REDTAPE

Redtape share price & financials

Price
₹134.13
Market cap
₹6.7k Cr
Sector
Consumer Durables
Calls analysed
3
Latest concall · Q1 FY27 · call held 11 Aug 2026

Redtape Limited Q1 FY27

Standalone Revenue ₹480 cr +4%EBITDA Margin 20.4% PAT ₹47 cr +19%Gross Margin 47.5%

What went well

  • PAT grew 19.4% year-on-year to INR47 crores, marking RedTape's highest ever Q1 profit in absolute terms.
  • Standalone revenue increased by 3.7% YoY to INR480 crores, demonstrating resilience despite a mixed demand environment.
  • EBITDA margin was strong at 20.4%, reflecting execution-led efficiencies and disciplined channel management.

What to watch

  • E-commerce channel experienced degrowth as the company consciously avoided excessive marketplace-led discounting to protect brand integrity.
  • Q1 FY27 was a mixed quarter for discretionary consumption, with initial softness reflecting broader macro headwinds and cautious consumer spending.
Read the full call →

What Redtape Limited does

RedTape designs, sources and retails footwear, apparel and accessories under four brands — RedTape, Mode, Bond Street and Ozark — aimed at India's aspirational, mid-premium consumer across men, women and kids. It earns by selling through a mix of owned and franchise-managed (FOFO) retail stores, shop-in-shop counters and e-commerce marketplaces and its own website, with footwear and apparel sourced primarily through third-party vendor partners rather than in-house manufacturing. The business was carved out of Mirza International's leather-export operations in a demerger and has operated as an independently listed entity on the BSE and NSE since August 2023.

Segments

  • Footwear
  • Apparel
  • Accessories
Total stores (India)
669
Cities covered (India)
300
States & union territories covered
20+
Retail footprint
~16 lakh sq. ft.
Owned brands
4 (RedTape, Mode, Bond Street, Ozark)
International markets
10+ countries (incl. UK, UAE, Bangladesh, Bhutan, Sri Lanka, Maldives, Singapore, Australia, Seychelles, Turkiye)
Founded 1994Headquarters Noida, Uttar Pradesh, India Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 2 delivered 3 missed 9 open
  • Inventory levels delivered said Q2 FY26 Promised: go down in the next quarter and subsequent quarters Q1 FY27: This was a short-term promise for Q3/Q4 FY26 and was successfully achieved. No new update as the promise is complete.
  • Website sales as % of online business went quiet said Q2 FY26 Promised: 20% by the end of next year Q1 FY27: No specific update was provided on the share of website sales within the e-commerce business, which as a whole saw its revenue share decline.
  • Year-on-year revenue growth at risk said Q2 FY26 Promised: 20% year-on-year Q1 FY27: Q1 FY27 standalone revenue grew only 3.7% YoY to ₹480 crores, significantly lagging the 20% annual growth target.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 3.7%, net profit up 12.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue416 661 506 464 492 +18%787 +19%676 +34%481 +4%
EBITDA64 125 45 77 73 +14%147 +18%111 +147%84 +9%
Net profit25 73 41 39 28 +12%105 +44%70 +71%44 +13%
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 −16.7% 1Y

₹120₹140₹160Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Nov 2025Q4 FY26 — 26 May 2026Q1 FY27 — 11 Aug 2026

1Y: ₹139.4 on 10 Sept 2025 → ₹116.1. High ₹161.12 (19 Sept 2025), low ₹109.76 (27 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
−5.1%
11 Aug
Q4 FY26
+11.5%
26 May
Q2 FY26
−3.3%
17 Nov

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.

Financials, as filed

Revenue grew 18.1% a year over 3 years, FY23 to FY26. Operating margin held at 16.9%.

Year endingFY23FY24FY25FY26
Revenue₹1.5k Cr₹1.8k Cr₹2.0k Cr₹2.4k Cr
Operating profit₹245 Cr₹320 Cr₹303 Cr₹408 Cr
Operating margin16.7%17.3%15.0%16.9%
Interest₹18 Cr₹35 Cr₹51 Cr₹68 Cr
Depreciation₹44 Cr₹58 Cr₹84 Cr₹88 Cr
Net profit₹142 Cr₹177 Cr₹170 Cr₹242 Cr
Net margin9.7%9.6%8.4%10.0%
Cash from operations₹127 Cr₹84 Cr₹4 Cr₹174 Cr
Free cash flow₹-6 Cr₹-32 Cr₹-104 Cr₹89 Cr
ROCE37.0%29.0%22.0%24.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY22FY23FY24FY25FY26
Equity capital₹0 Cr₹28 Cr₹28 Cr₹111 Cr₹111 Cr
Reserves₹336 Cr₹449 Cr₹621 Cr₹747 Cr₹911 Cr
Borrowings₹28 Cr₹260 Cr₹480 Cr₹930 Cr₹720 Cr
Other liabilities₹461 Cr₹502 Cr₹460 Cr₹504 Cr₹564 Cr
Total liabilities₹826 Cr₹1.2k Cr₹1.6k Cr₹2.3k Cr₹2.3k Cr
Fixed assets₹304 Cr₹368 Cr₹646 Cr₹749 Cr₹750 Cr
Capital work in progress₹17 Cr₹71 Cr₹17 Cr₹9 Cr₹25 Cr
Investments₹1 Cr₹1 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹504 Cr₹799 Cr₹925 Cr₹1.5k Cr₹1.5k Cr
Total assets₹826 Cr₹1.2k Cr₹1.6k Cr₹2.3k Cr₹2.3k 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 Jun 2025, DIIs added +1.47 pp while the public trimmed −1.08 pp. The shareholder count shrank 4% to 75,576.

Promoters
71.8%
FIIs
3.2%
DIIs
11.7%
Public
13.2%

Since Jun 2025

  • DIIs +1.47 pp
  • Public −1.08 pp
  • FIIs −0.43 pp

How it drifted, 12 quarters

Over this window the public fell from 19.6% to 13.2% — −6.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 71.8%, FIIs 2.2%, DIIs 6.4%, Public 19.6%.Dec '23: Promoters 71.8%, FIIs 2.7%, DIIs 7.3%, Public 18.2%.Mar '24: Promoters 71.8%, FIIs 3.1%, DIIs 7.9%, Public 17.3%.Jun '24: Promoters 71.8%, FIIs 3.2%, DIIs 8.9%, Public 16.2%.Sep '24: Promoters 71.8%, FIIs 3.3%, DIIs 10.2%, Public 14.7%.Dec '24: Promoters 71.8%, FIIs 3.5%, DIIs 10.2%, Public 14.5%.Mar '25: Promoters 71.8%, FIIs 3.5%, DIIs 10.3%, Public 14.4%.Jun '25: Promoters 71.8%, FIIs 3.6%, DIIs 10.3%, Public 14.3%.Sep '25: Promoters 71.8%, FIIs 3.8%, DIIs 10.8%, Public 13.6%.Dec '25: Promoters 71.8%, FIIs 3.9%, DIIs 10.9%, Public 13.4%.Mar '26: Promoters 71.8%, FIIs 3.8%, DIIs 11.0%, Public 13.4%.Jun '26: Promoters 71.8%, FIIs 3.2%, DIIs 11.7%, Public 13.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 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 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Redtape Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Rashid Ahmed Mirza 35.81%unchanged
Shuja Mirza 35.79%unchanged
ICICI Prudential ELSS Tax Saver Fund Mutual fund7.47%+0.74 pp
HDFC Small Cap Fund Mutual fund4.05%unchanged
Eastspring Investments India Fund Global fund house1.70%unchanged
Tauseef Ahmad Mirza 0.06%unchanged
Fauzia Mirza 0.05%unchanged
Firdaus Amin 0.04%unchanged
Haya Mirza 0.04%unchanged
Shahid Ahmad Mirza 0.02%unchanged
Iram Mirza 0.02%unchanged
Amaan Mirza 0.00%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.

Mutual funds in REDTAPE

Filings to Jul 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹297 Cr
1 schemes
Biggest holder
HDFC Small Cap Fund
₹297 Cr · 0.7% of that fund
SchemeHoldingLast month
HDFC Small Cap Fund HDFC Mutual Fund₹297 Crheld

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 Jul 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+10%
vs est. average cost
Held by funds
₹297 Cr
1 schemes · ≈ 4.5% of the company

Shares held by these funds −0%

Nov '23 2.24 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹116, this stock must grow earnings at 23% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹45 — downside of 61%.

Growth the price implies
23.2% a year
for 7 years, fading to 4%
It has actually compounded at
11.5% a year
net profit, FY23–FY26 · EPS 5.3%
The gap
0.2 pp
-61% downside if it only repeats history
Price today ₹116.1 Value at the reference growth ₹45.36

Change the assumptions yourself →

All earnings calls (3)

Read the Q1 FY27 call →

Learn to analyse Redtape Limited

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