India's largest pan-India footwear specialty retailer, running 1,032 stores across 9 formats in 221 cities.
Price & Snapshot
1Y: ₹1,139.6 on 29 Oct 2025 → ₹823.25. High ₹1,207.1 (31 Dec 2025), low ₹805.2 (26 Oct 2026).
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 730 | +12.1% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 27.0 | +1.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 77.0 | +11.6% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 19.80 | +3.6 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 11.73 | −12.7 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 15.58 | +7.9 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 8 judged targets kept · 19 open · verdicts reflect calls analysed to Q2 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Clarks Door Count | 300 doors in the next quarter [Q3 FY26] | Q2 FY26 | Final verdict from Q1 FY27 stands. Promise period has ended. | Achieved |
| FY25 Revenue Growth | 12% to 15% | Q2 FY25 | Final verdict from FY25 stands. Promise period has ended. | Missed |
| Long-term Revenue CAGR | 15% to 18% over next 2 to 5 years | Q3 FY25 | Q2 revenue grew 12.2% YoY, and H1 growth was ~13.1%, both below the 15% lower band of the long-term target. Management has not reiterated this specific guidance this quarter. | At Risk |
5 of Metro Brands Limited's 27 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 24 more targets are in the full ledger.
Claimed
Qualified
Supply chain
Named counterparties and similar headwinds disclosed on earnings calls.
demand conditions · Q2 FY27
Crompton Greaves Consumer Electricals Limited (CROMPTON) reported: The industry is currently facing commodity cost pressures and unpredictable geopolitical developments, which the company is addressing through price increases and cost optimization.
freight and shipping · Q2 FY27
VARMORA (VARMORA) reported: Export revenue fell 18% and export volume fell to 2.03 MSM from 3.42 MSM. FY27 guidance depends on exports reviving. Management says freight is easing (US rates down to about 5,500 from 7,000-7,500)
SONAM LIMITED (SONAMLTD) reported: Freight costs accounted for 30% to 40% of H1 other expenses (₹7.5 cr), suppressing export competitiveness and prompting a pivot toward domestic markets.
supply chain disruption · Q2 FY27
Kajaria Ceramics Limited (KAJARIACER) reported: Morbi tile exports are expected to drop to ~INR 12,000 crores for FY27 owing to elevated shipping container rates and vessel availability issues.
Orient Electric Limited (ORIENTELEC) reported: Affects supply chain visibility and business planning.
raw material costs · Q2 FY27
Havells India Limited (HAVELLS) reported: Macroeconomic uncertainties persist and commodity prices remain elevated, impacting margins in some segments.
Orient Electric Limited (ORIENTELEC) reported: Continued inflation in copper, aluminum, and crude-linked movements impacts gross margins, requiring ongoing price increases.
VARMORA (VARMORA) reported: Propane rose from ₹80.53 (Q2 average) to ₹92 now. Input costs are up 14-15% against a 17% price hike, leaving about 3% headroom. Management will raise prices if a large increase lasts 1-1.5 months
SONAM LIMITED (SONAMLTD) reported: War environment and raw material inflation raised manufacturing costs, which management plans to counter via premium product launches.
regulatory compliance · Q2 FY27
Kajaria Ceramics Limited (KAJARIACER) reported: 40% to 50% of 400-500 plants in Morbi are not operating due to weak exports and high gas prices; management dismissed risks of permanent facility shutdowns.
Live Summary
Overview
Based on the company's own presentations, annual report and earnings calls.
Metro Brands Limited retails footwear and accessories for the whole family across price points, operating an asset-light, primarily Company-Owned-Company-Operated (COCO) network of stores under its own brands (Metro, Mochi, Walkway, Proline) and licensed/exclusive third-party brands (Crocs, Fitflop, Fila, Foot Locker, New Era, Clarks). It also runs MetroActiv, a multi-brand sports-performance retail format carrying Nike, adidas, Puma, ASICS, Skechers, New Balance, FILA and New Era. The company sells through its physical store network as well as an omni-channel digital layer of owned and exclusive-brand websites, marketplaces and social commerce, and operates its own e-commerce-specific warehousing and distribution infrastructure.
Segments
close before → close after
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.
Guidance
3 of 8 judged targets kept · 19 open · verdicts reflect calls analysed to Q2 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Clarks Door Count | 300 doors in the next quarter [Q3 FY26] | Q2 FY26 | Final verdict from Q1 FY27 stands. Promise period has ended. | Achieved |
| FY25 Revenue Growth | 12% to 15% | Q2 FY25 | Final verdict from FY25 stands. Promise period has ended. | Missed |
| Long-term Revenue CAGR | 15% to 18% over next 2 to 5 years | Q3 FY25 | Q2 revenue grew 12.2% YoY, and H1 growth was ~13.1%, both below the 15% lower band of the long-term target. Management has not reiterated this specific guidance this quarter. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 27 tracked commitments, with each call’s wording and source.
Call summaries
Metro Brands Limited Q2 FY27
Metro Brands delivered a strong Q2 FY27 with consolidated revenue up 12.2% and EBITDA up 15.9%, driven by improved gross margins. However, profitability was impacted by a shift in festive demand to Q3 and ongoing investments in new brands and talent. The company continues its selective store expansion, reaching 1,053 stores, while navigating supply chain challenges for newer international brands.
Read the full callMetro Brands Limited Q1 FY27
Metro Brands Limited reported a resilient Q1 FY27 with 14% standalone revenue growth, 9% EBITDA growth, and 13% PAT growth, despite initial softness in April and May. The company maintained strong gross and EBITDA margins, driven by effective cost management and digital channel expansion. Strategic investments in brand-building and talent, alongside ongoing BIS challenges, impacted PAT margins, but management remains confident in achieving full-year targets.
Read the full callMetro Brands Q4 FY26
Metro Brands delivered a strong Q4 FY26, with standalone business and EBITDA growing 20% each, and a PAT margin of 18%. Digital commerce saw robust growth of 53%, contributing 12% to revenues. The company expanded its store network to 1,032 outlets and invested in a new 200,000 sq ft distribution center. Management is closely monitoring external risks like the Gulf crisis and BIS issues, while confident in mitigating input cost inflation and sustaining long-term growth.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +12% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 703 | 643 | 628 | 651 | 811 | 773 | 720 | 730 |
| Expenses | 478 | 446 | 434 | 480 | 546 | 535 | 506 | 533 |
| Operating profit | 225 | 197 | 194 | 171 | 265 | 238 | 215 | 197 |
| Operating margin | 32.0% | 31.0% | 31.0% | 26.0% | 33.0% | 31.0% | 30.0% | 27.0% |
| Other income | 24 | 23 | 29 | 28 | 17 | 32 | 27 | 23 |
| Interest | 23 | 24 | 24 | 29 | 29 | 29 | 30 | 30 |
| Depreciation | 66 | 70 | 69 | 78 | 80 | 84 | 85 | 88 |
| Profit before tax | 160 | 126 | 131 | 91 | 173 | 157 | 127 | 103 |
| Tax rate | 41.0% | 24.0% | 24.0% | 24.0% | 25.0% | 25.0% | 25.0% | 25.0% |
| Net profit | 95 | 95 | 99 | 69 | 130 | 118 | 95 | 77 |
| EPS (₹ per share) | 3.48 | 3.48 | 3.62 | 2.49 | 4.71 | 4.28 | 3.44 | 2.78 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 2,127 | 2,358 | 2,507 | 2,863 |
| Expenses | 1,449 | 1,657 | 1,751 | 1,995 |
| Operating profit | 679 | 700 | 757 | 868 |
| Other income | 55 | 72 | 94 | 106 |
| Interest | 63 | 78 | 90 | 111 |
| Depreciation | 180 | 229 | 258 | 311 |
| Profit before tax | 490 | 464 | 503 | 552 |
| Net profit | 366 | 417 | 354 | 416 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 136 | 136 | 136 | 136 | 136 | 136 |
| Reserves | 1,412 | 1,728 | 1,573 | 1,681 | 1,857 | 1,955 |
| Borrowings | 943 | 1,098 | 1,227 | 1,439 | 1,570 | 1,599 |
| Other liabilities | 416 | 391 | 398 | 528 | 452 | 461 |
| Total liabilities | 2,906 | 3,353 | 3,334 | 3,784 | 4,015 | 4,151 |
| Fixed assets | 1,302 | 1,482 | 1,602 | 1,811 | 1,984 | 2,000 |
| Capital work in progress | 18 | 9 | 9 | 18 | 18 | 19 |
| Investments | 478 | 750 | 550 | 649 | 673 | 632 |
| Other assets | 1,109 | 1,111 | 1,173 | 1,306 | 1,340 | 1,501 |
| Total assets | 2,906 | 3,353 | 3,334 | 3,784 | 4,015 | 4,151 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 265 | 220 | 381 | 590 | 698 | 474 |
| Cash from investing | -122 | -301 | -52 | -251 | 122 | -100 |
| Cash from financing | -127 | 116 | -359 | -323 | -773 | -436 |
| Net cash flow | 16 | 35 | -30 | 16 | 47 | -62 |
| Free cash flow | 241 | 172 | 289 | 479 | 611 | 335 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 23 | 13 | 18 | 12 | 13 | 13 |
| Inventory days | 293 | 284 | 276 | 274 | 228 | 273 |
| Days payable | 207 | 141 | 126 | 99 | 81 | 89 |
| Cash conversion cycle | 109 | 155 | 168 | 186 | 160 | 197 |
| Working capital days | 25 | 41 | 56 | 52 | 58 | 64 |
| Return on capital employed | 9.0% | 20.0% | 24.0% | 20.0% | 19.0% | 20.0% |
| Dividend payout | 58.0% | 29.0% | 30.0% | 33.0% | 155.0% | 40.0% |
To justify its price of ₹823, this stock must grow earnings at 34% every year for 7 years. Our analysis caps realistic growth at ~4%. At that growth it is worth ₹180 — downside of 78%.
Ownership
Promoters hold 71.78% as of Sept 2026; institutions added 0.02 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Metro Brands Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 28.04% | unchanged | |
| 27.65% | unchanged | |
| 4.79% | unchanged | |
| 4.79% | unchanged | |
| 4.79% | unchanged | |
| Mutual fund | 3.75% | +0.93 pp |
| 2.90% | unchanged | |
| Mutual fund | 1.51% | newly disclosed |
| 1.46% | unchanged | |
| 1.46% | unchanged | |
| 1.46% | unchanged | |
| 1.46% | unchanged |
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.
Filings to Sep 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹78 Cr | held | Dec '22 |
| HDFC Consumption Fund HDFC Mutual Fund | ₹1 Cr | held | Nov '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
Shares held by these funds +101%
Oct '23 9.33 L shares Sep '26
Your own record
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