He also outlined an ambitious vision for the company’s next phase of growth, with a strong focus on investing in Tamil Nadu and building businesses aligned with India’s long-term growth story.
Rafiq Ahmed acknowledged the challenges faced by KICL since 2014, while emphasising that the company has now moved into a new era of transparency, professional management, strategic investments and multiple engines of growth.
He pointed out that in footwear business, the company grew from 1-3 million pairs to 5 million pairs and targets 10 million pairs next year and the ultimate goal is 100 million.
The company is back on revival mode, registering a growth of 42 per cent in 2023-24, 535 per cent in 2024-25 and over 95 per cent in 2025-2206, Rafiq Ahmed said.
The 225-acre Madurai project is emerging as one of KICL’s significant upcoming initiatives. The company is actively working on the development and has identified two strategic collaborations for the project. KICL is looking at commencing the project by the end of this year, subject to completion of the necessary processes and finalisation of the collaborations.
The project is envisioned as an important platform for industrial and economic activity in the region, with the potential to create employment and bring new businesses and capabilities to southern Tamil Nadu, Ahmed said.
He also noted that Ramanathapuram project as a new initiative in Phoenix Kothari Footwear Private Ltd, as a part of Tamil Nadu growth strategy.
The company is evaluating opportunities in the region and sees significant potential for developing projects that can contribute to local economic development, employment generation and the broader growth of southern Tamil Nadu, Ahmed said.
Footwear remains one of KICL’s principal growth engines, with investments spanning manufacturing, infrastructure, brands and technology.
The company has developed Phoenix Kothari Park at Padalur, the Karur Adidas facility and the 225-acre Madurai project, while building its consumer brands Kickers, Zodiz and Jeetlo.
Ahmed highlighted the significant potential of India’s footwear market.
With consumption currently at around two pairs per person annually, he expects consumption can move towards three pairs and beyond, making India one of the world’s most important footwear consumption and manufacturing markets.
KICL is also working with globally recognised manufacturing partners to bring international expertise, innovation and technology into India’s footwear ecosystem.
Among the company’s most transformative initiatives is IUAD, its strategic collaboration with IUAD Italy to bring international design education to India.
With the campus being developed in Hosur near Bengaluru, short-term programmes are expected to commence from November, followed by regular degree programmes from April 2027.
Ahmed stressed that IUAD is much more than another educational institution. It is an initiative designed to change the way design education is delivered in India.
Through its unique “learning by doing” methodology, students will gain exposure to global design thinking, innovation and industry practices across footwear, fashion, apparel, jewellery, furniture, interior design and fashion management.
The objective is to create a new generation of Indian design professionals equipped to compete globally and contribute to India’s manufacturing and creative economy.
KICL also sees significant potential in its fertiliser business. The Kothari name, particularly the iconic Blue Horse logo, has strong recognition among farmers.
The company intends to build upon this heritage and brand equity, strengthen its presence in the fertiliser sector and develop it as a significant growth platform.
KICL’s drone initiative, which began as a service-oriented business, is now moving towards manufacturing and technology development.
The company sees opportunities across agriculture, industrial applications and other emerging sectors and intends to participate in India’s rapidly developing drone ecosystem.
The food initiative reflects KICL’s philosophy of growth with purpose.
What began with feeding around 100 people has grown to serving approximately 100,000 people, particularly school children.
Alongside this social initiative, KICL has developed the Una Villa Continental Restaurant brand. Una Villa was also recognised with the Best Continental Cuisine Restaurant award for FY2025–26 at the recent Retailers Association event held in Chennai on August 19.
KICL is also entering the FMCG sector, recognising the enormous opportunity created by India’s expanding consumer economy.
The company intends to build strong brands supported by professional teams, long-term investment and scalable business models.
Ahmed said KICL is no longer looking at individual businesses in isolation, but is building a diversified portfolio of businesses capable of creating sustainable value for shareholders and other stakeholders.
The company is targeting minimum 3× growth next year, while Ahmed has set an ambition of achieving 5× growth, supported by the investments, partnerships, brands and new businesses being developed.
Ahmed also revealed that several new projects and investment opportunities have already been identified, including opportunities in Tamil Nadu. However, due to confidentiality obligations and NDAs currently in place, the company will announce these initiatives only after the relevant discussions and transactions are concluded.
KICL’s vision is to transform itself into a completely diversified conglomerate by FY2027, with its investments across multiple sectors maturing into businesses capable of delivering positive and sustainable returns to shareholders.
The journey from footwear to design, fertilisers, drones, food, FMCG and new industrial initiatives reflects a larger ambition — to build KICL as an institution that grows alongside India and contributes to the development of Tamil Nadu.
“We are not merely building businesses; we are building the foundation for Kothari’s next chapter. The investments we make today are the seeds of tomorrow’s growth. Our ambition is to grow with India, create value for our stakeholders and build an institution that is stronger, more diversified and more valuable for generations to come,” Ahmed said.
