BSE: 532829
LEHAR FOOTWEARS LIMITED
Manufactures footwear and government-distributed toolkits from a facility in Kundli, Haryana, earning ₹431.1 crore in FY26 across two business segments. The footwear business makes sports shoes, EVA-based and athleisure products sold under its in-house brand 'Rannr' and as original equipment manufacturer (OEM) for brands including Spykar, Red Chief, Cult Sport, Shein and Lee Cooper, generating ₹208.7 crore in FY26. The toolkit and others segment supplies toolkits under the government-led PM Vishwakarma Scheme and contributed ₹249.5 crore in FY26. A 5x capacity expansion at the Kundli plant is underway, lifting monthly output from about 1 lakh to 5 lakh pairs, with the new unit scheduled to begin commercial production from Q2 FY27. Raw materials are the largest cost at 26.1% of revenue (₹112.4 crore), followed by other operating expenses at 11.6% and employee costs at 4.8%. Long-term debt has been reduced to near-negligible levels after coming down from a FY23 peak of about ₹15 crore, and RoCE is reported at 18%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Footwear, Accessories and other like Products, Toolkit and others (100%). Footwear manufacturer running a parallel asset-light government toolkit distribution business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 137 | 202 | 194 | 277 | 431 |
| EBITDA (ex other income) | 10 | 14 | 18 | 26 | 39 |
| margin % | 6.9 | 6.9 | 9.4 | 9.4 | 9.0 |
| Owners' profit | 3 | 5 | 7 | 11 | 21 |
| EPS, as reported (₹) | 1.83 | 3.72 | 4.02 | 6.15 | 11.79 |
| ROE % · ROCE % | 3.5 · 8.0 | 5.8 · 10.2 | 6.4 · 12.1 | 9.7 · 17.1 | 15.7 · 22.9 |
| Debt / equity (x) | 0.81 | 0.73 | 0.65 | 0.57 | 0.40 |
| Cash from operations | (17) | (2) | 2 | 20 | 25 |
| Capex | (3) | (12) | (8) | (8) | (15) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 63 | 38 | 67 | 109 | 142 | 141 | 57 | 91 |
| Profit before tax | 3 | 2 | 3 | 6 | 10 | 10 | 3 | 5 |
| Net profit | 2 | 1 | 2 | 5 | 7 | 7 | 2 | 4 |
| EPS (₹) | 1.35 | 0.72 | 1.23 | 2.85 | 4.11 | 4.13 | 1.21 | 2.34 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Footwears, Accessories and other like Products | 56 | 12.3 |
| Toolkit and others | 250 | 54.5 |
| Footwear, Accessories and other like products | 152 | 33.2 |
| Total, before eliminations | 458 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| METRO BRANDS LIMITED | 22,682 | 55.8 | 11.19 | 23.3 | 20.5 | 16.3 | — | 33.4 |
| BATA INDIA LTD | 8,727 | 59.7 | 5.47 | 11.8 | 8.4 | 6.5 | 15.5 | 22.7 |
| RELAXO FOOT LTD. | 6,994 | 37.7 | 3.17 | — | 8.1 | 9.9 | — | 17.2 |
| REDTAPE LIMITED | 5,749 | 23.4 | 5.63 | 12.8 | 23.6 | 24.3 | — | 20.5 |
| CAMPUS ACTIVEWEAR LIMITED | 5,624 | 108.9 | 13.15 | 23.8 | 25.2 | 29.5 | — | 18.4 |
| SREELEATHERS LIMITED | 602 | 18.4 | 1.21 | — | 5.8 | 7.5 | — | 16.3 |
| LIBERTY SHOES LTD | 332 | 38.7 | 1.42 | — | 4.8 | 4.3 | — | 7.9 |
| LEHAR FOOTWEARS LIMITED ◆ | 307 | 14.7 | 2.32 | — | 15.7 | 19.3 | — | 8.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.7 | 47.2 | 1 of 10 | 100% |
| P/B | 2.3 | 3.2 | 4 of 9 | 63% |
| ROCE | 19.3 | 7.5 | 3 of 11 | 80% |
| ROE | 15.7 | 8.4 | 4 of 9 | 63% |
| Debt / Equity | 0.4 | 0.3 | 7 of 9 | 25% |
| EBITDA margin | 8.9 | 17.4 | 9 of 10 | 11% |
| Revenue growth | (16.6) | 3.6 | 8 of 9 | 13% |
| Profit growth | (17.9) | (3.6) | 6 of 9 | 38% |
| Market cap | 307 | 3113 | 8 of 10 | 22% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · BIS approves Lehar Footwears shoes for general purpose | business updates | low | — | — |
| 5 Oct 2026 · Quarterly compliance certificate from RTA for Q2 FY2027 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 21 Sept 2026 · Lehar Footwears signs Rajkummar Rao as brand ambassador for Rannr | business updates | low | — | — |
| 10 Sept 2026 · AGM voting results: all 5 resolutions passed, Rs 0.50 dividend declared | board shareholder meetings | low | — | — |
| 10 Sept 2026 · 32nd AGM concludes; Rs 0.50 per share dividend approved | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Lehar Footwears commences operations at new Kundli sports shoe facility | capex operations | high | — | — |
| 17 Aug 2026 · Newspaper publication of 32nd AGM Notice submitted to BSE | compliance | minimal | — | — |
| 11 Aug 2026 · Newspaper publication of Q1 FY27 results and 32nd AGM notice | compliance | minimal | — | — |
| 11 Aug 2026 · Lehar Footwears Q1FY27: Footwear up 9%, margins improve despite headwinds | compliance | low | — | — |
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.