NSE: RELAXO · BSE: 530517
RELAXO FOOT LTD.
Manufactures and sells footwear in India under brands including Relaxo and Flite, with in-house production at manufacturing facilities in Haryana. In FY26, the business sold 17.5 crore pairs at an average realisation of ₹153 per pair, generating revenue of ₹2,702 crore. Volume was slightly lower than FY25's 17.8 crore pairs at ₹156 per pair, leading to a 3.1% revenue decline, though profit after tax rose 5.3% to ₹179 crore on better cost management. Q4 FY26 saw an 8.1% year-on-year revenue recovery to ₹751 crore with an EBITDA margin of 16.5%. The biggest cost line is raw materials at 36.7% of revenue, followed by other operating expenses at 30.1% and employee costs at 15.2%. The company is expanding capacity through a new 30-acre land parcel in Bhiwadi, holds a net cash position (net debt of -₹206 crore), and is investing up to ₹2.50 crore for a ~26% stake in a CleanMax SPV to source captive solar power for its Haryana plants. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Footwear – Relaxo brand, Footwear – Flite brand. Asset-heavy, branded footwear manufacturing with vertical integration and net cash balance sheet.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,653 | 2,783 | 2,914 | 2,790 | 2,702 |
| EBITDA (ex other income) | 416 | 336 | 407 | 382 | 374 |
| margin % | 15.7 | 12.1 | 14.0 | 13.7 | 13.8 |
| Owners' profit | 233 | 154 | 200 | 170 | 179 |
| EPS, as reported (₹) | 9.36 | 6.21 | 8.05 | 6.84 | 7.20 |
| ROE % · ROCE % | 13.2 · 17.0 | 8.3 · 11.3 | 10.0 · 13.1 | 8.1 · 10.8 | 8.1 · 10.8 |
| Debt / equity (x) | 0.01 | 0.00 | 0.01 | 0.00 | 0.00 |
| Cash from operations | 56 | 400 | 235 | 406 | 348 |
| Capex | (138) | (177) | (248) | (115) | (136) |
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 | 679 | 667 | 695 | 654 | 629 | 668 | 751 | 705 |
| Profit before tax | 50 | 45 | 75 | 66 | 49 | 36 | 91 | 75 |
| Net profit | 37 | 33 | 56 | 49 | 36 | 27 | 68 | 55 |
| EPS (₹) | 1.48 | 1.32 | 2.26 | 1.96 | 1.46 | 1.06 | 2.72 | 2.21 |
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) | 37.6 | 46.9 | 4 of 10 | 67% |
| P/B | 3.2 | 3.2 | 5 of 9 | 50% |
| ROCE | 9.9 | 7.5 | 5 of 11 | 60% |
| ROE | 8.1 | 8.4 | 6 of 9 | 38% |
| Debt / Equity | 0.0 | 0.3 | 1 of 9 | 63% |
| EBITDA margin | 17.2 | 17.4 | 6 of 10 | 44% |
| Revenue growth | 7.7 | 3.6 | 3 of 9 | 75% |
| Profit growth | 12.3 | (3.6) | 4 of 9 | 63% |
| Market cap | 6977 | 3183 | 3 of 10 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Relaxo acquires 26% stake in renewable energy company | strategic transactions | medium | — | — |
| 7 Oct 2026 · Relaxo Footwears files routine report on physical share transfer requests | compliance | minimal | — | — |
| 5 Oct 2026 · Relaxo signs definitive agreements with Clean Max for renewable energy supply | strategic transactions | medium | — | — |
| 5 Oct 2026 · Quarterly compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Company Secretary and Compliance Officer Ankit Jain resigns from Relaxo Footwears | management changes | high | — | — |
| 30 Sept 2026 · Company Secretary and Compliance Officer Mr. Ankit Jain resigns from Relaxo Footwears | management changes | medium | — | — |
| 30 Sept 2026 · Company Secretary resigns effective November 3, 2026 | management changes | medium | — | — |
| 29 Sept 2026 · Trading window closure ahead of Q2 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · Relaxo Footwears AGM results: all 10 resolutions passed; dividend Rs 3.50/share | board shareholder meetings | low | — | — |
| 24 Sept 2026 · 42nd AGM held: Rs 3.50 dividend and director re-appointments proposed | board shareholder meetings | 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.