KSR Footwear Limited

Consumer Cyclical — Footwear & Accessories · NSE

₹36.47+₹0.47 (+1.31%)

DalalBaazaar Score

37 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, but sales are shrinking. Whether sales start growing again is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

The 60-second version of KSR Footwear Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

KSR Footwear Limited engages in the manufacturing and wholesale trading of footwear products and accessories in India. It offers men, womens, kids, boys, and girls collection products in EVA, basic and premium Hawaii, PVC, PVC DIP, PU, and stuck on varieties.

IndustryFootwear & Accessories

SectorConsumer Cyclical

Employees159

Annual revenue₹191 Cr

How does it make money?

Turns over ₹191 Cr a year. Of every ₹100 of sales, about ₹-7 reaches shareholders as profit, with ₹-1 left at the operating level before interest, tax and depreciation. Each of its 159 employees supports ₹1.20 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.20 Cr

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of -14.3% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE25.9%

DalalBaazaar Score

37/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative

Quality vs. Valuation

Company Quality

36/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

36/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Cash flow has turned positive
Free cash flow moved from negative to positive over 2 years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 342380% over 2 years, from ₹0 Cr to ₹34 Cr.
🔴Thin interest coverageFinancial
Operating profit covers interest only -3.7x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹13 Cr in the latest reported year.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -1.9x to -3.7x.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Self-funding with balance-sheet headroom
Positive free cash flow of ₹9 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above -3%✓ -1.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Interest cover stays above 3x✗ -3.7x
How much operating profit can fall before interest stops being comfortably covered.
3Free cash flow remains positive✓ ₹9 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ -14.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 2 neutral · 5 weak

Market Cap

₹67 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

0.89x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-4.13

Loss-making

Negative earnings per share — the business is losing money

ROE

-16.9%

Weak

Weak capital efficiency

ROCE

-14.3%

Weak

Low return on total capital employed

Debt/Equity

0.45x

Low

Conservative leverage

Revenue Growth (YoY)

-0.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

11.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹9 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

2.0%

Weak

Thin margins leave little room for error

Net Margin

-3.8%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.42

Comfortable

Healthy short-term liquidity

52W Range Position

64%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

38.1 / 34.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

41.7

Neutral momentum

Financial Trend (3-Year)

Metric	FY24	FY25	FY26	2Y CAGR
Revenue	—	₹197 Cr	₹191 Cr	—
EBITDA	-₹0 Cr	₹2 Cr	-₹3 Cr	—
EBITDA Margin	—	1.1%	-1.3%	—
PAT (Net Profit)	-₹0 Cr	-₹14 Cr	-₹13 Cr	—
EPS	₹-0.01	₹-7.79	₹-6.93	—
ROE	—	-16.2%	-16.9%	—
ROCE	—	-7.8%	-14.3%	—
Total Debt	₹0 Cr	₹56 Cr	₹34 Cr	+5752.2%
Free Cash Flow	-₹0 Cr	₹9 Cr	₹9 Cr	—

🔴 EBITDA Margin has fallen from 1.1% to -1.3% over 2 years (-2.5 pts).

🟡 ROE has held roughly flat at -16.9% over 2 years.

🔴 ROCE has fallen from -7.8% to -14.3% over 2 years (-6.5 pts).

🔴 Total Debt has grown at 5752.2% a year over 2 years.

🟢 Free Cash Flow has turned positive, from -₹0 Cr to ₹9 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹182 Cr

Total Liabilities

₹106 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹11 Cr

Capex

-₹2 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

69.9%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

1 mixed5 general

KSR Footwear vs Nifty 50: Share Price Performance Compared

Univest, 01 Oct

KSR Footwear Stock Weakness: Key Levels and Outlook

Kalkine India, 20 Aug

KSR Footwear Debuts Post-Demerger, Share Price Fall 41% from Issue

HDFC Sky, 27 NovPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

KSR Footwear Limited Clarifies Share Price Movement to BSE, Cites Market-Driven Factors

scanx.trade, 05 Jan

KSR Stock Price and Chart — NSE:KSR

TradingView, 27 Nov

KSR Footwear (NSEI:KSR) - Stock Analysis

Simply Wall Street, 27 Nov

Watch Items

Revenue growth is negative (-0.7%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

MiddlingFinancial Health · Growth · Valuation

WeakBusiness Quality · Profitability · Risk

Points for each in the Score ↑

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 3 high-severity red flags sit above this conclusion and should be read first.

2 of 4 tripwires tripped — Interest cover stays above 3x; ROCE stays above 8% · see Key things to watch ↑