Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Redtape Limited (REDTAPE)
Micro CapConsumer stocks · Micro cap · NSE
RedTape, demerged from Mirza International in 2023, is a branded lifestyle business in India. It operates four brands (RedTape, Mode, Bond Street, Ozark) across footwear, apparel, and accessories, with 669 stores in 300 cities and a significant e-commerce presence (30% revenue).
₹109.49
-1.83 · -1.64%
Market cap ₹6,256 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 12:55 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
23Bearishfull bear SMA stack · SMA20 -3.5% / mo · MACD − · near 52W low · sector -4.6pp vs Nifty 500 (3M)
Stock trend: 18
Sector RS: 31
Sector 3M: -10.2% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
REDTAPED candles · FIT view-16.2%Latest close ₹109.49 on 2026-10-21
Bar
-1.4%
RSI
34
MACD hist
-0.17
52W pos
4%
2026-10-21O ₹111.00H ₹111.95L ₹108.80C ₹109.49Vol 2.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
REDTAPENifty Consumer DurablesNifty 500
- REDTAPE
- -17.3%
- Nifty 500
- -6.5%
- Nifty Consumer Durables
- -11.0%
- Vs Nifty 500
- -10.8 pp
Chart stats
21 Oct 2026- From 52W high
- -31.1%
- 52W range position
- 4%
- ATR (14)
- 3.3%
- Volume vs 20D
- 0.58x
- Avg traded value
- ₹4.2 Cr
- 20D price channel
- ₹108.8 - ₹123.8
₹159
₹107.5 - ₹159
₹3.6
Latest completed session
20-session average
20.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE56
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad27
Revenue +3.7% · PAT +12.8% YoY
Technical
Bearish23
Price trend and sector-relative-strength timing.
Valuation
Legacy model+26.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 27/100margin compression · Rev +4% YoY · PAT +13% YoY · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹481 Cr | +3.7% | -28.9% |
| EBITDA | ₹84 Cr | +9.1% | -24.3% |
| Operating margin | 17.0% | +0 bps | +100 bps |
| PAT | ₹44 Cr | +12.8% | -37.1% |
| PAT margin | 9.2% | +74 bps | -121 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 25.40
- P/B
- 6.11
- EV/EBITDA
- 13.81
- Market Cap
- 6256.00Cr
Profitability
- ROE
- 26.60%
- ROCE
- 24.50%
- ROA
- 10.67%
- Dividend Y
- 1.77%
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 26.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.70
- Interest Coverage
- 6.27×
- Altman Z
- 5.28
- Book Value
- 18.50
Cash Flow
- FCF Yield
- 1.42%
- FCF Positive Y
- 1/5
- OCF
- 174.00 Cr
- EPS TTM
- 4.45
Shareholding
- Promoter Hold
- 71.83%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 481-28.8% vs prev
Net Profit
₹ CrLatest: 44.0-37.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 34.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.6% over last month) — short-term momentum negative.
- RSI(14) at 34 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
40
RS percentile
Stage 1 Base / Transition
1M return
-5.9%
3M return
-17.3%
6M return
-13.4%
1Y return
-18.2%
RS 1D
-1
RS 20D
+7
Sector rank
#8
Industry rank
#24
Stage evidence
- Price is 13.2% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 79.44-0.72%
RS vs Nifty 50079
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation6/30
Growth16/25
Quality17/20
Balance Sheet9/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
56
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
56/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 26.1%.
- Quality contributes 17/20 to the score.
Main drags
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
25.4
PB
6.1
EV/EBITDA
13.8
ROE
26.6%
ROCE
24.5%
FCF Yield
1.4%
Debt/Equity
0.7
MoS
+26.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
56
Previous: 54 (+2)
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+26.1%
Previous: +24.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
53
53
53
53
54
54
54
54
54
54
54
54
Factor attribution
Valuation
6+2
was 4
Modelled fair value
Graham Number
₹43.04
-154.4% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹148.19
+26.1% MoS
PEG
1.09
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CAMPUS
Micro
Campus Activewear Limited
Retail
match 90
57
45.5
29.5%
-68%
FAIR VALUE
BATAINDIA
Large
Bata India Limited
Retail
match 80
44
45.8
10.6%
-68%
WATCHLIST
SREEL
Small
Sreeleathers Limited
Retail
match 78
45
20.6
4.7%
+41%
WATCHLIST
KHADIM
Small
Khadim India Limited
Retail
match 76
23
47.5
2.1%
-142%
OVERVALUED
VMART
Micro
V-Mart Retail Limited
Retail
match 66
55
45.4
14.2%
-35%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-10T20:38:58.921Z
Management commentary snapshot
RedTape reported strong FY26 revenue growth of 19.6% YoY to INR 2,415 Cr, with EBITDA margin expanding 151 bps to 19.0% and PAT margin up 113 bps to 9.6%. Q4FY26 revenue grew 33.8% YoY, despite a seasonal QoQ decline, showing strong exit momentum.
The company delivered robust FY26 performance with strong revenue growth and margin expansion, driven by broad-based channel and category performance. Management's focus on asset-light expansion, omnichannel reach, and category diversification supports continued growth, despite a Q4 gross margin dip due to accounting changes.
Current business mix
Revenue by Category (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Footwear63.0%
Apparel34.0%
Accessories3.0%
Growth engines
Diversified Product Portfolio
Catering to diverse needs across footwear (formal, casual, sports) and apparel, ensuring market relevance and reducing reliance on any single category.
Innovative Designs & Technology
Utilizing cutting-edge materials and footwear technology (e.g., eTPU outsoles, Dial Lace-up Technology) to offer superior comfort and style.
Omni-Channel Reach
Penetration through a strategic mix of retail outlets (669 stores) and a strong e-commerce presence (~30% of revenue), ensuring maximum accessibility.
Brand Trust & Legacy
Access to millions of customers built upon a legacy of quality, style, and affordability, fostering deep customer loyalty and repeat purchases.
Capacity and execution
New Store Target
Company intends to open 200-250 new stores annually with store size of 500-1500 sq. ft., focusing on South and West India, and Tier-2/3 cities.
Marketplace Warehouse Expansion
One new marketplace warehouse operationalized in FY26; 300,000 sq. ft. added in existing Unnao, Kanpur warehouse.
Tailwinds
Growing Aspirational Consumer Segment
RedTape is well-positioned to capitalize on India’s growing aspirational consumer segment, with families seeking trusted brands across categories.
Expanding Athletic & Athleisure Market
The company is poised to benefit from the expanding athletic and athleisure market in India.
Premiumisation Trend
Ongoing premiumisation trend in the Indian footwear and lifestyle industry is expected to drive sustainable, profitable growth.
Headwinds
Gross Margin Impact from Accounting Change
Q4FY26 Gross Margin was impacted by a decline of 321 bps YoY, owing to an accounting change for the e-commerce channel.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Q4 is seasonally weaker than Q3, making YoY comparison crucial for assessing underlying performance. Full-year YoY provides a comprehensive view of annual growth and margin trends across all categories and channels.
Sector KPIs management disclosed
Volume Growth
Q4FY26 volume growth of ~21% (2.8 Mn to 3.4 Mn units); FY26 volume growth of ~10% (11.5 Mn to 12.6 Mn units).
Average Selling Price (ASP) Growth
Q4FY26 ASP growth of 3% (INR 1,207 to INR 1,246); FY26 ASP growth of 8% (INR 1,102 to INR 1,190).
Gross Margin
Q4FY26 Gross Margin 43.4% (down 321 bps YoY); FY26 Gross Margin 43.1% (down 251 bps YoY). Q4 impact attributed to accounting change for e-commerce channel.
Same Store Sales Growth (SSSG)
Q4FY26 SSSG of 17.8%; FY26 SSSG of 11.9% (calculated for retail stores functional for full year, excluding new/closed stores, SIS, and venue sales).
Management forward view
Strong Consumer Confidence
Management states consumer confidence in branded footwear has never been stronger, with RedTape earning trust across touchpoints.
Asset-Light Operating Model
The asset-light model provides agility to expand without being burdened by capital, supporting profitable growth.
Operating Leverage Visibility
Management is increasingly seeing operating leverage from a network reaching scale, giving confidence for FY27.
Focus on Indian Consumer Needs
RedTape is focused on serving the Indian consumer's need for a trusted brand across footwear, apparel, and accessories under one roof.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| New Store Additions | 669 total stores in India; 41k sq. ft. gross addition in Q4FY26. | Progress towards the target of 200-250 new stores annually, particularly in South and West India, and Tier-2/3 cities. |
| Category Diversification | Launched eyewear and hard luggage as new accessories sub-categories. | Expansion into women's and kids' segments, and new product categories like backpacks, luggage, fragrances, and cosmetics. |
| E-commerce & Quick Commerce Growth | E-commerce contributes ~30% of revenue; #2 footwear brand on Flipkart & Myntra. | Continued growth and market share gains in e-commerce and quick commerce channels. |
| Ozark Brand Scaling | Ozark brand momentum improving in FY26; outdoor and adventure positioning resonating. | Scaling of the Ozark performance wear brand and its contribution to overall revenue mix. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 91st percentile within Consumer. Main check: cash conversion is weak at 53/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
15 docs text-extracted · 6 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Consumer: 91st pctile, median 66 · Micro: 74th pctile, median 73
Evidence depth
Financial-only
15 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
53
watch · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 71.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.3%.
- ▸ROCE is 24.5%.
Trust risks
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Redtape Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug - Newspaper Publication under Regulation 30 and 47 of SEBI (LODR) Regulations, 2015
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 10 Aug - RedTape reported Q1 FY27 revenue of ₹480 crore, EBITDA ₹101 crore and PAT ₹47 crore, its highest-ever Q1 profit.
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
AnnouncementMay 2026
May 2026 · Board Meeting Intimation for Intimation Of Board Meeting To Consider And Approve Financial Results For The 4Th Quarter And Financial Year Ended 31St March, 2026 And Recommendation Of Final Dividend, If Any. 18 May - Board meets May 26, 2026 to approve FY26 results and consider final dividend.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 27 May - Newspaper publication under Regulation 30 & 47 of SEBI (Listing Obligation and Disclosure Requirements) regulations 2015
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.