made a presentation on that. So if you can talk about some of these pivots and you know, where are we in that journey and anything further,
Lakshmi Narayanan
Actually. Okay. There were too many things. Okay. We also had the organic brands which were looking at resources restrategizing, which we feel we have been able to do. And that’s the reason we have slowed down our pivots in the last quarters. Okay. The pivots would take a scale from this quarter.
Arpan Rathore
Okay. Any particular pivots in particular, which will be the focus for 27 FY27.
Lakshmi Narayanan
Too early to answer that. Maybe. Maybe a quarter two concur or a quarter three concurrent will be able to elaborate on it.
Arpan Rathore
Sure. Understood. Perfect. That’s it from my end. And great work on the balance sheet again.
Lakshmi Narayanan
Thank you.
Operator
Thank you. Before we take the next question, a reminder to all the participants. You may press STAR and then one to ask a question. The next question comes from the line of Manoj Thakur from Motilal Oswal. Please go ahead.
Arpan Rathore
Hi sir, I’m rejoining again. So one clarification on the movement of other income that we have seen. FY26Q4. Can you put some light on that? Hello, other
Lakshmi Narayanan
Income.
Arpan Rathore
Yes,
Lakshmi Narayanan
The other income has gone down. If we are talking about the quarter or the full financial year.
Arpan Rathore
Quarter, quarter. This quarter.
Lakshmi Narayanan
Okay. Sir, it’s generally mark to marketer. That’s the reason it has gone down. And
Arpan Rathore
Okay. So major league stats. What would be the quantum of the mark to market?
Lakshmi Narayanan
So if you look at the analyzed number. Okay. Our other income should stay within somewhere between 30 to 35 crores.
Arpan Rathore
Okay. Okay. Got it. And also one more question coming related to cross. There are any plans to do a further acquisition of the remaining shares.
Lakshmi Narayanan
Not for the first five years.
Arpan Rathore
Okay. And in. In the strategy that we said then we would do one more inorganic thing. Would that be a 100 full buyout or how would be the structure or we can get the details later on.
Lakshmi Narayanan
Okay. We will update. We’ll update you about the companies and after this buyout actually happens.
Arpan Rathore
Okay. Okay.
Hemant Jain
So I can’t say anything right now if the deal is not happening.
Arpan Rathore
Yes. Yes. Agreed. Agreed. Sure. So thank you. And that’s it for my side.
Operator
Thank you. Participants, you may press star and then one to ask a question. The next question comes from Arpan Rathor from Insight Advisory. Please go ahead.
Arpan Rathore
One question on the store edition Target how many store company owned, company operated stores we are looking to add up in this year
Lakshmi Narayanan
We are looking at close to around 50 to 70 odd stores net to be added. Okay. Generally we try that. Okay. That the proportion stays close to around 15% as compared to 85% franchisee store. But however. Okay. If any good deal structure happen. So that makes I can update you on more on much quarter on quarter basis.
Arpan Rathore
Sure. And SSG numbers which we have started disclosing. That’s a welcome move. And this is for would be for company owned stores only, right
Lakshmi Narayanan
For total. Yeah. For all the abuse.
Arpan Rathore
Okay. Thank you.
Operator
Thank you. Thank you. The next question comes from the line of Madhurati From Countercyclical Investments. Please go ahead,
Unidentified Participant
Sir. Firstly, sir, instead of paying dividends, have we thought about doing a share buyback?
Hemant Jain
It’s a company policy Already the promoter has 74.7 percentage. So buyback. Because
Unidentified Participant
It’s
Hemant Jain
Too early to say anything and here not. And we are thinking on that,
Unidentified Participant
Sir. Dividend pay. I said 36% tax. 30% tax advantage. Anyway, sir, working capital receivables 170,320 crore.
Lakshmi Narayanan
We say that. Okay. Our working capitalist should stay somewhere between 130 to 140 odd days. And it will stay in that limit only. Okay. The business has also expanded from the base as you are asking for.
Unidentified Participant
Understood, sir. Search for this FY27. Sir, what kind of top line are we looking at?
Hemant Jain
We will achieve 1,500 crore.
Lakshmi Narayanan
As we said in this console also. Okay. Growth strategy or organically stays somewhere between 15 to 18% scenario. However, if we look at any inorganic growth. Okay. The growth strategy for a three year period size at 20%
Unidentified Participant
CAGR.
Hemant Jain
CAGR. Yeah. Yeah.
Unidentified Participant
Thank you very much. Best of you.
Hemant Jain
Including 2022, 2026, we are going to growing by 18.6% and we will maintain that.
Unidentified Participant
Sure, sir. Thank you. Thank you very much.
Hemant Jain
Okay.
Operator
Thank you. The next question comes from the line of Naveen Bait from Nuama Asset Management. Please go ahead.
Arpan Rathore
Thank you. Thank you for the opportunity. Just wanted to check what was the same store sales growth for the quarter.
Lakshmi Narayanan
I have already updated the SSD growth for quarter four was around 86.8%.
Arpan Rathore
And what was the change to sales growth for the full year?
Lakshmi Narayanan
9.4.
Arpan Rathore
Okay. Thank you.
Operator
Thank you. Participants, you may press star and then one to ask a question. A reminder to everyone if you wish to register for a question, please press Star and then one. Now. We have a four follow up question coming from the line of Madhurati from Countercyclical Investments. Please go ahead.
Arpan Rathore
Thank you for the opportunity once again. Sir, where do we see our average selling price moving over the next two to three years with Cross under our acquisition, do we expect the genes which is a higher ASP product to scale from the current 50% level? So how should we look at that? Just a moment.
Lakshmi Narayanan
It was a subdued for denim as a category for last year. Okay. This year we have started seeing that again. The momentum has increased for denim. Okay. If that starts happening, definitely you will be able to gain much market share. The brands. Most of the brands of KKCL including Cross are known for denim wear,
Arpan Rathore
Right? So going forward, either in terms of acquisition or in Terms of organic growth, do we see the denim segment increasing as a portion the category mix? So what it is 48% currently. Can we expect it to move to 56, 60% over the maybe next two to three years as well as any acquisition? Yeah.
Lakshmi Narayanan
I would put it like this. Okay. Five years or seven years down the line it was in upwards of close to around 60%. We have intended and try to de risk the entire category mix and come down to close to around 45 or 48. I think if the with the retail expansion, all the categories move in the similar percentage structure. So I think it should stay in the similar mix of what it is as of today.
Arpan Rathore
Answer on the acquisition, where do we see this acquisition in terms of price point? Will it be a higher ASP price point whenever that happens? Or would it be on the similar price point that we are currently present in
Lakshmi Narayanan
On the Value channel? See, for KVL Kiran, everything is open. We are mostly men’s vended, more casual driven, more denim centric. Okay. There is lot of vacuum on other side aspects which can. Which can where? Which we feel that KKCL can still synergize and explode. That’s one. Secondly, if there is something coming on the dynamics aspect, we are not even disputing that we should not look at it. So. So KKCL is open on the gender mix that includes ladies as kids. Okay. On the men’s wear also, I feel there is more room on the on the value segment as well as upper premium price bracket.
Arpan Rathore
Right. So nothing concrete as of now.
Unidentified Participant
That’s true.
Arpan Rathore
Okay, got it.
Unidentified Participant
Hardly growth per year for the next two years.
Lakshmi Narayanan
The vision statement was made a year before. Okay. Where we had rejected at close to around 15 to 18%. Okay. We have already delivered at 20%. We are changing a growth strategy for going Forward from a 15% to a 20% where we again say that the 51% 15% will be organic and that 20% will be from any inorganic buyout. Okay. So. But it will be in a three year period. So one year has already lapsed. Okay, maybe in the next two years respectively. But if you look at the three ACG year you I’ll be able to deliver it at 20%.
Unidentified Participant
Understood, sir. Or answer Hamari that is company owned or franchisee owned Franchisee operated.
Lakshmi Narayanan
The mix of both of them.
Unidentified Participant
So what is the breakup?
Lakshmi Narayanan
Generally we. Okay, right now I think it should be around 15 to 20% should be Coco and 80% should be franchisee on franchise operated. But going forward that mix can change
Unidentified Participant
What is the ballpark capex in one EBO to set up one EBO in terms of capex and working capital.
Lakshmi Narayanan
So overall as I said that the capex required should be around 30 to 35 crores on the company level. Okay. That includes the front end as well as cocoa stores.
Unidentified Participant
Understood sir. Answer what were the exports for the current year? And sir, are we doing white label exports or exporting under our own brand?
Lakshmi Narayanan
Okay, we are exporting most of our brands and it is under our brand name only.
Unidentified Participant
Okay? Okay. And sir, finally sir, what is the rental as a percentage of top line?
Lakshmi Narayanan
We have very less cocoa stores as of now so removing that percentage will be very mincial.
Unidentified Participant
Okay? Okay. Understood sir. So going forward sir the strategy is to do Coco or Fofo.
Lakshmi Narayanan
I’m again saying. Okay, we have explored the Tire 2 and Tire 3 valley in advance where we are able to grab the franchisee operation stores. Okay. Going forward. Okay. It’s a mixed perspective which will be coming and then mix will keep on changing on a year on year basis.
Unidentified Participant
Between our E commerce multi brand store ebo, where is the margin highest and how much working capital is required in each of these channels
Lakshmi Narayanan
We generally give the bifurcation of retail and non retail where retail it contributes includes EBO stores and LFS where all other channels are part of non retail on the channel. The composite mix on the EBITDA margins is almost similar on both the levels. So is the working capital.
Unidentified Participant
Understood sir. Thank you.
Operator
Thank you. As there are no further questions from the participants I now hand the conference over to Mr. Ahman Jain for closing comments.
Hemant Jain
Thank you once again for joining us today. We truly value your continued support and confidence in KKCL journey. Should you have any further questions please feel free to reach out. Our investor relations team. Thank you and have a great great day ahead. Thank you so much.
Operator
Thank you. On behalf of Kwal Kiran Clothing limited that concludes this conference. Thank you everyone for joining us and you may now disconnect your line.