Khadim India Limited (NSE: KHADIM) Q1 2026 Earnings Call dated Aug. 19, 2025
Corporate Participants:
Unidentified Speaker
Rittick Roy Burman — Whole Time Director
Analysts:
Unidentified Participant
Omkar Baghde — Analyst
Adnav — Analyst
Abhil Parekh — Analyst
Deepan Narayanan — Analyst
Abhishek Benkar — Analyst
Sucre Deep Patil — Analyst
Darshil Jain — Analyst
Isha Murthy — Analyst
Presentation:
operator
Ladies and gentlemen, you are connected to Khadim India Limited Q1FY26 earnings conference call. Please stay connected. The call will begin shortly. I repeat ladies and gentlemen, you are connected to Khaem India Limited Q1FY26 earnings conference call. Please stay connected, the call will begin shortly. Thank you. It. It. Sam it. Ra.
operator
Ladies and gentlemen, good day and welcome to the Q1FY26 earnings conference call of Khadim India Limited hosted by MUFJ in time IR. 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 then zero on your touchtone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Omkar Baghde from MVFG in Time IR. Thank you. And over to you sir.
Omkar Baghde — Analyst
Thank you. Good evening everyone and welcome to the Q1FY26 earnings conference call of Cardium India Limited. Today to discuss the results. We have with us the management, Mr. Ritik Roy Burman, the managing director and Mr. Indrajit Chaudhary, the group CFO. They will take you through the results and business performance after which we can begin the Q and A session. Before we begin the conference, I would like to mention that this conference contains some certain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company. As on date of this call, the actual results may differ materially.
These statements are not guarantee of the future performance of the company and involves risk and uncertainties that are difficult to predict. I now hand the conference over to Mr. Rittik. Over to you, sir.
Rittick Roy Burman — Whole Time Director
Yeah. Thank you. Good evening everyone. On behalf of Khadim India Limited, I’m pleased to welcome you all to today’s conference call where we will be discussing our Q1FY26 results. We sincerely appreciate your time and interest in our company’s performance and we hope you have had the opportunity to review the financial results and investor presentation available on the stock exchanges. The first quarter of FY26 brought a mix of external factors including unpredictable weather and certain global developments which had some impact on overall consumer sentiment resulting in muted demand during the quarter. Despite these headwinds, we remained focused on executing our strategic priorities for the quarter.
We reported a revenue from operations of rupees 957 million. This was primarily impacted by a decline in franchisee sales which we are actively addressing through targeted interventions. Gross profit stood at 456.4 million with a gross margin of 47.7%. The margin was affected by promotional growth discounts offered during the quarter. It was a tactical move to support volumes in a soft demand environment. In line with our strategy to strengthen our brand portfolio and enhance consumer offerings, we entered into a strategic partnership with Skechers during the quarter. This collaboration enables us to offer Skechers footwear at selected carbon stores and adding a globally recognized brand to our retail mix and reinforcing our commitment to delivering value and variety to our customers.
We also launched our new Athleisure segment which marks an important step in our product diversification journey. This segment is designed to cater to the growing demand for lifestyle comfort driven Aware Looking Ahead we are optimistic about the upcoming festive season which is arriving earlier this year. We anticipate a pickup in consumer demand and are preparing to capitalize on this opportunity. Our focus will be on scaling our sub brands British Walker and Sharon, both of which have shown encouraging growth trends and strong customer resonance. Now let me walk you through our financial performance of the retail business for the quarter.
Revenue from operations to that 957 million gross profit was 456.4 million with a gross margin of 47.7%. EBITDA for the quarter came in at rupees 123.3 million translating to an EBITDA margin of 12.9%. Profit after tax stood at rupees 8.6 million with a PAT margin of 0.9%. Our retail footprint at the end of Q1FY26 comprised 884 stores including 207 company owned outlets and 677 franchisee stores. Sales through e commerce channels contributed 1.34% of total revenue for the quarter. While this channel remains a small part of our overall business, we are actively working on enhancing its contribution through improved logistics and digital marketing initiatives.
As we move forward, we remain confident in our strategy and proactive approach. We are committed to building on our strong brand equity, optimizing our retail network and innovating across product categories to meet evolving consumer preferences. We believe these efforts will translate into improved performance and sustainable growth in the quarters ahead. With that, I conclude my remarks and would be happy to take any 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 Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. 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 ADNAV from Ambit. Please proceed.
Adnav
Hi, thank you for taking my question. So my first question is, could you please provide an update on the listing of TFR footwear?
Rittick Roy Burman
We have already submitted the application to the BSE and NSE it is now the BSE will come up with any questions. So if they come with question then we reply to them. I think by the end of this month or early September, we’ll have a approval from BSE or nse.
Adnav
Okay, sure. Thank you. And so my next question is with regards to the discounts that we have been offering in Q1. Given that government has now announced that it will likely make a GST rate cut, will we be stopping our discount in these coming quarters?
Rittick Roy Burman
No, no. We will continue with the discount because when the GST will be effective, we do not know at present. So during this. We will not give. We will probably will not give in the festive time. And then as per the market situation we might have to give discounts in future as per the what the economy is or how the customer inflow is, we are having to give like I said in the speech also to protect volumes etc in a soft demand environment, the festive season we aim not to give. But after that as per the market trends we would give or not give which we cannot say now. So then as per that logic then in Q2 can should we be expecting a similar gross margin or can we expect some improvement over and above the current level of Forecast. Discount in Q2 will continue till 31st August. After that the testing will start. So there will be no discount. So it will be a little bit margin will be little bit improved from the Q1.
Adnav
Okay, thank you.
operator
Thank you. Before we proceed with the next question, a reminder to the participants. In order to ask a question you may press star and one on your touchstone telephone. We take the next question from the line of ABHIL Parekh from BNK Securities. Please proceed.
Abhil Parekh
Hi, thanks for the opportunity. Again on the gross margin front, historically we have done 55, 57% despite the consumer weakness in past. Any specific challenges we are having or. And is it also to do with the clearance of the BIS inventory? That’s my first question.
Rittick Roy Burman
Now this gross margin down, I think it was around 53% in the last quarter of the FY25 first quarter. So mainly it is impacted to one is that we have taken a price cut in Khadim product which has nearly contributed around 2.5% margin down that we have already told in the last year that we will be taking a price cut to have an improved volume growth. And secondly this because of this discount trend which has been done the last year first quarter we have given our contribution of discount sales was around 18%. But this year the first quarter contribution of discount sales is around 33%.
Both of these together has impacted the gross margin. But in the next quarter there will be improvement in the gross margin because the festive there will be no discount. But during the third quarter and fourth quarter, depending on the market, we have to decide on the discount and the margin will remain more or less in the range of 48 to 49. Contradictory or contrary to what you had highlighted year year and a half back before the process had started. Right. We were confident of achieving 17 18% of EBITDA level margin post index margin. For the retail business. But it looks like it might not. Happen for this year is that if. You see the sales, the EBITDA margin, the sales from the first quarter has come down around 10 crores. So had it been the same sales we have achieved around 13% EBITDA margin. But had it been the same sales, 15 to 16% was easily achievable. So if the value of the sales remains constant, then again we have the potential of doing around 16% EBITDA margin retail business.
Abhil Parekh
Second question. The opening remark highlighted that there was some franchisee sales weakness. Just elaborate on that point. What exactly has happened?
Rittick Roy Burman
Because since the franchisee sales in the secondary sale of franchises has already is dipping. So the primary sales from from our side was little bit less compared to the last quarter quarter because otherwise it is a tantamount to holding stock at the at the franchise level. So for that reason we have deliberately done a left sell to our franchise. Primary sales less to the franchise.
Abhil Parekh
Okay. Okay. So the inventory levels are slightly on higher than the franchise. Okay. Okay. This last two question one is on the BIS inventory front, have you cleared existing on the non B inventory or it’s still pending.
Rittick Roy Burman
We are mostly we have cleared all the bis. Some element will be there. But we are means now we are giving good discount so it will be liquidated if there is some non bis.
Abhil Parekh
Okay, the last point is already. Yes, Last one is BSP fund.
Rittick Roy Burman
Right. The current GST rate is 12% for products up to 1000 rupees. Right. That was increased from 5 to 12% some two years back. Yeah. So what percentage of a portfolio is. Below Thousand rupees below thousand would be around 70%. Yeah.
Abhil Parekh
Okay. Okay. So that can get a big boost if the GST rate drops from 12% to 5% which is what the anticipation is.
Rittick Roy Burman
Yes, but there will be some. If the GST rate is dropped then we have to. The price reduction will have to be there also so that once this is done then we can have a fair sight of the situation.
Abhil Parekh
So that’s all from my side and. Best wishes for your coming parties. Thank you.
operator
Thank you. Before we proceed with the next question, participants, in order to ask a question, you may press star N1. We take the next question from the line of Deepan Narayanan from Trust Line Holdings Private Limited. Please proceed.
Deepan Narayanan
Good evening everyone. Thanks a lot for the opportunity. So firstly from my side, the price cuts we have taken on Kadim brand. So what kind of volume improvements we are already seeing and are we hopeful of volume improving further in coming quarters of Kadin brand?
Rittick Roy Burman
Yeah, so like what we said, like we have actually not built so much to the franchisee. So that’s why there was a, there was a little bit of a volume. If we look at the business to business wise we have franchisee, we have retail. So in franchisees since we have not built so the volume there was a little bit of a degrowth. But since we have not done the primary sale but in retail we have seen encouraging growth numbers in the, you know, the lower price points like 0 to 499. And also in the Khadim’s brand also the degrowth has actually become almost like it’s become like no degrowth in the Khadim’s brand.
Previously we used to have double digit stuff like that. So now it’s almost like no degrowth. So just because we franchisee we did a little bit of less billing this year. This year, first quarter, keeping their stock position in mind, the debtors and all in mind that. Yeah, that’s the thing.
Deepan Narayanan
Okay. So by price cut the. The degrowth in the lower segment, price point has stopped.
Rittick Roy Burman
Has stopped. Yes.
Deepan Narayanan
Okay, so what is the kind of volume growth do we expect in coming quarters even during festival season from the Kadim brand?
Rittick Roy Burman
Now we can expect a decent growth. I mean, you know, to put a number like that, it becomes very difficult. But like I am saying that the degrowth has been arrested. There’s a little bit of growth also in the lower price points. So we hope that will continue. And now that in the first quarter as we said the customer footfall was a bit less so expected if the customer Footfall increases and when more customers will come and buy these products, there should be a decent amount of growth in the Khadim brand and especially in the lower price points.
The main point being there has been growth in the lower price points, volume. Growth. And there has been a lot of growth due to discount also. There has been parents growth because of that also.
Deepan Narayanan
Okay. Okay. And this new partnership we announced with Skechers. So can you throw more light on this partnership and what will be the impact? Impact on growth and margins? Kind of.
Rittick Roy Burman
Yeah. So schedules. We recently started like I think we started in July. Not June, June, sorry, we started in June. So it’s been, it’s. We have, we have kept it at the moment in our, you know, high footfall stores. 10 stores. High footfall stores. And I mean the response has been pretty decent. And so we are waiting and watching this latest introduction. But we are happy to see that customers are coming and buying these. Skechers is a great brand. It’s great. Like their sports shoes are very, very widely accepted and it’s a new thing for the Indian customers also.
So our customers are coming and buying these articles from our high food for shops. So we expect this thing. We cannot put any numbers right now but the higher price points in our, you know, sport shoes merchandise category, the sport shoes one, the higher price point part of the sport shoes merchandise category should be have a good growth. That’s all I can say for now. Okay.
Deepan Narayanan
So what is the kind of arrangement we have with Sketcher? So is it commission based sale or. It’s a sole usage.
Rittick Roy Burman
Sorry, it’s a buy and sell. Like we bought certain designs from them and we are selling it. They have given a discount from MRP and we are selling it at MRP or some articles is discounted also. So that way it’s happening. Okay.
Deepan Narayanan
Okay. So in future the average build value per customer could increase where the these products are present in the stores, right?
Rittick Roy Burman
Yeah, yeah, it should, it should increase. I think some of the stores, the B growths and all have been after introduction have been lesser. So we expect 12 festive season. Also when people have more people mood to spend more, maybe they will buy these products even more than what they are buying now. Okay. But the margin for this ketchup product will be comparatively less than the Kim margin.
Deepan Narayanan
Okay. Okay. And how.
Rittick Roy Burman
Yeah, continue. Yeah.
Deepan Narayanan
How many stores currently we have kept sketches now and what is the plan to ramp up this during festival season and coming years?
Rittick Roy Burman
We are kept in 10 stores now. So we’ll be ramping up after the festive season we have invested in certain amount of stock. Right. For this we are planning to liquidate that and then we’ll plan again after the festive season. Right now it’s only in east so we’ll probably go. We’ll start keeping the stocks first in our high footfall stores in south etc. So that would be the plan from now. Okay.
Deepan Narayanan
And what is the kind of Atlasure segment contribution during this quarter?
Rittick Roy Burman
At level contribution it’s at a nascent stage. It would be 1, 2%, not more than that. But we have increased some stores recently so we should be able to see increasing numbers soon.
Deepan Narayanan
And any specific contribution from the sports shoes for carbon brands?
Rittick Roy Burman
Sports shoes again the lower price point. Sports shoes have done pretty well actually in the pro sub brand of carbons there are some lower price points which we introduced last year in November. So that has done well below thousand.
Deepan Narayanan
Okay, thanks a lot and all the best.
operator
Thank you. Before we proceed with the next question, a reminder to the participants. In order to ask a question you may press star and 1. The next question is from the line of Abhishek Benkar from Genetic Capital. Please proceed.
Abhishek Benkar
Hello. Yeah, am I audible?
Rittick Roy Burman
Yes, yes, yes.
Abhishek Benkar
Thank you for the opportunity sir. One of my questions have been answered but I just wanted to ask are there any such types like sketcher type in the process or are we contemplating there may be some more types of type.
Rittick Roy Burman
So we have done another small tie up which we didn’t mention but it’s quite small like for the monsoon season we have kept. There’s this. There’s a renowned umbrella brand in Calcutta so in Bengal. So we have kept some of their umbrellas in our shops during the monsoon season on sor. Sor basis. So that gave some like it’s minuscule but yeah we have just kept it so that while you know while monsoon seasons and all people want some umbrellas they can come and get from our high football shops. So we have done that and this.
Abhishek Benkar
Okay. Yeah. And also what are expectations from these types? So these types will become big in future. Like what is. What is our expectation?
Rittick Roy Burman
These are mainly strategic types means whatever product that are missing in our retail outlet. So for that we are keeping. But the product that we are Khadim is providing through its sub brands will not go for any tie up in that segment.
Abhishek Benkar
Okay.
Rittick Roy Burman
Get like you know a separate set of customers in our store. So some of the objectives are like that and as if we are waiting for the. See the first quarters was low because of low footfall unpredictable weather, etc. So let the footfalls come in. If we see a good response then we have to decide accordingly how much to scale up. Okay.
Abhishek Benkar
And also are we falling into premium segments through our own products? I mean.
Rittick Roy Burman
Yeah, we are. We have like I mentioned in my this thing, my speech also. So we have certain sub brands. We have British Walker which is leather leather shoes. So we have actually launched many designs in that also those price points, it’s not only about the price point, it’s crushed leather British Walker shoes. We have launched natural leather. So these are very premium leather products. These start from 3799 and go up till a little more 3799 plus. Okay. So these products we have launched in select stores. So in British Walker we have given such products to, you know, capture that consumer also that premium consumer.
And we have another sub brand called Sharon in our ladies category where we have provided lot of value added ladies designs with California construction products. So those are also have been having a good response for some time now. And now we think the time has come to increase the options in that also the Sharon products. So these premium stuff we are doing in British Walker, Sharon Skechers and. But we also remain focused on volume growth. So we are keeping our prices competitive in carbons and providing some discounts. When the thing is soft, the demand is soft.
Abhishek Benkar
Okay. Thank you sir.
operator
Thank you. We take the next question from the line of Sucre Deep Patil from Eyesight Centric Private limited. Please proceed.
Sucre Deep Patil
Good evening to the Khadim team. I have two questions. One is for Mr. Barman and is for Mr. Indrath Indraji. So good evening Mr. Barman. My question to you is with demand challenges and profitability improving for Khadim, how are you planning to reposition Khadim for the next phase of growth especially in tier 2 and tier 3 towns. Are you going to explore youth led design, digital first launches or regional influencer tie ups that can help a strong brand story just beyond price and reach. What is the plan of cutting for the next Q2 or Q3? I just want to understand that for me.
Thank you.
Rittick Roy Burman
For tire two and three shops you’re seeing. Hello. Yeah. So for tire two and three towns like I mentioned we have to be. It’s a little price sensitive those markets. 3, 4. So for that we are launching products like I mentioned below, phone 99 and stuff like that. And yes we are doing influencer marketing. During any new store is opening we are doing influencer marketing. If you go and See nowadays the influencers are, influencers are you know focusing a lot on the price point and they’re going and saying that oh you get this at this price point, you know, so they’re focusing that so that you know, Tire 2 and 3 people where they are a bit price conscious.
The majority of the consumers, they get that messaging. So that’s the thing.
Sucre Deep Patil
I get the pricing part. My question was particularly high. How are you doing the tie ups with the influencers or the other things which I’ve asked to build a brand apart from the pricing part, how is Khadim trying to build its brand image? To be very precise.
Rittick Roy Burman
Yeah. Khadim is trying to build the brand by various ways. So if you see like right now our, right now our festive catalogs ads have started started in the newspapers. So we are giving a lot of like we are giving a lot of focus on the sub brands now. We are like I mentioned a while back, Sharon British Walker. We are promoting that also in the newspapers along with the traditional like there are some, some ads, traditional catalog ad with you know, price point driven marketing that we are doing. But while we do that, we are also promoting the sub brands after a long time standalone like in a standalone manner.
And we are doing lot of. If you walk into our stores now, you see there’s lot of you know, pop material that is product oriented pop material that is there in our stores. Like we have got hanger, scroller, show window discussing about this California construction that we are having in our Sharon sub brand. Then like the hand crust, hand crust leather articles that I said in British Walker. If you go to the British Walker self there is a special focus with you know, pop material showing that then British Walker shoes also has got a comfort range where the insoles are very comfortable, the soles are little like little thickness and it’s very comfort broad fit shoes.
So that also we are, we are putting pop material in our stores to enhance the brand, the sub brands.
Sucre Deep Patil
Okay, okay, fair enough. I get the point. My second question and my final question is to Mr. Indra Indraji. Regards to finance. I believe Kari online today.
Rittick Roy Burman
Yes, yes.
Sucre Deep Patil
Yeah. So I just want to understand as you manage cost and plan for growth how do you as a cfo how do you decide where to invest or deploy, measure the capital say between new stores or digital platforms and brand campaigns, what is the framework that you follow? I just want to understand that.
Rittick Roy Burman
In regard to the opening new outlet now we are presently concentrating on the eastern part of the country where the breakeven is reached very quickly and also some parts of southern part of the country where also the band is fairly present. So at present we are not considering any expansion in the north and west where it takes time around two and a half to three years. So we need stores where we are able to reach the profitability in the first year. So that type of stores we are investing and in regard to digital thing. Yes we are doing digital activities.
It’s around the year we are investing in digital and also we have shifted our E commerce business from our own store warehouse to ecart logistics hub where our return has also reduced. From our warehouse it was around 30%. Now it has come down to 20 to 21% return in E commerce. And in regard to marketing, yes we have reduced the marketing cost but once everything improves we will do the marketing for both brand building and for ATL and btl.
Sucre Deep Patil
Yeah, I think that is good enough guidance for me and I wish the entire Khadim team best of luck for the next quarter.
Rittick Roy Burman
Thank you.
operator
Thank you. We take the next question from the line of Darshil Jain from RJ Investment. Please proceed.
Darshil Jain
Hello. Am I audible?
Rittick Roy Burman
Yes.
Darshil Jain
To firstly thank you for taking my question and I have a couple of questions. So could you provide more insights into your store addition plans for upcoming quarter and maybe the remainder of FY26 and specifically what is the expected number of new stores? Maybe a ballpark number would also do. And will the focus be more on expanding company owned outlets or would it be franchisee led growth? And also additionally what sectors are influencing this strategy? Yeah, regional demand trend.
Rittick Roy Burman
Yeah, I will take this question. So this year we are opening less number. We are opening some company owned outlets around 7 to 10 company owned outlets. But more aggressive opening has been planned in. Has been planned in the. You know we have started this franchisees. We are TFM franchisees. So we are planning more aggressive store launches in that like this year we have already launched launched. I will not be able to say the number but we have achieved a good turnover from this franchisee TFM outlet that we have opened around around 5 crores of additional turnover we have achieved.
Okay, the number would be how much TFM has been opened true franchisee model. So there we have added 5 crores of turnover till now and we aim to open many more. Like we aim to open many more of these. This model. This is a model where you send the stock to the franchisee owner and they have a. They get a commission and so. Yeah, sorry yeah you have a good. Like the expectation is that by doing this you have a good control over your stock and everything.
Darshil Jain
Understood. And my final question is, are there any plans to introduce new product categories on the segments like athleisure segment in the coming quarters that could maybe align with the evolving consumer preferences.
Rittick Roy Burman
At leisure too? We have launched, if you talk about clothes and in sports shoes we have, in our own, we have launched sketchups also and in our own sport shoes also we have launched lot of, we have done a lot of studies and we have increased our, you know, non lacing range. You know we used to have like a big quantity of our designs were lacing and non lacing was a bit less. So now we have, we have increased non lacing range because you know that has a more acceptance by customer. So non lacing range and lacing range would be around.
I mean I shouldn’t comment on percentage but we have just increased the non lacing range also and which also is showing a good range. Restaurants in sports shoes in our brand pro and we had launched some sneakers and all the low price in below thousand sneakers that also had a good show. And Waves, we have a brand called Waves which is basically EVA products where you have all sorts of EVA thong, chop thong slippers, clogs, you know, these kind of articles have also done pretty well and we expect this. We have created actually if you go to our shops now you’ll see like we have really.
We have created a corner for Waves basically this Waves products which is basically the EVA tong slippers and all we have created. We have done, you know, some sort of communication, waterproof sort of communication and we have kept the products there and we expect this category to do continue doing well for several years next several years.
Darshil Jain
Understood? Understood. That’s that all from my side. So all the best for your future. Thank you.
operator
Thank you. We take the next question from the line of Isha Murthy from MNA Ventures. Please proceed.
Isha Murthy
Hello sir. So in the opening speech you mentioned that the quarter was impacted by muted. Demand due to unpredictable weather and global demand. So like could you provide more clarity on how the softened demand environment has. Played out like across different regions or store formats? For instance, I would say like were tier 2 and tier 3 cities more affected than metros or did franchise stores. See a sharper decline compared to Cocoa stores?
Rittick Roy Burman
We have seen the decline overall but franchisee it will be a little more compared to our Cocoa stores because primarily since the franchisee is dependent on the stock that they purchase from us, since their secondary has dipped, the payment has also become slow. So they have been affected by some stock also. But the DE growth is more in the tier 2, tier 3 compared to the Metro and Mini Metro.
Isha Murthy
Sir, what specific steps are you taking. To mitigate this softness in demand? Like going forward.
Rittick Roy Burman
What we have done, we have given discount. We have provided more articles in discount so that our stock is also liquidated. And we have seen a good rise in the discount percentage. As I told from 18 it has gone to 33%. And this quarter means during the 15th of August time also we have given the discount thing and we have seen the sale has improved but the margin would be affected because of discount. But in the festive, we expect that the demand will be increasing and we will be not providing any discount and also can protect our margin there.
So we are eagerly waiting for the festive season which is early this year, particularly in Bengal. The Durga Puja is in the month of September. And after that we have Diwali and the winter season where the demand is generally higher compared to the first quarter.
operator
Yeah. Okay, understood. Thank you, sir. Thank you. We take the next question from the line of. From SAS Capital. Please proceed.
Unidentified Participant
Hello. Am I audible?
Rittick Roy Burman
Yes.
Unidentified Participant
Yeah. So my question is that are there any other partnership or brand tie ups in the pipeline for FY26 that the investors should be aware of? And could you share your criteria for selecting such partners whether it is based on the product category or target audience or some geographic reach.
Rittick Roy Burman
See, we have done certain partnerships mainly in those areas where we felt that, you know, we probably don’t have those product. Exactly. So those areas we have done partnership. And see, Skechels has been a big partnership. I mean Skechels is a partnership where the products MRP is also high. So I consider it a big partnership. But we have some other smaller partnerships. I mean you can count that as a partnership. But it’s like just like the umbrellas. It’s just to give the have the seasonal demand met. Then we have kept. We keep some VIP school bags.
Vip. That’s because, you know, VIP Carving is a shoe brand. It’s not a primarily a school bag brand. So, you know, the traction of VIP school lack this bit stronger. So that’s why sector we have Jockey.
Unidentified Participant
Jockey and Puma.
Rittick Roy Burman
Jockey and Puma. Some sporty socks. So these are the tie ups which we have. These tie ups are small like all these VIP and that Jockey and Puma.
Unidentified Participant
Okay.
Rittick Roy Burman
Mainly the tie ups are in different genres of product. Not footwear. Footwear is the first tie up that we have done with sketches.
Unidentified Participant
Okay. Okay. Thank you. Thank you.
Rittick Roy Burman
Thank you.
operator
Ladies and gentlemen. Due to time constraints, we take that as the last question and would now like to hand the conference over to Mr. Omkar Bhagwe from MUFG in time IR for closing comments. Over to you, sir.
Rittick Roy Burman
Yeah. Thank you for joining us on the call today. I would like to thank the management for sparing the time and answering all the queries. We are from MUFG Intime Investor Relation Advisors for Khadian India Limited. For any queries, please feel free to contact us. Thank you everyone and have a great day. Thank you.
operator
Thank you on behalf of Cardam India Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.