Footwear industry

14 companies · ₹57,340 cr · 5 with AI deep dives · Q1FY27 report

Volume recovery broadens but RM and wage inflation test whether price hikes hold without destroying demand

Turning upmargin troughed at 17.5% and has risen for 3 quarters to 20.2%, on positive revenue growth

Revenue YoY: +8.0%
EBITDA margin: 20.2%; 0bps YoY
Price, 1 year: -20.5%; 17% of names up
P/E vs own 5y: -27.8%; 46.7x now

Exhibit 1The quarter in numbers

constant panel of 6 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	3,330 cr	3,546 cr	-6.1%	3,082 cr	+8.0%	3,860 cr	-13.7%
EBITDA margin	20.2%	20.2%	0bps	20.2%	0bps	21.6%	-140bps

Revenue

Jun 26: 3,330 cr
Mar 26: 3,546 cr
QoQ: -6.1%
Jun 25: 3,082 cr
YoY: +8.0%
Peak: 3,860 cr
vs peak: -13.7%

EBITDA margin

Jun 26: 20.2%
Mar 26: 20.2%
QoQ: 0bps
Jun 25: 20.2%
YoY: 0bps
Peak: 21.6%
vs peak: -140bps

Breadth: 100% of 6 companies grew revenue year on year (was 100% a quarter earlier) and 50% expanded margin (was 83%).

Exhibit 2What it costs

26.7x - 59x across the panel today

The median name trades at 46.7x, -27.8% against this industry's own 5-year median of 64.7x, and -61.7% against its own peak of 122.0x.

Exhibit 3Structure

₹57,340 cr

Metro Brands Ltd is 43% of this industry by market cap. The top 5 are 96.4% and the top 10 are 99.8%.

mid 1small 4micro 86 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 46.71x, 5y ROCE above its median of 11.64%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (14 of 14)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Metro Brands Ltd	₹25,712 cr	63.5x	-	19.5%	32.7%	+14.7%	Unlock
Bata India Ltd	₹8,349 cr	57.5x	-	11.2%	20.6%	+3.9%	Unlock
Relaxo Footwears Ltd	₹8,082 cr	43.9x	-	10.8%	15.3%	+7.7%	Unlock
Campus Activewear Ltd	₹6,572 cr	-	21.0x	32.9%	20.4%	+12.2%	Unlock
Redtape Ltd	₹6,402 cr	25.9x	14.1x	29.4%	19.8%	+3.7%	Unlock
Sreeleathers Ltd	₹772 cr	26.0x	-	8.6%	17.1%	+19.7%	Unlock
Liberty Shoes Ltd	₹390 cr	45.6x	7.2x	8.8%	8.4%	-1.7%	Unlock
Lehar Footwears Ltd	₹359 cr	21.6x	10.5x	22.9%	9.1%	-47.3%	Unlock
Brandman Retail Ltd	₹318 cr	13.2x	8.8x	24.6%	21.8%	-	Unlock
Khadim India Ltd	₹228 cr	80.6x	6.0x	10.4%	15.3%	-18.7%	Unlock
KSR Footwear Ltd	₹78 cr	-	-28.2x	-14.3%	-1.6%	+0.4%	Unlock
Sarup Industries Ltd	₹37 cr	73.1x	37.0x	3.9%	12.0%	-21.1%	Unlock
Marc Loire Fashions Ltd	₹30 cr	17.6x	11.0x	7.5%	7.6%	-	Unlock
Srindustries Ltd	₹0 cr	-	-6.5x	-3.2%	-4.2%	-100.0%	Unlock

Metro Brands Ltd

Mcap: ₹25,712 cr
P/E: 63.5x
EV/EBITDA: -
ROCE: 19.5%
Margin: 32.7%
Rev YoY: +14.7%

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Bata India Ltd

Mcap: ₹8,349 cr
P/E: 57.5x
EV/EBITDA: -
ROCE: 11.2%
Margin: 20.6%
Rev YoY: +3.9%

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Relaxo Footwears Ltd

Mcap: ₹8,082 cr
P/E: 43.9x
EV/EBITDA: -
ROCE: 10.8%
Margin: 15.3%
Rev YoY: +7.7%

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Campus Activewear Ltd

Mcap: ₹6,572 cr
P/E: -
EV/EBITDA: 21.0x
ROCE: 32.9%
Margin: 20.4%
Rev YoY: +12.2%

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Redtape Ltd

Mcap: ₹6,402 cr
P/E: 25.9x
EV/EBITDA: 14.1x
ROCE: 29.4%
Margin: 19.8%
Rev YoY: +3.7%

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Sreeleathers Ltd

Mcap: ₹772 cr
P/E: 26.0x
EV/EBITDA: -
ROCE: 8.6%
Margin: 17.1%
Rev YoY: +19.7%

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Liberty Shoes Ltd

Mcap: ₹390 cr
P/E: 45.6x
EV/EBITDA: 7.2x
ROCE: 8.8%
Margin: 8.4%
Rev YoY: -1.7%

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Lehar Footwears Ltd

Mcap: ₹359 cr
P/E: 21.6x
EV/EBITDA: 10.5x
ROCE: 22.9%
Margin: 9.1%
Rev YoY: -47.3%

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Brandman Retail Ltd

Mcap: ₹318 cr
P/E: 13.2x
EV/EBITDA: 8.8x
ROCE: 24.6%
Margin: 21.8%
Rev YoY: -

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Khadim India Ltd

Mcap: ₹228 cr
P/E: 80.6x
EV/EBITDA: 6.0x
ROCE: 10.4%
Margin: 15.3%
Rev YoY: -18.7%

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KSR Footwear Ltd

Mcap: ₹78 cr
P/E: -
EV/EBITDA: -28.2x
ROCE: -14.3%
Margin: -1.6%
Rev YoY: +0.4%

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Sarup Industries Ltd

Mcap: ₹37 cr
P/E: 73.1x
EV/EBITDA: 37.0x
ROCE: 3.9%
Margin: 12.0%
Rev YoY: -21.1%

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Marc Loire Fashions Ltd

Mcap: ₹30 cr
P/E: 17.6x
EV/EBITDA: 11.0x
ROCE: 7.5%
Margin: 7.6%
Rev YoY: -

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Srindustries Ltd

Mcap: ₹0 cr
P/E: -
EV/EBITDA: -6.5x
ROCE: -3.2%
Margin: -4.2%
Rev YoY: -100.0%

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Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindInput-cost and wage inflation forcing sector-wide price hikes with uncertain demand pass-through4 managements

All four volume-reporting companies cited raw-material cost inflation from March 2026, compounded by statutory minimum wage increases. Bata quantified RM cost push at 5-6% and…

RELAXO (Q4FY26): “We have taken 2 to 3 price increase in the market... roughly around 15% to 18% is the…”

tailwind4 managements tailwind3 managements headwind3 managements mixed4 managements

4 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

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