NSE: REDTAPE · BSE: 543957
REDTAPE LIMITED
Sells branded footwear and garments/accessories under the Redtape and Bondstreet brands in India and overseas. The two main product lines are footwear (sold domestically and exported) and garments & accessories, with footwear the larger of the two. Distribution combines retail stores, e-commerce and exports to 13 countries. The retail network is the dominant channel, anchored in Tier-2 and Tier-3 cities with a majority of stores franchisee-owned. The company has expanded into eyewear and hard luggage. FY26 reported cost shape: materials 2.1%, employees 5.1%, other operating expenses 23.5%, depreciation 3.6% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Footwear - Domestic & Export Sale under brand Redtape & Bondstreet (56%), Garments & Accessories under brand Redtape (43%), Unallocated (1%). Brand-led, retail-anchored footwear and apparel with growing e-commerce and overseas footprint.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,843 | 2,021 | 2,419 |
| EBITDA (ex other income) | 315 | 335 | 347 |
| margin % | 17.1 | 16.6 | 14.4 |
| Owners' profit | 0 | 170 | 241 |
| EPS, as reported (₹) | 12.75 | 3.08 | 4.35 |
| ROE % · ROCE % | 27.2 · 27.7 | 21.6 · 25.1 | 23.6 · 29.4 |
| Debt / equity (x) | 0.25 | 0.46 | 0.38 |
| Cash from operations | 84 | 4 | 174 |
| Capex | (120) | (171) | (84) |
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 | 416 | 665 | 506 | 464 | 492 | 787 | 676 | 481 |
| Profit before tax | 35 | 99 | 57 | 49 | 42 | 137 | 96 | 60 |
| Net profit | 25 | 73 | 41 | 39 | 28 | 105 | 70 | 44 |
| EPS (₹) | 1.81 | 5.29 | 0.75 | 0.70 | 0.50 | 1.89 | 1.26 | 0.80 |
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 | 22,486 | 55.3 | 11.09 | 23.1 | 20.5 | 16.3 | — | 33.4 |
| BATA INDIA LTD | 8,554 | 58.5 | 5.36 | 11.6 | 8.4 | 6.5 | 15.5 | 22.7 |
| RELAXO FOOT LTD. | 6,977 | 37.6 | 3.16 | — | 8.1 | 9.9 | — | 17.2 |
| REDTAPE LIMITED ◆ | 5,788 | 23.5 | 5.67 | 12.8 | 23.6 | 24.3 | — | 20.5 |
| CAMPUS ACTIVEWEAR LIMITED | 5,765 | 111.6 | 13.48 | 24.4 | 25.2 | 29.5 | — | 18.4 |
| SREELEATHERS LIMITED | 602 | 18.4 | 1.21 | — | 5.8 | 7.5 | — | 16.3 |
| LIBERTY SHOES LTD | 331 | 38.5 | 1.41 | — | 4.8 | 4.3 | — | 7.9 |
| LEHAR FOOTWEARS LIMITED | 316 | 15.2 | 2.39 | — | 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) | 23.5 | 46.9 | 3 of 10 | 78% |
| P/B | 5.7 | 3.2 | 7 of 9 | 25% |
| ROCE | 24.3 | 7.5 | 2 of 11 | 90% |
| ROE | 23.6 | 8.4 | 2 of 9 | 88% |
| Debt / Equity | 0.4 | 0.3 | 6 of 9 | 38% |
| EBITDA margin | 20.5 | 17.4 | 3 of 10 | 78% |
| Revenue growth | 3.6 | 3.6 | 5 of 9 | 50% |
| Profit growth | 15.2 | (3.6) | 3 of 9 | 75% |
| Market cap | 5788 | 3183 | 4 of 10 | 67% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve Q2 and half-year results on November 4, 2026 | results | low | — | — |
| 9 Oct 2026 · Quarterly compliance certificate under SEBI Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · Redtape confirms SEBI LODR compliance for Q2 FY27 | compliance | minimal | — | — |
| 21 Sept 2026 · Redtape trading window closes Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 16 Sept 2026 · REDTAPE replies to BSE volume movement query | regulatory legal | medium | — | — |
| 16 Sept 2026 · BSE seeks clarification from Redtape on unusual volume movement | compliance | low | — | — |
| 15 Sept 2026 · Significant increase in volume has been observed in Redtape Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited. | regulatory legal | medium | — | — |
| 26 Aug 2026 · Redtape re-appoints MD for 5 years; Chairman to continue past 70 | management changes | medium | — | — |
| 26 Aug 2026 · AGM results: all 6 resolutions passed, Rs 2 dividend declared | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Redtape 5th AGM held on Aug 25, 2026; key resolutions passed | board shareholder meetings | medium | — | — |
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.