BSE: 526468
EURO LEDER FASHION LTD.
Manufactures and exports genuine leather garments and leather goods from a Chennai facility. Euro Leder Fashion Ltd's single revenue line is net sales of leather apparel and accessories, with FY26 revenue of ₹27.338 crore and total income of ₹2,970.14 lakhs, the latter up 46.7% from ₹2,024.73 lakhs in FY25. Quarterly sales have swung sharply: Q2 FY26 net sales nearly doubled YoY to ₹864.06 lakhs versus ₹435.44 lakhs in Q2 FY25, then pulled back to ₹530.97 lakhs in Q3 FY26; nine-month FY26 net sales of ₹1,934.07 lakhs were up roughly 48% YoY. FY26 net profit was a marginal ₹1.79 lakhs, after a ₹78.94 lakh one-time charge for enhanced gratuity and leave liability under new labour codes, and H1 FY26 operating cash flow turned negative at minus ₹33.36 lakhs due to a near-doubling of trade receivables. Materials (leather and other inputs) are the biggest cost at 45.2% of revenue, followed by employee costs at 16.4%. The company carries borrowings of ₹1,177.31 lakhs as of FY26 and qualifies as a small-cap listed entity, exempt from several SEBI corporate governance regulations on account of its small paid-up equity and net worth. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Leather garments and goods. Small-cap, single-product exporter of leather garments and goods
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 34 | 39 | 33 | 18 | 27 |
| EBITDA (ex other income) | (1) | 0 | 0 | 0 | (0) |
| margin % | (4.1) | 0.5 | 1.1 | 0.0 | (0.2) |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.78 | 0.98 | 0.78 | 0.50 | 0.05 |
| ROE % · ROCE % | 2.2 · 10.8 | 2.7 · 12.4 | 2.1 · 12.1 | 1.3 · 6.7 | 0.1 · 9.1 |
| Debt / equity (x) | 1.35 | 1.70 | 0.00 | 0.92 | 0.80 |
| Cash from operations | (1) | (3) | 6 | 4 | 2 |
| Capex | (0) | 0 | (0) | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4 | 5 | 5 | 5 | 9 | 5 | 8 | 7 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | (0) | 0 | 0 | 0 | 0 | 0 | (0) | 0 |
| EPS (₹) | (0.07) | 0.09 | 0.43 | 0.13 | 0.09 | 0.14 | 0.31 | 0.03 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KHAZANCHI JEWELLERS LTD | 1,764 | 12.4 | 5.52 | — | 28.0 | 37.7 | — | 6.8 |
| UDAY JEWELLERY INDS. LTD. | 751 | 28.4 | 3.62 | — | 17.2 | 23.1 | — | 8.3 |
| PNGS GARGI FASHION JEWELLERY L | 529 | 11.1 | 3.73 | — | 22.1 | 27.0 | — | 30.4 |
| KD GREEN INDUSTRIES LTD | 284 | 18.1 | 3.95 | 31.7 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 239 | 17.5 | 2.98 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 189 | 45.1 | — | — | — | 28.7 | — | — |
| ASHAPURI GOLD ORNAMENT L | 183 | 8.8 | 1.10 | — | 11.1 | 15.0 | — | 11.4 |
| Patdiam Jewellery Limited | 147 | 7.8 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 53.4 | 12.9 | 41 of 47 | 13% |
| P/B | 0.8 | 1.0 | 18 of 37 | 53% |
| ROCE | 2.6 | 4.7 | 31 of 50 | 39% |
| ROE | 0.1 | 2.3 | 29 of 37 | 22% |
| Debt / Equity | 0.8 | 0.1 | 30 of 37 | 19% |
| EBITDA margin | 7.4 | 6.8 | 16 of 35 | 56% |
| Revenue growth | 28.1 | 13.8 | 14 of 36 | 63% |
| Profit growth | (76.0) | 1.4 | 24 of 34 | 30% |
| Market cap | 12 | 25 | 46 of 54 | 15% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · RTA certificate under SEBI Reg 74(5) for quarter ended Sep 30, 2026 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 25 Sept 2026 · All 4 resolutions passed at 34th AGM of Euro Leder Fashion | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Newspaper ad for 34th AGM e-voting and book closure notice | compliance | minimal | — | — |
| 31 Aug 2026 · 34th AGM on 24 Sep 2026 via VC; book closure 18-24 Sep | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Euro Leder Fashion 34th AGM on 24 Sep 2026 via video conferencing | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Notice of 34th AGM on 24 September 2026 via video conferencing | board shareholder meetings | low | — | — |
| 31 Aug 2026 · 34th AGM notice on 24 Sep 2026 via video conferencing | board shareholder meetings | low | — | — |
| 31 Aug 2026 · FY26 Annual Report and 34th AGM notice filed with director re-appointment resolutions | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.