Metro Brands Ltd(METROBRAND)

NSE: METROBRANDBSE: 543426

₹ 820-4.13%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 22,354 crWebsite: www.metrobrands.comUpdated: 24 Oct 2026

About

Metro Brands Ltd is an Indian specialty footwear retailer operating multi-brand outlets under the Metro, Mochi, Walkway, and Shoe Depot banners, alongside exclusive brand stores for Crocs, Clarks, FILA, FitFlop, and Foot Locker. It reported revenue of Rs 2,863.63 cr in FY26 and had 1,053 stores at the end of H1 FY27. All its products are sourced through third-party manufacturers.^[1][2][3][4]

Store network and formats

H1 FY27 saw 34 store openings and 13 closures, for 21 net additions and 1,053 stores in total, compared with 124 net additions in FY26.^[3]
FY26 net store additions were 124 (147 opened, 23 closed), crossing the 1,000-store milestone in Q3 FY26; stores spanned 221 cities and 31 states/UTs as of March 2026.^[5]
Walkway grew from 70 stores in FY25 to 103 stores at March 2026, targeting Tier 2-4 towns where unorganised footwear dominates.^[5]
Three MetroActiv athletic stores opened in Q3 FY26 in Indore, Dehradun and Jodhpur; Foot Locker reached 5 stores in Q2 FY26, and its expansion is being calibrated to BIS normalisation.^[6][7][3]
New Era is moving from kiosks to an EBO-led model: two EBOs opened and four kiosks closed in Q2 FY27.^[3]

Brand and product portfolio

The business is run as four verticals with dedicated leadership as of Q1 FY27: Core (Metro/Mochi), Value (Walkway/Shoe Depot), Strategic Brands (Crocs/Clarks/FitFlop) and Sports (FILA, Foot Locker, MetroActiv).^[1]
Own-brand share at MBOs was 70% in H1 FY27 vs 73% in FY26.^[3]
Products priced above Rs 3,000 were 56% of store product sales in H1 FY27, vs 57% in Q1 FY27 and 44% in FY22; average realisation is about Rs 1,675.^[3][1]

Key operating metrics

Standalone gross margin was 58.6% in H1 FY27 vs 57.5% in H1 FY26.^[3]
Revenue per sq ft was Rs 8,550 in H1 FY27 vs Rs 8,500; for full-year FY26 it was ₹17,300, vs ₹18,200 in FY25.^[3][1]
Net core working capital was 97 days in H1 FY27 vs 83; it was 86 days at March 2026.^[3][1]
Q2 FY27 revenue rose 12.2% to Rs 730 cr and H1 revenue grew 13.4% to Rs 1,451 cr; the festive calendar shift moved some demand into Q3.^[3]
Footwear volume growth was 9% in FY26.^[1]

E-commerce

E-commerce including omnichannel grew 11% in H1 FY27 and was 13.6% of revenue, vs 13.9% in H1 FY26; its share was 14.2% in Q2 FY27, flat YoY.^[3]
E-commerce was 12.9% of FY26 revenue (₹361 cr), growing 39% YoY.^[1]

Clarks and FILA

As of Q2 FY27 the Clarks ladies' range is in more than 400 MBOs and a limited men's range is in more than 100 MBOs, up from about 350 doors the previous quarter.^[3]
The full Clarks EBO range is expected by Q3, and Clarks EBOs are to launch in H2 FY27; the long-term target is 100-150 Clarks stores.^[3][1]
FILA footwear is now made in India because of BIS issues; its repositioning is expected to take 12-18 months, with store expansion picking up from FY29.^[3]
Sports formats (FILA EBO, Foot Locker, MetroActiv) are targeted at 300-500 stores over a 5-7 year horizon.^[1]

Infrastructure and operations

A distribution centre of about 3 lakh sq ft was commissioned in March 2026, adding ~200,000 sq ft of storage vs the prior warehouse.^[5]
A POS platform upgrade across all stores and a SAP upgrade are planned for completion in FY27.^[5]

Leadership and recent developments

A Chief Business Officer for Sports and a President for Metro/Mochi were added in Q1 FY27, completing the four-vertical structure.^[1]
A GST rate cut on footwear below ₹2,500, effective from Q3 FY26, covered ~90% of Walkway SKUs and ~40% of Metro/Mochi SKUs.^[6]

Market Cap

₹22,354 Cr

High / Low

₹1,230 / 807

Stock P/E

53.9

Price / Book

10.7

Book Value

₹73

EPS

₹15.1

No. of Shares

27.25 Cr

ROCE

20.9%

ROE

22.2%

OPM

22.3%

Debt / Equity

0.00

Sales

₹2,864 Cr

Net Profit

₹416 Cr

Promoter holding

71.8%

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