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Swing Capital

Relaxo Footwears Ltd

NSE: RELAXO BSE: 530517Retail

Relaxo Footwears Limited is the largest footwear manufacturing company in India, which deals in non-leather products i.e. rubber/EVA slippers, canvas shoes, sport shoes, sandals, school shoes and other types of footwear. It is also the leader in 'value' segment footwear. It has a portfolio of renowned brands like Relaxo, Sparx, Flite and Bahamas. The company sells its products through retailers served through distributors, retail outlets, exports and e-commerce / modern trade. [1]

₹283
52W: ₹236 — ₹531
PE 42.1 · Book ₹84.7 · +234% vs book
Market Cap₹7,056 Cr
Stock P/E42.1Price to Earnings
ROCE11.2%Return on Capital
ROE8.31%Return on Equity
Div. Yield1.08%Face Value ₹1

Strengths

  • +Company has been maintaining a healthy dividend payout of 40.5%

Weaknesses

  • −Stock is trading at 3.33 times its book value
  • −The company has delivered a poor sales growth of 2.96% over past five years.
  • −Company has a low return on equity of 9.11% over last 3 years.

Shareholding Pattern

Promoters71.27%
FIIs3.04%
DIIs9.74%
Public15.95%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters71.27%71.27%71.27%71.27%71.27%71.27%71.27%71.27%
FIIs3.36%3.41%▲0.13.27%▼0.13.07%▼0.22.85%▼0.23.04%▲0.23.01%▼0.03.04%▲0.0
DIIs9.54%9.98%▲0.410.54%▲0.610.55%▲0.09.95%▼0.69.88%▼0.19.87%▼0.09.74%▼0.1
Public15.82%15.34%▼0.514.92%▼0.415.13%▲0.215.93%▲0.815.82%▼0.115.85%▲0.015.95%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales715713747748679667695654629668
Expenses624626627649592584583555547599
Operating Profit9287120998883112998169
OPM %13%12%16%13%13%12%16%15%13%10%
Net Profit44396144373356493627
EPS ₹1.781.552.471.781.481.332.261.961.451.07

AI Insights

Revenue Trend

TTM revenue at ₹2,646Cr, down 5.2% YoY. OPM at 14%.

Debt Position

Borrowings at ₹215Cr. Debt-to-equity ratio: 0.10x. Healthy balance sheet.

Capex Cycle

CWIP at ₹75Cr (6% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 9.74% (+1.40pp change). FIIs: 3.04% (+0.17pp change). Promoters hold 71.27%.

Margin & Efficiency

ROCE declining from 26% (Mar 2014) to 11% (Mar 2025). Working capital days: 62.

Valuation

PE 42.1x with 11.2% ROCE. Price is 234% above book value of ₹84.7. Dividend yield: 1.08%.

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