Financial Highlights - Q4 FY26

Revenue Performance:

  • Revenue from operations increased by 12.3% YoY to ₹455.6 crore in Q4 FY26
  • Sales volume grew by 10.6% YoY to 6.8 million pairs in Q4 FY26
  • Average Selling Price (ASP) increased by 1.5% YoY from ₹658 in Q4 FY25 to ₹668 in Q4 FY26

Profitability Metrics:

  • EBITDA stood at ₹88.5 crore in Q4 FY26
  • EBITDA margin expanded by 51 basis points YoY to 19.2%
  • PAT was ₹44.1 crore in Q4 FY26
  • PAT margin expanded by 102 basis points to 9.6%

Financial Highlights - FY26

Annual Revenue Performance:

  • Revenue from operations increased by 11.4% YoY to ₹1,774.1 crore in FY26
  • Sales volume grew by 4.2% YoY to 26 million pairs in FY26
  • Average Selling Price (ASP) increased by 6.9% YoY from ₹639 in FY25 to ₹683 in FY26

Annual Profitability Metrics:

  • EBITDA stood at ₹314.7 crore in FY26
  • EBITDA margin expanded by 145 basis points YoY to 17.5%
  • PAT was ₹150.1 crore in FY26
  • PAT margin expanded by 81 basis points to 8.4%

Operational and Strategic Updates

Product Portfolio Performance:

  • Sneaker portfolio recorded robust growth of 109% YoY
  • Sneakers contributed 12.7% to overall volumes
  • Launched nearly 250 new SKUs during FY26

Distribution Network:

  • Exclusive Brand Outlet (EBO) network remained stable at 300+ stores
  • Maintained over 260+ distributors servicing 30,000+ retailers across 800+ districts
  • Internal sales force of 220+ employees covering approximately 17,000 retailers
  • Distributor 'feet on street' initiative covering approximately 13,000+ retailers

Manufacturing Capacity:

  • 7 manufacturing facilities across India with installed annual capacity of 30.7 million pairs
  • Production at integrated facilities in Paonta Sahib and Pant Nagar stabilized at nearly 2 lakh pairs per month

Online Presence:

  • Extensive online sales through third-party marketplaces (Flipkart, Amazon, Ajio, Myntra) and own e-commerce website
  • E-commerce revenues grew at CAGR of 34%+ between Fiscal 2021 and March 2026

Brand Development:

  • Unveiled new brand identity with Gautam Gambhir, former Indian cricketer and current head coach of Indian men's team
  • Evolution into culture-driven, future-ready brand

Financial Position:

  • Maintained robust working capital discipline
  • Strong balance sheet with Return on Equity at 18.1%
  • Return on Capital Employed at 22.4%

Market Position:

  • Approximately 17% market share in Indian branded sports and athleisure footwear industry
  • Covers more than 85% of total addressable market for sports and athleisure footwear in India

Management Commentary

CEO Nikhil Agarwal stated the performance was driven by:

  • Continued focus on expanding distribution
  • Increasing online sales
  • Improving product mix supporting higher ASP
  • Strong demand for sneaker portfolio
  • Improved traction in women's and kids' segments
  • Premiumisation trends with higher share of premium SKUs

Risk Factors Mentioned

  • Witnessing inflationary pressures in certain raw materials due to evolving geopolitical developments
  • Proactively mitigated impact through calibrated price increases across selected SKUs