RELAXO · price
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Relaxo Footwears reported FY26 revenue of ₹2,702 Cr, down 3.1% YoY from ₹2,790 Cr in FY25, though Q4 showed strong recovery with 8% YoY revenue growth to ₹751 Cr. PAT for FY26 rose 5.2% to ₹179 Cr (margin 6.6%) and Q4 PAT grew 20% YoY to ₹68 Cr. EBITDA margin remained stable at 13.8% for FY26. Key positives include new CFO appointment effective April 2026, acquisition of 30 acres in Bhiwadi for expansion, manufacturing capacity of 10.5 lakh pairs/day, and a net cash position of ₹206 Cr. The company operates ~70,000+ retailers, 420 EBOs, and 630 distributors across 37 countries. Brand mix: Hawai (41%), Flite (36%), Sparx (23%). ROE stood at 8.3% for FY26. The Indian footwear market is projected to grow at 9.7% CAGR to ₹4,433 Bn by 2034.
Revenue declined for the full year but Q4 showed a meaningful recovery driven by volume growth (5 Cr pairs in Q4 vs 4.5 Cr in Q4 prior year). Margin improvement in Q4 to 16.5% EBITDA is encouraging. The strong balance sheet with net cash position and capex for expansion supports long-term growth, though the overall revenue contraction in FY26 warrants monitoring.