Financial Performance - Q2 FY27

  • Revenue from Operations: ₹701.62 Cr (11.63% YoY growth from ₹628.54 Cr in Q2 FY26)
  • Other Income: ₹12.48 Cr (1.79% YoY growth from ₹12.26 Cr)
  • Total Income: ₹714.10 Cr (11.44% YoY growth from ₹640.80 Cr)
  • EBITDA: ₹85.26 Cr (5.05% YoY growth from ₹81.16 Cr)
  • EBITDA Margin: 12.15% (76 bps contraction from 12.91% in Q2 FY26)
  • PBT: ₹50.15 Cr (2.66% YoY growth from ₹48.85 Cr)
  • PBT Margin: 7.15% (62 bps contraction from 7.77%)
  • PAT: ₹36.95 Cr (2.18% YoY growth from ₹36.16 Cr)
  • PAT Margin: 5.27% (48 bps contraction from 5.75%)
  • Basic EPS: ₹1.48

Financial Performance - H1 FY27

  • Revenue from Operations: ₹1,406.67 Cr (9.64% YoY growth from ₹1,283.03 Cr in H1 FY26)
  • Other Income: ₹25.44 Cr (7.89% YoY growth from ₹23.58 Cr)
  • Total Income: ₹1,432.11 Cr (9.61% YoY growth from ₹1,306.61 Cr)
  • EBITDA: ₹193.49 Cr (7.13% YoY growth from ₹180.61 Cr)
  • EBITDA Margin: 13.76% (32 bps contraction from 14.08%)
  • PBT: ₹125.23 Cr (9.12% YoY growth from ₹114.76 Cr)
  • PBT Margin: 8.90% (4 bps contraction from 8.94%)
  • PAT: ₹91.89 Cr (8.03% YoY growth from ₹85.06 Cr)
  • PAT Margin: 6.53% (10 bps contraction from 6.63%)
  • Basic EPS: ₹3.69

Quarterly Performance Trends

  • QoQ revenue decline of 0.49% from Q1FY27 (₹705.05 Cr)
  • Significant QoQ decline in EBITDA (21.22% from ₹108.23 Cr) and PAT (32.74% from ₹54.94 Cr)
  • Margin contraction QoQ: EBITDA margin down 320 bps, PBT margin down 350 bps, PAT margin down 252 bps

Expense Breakdown - Q2 FY27

  • Cost of Materials Consumed: ₹287.20 Cr
  • Purchases of Stock-in-Trade: ₹22.86 Cr
  • Changes in Inventories: (₹39.84) Cr
  • Employee Benefits Expense: ₹115.32 Cr
  • Other Expenses: ₹230.82 Cr
  • Total Operating Expenses: ₹616.36 Cr (12.60% YoY increase)
  • Finance Costs: ₹6.18 Cr
  • Depreciation and Amortization: ₹41.41 Cr
  • Tax Expense: ₹13.20 Cr

Balance Sheet Position - H1 FY27

  • Total Equity and Liabilities: ₹3,116.01 Cr
  • Equity Share Capital: ₹24.89 Cr (unchanged from FY26)
  • Other Equity: ₹2,275.86 Cr (increased from ₹2,181.47 Cr in FY26)
  • Net Worth: ₹2,300.75 Cr (increased from ₹2,206.36 Cr)
  • Non-Current Liabilities: ₹248.57 Cr (including Lease Liabilities of ₹209.71 Cr)
  • Current Liabilities: ₹566.69 Cr (including Borrowings of ₹41.11 Cr and Trade Payables of ₹265.29 Cr)
  • Non-Current Assets: ₹1,728.30 Cr (including Property, Plant and Equipment of ₹960.14 Cr and Right-of-Use Assets of ₹411.92 Cr)
  • Current Assets: ₹1,387.71 Cr (including Inventories of ₹710.21 Cr, Trade Receivables of ₹278.83 Cr, and Cash and Cash Equivalents of ₹88.39 Cr)

Manufacturing Capacity Update

The company is upgrading and modernizing its manufacturing facilities (RFL - I & II) to support future growth, optimize infrastructure utilization, and enhance presence in fashion-forward footwear segment. Production capacity has been recalibrated from 10.5 lakh pairs per day to 9.1 lakh pairs per day as per outcome of Board Meeting held on August 13, 2026.

Management and Governance

  • Distinguished Board of Directors with extensive industry experience
  • Strong management team across finance, manufacturing, sales, marketing, and operations
  • Key personnel: Ramesh Kumar Dua (Chairman & MD), Mukand Lal Dua (Whole Time Director), Nikhil Dua (Whole Time Director), Gaurav Kumaar Dua (Co-CEO & Whole Time Director), Sushil Batra (Executive Director), Amit Roy (CFO)

Corporate Social Responsibility Initiatives

  • Education: Parivartan - Model School Project impacting 14,000 students across 128 government schools
  • Health: Nayan - Avoidable Blindness Project serving 2.7 lakh residents, Mobile Health Unit Project in 11 villages
  • Environment: Water conservation projects with 4.9 lakh cubic meter capacity, plantation of 55,000+ saplings

Industry Overview

  • Global e-commerce footwear market expected to grow at 4.25% CAGR to $400 billion by 2035
  • Asia-Pacific holds largest share (32%) in global footwear market
  • India moved to 5th largest exporter of footwear by quantity
  • Organized Indian footwear market expected to grow at 13% CAGR from ₹674 Bn in 2025 to ₹1,995 Bn by 2034
  • Key growth drivers: digital transformation, women's footwear segment, sports & athleisure category

Key Strengths

  • Diversified product portfolio with strong brand identities
  • Manufacturing excellence with ISO certifications (9001:2015, 14001:2015, 45001:2018, 27001:2022)
  • Wide distribution network across channels
  • Strong credit profile: ICRA AA (Long Term) and A1+ (Short Term) ratings
  • Intellectual property portfolio: 87 trademarks, 13 copyrights, 1,465 designs

Shareholding Information (as of September 30, 2026)

  • Market Capitalization: ₹7,249.09 Cr
  • Free-float: 28.73%
  • Shares Outstanding: 24.89 Cr
  • 3M ADTV: 11,47,712 shares
  • Enterprise Value: ₹7,202 Cr
  • 52-week High: ₹445.6
  • 52-week Low: ₹237.9