BRANDMAN

Brandman Retail financials

Multi-brand retailer and distributor of premium international footwear, apparel and lifestyle brands across owned stores, e-commerce, D2C and B2B channels in India.

Market cap: ₹312 Cr
Sector: Consumer Durables
Calls analysed: 1

Latest concall · Q4 FY26 · call held 20 May 2026

BRANDMAN Q4 FY26

Revenue ₹162 cr EBITDA Margin 22% PAT ₹25 cr PAT Margin 15.55%

What went well

PAT grew from ₹8 Cr to ₹25 Cr in FY26, a CAGR of 77%.
EBITDA margin inflected from 8.7% to 22% in FY26, with a CAGR of 84.46%.
Top line reached ₹162 Cr with a PAT margin of 15.55% in FY26.

What to watch

Q4 FY26 gross margin was lower at 26% due to end-of-season sales and discounts, compared to higher margins in previous quarters.
Shift from higher EBITDA B2B segment (26%) to lower EBITDA retail/e-commerce segment (18-20%) could pressure overall margins in the short term.

Read the full call →

What Brandman Retail Ltd does

Brandman Retail Limited is a retail and distribution company that holds distribution, retail-partnership and licensing agreements with premium international footwear, apparel and accessories brands for the Indian market. It runs company-owned exclusive brand outlets (EBOs) for New Balance and multi-brand "Sneakrz" stores carrying brands such as ANTA, Saucony, Wilson and On Running, alongside sales through e-commerce marketplaces, its own D2C platforms (brandmanretail.com and sneakrz.in), and a B2B/institutional bulk-supply channel. It earns by selling footwear, apparel and accessories across this omni-channel, single-inventory retail and distribution network.

Segments

Retail Stores
E-Commerce
D2C
B2B / Institutional

Total outlets: 22 (across EBOs & Sneakrz MBOs)
New Balance EBOs: 14
Sneakrz multi-brand outlets (MBOs): 8
Distribution rights (global brands): 10
Cities presence: 12
Distribution channels: 4 (Retail | E-commerce | D2C | B2B)

Founded 2021Headquarters New Delhi, India Company website

Guidance record · Q4 FY26

what the last two calls moved 6 tracked 0 delivered 0 missed 6 open

Number of Sneaker stores open said Q4 FY26 Promised: 50 stores in the next 5 years Q4 FY26: We aspire to have 50 stores of Sneaker in the next 5 years.

All 6 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 60.1%, net profit up 16.4% against the same quarter last year.

₹ Cr · quarterly

Line item	Q4 FY25	Q1 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	28	12	49	67	45 +60%
Expenses	26	12	34	60	41
EBITDA	2	-1	15	7	4 +90%
Margin	7%	-7%	31%	11%	9%
Other income	4	2	7	1	3
Interest	0	0	1	1	1
Depreciation	0	0	0	0	0
Profit before tax	6	1	21	8	6 +15%
Tax rate	26%	27%	26%	26%	25%
Net profit	4	0	15	6	5 +16%
EPS	3.21	0.30	11.27	3.06	2.58

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −10.2% YTD

YTD: ₹192.15 on 11 Feb 2026 → ₹172.5. High ₹236.65 (20 Feb 2026), low ₹112.45 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26: 0.0%; 20 May

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Balance sheet

Year ending	FY23	FY24	FY25	FY26
Equity capital	₹0 Cr	₹0 Cr	₹13 Cr	₹18 Cr
Reserves	₹0 Cr	₹9 Cr	₹17 Cr	₹123 Cr
Borrowings	₹2 Cr	₹4 Cr	₹12 Cr	₹13 Cr
Other liabilities	₹36 Cr	₹28 Cr	₹43 Cr	₹53 Cr
Total liabilities	₹38 Cr	₹40 Cr	₹85 Cr	₹208 Cr
Fixed assets	₹3 Cr	₹6 Cr	₹7 Cr	₹12 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Investments	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Other assets	₹35 Cr	₹34 Cr	₹77 Cr	₹196 Cr
Total assets	₹38 Cr	₹40 Cr	₹85 Cr	₹208 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Mar 2026, the public added +0.30 pp while DIIs trimmed −0.22 pp. The shareholder count grew 5% to 568.

Promoters: 69.0%
FIIs: 1.7%
DIIs: 5.9%
Public: 23.4%

Since Mar 2026

Public +0.30 pp
DIIs −0.22 pp
FIIs −0.07 pp

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Brandman Retail Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.

Holder	Stake	Change
Kavya Malhotra	51.04%	unchanged
Arun Malhotra	12.43%	unchanged
Arun Malhotra And Son Huf	5.53%	unchanged
Gdn Ventures Llp	4.88%	unchanged
Mukul Mahavir Agrawal	4.04%	unchanged
Sanshi Fund-I AIF	2.47%	unchanged
Sanatan Financial Advisory Services Private Limited	1.63%	unchanged
Founders Collective Fund AIF	1.24%	unchanged
Bharat Venture Opportunities Fund VC / PE	1.24%	unchanged
Alka Ajay Vijan	0.03%	unchanged
Kashika Malhotra	0.01%	unchanged
India Max Investment Fund Limited FPI fund	—	off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Learn to analyse Brandman Retail Ltd

Guides on how to read this kind of business and the numbers that matter.