KSR Footwear Ltd

Rating action

• Long-term rating upgraded to IND BB+/Stable for INR 320 million.
• Short-term rating affirmed at IND A4+ for INR 320 million.
• Total facilities INR 360m; INR 320m upgraded to long-term IND BB+/Stable; INR 40m assigned.

Rationale

• Improved EBITDAR margins in 2HFY26 and 1QFY27 support credit metrics.
• Liquidity remains stretched despite margin improvements.
• Revenue is modest; expected growth with revised product portfolio.
• Promoter experience in footwear supports business credibility.
• 2HFY26 liquidation of obsolete inventory improved margins to 3.08% and 6.25% in 1QFY27.
• Interest coverage rose to 3.22x in 1QFY27; 1.39x in 2HFY26.

Liquidity & operations

• Average fund-based utilization around 96% (11 months ended Jun 2026).
• NWC cycle improved to 119 days in FY26; inventory about 149 days.

Outlook & changes since last rating

• Long-term outlook: Stable; short-term rating IND A4+.
• Upgrade from IND BB-/Stable to IND BB+/Stable since Dec 2025.

KSR Footwear Ltd – Trading window closed from Oct 01, 2026 till 48 hours after the declaration of unaudited financial results for the quarter and half year ending Sep 30, 2026

AGM Details

• AGM held on 24 August 2026 at 11:30 IST via video-conferencing/AV means.
• Record date 17 August 2026; meeting ended 12:45 IST.

Key Resolutions

• Resolution 1 (Ordinary): Adoption of Audited Financial Statements for the year ended March 31, 2026; approved.
• Resolution 2 (Ordinary): Re-appointment of director retiring by rotation; approved.

Voting Results

• Resolution 1: Passed with overwhelming support.
• Resolution 2: Passed; high in-favour with minimal opposition.

Dividend

• Dividend: No dividend proposed or declared.

Director Changes

• Director changes: Re-appointment of director retiring by rotation.

AGM Details

• AGM held on 24 August 2026 at 11:30 AM IST via VC/OAVM.
• Remote e-voting was open 21–23 August 2026; AGM e-voting available.

Resolutions & Outcomes

• Ordinary Resolution: Adopt Audited Financial Statements for year ended Mar 31, 2026.
• Outcome: Passed with ~99.999% in favour; ~0.001% against.
• Ordinary Resolution: Re-appoint Director by rotation (Rittick Roy Burman).
• Outcome: Passed with ~99.9947% in favour; ~0.0053% against.

Dividend

• Dividend: No dividend proposed or declared.

Director changes

• Key director change: Rittick Roy Burman re-appointed by rotation.

AGM details

• AGM held on Aug 24, 2026 at 11:30 IST via VC/OAVM.
• Remote e-voting Aug 21–23, 2026; cut-off Aug 17, 2026.
• Total attendees: 106 members.

Ordinary business

• Adoption of audited financial statements for the year ended 31 March 2026 — passed.
• Re-appointment of Mr. Rittick Roy Burman on rotation — passed.

Submission details

• Unaudited results for quarter ended 30 June 2026 submitted to NSE in machine-readable form.
• A high-resolution machine-readable file enclosed for record.
• Regulatory compliance under SEBI LODR Reg 33.
• Independent auditor's review conducted by Agarwal & Associates; not an audit; moderate assurance.
• Findings: no material misstatement; information disclosed as per IND AS-34 and Reg 33.

Auditor and filing details

• Date and place: Kolkata, 5 August 2026.
• Audit firm: Agarwal & Associates Chartered Accountants; Partner Naresh Agarwal.
• Statement prepared under IND AS-34 and SEBI LODR 33 requirements.
• No governance changes reported.

Financials

• Board approves Q1 FY27 unaudited results for quarter ended June 30, 2026.
• Limited Review Report by Agarwal & Associates attached with results.

CFO appointment

• Mr. Vikram Jeet Sharma appointed Chief Financial Officer, effective Aug 5, 2026.
• Sharma has over 24 years' experience in finance and accounts.

Audit & disclosures

• Audit review states no material misstatement and disclosures comply with regulations.

Meeting Details

• Board meeting on Aug 5, 2026 to consider unaudited Q1 FY2026 results; time/venue not disclosed.

Key Agenda Items

• Consider and approve unaudited Q1 FY2026 results for quarter ended June 30, 2026.

Other Notes

• No additional material notes disclosed.