Redtape Ltd(REDTAPE)

NSE: REDTAPEBSE: 543957

₹ 104.5+0.38%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 5,777 crWebsite: www.redtape.comUpdated: 27 Oct 2026

About

RedTape Ltd is an Indian lifestyle brand selling footwear, apparel and accessories across retail stores, e-commerce and international markets. The company posted standalone revenue of ₹2,418.77 Cr in FY26, with a three-year revenue CAGR of 18.3%. It operates four brands - RedTape, Ozark, Mode and Bond Street - on a single shared platform, and is ranked #2 footwear brand on both Flipkart and Myntra.^[1][2]

Business segments

Footwear contributed 63% of FY26 revenue, covering casuals, formals, semi-formals, sports and outdoor styles.^[2]
Apparel contributed 34% of FY26 revenue, spanning T-shirts, shirts, denim, joggers and activewear, including Heat Tech winter range.^[2]
Accessories contributed 3% of FY26 revenue (₹75 Cr), growing fastest and carrying the highest margin profile; includes sunglasses, hard luggage and grooming.^[3][2]
Footwear category mix was 56% of Q1 FY27 revenue.^[4]

Brands and products

RedTape (flagship lifestyle), Ozark (outdoor/adventure), Mode (premium apparel) and Bond Street (casual/occasion footwear) all run on one shared operating platform.^[2]
In April 2026 RedTape acquired rights to sportswear brand Sprandi for India, Bangladesh, Nepal, Bhutan and Sri Lanka; footwear launch planned by end of September 2026, apparel to follow.^[4]
RedTape introduces 15 new footwear styles per month in retail and ~50 new styles per month across retail and online combined; no style is repeated once its design cycle ends.^[2]
The company migrated from EVA to ETPU soles for superior cushioning and became the second brand in India to introduce Heat Tech apparel technology.^[2]

Manufacturing and sourcing

One manufacturing plant is located at UPSIDC Industrial Area, Site II, Unnao, Uttar Pradesh.^[2]
~95% of footwear production is outsourced to contract manufacturers in India and globally; ~5% is produced in-house.^[2]
Myanmar and Nepal were operationalised as sourcing markets in FY26 to reduce single-country concentration risk; BIS accreditation was secured across all footwear import territories.^[3]

Store network and distribution

Total store count reached 702 stores across 330 cities as of Q1 FY27, after adding 33 stores with 58,000 sq ft of gross retail area in that quarter.^[4]
Of ~542 exclusive stores (FY26), ~357 are franchisee-operated (FOFO); RedTape retains inventory ownership, GST billing and the customer relationship across all formats.^[2]
Operations span 24 states and union territories nationally and 13 countries internationally, with 1 plant, 1 office and 551 other locations.^[2]
New store additions in Q1 FY27 are weighted toward 800 - 1,500 sq ft formats, focused on South, East and West India where RedTape is underpenetrated.^[4]

Key operating numbers

Retail SSSG: ~18% in Q3 FY26, 17.8% in Q4 FY26, and 11.9% (12% per AR) for full-year FY26.^[3][2][5]
Average selling price (ASP): ₹1,190 in FY26 vs ₹1,102 in FY25 (+8% YoY); ₹1,246 in Q4 FY26 vs ₹1,207 in Q4 FY25 (+3% YoY).^[3][2]
Retail channel volume: 12.6 Mn units in FY26 vs 11.5 Mn units in FY25 (+10% YoY); Q1 FY27 volumes grew ~4% YoY from 5.9 Mn to 6.1 Mn units.^[3][4]
Gross margin: 47.5% in Q1 FY27 (+213 bps YoY); 43.1% in FY26 (−251 bps YoY).^[4][3]
Inventory days: 173 days in Q1 FY27, down considerably from the prior year; target is to reduce to 150 days by end of FY27.^[4]
Revenue per sq ft: ~₹3,027 in Q3 FY26; ~₹6,417 for 9M FY26.^[5]

Channel mix and customers

RedTape is ranked #2 footwear brand on both Flipkart and Myntra, and maintains presence on Amazon, AJIO, Nykaa and Tata CliQ.^[2]
E-commerce contributed ~22% of revenue in Q1 FY27, down from ~30% in FY26, after management declined to participate in additional marketplace discounting.^[4]
Retail channel grew 17% YoY to ₹356 Cr in Q1 FY27 vs ₹303 Cr in Q1 FY26.^[4]
Women's share of online footwear rose from ~12% in FY25 to 17 - 18% in Q2 FY26.^[6]

Exports and international presence

Exports accounted for ~0.13% of total turnover in FY26; export revenue was ₹2.5 Cr in Q1 FY27.^[2][4]
RedTape has a presence in 10+ international markets including UK, UAE, Turkey, Singapore, Bhutan, Maldives, Seychelles, Australia, Sri Lanka and Turkiye.^[2]
StyleLabel Manchester was appointed UK master distributor; transactions commenced in Q1 FY27.^[2][4]

Expansion and new store targets

Management aspires to open 150 stores by end of FY27; 33 were opened in Q1 FY27 alone, ahead of an earlier annual target of 200 - 250 stores.^[4][3]
Two additional marketplace warehouses are planned beyond the current seven.^[3]
Ozark and Sprandi sub-brands are targeted to grow meaningfully in absolute size and gain share in the portfolio mix over time.^[4]

Recent developments

April 2026: RedTape acquired rights to Sprandi sportswear brand for India, Bangladesh, Nepal, Bhutan and Sri Lanka; online and retail launch expected by end of September 2026.^[4]
Q1 FY27: E-commerce rebate income from platforms fell to ₹8 - 9 Cr from ~₹28 Cr in Q1 FY26, reflecting the deliberate pullback from marketplace discounting.^[4]
FY26: Mode and Bond Street sub-brands were launched targeting the ₹500 - ₹1,000 price segment; eyewear and hard luggage added as new accessories sub-categories.^[5][3]
FY26: RedTape re-entered the UK market through Amazon; the India - UK FTA was expected to take effect from 1 April 2026.^[6]

Market Cap

₹5,777 Cr

High / Low

₹159 / 102

Stock P/E

23.5

Price / Book

5.7

Book Value

₹18

EPS

₹4.3

No. of Shares

55.28 Cr

ROCE

24.7%

ROE

26.6%

OPM

15.4%

Debt / Equity

0.38

Sales

₹2,419 Cr

Net Profit

₹241 Cr

Promoter holding

71.8%

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Redtape Ltd(REDTAPE)

About

Business segments

Brands and products

Manufacturing and sourcing

Store network and distribution

Key operating numbers

Channel mix and customers

Exports and international presence

Expansion and new store targets

Recent developments

Signal history

The analysis Screener can't give you

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