Mirza International Ltd

MIRZAINT

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Market Cap

₹ 565 Cr

P/E

—

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Investment Checklist

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Mirza International Limited specializes in manufacturing and exporting leather footwear, apparel, and accessories. It operates one of the largest in-house tannery units in India.

The company's flagship brand, Red Tape, has seen aggressive market expansion, adding new styles and expanding into new markets since 2001.

It has a substantial presence in premium international markets, being a preferred supplier for major brands like Hush Puppies and Clarks.

Recent corporate actions include acquiring stakes in subsidiaries, merging with RTS Fashion Pvt Limited, and demerging the REDTAPE business into a separate entity.

The company has expanded its retail presence significantly, growing its number of retail outlets consistently over recent years.

Sector

Leather

Industry

Leather / Synthetic Footware - Large

Market Cap

565 Cr

Volatility

Moderate Risk

P/E Ratio

—

Industry P/E

72.3

PEG Ratio

—

P/B Ratio

1.0

52W High

44.64

52W Low

26.25

Sales CAGR

-7.79%

-25.65%

-14.68%

10Y

-5.31%

Profit CAGR

-127.34%

—

10Y

—

ROE

TTM

-0.95%

2.57%

5.23%

10Y

8.69%

ROCE

TTM

0.82%

4.82%

9.26%

10Y

15.07%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BIL	758.05	1,017 Cr	35.14	2.10	0.00	5.99	8.99	2.18
MIRZAINT	40.93	565 Cr	—	0.98	0.00	-0.95	0.82	1.32
SREEL	218.80	508 Cr	22.03	1.05	0.00	4.76	6.46	4.46
LIBERTSHOE	278.00	474 Cr	35.56	2.08	0.00	5.83	8.25	2.60
KHADIM	171.00	315 Cr	22.12	1.90	0.00	8.59	10.02	0.80
SUPERHOUSE	147.80	163 Cr	30.04	0.35	0.54	1.18	4.59	0.31
ZENITHEXPO	239.00	129 Cr	52.88	1.53	0.00	2.89	4.82	6.07

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	128	209	142	152	144	201	114	122	142	164
Expenses	118	197	126	140	133	185	111	116	129	152
Operating Profit	9.20	12	15	12	11	17	3.13	5.62	13	13
OPM %	7.21	5.77	10.90	7.92	7.32	8.38	2.74	4.61	8.93	7.71
Other Income	2.71	3.19	1.55	0.52	0.21	0.31	0.54	0.46	19	0.58
Interest	2.02	2.36	3.94	3.48	1.64	2.59	3.73	2.64	2.29	2.27
Depreciation	7.04	6.40	7.18	7.71	7.98	7.28	7.77	7.57	7.97	7.91
Profit Before Tax	2.86	6.47	5.86	1.41	1.10	7.32	-7.83	-4.14	22	3.08
Tax %	14.69	38.02	24.91	15.60	41.82	19.40	27.46	-6.28	17.20	30.19
Net Profit	2.44	4.01	4.40	1.19	0.64	5.90	-5.69	-4.40	18	2.15
EPS in Rs	0.18	0.29	0.32	0.09	0.05	0.43	-0.41	-0.32	1.29	0.16

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	940	974	1,152	1,261	1,049	1,399	653	630	581	580
Expenses	775	798	1,008	1,089	931	1,223	587	582	545	542
Operating Profit	165	176	144	172	118	176	66	49	36	38
OPM %	17.58	18.08	12.47	13.62	11.28	12.61	10.15	7.73	6.22	6.61
Other Income	0.83	0.41	2.09	1.67	1.20	17	5.03	8.01	1.52	20
Interest	26	25	34	46	41	23	9.79	12	11	11
Depreciation	29	32	35	63	67	58	26	28	31	31
Profit Before Tax	107	118	76	64	12	113	36	17	-3.55	17
Tax %	32.92	33.45	35.79	25.96	29.86	23.16	26.45	27.47	7.04	19.22
Net Profit	72	78	49	48	8.34	86	26	12	-3.30	14
EPS in Rs	—	—	3.53	3.46	0.59	6.52	1.65	0.88	-0.25	0.72
Dividend Payout %	15.10	13.80	22.17	22.67	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	24	24	24	24	24	28	28	28	28
Reserves	478	548	588	604	614	481	506	525	537
Borrowings	142	270	338	270	121	49	45	35	48
Other Liabilities	120	160	165	362	411	174	151	131	122
Total Liabilities	764	1,002	1,115	1,260	1,170	732	729	719	734
Fixed Assets	354	357	409	585	565	361	399	392	415
CWIP	1.93	25	5.39	11	11	4.04	0.63	11	2.50
Investments	0.58	0.59	0.58	1.10	1.94	6.70	6.85	8.06	8.54
Other Assets	408	619	701	663	593	360	322	308	308
Total Assets	764	1,002	1,115	1,260	1,170	732	729	719	734

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	114	-24	35	228	238	-3.64	47	50	28
Cash from Investing Activity	-36	-59	-67	-63	-41	55	-53	-29	-29
Cash from Financing Activity	-82	89	26	-157	-201	-12	-32	-17	1.26
Net Cash Flow	-4.94	6.31	-5.55	8.30	-3.49	39	-39	3.45	0.63

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Feb 2023	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	71.75%	71.76%	71.76%	71.76%	71.77%	71.39%	71.27%	71.27%	71.27%	71.27%	71.27%	71.37%
FIIs	2.12%	1.53%	2.37%	1.35%	0.45%	0.31%	0.32%	0.27%	0.14%	0.11%	0.11%	0.11%
DIIs	3.95%	4.17%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
Public	22.18%	22.54%	25.82%	26.85%	27.74%	28.26%	28.37%	28.42%	28.55%	28.58%	28.58%	28.48%
Total Shareholders	71,692	73,029	91,500	87,644	87,980	87,833	84,125	81,943	81,079	83,184	81,699	83,053

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Feb 08, 2025	Ms. sarah mirza	Insider - Promoter Group	Acquisition	—	—	5,00,000	—
Feb 08, 2025	Ms. hiba mirza	Insider - Promoter Group	Acquisition	—	—	5,00,000	—
Feb 08, 2025	Mr. mustafa mirza	Insider - Promoter Group	Acquisition	—	—	30,00,000	—
Feb 08, 2025	Mr. tauseef ahmad mirza	Insider - Promoter	Disposal	—	—	40,00,000	2.89
Jan 19, 2024	Hrti private limited	Bulk	Buy	61.65	6.33 Cr	10,26,323	0.74
Jan 19, 2024	Hrti private limited	Bulk	Sell	61.52	6.01 Cr	9,77,050	0.70
Jan 19, 2024	Ski capital services ltd	Bulk	Buy	61.34	6.31 Cr	10,28,023	0.74
Jan 19, 2024	Ski capital services ltd	Bulk	Sell	61.43	6.90 Cr	11,24,023	0.81
Jan 16, 2024	Hrti private limited	Bulk	Buy	60.22	4.84 Cr	8,04,003	0.58
Jan 16, 2024	Hrti private limited	Bulk	Sell	60.23	4.87 Cr	8,08,584	0.58

Projection

Actions

Action Type

‌
‌

Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

3 days ago

Disclosure of Share Acquisition by Promoter

Tasneef Ahmad Mirza has disclosed an acquisition of 55,430 equity shares (0.04%) of Mirza International Limited under SEBI (SAST) Regulations, completed on December 10-11, 2025.

Regulatory Filing

5 days ago

Disclosure of Share Acquisition

Tasneef Ahmad Mirza has acquired 82,481 equity shares in Mirza International Limited, as per SEBI regulations.

Documents

Presentations

Concalls

Reports

Presentations

No documents found!

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Financial Statements

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Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	128	209	142	152	144	201	114	122	142	164
Expenses	118	197	126	140	133	185	111	116	129	152
Operating Profit	9.20	12	15	12	11	17	3.13	5.62	13	13
OPM %	7.21	5.77	10.90	7.92	7.32	8.38	2.74	4.61	8.93	7.71
Other Income	2.71	3.19	1.55	0.52	0.21	0.31	0.54	0.46	19	0.58
Interest	2.02	2.36	3.94	3.48	1.64	2.59	3.73	2.64	2.29	2.27
Depreciation	7.04	6.40	7.18	7.71	7.98	7.28	7.77	7.57	7.97	7.91
Profit Before Tax	2.86	6.47	5.86	1.41	1.10	7.32	-7.83	-4.14	22	3.08
Tax %	14.69	38.02	24.91	15.60	41.82	19.40	27.46	-6.28	17.20	30.19
Net Profit	2.44	4.01	4.40	1.19	0.64	5.90	-5.69	-4.40	18	2.15
EPS in Rs	0.18	0.29	0.32	0.09	0.05	0.43	-0.41	-0.32	1.29	0.16

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	940	974	1,152	1,261	1,049	1,399	653	630	581	580
Expenses	775	798	1,008	1,089	931	1,223	587	582	545	542
Operating Profit	165	176	144	172	118	176	66	49	36	38
OPM %	17.58	18.08	12.47	13.62	11.28	12.61	10.15	7.73	6.22	6.61
Other Income	0.83	0.41	2.09	1.67	1.20	17	5.03	8.01	1.52	20
Interest	26	25	34	46	41	23	9.79	12	11	11
Depreciation	29	32	35	63	67	58	26	28	31	31
Profit Before Tax	107	118	76	64	12	113	36	17	-3.55	17
Tax %	32.92	33.45	35.79	25.96	29.86	23.16	26.45	27.47	7.04	19.22
Net Profit	72	78	49	48	8.34	86	26	12	-3.30	14
EPS in Rs	—	—	3.53	3.46	0.59	6.52	1.65	0.88	-0.25	0.72
Dividend Payout %	15.10	13.80	22.17	22.67	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	24	24	24	24	24	28	28	28	28
Reserves	478	548	588	604	614	481	506	525	537
Borrowings	142	270	338	270	121	49	45	35	48
Other Liabilities	120	160	165	362	411	174	151	131	122
Total Liabilities	764	1,002	1,115	1,260	1,170	732	729	719	734
Fixed Assets	354	357	409	585	565	361	399	392	415
CWIP	1.93	25	5.39	11	11	4.04	0.63	11	2.50
Investments	0.58	0.59	0.58	1.10	1.94	6.70	6.85	8.06	8.54
Other Assets	408	619	701	663	593	360	322	308	308
Total Assets	764	1,002	1,115	1,260	1,170	732	729	719	734

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	114	-24	35	228	238	-3.64	47	50	28
Cash from Investing Activity	-36	-59	-67	-63	-41	55	-53	-29	-29
Cash from Financing Activity	-82	89	26	-157	-201	-12	-32	-17	1.26
Net Cash Flow	-4.94	6.31	-5.55	8.30	-3.49	39	-39	3.45	0.63

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Mirza International Limited specializes in manufacturing and exporting leather footwear, apparel, and accessories. It operates one of the largest in-house tannery units in India.

The company's flagship brand, Red Tape, has seen aggressive market expansion, adding new styles and expanding into new markets since 2001.

It has a substantial presence in premium international markets, being a preferred supplier for major brands like Hush Puppies and Clarks.

Recent corporate actions include acquiring stakes in subsidiaries, merging with RTS Fashion Pvt Limited, and demerging the REDTAPE business into a separate entity.

The company has expanded its retail presence significantly, growing its number of retail outlets consistently over recent years.

Sector

Leather

Industry

Leather / Synthetic Footware - Large

Market Cap

565 Cr

Volatility

Moderate Risk

P/E Ratio

—

Industry P/E

72.3

PEG Ratio

—

P/B Ratio

1.0

52W High

44.64

52W Low

26.25

Sales CAGR

-7.79%

-25.65%

-14.68%

10Y

-5.31%

Profit CAGR

-127.34%

—

10Y

—

ROE

TTM

-0.95%

2.57%

5.23%

10Y

8.69%

ROCE

TTM

0.82%

4.82%

9.26%

10Y

15.07%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BIL	758.05	1,017 Cr	35.14	2.10	0.00	5.99	8.99	2.18
MIRZAINT	40.93	565 Cr	—	0.98	0.00	-0.95	0.82	1.32
SREEL	218.80	508 Cr	22.03	1.05	0.00	4.76	6.46	4.46
LIBERTSHOE	278.00	474 Cr	35.56	2.08	0.00	5.83	8.25	2.60
KHADIM	171.00	315 Cr	22.12	1.90	0.00	8.59	10.02	0.80
SUPERHOUSE	147.80	163 Cr	30.04	0.35	0.54	1.18	4.59	0.31
ZENITHEXPO	239.00	129 Cr	52.88	1.53	0.00	2.89	4.82	6.07