RELAXO

Relaxo Footwears share price & financials

Price
₹439.95
Market cap
₹8.1k Cr
Sector
Consumer Durables
Calls analysed
3
Latest concall · Q4 FY26 · call held 29 May 2026

Relaxo Footwear Q4 FY26

Revenue ₹751 cr +8%EBITDA ₹124 cr +11%EBITDA Margin 16.5% PAT ₹68 cr +20%

What went well

  • Q4 FY26 Revenue grew 8.1% YoY to INR751 crores, driven by strong volume growth and recovery in general trade.
  • Q4 FY26 EBITDA grew 10.6% YoY to INR124 crores, with margin expanding 40 bps to 16.5%.
  • Q4 FY26 PAT grew 20.4% YoY to INR68 crores, with PAT margin expanding 92 bps to 9.0%.

What to watch

  • Uncertain external environment and ongoing geopolitical situation causing inflationary pressure.
  • Need for close monitoring of demand and consumption patterns after calibrated price increases.
Read the full call →

What Relaxo Footwears Limited does

Relaxo Footwears designs, in-house manufactures and distributes footwear across price points and categories, from Hawai chappals to sports shoes, casual and school shoes, sold under its own brand portfolio. It earns by selling through a pan-India network of distributors, multi-brand retail outlets and its own exclusive brand outlets, alongside exports and e-commerce, while controlling the full production process from design to final packaging. The company also exports to dozens of countries via an overseas office in Dubai.

Segments

  • Footwear
Manufacturing facilities
9 (Bahadurgarh-Haryana, Bhiwadi-Rajasthan, Haridwar-Uttarakhand)
Installed manufacturing capacity
~10.5 lakh pairs per day
Retailers / multi-brand outlets served
~70,000+
Pan-India active distributors
~630
Exclusive Brand Outlets (EBOs)
420
Countries exported to
~37
Founded 1984Headquarters Aggarwal City Square, Plot No. 10, Manglam Place, District Centre, Sector 3, Rohini, Delhi - 110085Employees 7,355 (2025-03-31)

Guidance record · Q4 FY26

what the last two calls moved 15 tracked 4 delivered 3 missed 8 open
  • Total Capex delivered said Q4 FY25 Promised: Around INR 100 crores. Q4 FY26: Actual capex for FY26 was INR 130 crores, which is within the revised guidance of INR 100-150 crores.
  • EBITDA Margin Improvement missed said Q4 FY25 Promised: 1% plus improvement. Q4 FY26: Full year FY26 EBITDA margin was 13.8% vs ~13.75% in FY25. This is a marginal improvement, not the targeted 100bps+.
  • ROCE Improvement on track said Q4 FY25 Promised: Improve by at least 2% to 3% in coming time. Q4 FY26: No explicit update on ROCE. However, FY26 PAT margin improved to 6.6% from 6.1% in FY25, which supports the long-term goal of improving return ratios.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 7.8%, net profit up 12.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue679 667 695 654 629 −7%668 +0%751 +8%705 +8%
EBITDA88 83 112 99 81 −8%69 −17%124 +11%108 +9%
Net profit37 33 56 49 36 −3%27 −18%68 +21%55 +12%
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 −34.1% 1Y

₹300₹400₹500Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q4 FY26 — 29 May 2026

1Y: ₹493.2 on 10 Sept 2025 → ₹324.95. High ₹499.1 (17 Sept 2025), low ₹237.9 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
+14.3%
29 May
Q2 FY26
−0.8%
14 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 fell 1.0% a year over 3 years, FY23 to FY26. Operating margin widened to 13.8%.

Year endingFY23FY24FY25FY26
Revenue₹2.8k Cr₹2.9k Cr₹2.8k Cr₹2.7k Cr
Operating profit₹335 Cr₹407 Cr₹382 Cr₹373 Cr
Operating margin12.0%14.0%13.7%13.8%
Interest₹19 Cr₹19 Cr₹20 Cr₹21 Cr
Depreciation₹126 Cr₹148 Cr₹158 Cr₹157 Cr
Net profit₹154 Cr₹200 Cr₹170 Cr₹180 Cr
Net margin5.5%6.9%6.1%6.7%
Cash from operations₹400 Cr₹235 Cr₹406 Cr₹348 Cr
Free cash flow₹216 Cr₹-11 Cr₹291 Cr₹213 Cr
ROCE12.0%14.0%11.0%11.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹25 Cr₹25 Cr₹25 Cr₹25 Cr₹25 Cr₹25 Cr
Reserves₹1.5k Cr₹1.7k Cr₹1.8k Cr₹2.0k Cr₹2.1k Cr₹2.2k Cr
Borrowings₹144 Cr₹174 Cr₹164 Cr₹205 Cr₹215 Cr₹233 Cr
Other liabilities₹459 Cr₹448 Cr₹476 Cr₹508 Cr₹545 Cr₹510 Cr
Total liabilities₹2.2k Cr₹2.4k Cr₹2.5k Cr₹2.7k Cr₹2.9k Cr₹2.9k Cr
Fixed assets₹938 Cr₹987 Cr₹1.1k Cr₹1.4k Cr₹1.3k Cr₹1.4k Cr
Capital work in progress₹118 Cr₹149 Cr₹89 Cr₹33 Cr₹75 Cr₹97 Cr
Investments₹338 Cr₹194 Cr₹225 Cr₹108 Cr₹422 Cr₹436 Cr
Other assets₹782 Cr₹1.1k Cr₹1.0k Cr₹1.2k Cr₹1.0k Cr₹1.1k Cr
Total assets₹2.2k Cr₹2.4k Cr₹2.5k Cr₹2.7k Cr₹2.9k Cr₹2.9k 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 trimmed −0.28 pp while FIIs added +0.26 pp. The shareholder count shrank 7% to 2,23,844.

Promoters
71.3%
FIIs
3.1%
DIIs
9.7%
Public
15.9%

Since Jun 2025

  • DIIs −0.28 pp
  • FIIs +0.26 pp
  • Public +0.02 pp

How it drifted, 12 quarters

Over this window DIIs went from 8.5% to 9.7% — +1.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 71.3%, FIIs 3.2%, DIIs 8.5%, Public 17.0%.Dec '23: Promoters 71.3%, FIIs 3.4%, DIIs 8.9%, Public 16.5%.Mar '24: Promoters 71.3%, FIIs 3.3%, DIIs 9.3%, Public 16.1%.Jun '24: Promoters 71.3%, FIIs 3.4%, DIIs 9.5%, Public 15.8%.Sep '24: Promoters 71.3%, FIIs 3.4%, DIIs 10.0%, Public 15.3%.Dec '24: Promoters 71.3%, FIIs 3.3%, DIIs 10.5%, Public 14.9%.Mar '25: Promoters 71.3%, FIIs 3.1%, DIIs 10.6%, Public 15.1%.Jun '25: Promoters 71.3%, FIIs 2.9%, DIIs 9.9%, Public 15.9%.Sep '25: Promoters 71.3%, FIIs 3.0%, DIIs 9.9%, Public 15.8%.Dec '25: Promoters 71.3%, FIIs 3.0%, DIIs 9.9%, Public 15.8%.Mar '26: Promoters 71.3%, FIIs 3.0%, DIIs 9.7%, Public 15.9%.Jun '26: Promoters 71.3%, FIIs 3.1%, DIIs 9.7%, Public 15.9%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

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

HolderStakeChange
Ramesh Kumar Dua 23.43%unchanged
Mukand Lal Dua 20.53%unchanged
SBI Large & Midcap Fund Mutual fund9.33%−0.06 pp
Vls Securities Limited 5.84%unchanged
Usha Dua 3.92%unchanged
Lalita Dua 3.83%unchanged
Gaurav Kumaar Dua 3.75%unchanged
Rahul Dua 3.75%unchanged
Ritesh Dua 3.71%unchanged
Nitin Dua 3.65%unchanged
Nikhil Dua 3.59%unchanged
Vls Finance Limited 3.02%−0.11 pp

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 RELAXO

Filings to Aug 2026

0 new, 1 added, 0 trimmed, 0 sold out — net +0.14 L shares (+0.1%).

Held by funds
₹818 Cr
5 schemes
Biggest holder
SBI Smallcap Fund
₹480 Cr · 1.1% of that fund
SchemeHoldingLast month
SBI Smallcap Fund SBI Mutual Fund₹480 Cr+0.14 L
SBI Large and Midcap Fund SBI Mutual Fund₹275 Crheld
SBI Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP) SBI Mutual Fund₹52 Crheld
SBI Consumption Opportunities Fund SBI Mutual Fund₹10 Crheld
SBI Children's Fund - Savings Plan (Erstwhile known as SBI Magnum Children's Benefit Fund-Svg P) SBI Mutual Fund₹1 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 Aug 2026

1 added, 0 trimmed — net +13,519 shares (+0.1%)

Funds are sitting on
-19%
vs est. average cost
Held by funds
₹818 Cr
5 schemes · ≈ 12% of the company
Biggest holder
SBI Smallcap Fund
₹480 Cr · 1.1% of that fund

Shares held by these funds +28%

Aug '23 2.29 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹325, this stock must grow earnings at 30% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹89 — downside of 72%.

Growth the price implies
30.0% a year
for 7 years, fading to 4%
It has actually compounded at
5.3% a year
net profit, FY23–FY26 · EPS 5.1%
The gap
0.2 pp
-72% downside if it only repeats history
Price today ₹324.95 Value at the reference growth ₹89.49

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Relaxo Footwears Limited

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