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Relaxo Footwears Q1 FY27 Share Price & Earnings Call Analysis

₹281.85+0.75% today
Market cap
₹7,016 Cr
P/E
37.85
ROE
8.33%
PEG
8.11
Price to sales
2.56
Debt to equity
0.11
52W high / low
₹441 / ₹238
Sales growth (5Y)
2.75%
EBITDA margin
13.90%
Net profit margin
6.63%
Promoter holding
71.27%
Sales (last year)
₹2,753 Cr

Incorporated in 1984, Relaxo Footwear Ltd. is the largest footwear manufacturer in India.[1]

Guidance scorecard · Q1 FY27 call

What Relaxo Footwear's management guided
and where it ranks in Consumer Durables

#78of 86 in
Consumer Durables
Revenue0–10%MarginsUp 0–2%CapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ4 FY26 call

0–10%
  • Relaxo expects volume growth of around 4% to 5% over the next two years, emphasizing cautious optimism due to market conditions.
  • The company aims to increase average selling price (ASP) gradually through premiumization and expansion in EBO and e-commerce channels.
  • Expansion plans include adding 100 new Exclusive Brand Outlets (EBOs) by December 2026, focusing on tier 1, 2, and 3 cities across India.
  • Growth is also anticipated from digital channels, quick commerce partnerships (Blinkit, Zepto), and increased distributor/retailer footprint.
  • The management is confident about sustaining and improving margins despite retail expansion costs.

2 more points from Relaxo Footwear's call on revenue

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Full Q4 FY26 analysis

MarginsQ4 FY26 call

Up 0–2%

See what Relaxo Footwear said on margins — free account, 30 seconds.

Full Q4 FY26 analysis

CapexQ4 FY26 call

Planned
  • Capex guidance for FY27 is INR 180 crores to INR 200 crores.
  • This capex includes investment in new molds, some administrative office setup, wear & tear replacements, and machine changes.
  • No major new capacity expansion planned; a mix of maintenance and upgrades.
  • Part of the capex is allocated to the expansion of Exclusive Brand Outlets (EBOs), with plans to open 100 new EBOs with a spend of around INR 30-35 lakhs per store (total ~INR 30-35 crores included in overall capex).
  • Strategic focus on redesigning EBOs with better customer experience, targeting good footfall and profitable returns.

2 more points from Relaxo Footwear's call on capex

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Full Q4 FY26 analysis

FundraisingQ4 FY26 call

See what Relaxo Footwear said on fundraising — free account, 30 seconds.

Full Q4 FY26 analysis

Order bookQ4 FY26 call

Ask what Relaxo Footwear said on the order book →

Full Q4 FY26 analysis
Full Consumer Durables ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Consumer Durables
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Relaxo Footwear rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Consumer Durables companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹166 Cr20.3
240%+Up 2%+₹100 Cr12.7
340%+Up 0–2%₹3,249 Cr17.4
440%+Up 0–2%₹2,081 Cr18.8
540%+Flat₹2,429 Cr41.1
640%+Flat₹2,163 Cr25.6

Sign up free to see every company in the sector ranking and track Relaxo Footwear.

Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables ranking

Financials of Relaxo Footwear

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Relaxo Footwear

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +765739715713747748679667695654629668751
Expenses +647631624626627649592584583555547599627
Operating Profit1181089287120998883112998169124
OPM %15%15%13%12%16%13%13%12%16%15%13%10%17%
Other Income +471165577811121112
Interest4455555555556
Depreciation33353738383940403940393939
Profit before tax85766051826050457566493691
Tax %26%26%27%24%25%26%26%26%25%26%26%26%25%
Net Profit +63564439614437335649362768
EPS in Rs2.542.261.781.552.471.781.481.332.261.961.451.072.72

Financials of Relaxo Footwear

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +1,4411,6681,6311,9412,2922,4102,3592,6532,7832,9142,7902,702
Expenses +1,2401,4271,4001,6391,9641,9981,8612,2352,4422,5052,4052,328
Operating Profit201241231302328413498418341409385374
OPM %14%14%14%16%14%17%21%16%12%14%14%14%
Other Income +07144128222316292746
Interest1823159919191722212422
Depreciation4047515462109110114125147158157
Profit before tax143178178244268292391311210269230241
Tax %28%32%33%34%35%22%25%25%26%26%26%26%
Net Profit +103120120161175226292233154200170179
EPS in Rs4.295.014.996.697.079.1111.749.356.218.056.847.20
Dividend Payout %6%6%10%11%13%14%21%27%40%37%44%0%

Financials of Relaxo Footwear

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital61212121225252525252525
Reserves3624685947491,0931,2481,5481,7351,8301,9762,0732,181
Borrowings +239236178153112139144174164205213233
Other Liabilities +234281286335394430459448476508452510
Total Liabilities8419971,0701,2501,6111,8412,1762,3832,4952,7142,7622,949
Fixed Assets +4725315415258489819389871,1501,3711,3441,365
CWIP22862138114611814989335497
Investments001100338194225108343436
Other Assets +3674384665877528147821,0521,0301,2021,0211,051
Total Assets8419971,0701,2501,6111,8412,1762,3832,4952,7142,7622,949

Financials of Relaxo Footwear

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +10715918015412331951356400235406
Cash from Investing Activity +-130-130-89-108-56-116-45315-258-99-262
Cash from Financing Activity +21-31-89-46-68-203-56-70-138-106-162
Net Cash Flow-1-21-0-1141330-18
Free Cash Flow-2325904632203391-82216-11291
CFO/OP72%89%103%78%64%97%121%33%134%74%120%

Financials of Relaxo Footwear

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days212428333526283435454140
Inventory Days163147146130130157154202154179177184
Days Payable616363725865816769766387
Cash Conversion Cycle12310811090107119101170121148155138
Working Capital Days141219274257447559686289
ROCE %30%30%26%30%26%24%26%18%12%14%11%11%

Guidance history

How Relaxo Footwear's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q4 FY26 call →0–10%Up 0–2%Planned——
Q2 FY26 call →10–20%FlatNone planned——
Q4 FY25 call →0–10%Up 2%+Planned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

12out of 100

Momentum score · price trend

12 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−35.6%16%
Last 6 months−8.0%42%
Last 3 months−31.6%3%

The price is 80.5% below its all-time high of ₹1,435.8 (4 Nov 2021). Stocks more than 20% below their peak have their score halved, so 24 became 12.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Relaxo Footwear: 0.4 × 16 + 0.4 × 42 + 0.2 × 3 = 24, halved to 12 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Relaxo Footwear's management said in earlier quarters

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