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Swing Capital

Redtape Ltd

NSE: REDTAPE BSE: 543957

India's trusted leading Fashion & Lifestyle brand with over 435+ opulent stores across PAN India. RedTape is known for emerging as one of the Finest Brands of Footwear and Clothing for Men, Women and Kids. It has emerged as a complete Family Fashion Destination by providing the Best International Styles and World-Class Quality through Shoes, Apparels and Accessories for all age groups. It was demerged from Mirza International in 2023. [1]

₹127
52W: ₹102 — ₹164
PE 31 · Book ₹15.5 · +719% vs book
Market Cap₹7,043 Cr
Stock P/E31Price to Earnings
ROCE22.9%Return on Capital
ROE25.9%Return on Equity
Div. Yield0.61%Face Value ₹2

Strengths

  • +Company has a good return on equity (ROE) track record: 3 Years ROE 29.6%

Weaknesses

  • −Stock is trading at 7.99 times its book value
  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters71.83%
FIIs3.81%
DIIs11.01%
Public13.36%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters71.79%71.8%▲0.071.8%71.8%71.8%71.8%71.79%▼0.071.83%▲0.0
FIIs3.17%3.3%▲0.13.48%▲0.23.53%▲0.03.64%▲0.13.83%▲0.23.88%▲0.03.81%▼0.1
DIIs8.89%10.2%▲1.310.23%▲0.010.25%▲0.010.27%▲0.010.77%▲0.510.88%▲0.111.01%▲0.1
Public16.16%14.72%▼1.414.5%▼0.214.44%▼0.114.3%▼0.113.6%▼0.713.45%▼0.213.36%▼0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales321616502441416662504463491786
Expenses267513431372351536423385418614
Operating Profit55104716865127807873172
OPM %17%17%14%15%16%19%16%17%15%22%
Net Profit266039312674543928106
EPS ₹0.461.090.70.550.461.340.980.710.511.91

AI Insights

Revenue Trend

TTM revenue at ₹2,244Cr, up 11.2% YoY. OPM at 18%.

Debt Position

Borrowings at ₹927Cr. Debt-to-equity ratio: 1.24x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹9Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 11.01% (+4.57pp change). FIIs: 3.81% (+1.59pp change). Promoters hold 71.83%.

Margin & Efficiency

ROCE improving from 0% (Mar 2022) to 23% (Mar 2025). Working capital days: 62.

Valuation

PE 31x with 22.9% ROCE. Price is 719% above book value of ₹15.5. Dividend yield: 0.61%.

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