Brandman Retail Ltd(BRANDMAN)

NSE: BRANDMAN

₹ 140.25-4.95%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 259 crWebsite: brandmanretail.com/?srsltid=AfmBOopFOKj2ylt15Q6u75z-eeyaB4SUBDLV4k8_pXErnP-b4W6MhPq8Updated: 24 Oct 2026

About

Brandman Retail is an Indian distributor and retailer of global sports and lifestyle footwear and equipment brands such as New Balance, Asics, Saucony, Skechers, ANTA and Wilson. It sells through B2B and institutional channels, its own stores and e-commerce. It ended FY26 with 22 stores (14 New Balance EBOs and 8 Sneakrz MBOs), and FY26 revenue was 162.41. The company listed on NSE Emerge in February 2026.^[1][2]

Revenue mix by channel

B2B share of revenue fell to 61.6% in FY26, down from 70.4% in FY25.^[1]
Retail stores' share of revenue rose to 30.6% in FY26, up from 22% in FY25.^[1]
E-commerce share of revenue was 7.8% in FY26, compared with 7.6% in FY25.^[1]
Exports make up roughly 55% of total revenue (FY26 call). This causes margins to differ between the first and second halves of the year.^[1]

Brand portfolio

The brand roster reached 10 global brands in FY26. The FY26 focus was on New Balance, On Running, Asics, Saucony, Rockport and Skechers.^[1]
In FY26 the company signed a non-exclusive distributor agreement with ANTA Group and onboarded Wilson. This took it into sports equipment as well as footwear.^[1]
In FY26 it signed an exclusive e-commerce partnership with Skechers. It buys from Skechers' Indian subsidiary in INR.^[1]

Store network

The store network grew from 13 in FY25 to 22 in FY26. During FY26 the company added 4 EBOs and 7 Sneakrz MBOs.^[1]
At the end of FY26 it had 14 New Balance EBOs and 8 Sneakrz MBOs across 12 cities.^[1]
In FY26 it entered Northeast India with Sneakrz Guwahati and opened premium airport outlets at Mumbai and Guwahati airports.^[1]

Key operating numbers

In FY26, EBITDA margin was about 26% for B2B and 18-20% for retail and e-commerce.^[1]
Advertising and promotion spend was 5-6% of revenue in FY26.^[1]
E-commerce reached more than 20,000 PIN codes in FY26.^[1]

Customers and distribution

The company is a channel partner of TJ Maxx. In Q3 FY26 it sold Season-1 and Season-2 liquidation inventory to TJ Maxx in the GCC.^[1]
As of FY26, ERP-linked systems give real-time inventory visibility across store, online and B2B channels. Stores fulfil online orders for the nearest PIN codes.^[1]

Expansion plans

The company plans 22 new stores in FY27: 5 Anta EBOs, 2 Wilson EBOs, 5 Saucony EBOs, 7 Sneakrz MBOs, and the rest New Balance. This would take the total to about 44 stores.^[1]
It signed with DLF and Adani Airports for 10 multi-brand airport stores. The rollout at Adani-operated airports is targeted for FY27.^[1]
It aims to open at least 50 Sneakrz MBO stores over the next 5 years and plans to expand retail into East India.^[1]
It aims for B2C (retail and e-commerce) to become the main revenue driver over FY27-FY28, and aspires to ₹1,000 Cr revenue within 5 years.^[1]

Recent developments

In February 2026 its SME IPO raised ₹86 Cr and was oversubscribed 114x, with an anchor commitment of ₹24.5 Cr. The proceeds are earmarked for store expansion.^[1]
The shares listed on NSE Emerge at ₹183, about 4% above the issue price.^[1]

Market Cap

₹259 Cr

High / Low

₹244 / 109

Stock P/E

12.6

Price / Book

2.3

Book Value

₹77

EPS

₹13.7

No. of Shares

1.85 Cr

ROCE

23.4%

ROE

17.8%

OPM

21.1%

Debt / Equity

0.09

Sales

₹162 Cr

Net Profit

₹25 Cr

Promoter holding

69.0%

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