Overview

Detailed Summary

Relaxo Footwears Limited is a leading Indian footwear manufacturer and marketer operating core brands Relaxo, Sparx, Flite and Bahamas, with in‑house production across nine facilities and distribution to ~70,000 retailers, 412 exclusive outlets and exports to ~37 countries, positioning it as one of India’s largest casual and mass footwear producers.
Financial momentum shows stability in quarterly revenue (Q3FY26 ~₹668 crore, flat YoY) but weakness across 9MFY26 with revenue down ~6.8% versus prior year, driven by lower volumes (12.5 crore pairs vs 13.2 crore) and slight compression in realizations and margins, signalling near‑term demand and mix challenges while cash‑PAT remains robust.
Operational strengths include a 10.5 lakh pairs per day capacity, nine manufacturing plants, strong IP portfolio (87 trademarks, 1,339 designs), and recognised manufacturing certifications, enabling Relaxo to control quality, cost and fast SKUs through lean techniques and dedicated production lines to sustain competitive pricing and supply reliability.
Market characteristics are favorable: the Indian footwear market is projected to grow at a ~10.1% CAGR to 2033 with rising organised penetration; Relaxo’s heavy exposure to General Trade (75% revenue) and North region concentration (51%) offers scale but also indicates channel and regional concentration risks that management must actively diversify.

Sector: Leather
Industry: Leather / Synthetic Footware - Large
Market Cap: 7,732 Cr
Volatility: Moderate Risk
P/E Ratio: 46.2
Industry P/E: 58.3
PEG Ratio: 3.5
P/B Ratio: 3.7
52W High: 531.45
52W Low: 309.00

Sales CAGR

1Y: -4.27%
3Y: 1.68%
5Y: 2.96%
10Y: 5.43%

Profit CAGR

1Y: -15.03%
3Y: -9.88%
5Y: -5.52%
10Y: 3.94%

ROE

TTM: 8.26%
3Y: 8.82%
5Y: 11.30%
10Y: 13.71%

ROCE

TTM: 11.01%
3Y: 11.76%
5Y: 14.76%
10Y: 18.29%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
METROBRAND	958.05	25,929 Cr	67.21	14.27	2.10	19.57	18.71	10.40
CAMPUS	239.80	9,916 Cr	58.06	23.16	0.00	28.18	26.02	15.50
BATAINDIA	720.00	9,213 Cr	52.02	6.04	2.65	12.20	12.52	4.82
RELAXO	311.65	7,732 Cr	46.24	3.67	0.97	8.26	11.01	5.85
MIRZAINT	31.14	430 Cr	51.90	0.74	0.00	-0.95	0.82	1.10
LIBERTSHOE	223.15	376 Cr	59.51	1.65	0.00	5.83	8.25	2.25

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	715	713	747	748	679	667	695	654	629	668
Expenses	624	626	627	649	592	584	583	555	547	599
Operating Profit	92	87	120	99	88	83	112	99	81	69
OPM %	12.79	12.23	16.11	13.22	12.90	12.50	16.12	15.20	12.91	10.39
Other Income	11	5.99	5.06	5.43	6.64	6.80	8.09	11	12	11
Interest	4.74	4.83	4.66	4.89	4.98	5.38	5.41	5.21	5.21	5.29
Depreciation	37	38	38	39	40	40	39	40	39	39
Profit Before Tax	60	51	82	60	50	45	75	66	49	36
Tax %	26.81	24.12	25.40	26.45	25.90	26.00	25.40	25.81	25.98	26.11
Net Profit	44	39	61	44	37	33	56	49	36	27
EPS in Rs	1.78	1.54	2.46	1.78	1.48	1.32	2.26	1.96	1.46	1.06

Standalone Profit Loss (in ₹ Crores)

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	1,652	1,949	2,292	2,410	2,359	2,653	2,783	2,914	2,790	2,696
Expenses	1,400	1,639	1,968	2,002	1,864	2,238	2,447	2,507	2,408	2,313
Operating Profit	252	310	324	409	495	416	336	407	382	383
OPM %	15.24	15.89	14.15	16.97	21.00	15.67	12.07	13.95	13.69	14.19
Other Income	14	4.46	13	9.05	23	24	19	29	27	33
Interest	15	8.59	6.90	17	17	15	19	19	21	21
Depreciation	51	54	62	109	110	114	125	147	158	159
Profit Before Tax	178	244	268	292	391	311	210	269	230	235
Tax %	32.62	33.88	34.53	22.44	25.46	25.09	26.45	25.55	25.90	25.73
Net Profit	120	161	175	226	292	233	154	200	170	175
EPS in Rs	4.81	6.46	5.90	9.08	11.70	9.34	6.21	8.04	6.84	6.74
Dividend Payout %	10.02	11.21	25.50	13.74	21.33	26.74	40.26	37.27	43.86	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	12	12	12	12	25	25	25	25	25	25
Reserves	468	594	749	1,093	1,248	1,548	1,735	1,830	1,976	2,073
Borrowings	203	132	125	87	139	144	174	164	205	213
Other Liabilities	315	332	363	419	430	459	448	476	508	452
Total Liabilities	997	1,070	1,250	1,611	1,841	2,176	2,383	2,495	2,714	2,762
Fixed Assets	531	541	525	848	981	938	987	1,150	1,371	1,344
CWIP	28	62	138	11	46	118	149	89	33	54
Investments	0.50	0.70	0.70	0.20	0.20	338	194	225	108	343
Other Assets	438	466	587	752	814	782	1,052	1,030	1,202	1,021
Total Assets	997	1,070	1,250	1,611	1,841	2,176	2,383	2,495	2,714	2,762

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	159	180	154	123	319	513	56	400	235	406
Cash from Investing Activity	-130	-89	-108	-56	-116	-453	15	-258	-99	-262
Cash from Financing Activity	-31	-89	-46	-68	-203	-56	-70	-138	-106	-162
Net Cash Flow	-2.14	1.27	-0.39	-1.25	0.67	3.81	0.76	3.17	30	-18

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	71.25%	71.27%	71.27%	71.27%	71.27%	71.27%	71.27%	71.27%	71.27%	71.27%	71.27%	71.27%
FIIs	2.82%	2.88%	3.24%	3.40%	3.32%	3.36%	3.41%	3.27%	3.07%	2.86%	3.03%	3.01%
DIIs	7.96%	8.34%	8.53%	8.86%	9.33%	9.55%	9.99%	10.54%	10.55%	9.95%	9.88%	9.87%
Public	17.98%	17.52%	16.96%	16.48%	16.08%	15.83%	15.33%	14.92%	15.12%	15.93%	15.82%	15.85%
Total Shareholders	3,58,700	3,43,295	3,16,135	2,91,401	2,69,388	2,52,981	2,39,245	2,37,195	2,36,677	2,39,560	2,39,270	2,32,872

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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