NSE: METROBRAND · BSE: 543426
METRO BRANDS LIMITED
Operates a multi-brand specialty footwear retail chain in India, selling branded and private-label shoes, sandals and accessories through its own stores and digital channels. As of Q4 FY26 the retail network stood at 1,032 stores, including the first two FILA outlets opened since that brand's acquisition; the chain spans the Metro, Walkway, FILA, Foot Locker, Clarks and MetroActiv banners, with Walkway positioned at the value end for underpenetrated markets. Revenue of ₹2,863.63 crore in FY26 was supported by same-store growth, new store openings and a 53% jump in digital commerce, which now contributes 12% of total revenues. The company is targeting roughly 50 new banner stores in FY27 across FILA, Foot Locker, Clarks and MetroActiv, subject to BIS licensing clarity for import-dependent labels. Back-end scale was lifted by a new 200,000 sq ft distribution centre opened in March 2026. Operating cost is dominated by employee cost at 9.8% of revenue, other operating expenses at 17.9% and depreciation at 10.9%, with capex running at 4.9% of revenue; the largest external pressure cited is raw-material input cost, where management has flagged ~10% inflation mitigated through forward buying and a six-month inventory buffer. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Specialty footwear retail – own stores, Digital commerce (12%), Value-segment retail. Asset-light branded footwear retail; store-network and brand-licensing driven, with rising digital mix.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,343 | 2,127 | 2,357 | 2,507 | 2,864 |
| EBITDA (ex other income) | 409 | 679 | 700 | 757 | 867 |
| margin % | 30.5 | 31.9 | 29.7 | 30.2 | 30.3 |
| Owners' profit | 212 | 361 | 413 | 351 | 411 |
| EPS, as reported (₹) | 8.01 | 13.31 | 15.18 | 12.89 | 15.10 |
| ROE % · ROCE % | 16.6 · 17.7 | 23.2 · 21.9 | 21.9 · 19.0 | 20.4 · 21.2 | 20.5 · 19.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.10 | 0.00 |
| Cash from operations | 220 | 699 | 590 | 698 | 474 |
| Capex | (48) | (100) | (116) | (87) | (139) |
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 | 585 | 703 | 643 | 628 | 651 | 811 | 773 | 720 |
| Profit before tax | 94 | 159 | 126 | 130 | 91 | 172 | 156 | 126 |
| Net profit | 72 | 95 | 95 | 99 | 69 | 130 | 118 | 95 |
| EPS (₹) | 2.56 | 3.48 | 3.48 | 3.62 | 2.49 | 4.71 | 4.28 | 3.44 |
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. % |
|---|---|---|---|---|---|---|---|---|
| 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 55.8 | 47.2 | 6 of 10 | 44% |
| P/B | 11.2 | 3.2 | 8 of 9 | 13% |
| ROCE | 16.3 | 7.5 | 4 of 11 | 70% |
| ROE | 20.5 | 8.4 | 3 of 9 | 75% |
| Debt / Equity | 0.0 | 0.3 | 1 of 9 | 63% |
| EBITDA margin | 33.5 | 17.4 | 1 of 10 | 100% |
| Revenue growth | 14.7 | 3.6 | 2 of 9 | 88% |
| Profit growth | (3.6) | (3.6) | 5 of 9 | 50% |
| Market cap | 22682 | 3113 | 1 of 10 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Metro Brands Q2 sales rise 12%, EBITDA margin reaches 27.1% | investor communications | medium | — | — |
| 16 Oct 2026 · Earnings call held for Q2 and H1 FY26 results | investor communications | low | — | — |
| 16 Oct 2026 · Metro Brands shares newspaper publication of Q2 FY26 results | compliance | minimal | — | — |
| 15 Oct 2026 · Metro Brands H1 FY27 results: Revenue up 13.4%, PAT margin eases to 11.9% | investor communications | medium | — | — |
| 15 Oct 2026 · Metro Brands Q2 FY27: Revenue up 12.2% to Rs 730 Cr, EBITDA up 15.8% | results | high | — | — |
| 15 Oct 2026 · Metro Brands Q2 FY27 PAT rises 12% YoY to Rs 77 cr | results | high | — | — |
| 15 Oct 2026 · Q2 FY26 Results: Revenue Up 12% YoY, PAT Grows 14% to Rs 73 Crore | results | high | — | — |
| 15 Oct 2026 · Metro Brands reports cybersecurity incident; no material financial loss yet | capex operations | high | — | — |
| 14 Oct 2026 · Metro Brands Q2FY27 results call on October 16, 2026 | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Compliance certificate for demat and remat of shares for Q2 FY27 | 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.