Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep
Source: Bse
Relaxo Footwears Limited (RELAXO)
Micro CapConsumer stocks · Micro cap · NSE
Relaxo Footwears Limited is a leading Indian footwear manufacturer with a diversified brand portfolio including Hawai, Flite, and Sparx. It operates 9 manufacturing facilities with a capacity of ~10.5 lakh pairs/day and a wide distribution network across ~70,000+ retailers, 630 distributors, and 420 EBOs.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals20 Oct 2026 · screener
Latest result13 Aug, 04:53 pm 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
29Bearishfull bear SMA stack · SMA20 -14.8% / mo · MACD + · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 25
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
RELAXOD candles · FIT view-4.1%Latest close ₹288.85 on 2026-10-19
Bar
-3.7%
RSI
38
MACD hist
3.60
52W pos
24%
2026-10-19O ₹299.80H ₹299.85L ₹286.20C ₹288.85Vol 88,838 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
RELAXONifty Consumer DurablesNifty 500
- RELAXO
- -33.9%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -28.3 pp
Chart stats
19 Oct 2026- From 52W high
- -36.5%
- 52W range position
- 24%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.39x
- Avg traded value
- ₹3.7 Cr
- 20D price channel
- ₹280.5 - ₹305.8
₹454.7
₹236.5 - ₹454.7
₹10.2
Latest completed session
20-session average
27.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED25
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average32
Revenue +7.8% · PAT +12.2% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model-859.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
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
Average · 32/100margin compression · Rev +8% YoY · PAT +12% YoY
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹705 Cr | +7.8% | -6.1% |
| EBITDA | ₹108 Cr | +9.1% | -12.9% |
| Operating margin | 15.0% | +0 bps | -200 bps |
| PAT | ₹55 Cr | +12.2% | -19.1% |
| PAT margin | 7.8% | +31 bps | -125 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 38.80
- P/B
- 3.26
- EV/EBITDA
- 13.72
- Market Cap
- 7191.00Cr
Profitability
- ROE
- 8.33%
- ROCE
- 11.20%
- ROA
- 6.27%
- Dividend Y
- 1.22%
Growth (CAGR)
- Revenue 5Y
- 3.00%
- EPS 5Y
- -9.00%
- Revenue 3Y
- -1.00%
- EPS 3Y
- 5.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- 17.41×
- Altman Z
- 8.47
- Book Value
- 88.60
Cash Flow
- FCF Yield
- 1.97%
- FCF Positive Y
- 11/5
- OCF
- 348.00 Cr
- EPS TTM
- 7.45
Shareholding
- Promoter Hold
- 71.27%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 24%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,753+1.9% vs prev
Net Profit
₹ CrLatest: 179+5.3% vs prev
Return on Equity
%Latest: 716+5.3% vs prev
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 38.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~17.4% over last month) — short-term momentum negative.
- RSI(14) at 38 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 36% off 52W high · 22% above 52W low.
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
20
RS percentile
Stage 4 Downtrend
1M return
-0.8%
3M return
-33.9%
6M return
-7.3%
1Y return
-33.5%
RS 1D
-3
RS 20D
-2
Sector rank
#9
Industry rank
#22
Stage evidence
- Price is 13.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.1%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 66.44-1.77%
RS vs Nifty 50066
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth3/25
Quality1/20
Balance Sheet11/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
25
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
25/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Fair-value margin of safety is negative at -859.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; 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
38.8
PB
3.3
EV/EBITDA
13.7
ROE
8.3%
ROCE
11.2%
FCF Yield
2.0%
Debt/Equity
0.1
MoS
-859.6%
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
25
Previous: 25
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-859.6%
Previous: -859.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
25
25
25
25
25
25
25
25
25
25
25
25
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹121.87
-137.0% MoS
Growth-justified P/E
4.0
Growth-justified Value
₹30.1
-859.6% MoS
PEG
—
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
WESTLIFE
Micro
WESTLIFE FOODWORLD LIMITED
Retail
match 107
24
—
-3.8%
-576%
OVERVALUED
VIPIND
Micro
VIP Industries Limited
Retail
match 105
16
—
-92.4%
—
OVERVALUED
SAPPHIRE
Large
Sapphire Foods India Limited
Retail
match 103
30
2616.0
-1.0%
-6447%
OVERVALUED
VGUARD
Micro
V-Guard Industries Limited
Retail
match 101
39
33.9
14.4%
-9%
WATCHLIST
YASHO
Small
Yasho Industries Limited
Retail
match 101
23
84.7
5.8%
-655%
OVERVALUED
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 2026-06-11T04:24:13.535Z
Management commentary snapshot
Q4FY26 saw strong sequential and YoY recovery with revenue up 8.05% YoY to 751 Cr and volumes up 11.11% YoY to 5.0 Cr pairs, driving PAT growth of 20.37% YoY to 68 Cr. Full-year FY26 revenue declined 3.13% YoY to 2,702 Cr and volumes declined 1.69% YoY to 17.5 Cr pairs, but PAT improved 5.25% YoY to 179 Cr due to margin expansion.
The company's Q4FY26 performance indicates a strong rebound in volumes and profitability, suggesting effective operational adjustments. While full-year revenue and volume growth remain a concern, the improvement in PAT and margins is positive. The decline in average realization per pair warrants close monitoring for pricing power.
Current business mix
FY26 Revenue by Brand
Latest issuer-disclosed distribution across 3 reported categories.
Sparx41.0%
Flite36.0%
Hawai23.0%
Growth engines
Indian Footwear Market Growth
Expected to grow at 9.7% CAGR from 2025-2034 to 4,433 Bn.
Organised Market Expansion
India's organised footwear market expected to grow at 13% CAGR from 674 Bn (2025) to 1,995 Bn (2034).
Sports & Athleisure Category
Fastest-growing footwear category, projected to expand at ~10% CAGR.
Digital Transformation
Online shopping, virtual try-ons, and AI-powered personalization are reshaping customer experiences.
Tailwinds
Supportive Policy Reforms
Accelerating the shift of India’s footwear market toward the organised sector.
Rapid Urbanisation & Middle Class Growth
Driving demand and accelerating the shift to the organised sector.
Women's Footwear Market
Gaining share, reflecting rising workforce participation and faster fashion cycles.
Headwinds
Declining Average Realization
Average realization per pair declined YoY in both Q4FY26 and for the full year FY26.
Full-Year Revenue & Volume Decline
FY26 saw a YoY decline in both revenue and number of pairs sold.
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
YoY comparison is essential for assessing annual performance and Q4 against the previous year's base. QoQ comparison is critical to gauge sequential momentum and the effectiveness of recent strategies, especially given the significant Q4 recovery from Q3.
Sector KPIs management disclosed
Volume Growth
Q4FY26 volumes grew 11.11% YoY to 5.0 Cr pairs; FY26 volumes declined 1.69% YoY to 17.5 Cr pairs.
Average Realization per pair
Declined 1.96% YoY in Q4FY26 to 150 and 1.92% YoY for FY26 to 153.
EBITDA Margin
Q4FY26 EBITDA margin was 16.5% (+40 bps YoY, +610 bps QoQ); FY26 EBITDA margin was 13.8% (+10 bps YoY).
Distribution Network
~70,000+ Retailers/Multi-Brand Outlets, ~630 Active Pan-India Distributors, 420 Exclusive Brand Outlets.
Management forward view
Operational Optimization
Continuous focus on optimising operations, including lean manufacturing and yield improvement.
Cost Optimization
Focus on cost optimisation in manufacturing to enable competitive pricing.
Quality Assurance
Strong in-house manufacturing capabilities help maintain end-to-end quality.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Volume Growth Trend | Q4FY26 volumes up 11.11% YoY; FY26 volumes down 1.69% YoY. | Sustained sequential and YoY volume growth to confirm market demand recovery. |
| Average Realization per Pair | Declined 1.96% YoY in Q4FY26 and 1.92% YoY for FY26. | Stabilization or improvement in pricing to support revenue expansion. |
| EBITDA Margin Performance | Q4FY26 EBITDA margin 16.5% (+40 bps YoY); FY26 EBITDA margin 13.8% (+10 bps YoY). | Continued margin expansion or stability, indicating effective cost management. |
| Organised Market Share | Not explicitly stated, but company operates in a growing organised market. | Company's ability to capture growth and increase its share in the expanding organised footwear sector. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited 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 81st percentile of the scored universe and 84th percentile within Consumer. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
96 docs text-extracted · 29 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Consumer: 84th pctile, median 66 · Micro: 66th pctile, median 73
Evidence depth
Financial-only
96 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
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 71.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸11 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Relaxo Footwears Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 16 Jun - Relaxo to invest up to ₹2.5 crore in Clean Max MUOI for captive solar power projects.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.