Liberty Shoes revenue rises 9% as September profit falls 28%

Liberty Shoes Ltd. reported revenue from operations of Rs 190.47 crore for the three months ended 30 September 2026, up 9% year on year, while profit after tax declined 28% to Rs 1.42 crore from Rs 1.97 crore as total expenses increased to Rs 188.41 crore.

What did Liberty Shoes report for the September 2026 quarter?

Liberty Shoes reported higher September-quarter revenue but lower year-on-year profit. Revenue from operations reached Rs 190.47 crore for the three months ended 30 September 2026, compared with Rs 174.23 crore in the corresponding 2025 quarter. Total income was Rs 190.50 crore, including other income of Rs 2.55 lakh, against Rs 174.28 crore a year earlier.

The September quarter improved from the preceding three months ended 30 June 2026, when revenue from operations was Rs 169.86 crore and profit after tax was Rs 68.37 lakh. September-quarter profit after tax of Rs 1.42 crore was more than twice the June-quarter amount, but remained below Rs 1.97 crore in the quarter ended 30 September 2025. Basic earnings per share for continuing operations were Rs 0.83, compared with Rs 0.40 in June 2026 and Rs 1.16 a year earlier.

The board approved the unaudited second-quarter and half-year results on 12 November 2026. Liberty Shoes reported paid-up equity share capital of Rs 17.04 crore at 30 September 2026, unchanged from 30 September 2025 and 31 March 2026.

Why did Liberty Shoes’ profit decline despite higher revenue?

Liberty Shoes’ total expenses increased by Rs 17.18 crore year on year, exceeding the Rs 16.24 crore rise in revenue from operations. Expenses reached Rs 188.41 crore in the September 2026 quarter, from Rs 171.23 crore in the September 2025 quarter. Profit before exceptional items and tax consequently declined to Rs 2.08 crore from Rs 3.05 crore.

Cost of materials consumed rose to Rs 69.92 crore from Rs 59.25 crore, while purchases of stock-in-trade increased to Rs 29.54 crore from Rs 22.64 crore. Employee benefits expense was Rs 38.11 crore, compared with Rs 36.39 crore a year earlier. Finance costs were Rs 4.32 crore against Rs 3.99 crore, while depreciation and amortisation expense was Rs 8.10 crore versus Rs 8.15 crore.

Other expenses declined to Rs 44.33 crore from Rs 44.95 crore, and changes in inventories of finished goods, stock-in-trade and work-in-progress were negative Rs 5.90 crore, compared with negative Rs 4.14 crore. Liberty Shoes reported exceptional items of Rs 19.26 lakh in the September 2026 quarter, compared with negative Rs 1.48 lakh in the corresponding 2025 quarter. Reported profit before tax was Rs 1.89 crore, and tax expense was Rs 47.10 lakh, resulting in profit after tax of Rs 1.42 crore.

How did Liberty Shoes perform in the first half of 2026-27?

Liberty Shoes’ revenue from operations rose 4% year on year in the half year ended 30 September 2026, while profit after tax declined 60%. First-half revenue was Rs 360.33 crore, compared with Rs 347.02 crore in the corresponding six months of 2025. Total income was Rs 360.38 crore, including Rs 4.95 lakh of other income, against Rs 347.25 crore in the prior-year period.

Total expenses increased to Rs 357.01 crore from Rs 339.73 crore. Profit before exceptional items and tax fell to Rs 3.37 crore from Rs 7.52 crore, while profit before tax was Rs 3.03 crore versus Rs 7.58 crore. Exceptional items were Rs 33.92 lakh in the 2026 half year, compared with negative Rs 5.57 lakh in the prior-year half.

Profit after tax for the six months was Rs 2.10 crore, down from Rs 5.30 crore a year earlier. Basic earnings per share for continuing operations were Rs 1.23, compared with Rs 3.11 in the corresponding half of 2025. The September quarter contributed Rs 1.42 crore of first-half profit after tax, while the June 2026 quarter contributed Rs 68.37 lakh.

Liberty Shoes classifies its business activity as a single operating segment, footwear. The company said the operating-segment disclosure requirements under Indian Accounting Standard 108 do not apply, so the results do not provide separate product or geographic revenue figures for the Rs 360.33 crore first-half revenue.

What changed in Liberty Shoes’ balance sheet by September 2026?

Liberty Shoes’ total assets were Rs 527.57 crore at 30 September 2026, compared with Rs 522.65 crore at 31 March 2026. Current assets rose to Rs 337.06 crore from Rs 324.13 crore, led by inventories of Rs 195.59 crore, up from Rs 180.71 crore. Trade receivables decreased to Rs 106.78 crore from Rs 108.52 crore.

Cash and cash equivalents fell to Rs 1.17 crore at 30 September 2026 from Rs 2.99 crore at 31 March 2026. Bank balances were Rs 3.31 crore, compared with Rs 3.25 crore, and other current assets increased to Rs 28.85 crore from Rs 27.45 crore. Property, plant and equipment stood at Rs 96.40 crore, down from Rs 97.09 crore at the March year-end.

Total equity increased to Rs 235.89 crore from Rs 233.78 crore, comprising Rs 17.04 crore of equity share capital and Rs 218.85 crore of other equity. Current borrowings declined to Rs 75.26 crore from Rs 75.99 crore, while non-current borrowings increased to Rs 8.62 crore from Rs 3.78 crore. Total current liabilities rose to Rs 176.11 crore from Rs 171.21 crore.

Conclusion

Liberty Shoes increased sales in both the September 2026 quarter and the first half, but expenses rose faster in the quarter and earnings declined from the prior year. September-quarter revenue reached Rs 190.47 crore and total expenses were Rs 188.41 crore, producing profit after tax of Rs 1.42 crore. For the half year, revenue was Rs 360.33 crore while profit after tax was Rs 2.10 crore.

The 12 November 2026 filing does not disclose a revenue target, earnings forecast, expansion plan or scheduled corporate event. The next results will show whether profit after tax can build on the sequential increase from Rs 68.37 lakh in the June 2026 quarter to Rs 1.42 crore in the September quarter, and whether materials, stock-in-trade purchases and employee costs change alongside revenue.