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Relaxo Footwears Results: Latest Quarterly Results & Analysis

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Relaxo Footwears Ltd. 31 Jul 2025 12:56 PM
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Q1FY26 Quarterly Result Announced for Relaxo Footwears Ltd.

Footwear company Relaxo Footwears announced Q1FY26 results

  • Revenue at Rs 654 crore in Q1FY26 as compared to Rs 748 crore in Q1FY25 on account of continued muted consumer sentiment especially in the mass and mid market segment coupled with intense regional competition in the general distribution channel.
  • EBITDA stood at Rs 99 crore in Q1FY26, similar to the corresponding quarter of the previous year. EBITDA margin of 15.2% in Q1FY26, expanded by 198 bps from 13.2% in Q1FY25 due to increased focus on operational efficiencies.
  • Profit after Tax at Rs 49 crore in Q1FY26, grew by 10.2% YoY, with a stronger PAT Margin of 7.5% compared to 5.9% in Q1FY25.

Ramesh Kumar Dua, Chairman and Managing Director said: “As we reflect on Q1FY26, it was a quarter that came with its share of challenges. Consumer demand remained muted, particularly in the mass and mid-market segments, while regional competition in general trade intensified from smaller players who have gained ground since the GST increase from 5% to 12% in 2022.

Even as these pressures strained our ecosystem, we consciously avoided short term tactics such as deep discounting while staying steadfast in our commitment to protect overall profitability. At the same time, we remained focused on our sales transformation journey and the expansion of our distribution network, steps that will place the business on a stronger footing in the future.

Encouragingly, we were able to improve operating margins during the quarter through enhanced operational efficiencies, disciplined cost management and streamlined backend processes. These productivity measures will help build a strong foundation for improved financial performance ahead.

While it will take some time for the topline to stabilize and improve, our long-term priority remains sustainable, profitable growth. The groundwork we are laying today gives us confidence in delivering stronger results in the quarters to come.”

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Footwear company Relaxo Footwears announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue at Rs 695 crore in Q4FY25 as compared to Rs 747 crore in Q4FY24 impacted by lower volumes owing to a challenging demand landscape, particularly in the mid-range footwear segment. Sequentially, Revenue grew by 4% from Rs 667 crore in Q3FY25.
  • EBITDA at Rs 112 crore in Q4FY25 as against Rs 120 crore in corresponding quarter of previous year. EBITDA margin stood at 16.1% during the quarter.
  • Profit after Tax at Rs 56 crore in Q4FY25.

FY25 Financial Highlights:

  • Revenue at Rs 2,790 crore in FY25 as compared to Rs 2,914 crore in FY24.
  • EBITDA at Rs 382 crore in FY25 as against Rs 407 crore in FY24. EBITDA margin stood at 13.7% in FY25.
  • Profit after Tax at Rs 170 crore in FY25 with PAT margin at 6.1%.

Ramesh Kumar Dua, Chairman & Managing Director said: “FY25 was a year of consolidation for Relaxo. While our topline was impacted by muted demand in the mid-range footwear segment and internal restructuring of our distribution model, these were strategic interventions aimed at setting the business on a stronger, more agile footing. We believe that this sets us up to grow profitably in the coming years.

As it stands, we firmly believe this is the bottom and while there are still some moving parts in work in the next few quarters, the trajectory will trend upwards from here. We believe the full effect of the restructuring and other investments will start showing up from the second half of fiscal FY26.

Key initiatives implemented by the company include optimising our distributor and retailer network through the “Relaxo Parivaar” app, pivoting to “Brand As Seller” model & launching new product range for the e-commerce channel, establishing a tech-enabled warehouse for the shoe division, and enhancing our supply chain operations.

Looking ahead at FY26, our priority is to drive profitable growth. While the topline is expected to remain steady with a potential upward bias, our efforts will be directed toward EBITDA enhancement, led by operational efficiencies, digital initiatives, and a sharper product focus.”

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Footwear company Relaxo Footwears announced Q3FY25 results

  • Revenue at Rs 667 crore in Q3 FY25 as compared to Rs 713 crore in Q3 FY24 impacted by lower volume amidst a weak demand environment, despite increase in the average price realisation.
  • EBITDA at Rs 83 crore in Q3 FY25 as against Rs 87 crore in corresponding quarter of previous year. EBITDA margin at 12.5% during the quarter as compared to 12.2% in Q3 FY24.
  • Profit after Tax at Rs 33 crore in Q3 FY25.

Commenting on the results and performance, Ramesh Kumar Dua, Chairman and Managing Director said: "Given the overall weak consumer demand, particularly in the mass and value segments, the Company’s continued focus has been to revamp the distribution system. The introduction of the “Relaxo Parivaar” app has not only helped us to increasingly streamline our network of distributors and retailers but is also setting the stage for the future expansion of this network. We believe this effort, while exhibiting short term pain over the last few quarters in terms of decline in volumes, is slowly getting accepted by all business partners. We expect our distribution system to stabilise over the next 2-3 quarters and are hopeful that the results will begin to show post that.

Furthermore, we continue to improve our online presence through the “Brand as a Seller” model and are regularly launching exclusive offerings which shall contribute to the growth of this important channel. On the cost front, our focus remains on cost optimization efforts targeting operational efficiencies and involves the Company’s manufacturing facilities as well as the vendors.

We are confident that the curated investments that we have undertaken in this depressed market scenario will set the stage for growth and profitability in the medium to longer term."

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Footwear company Relaxo Footwears announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue at Rs 679 crore in Q2FY25 as compared to Rs 715 crore in Q2FY24. This is mainly due to weak market demand during the quarter.
  • EBITDA at Rs 88 crore in Q2FY25 as against Rs 92 crore in corresponding quarter of previous year. The company maintained its EBITDA margin at 12.9% during the quarter as compared to 12.8% in Q2FY24, despite subdued demand.
  • Profit after Tax at Rs 37 crore in Q2FY25 as compared to Rs 44 crore in Q2FY24.

H1FY25 Financial Highlights:

  • Revenue at Rs 1,428 crore in H1FY25 as compared to Rs 1,454 crore in H1FY24.
  • EBITDA at Rs 187 crore in H1FY25 as against Rs 199 crore in H1FY24. EBITDA margin stood at 13.1% in H1FY25 as compared to 13.7% in H1FY24.
  • Profit after Tax at Rs 81 crore in H1FY25 as compared to Rs 101 crore in H1FY24. PAT margin stood at 5.7% in H1FY25 as compared to 6.9% in H1FY24.

Ramesh Kumar Dua, Chairman and Managing Director said: “The company reported a decline in revenues during the quarter as the overall demand remained subdued. During the quarter, the industry witnessed an increase in lower priced unorganized competition, which led to downtrading by consumers in a high inflation environment. Margin pressure was also high from organized trade channels. The company took a call to not dilute pricing and margins to unsustainable levels due to which we were able to maintain our operating margins during the quarter. However, higher depreciation in the quarter has impacted the net profit of the company.

The company has been sanctioned a grant of Rs 10.00 crore, which is 50% of total expenses i.e., Rs 20.00 crore for Design Studio, under Indian Footwear and Leather Development Programme (IFLDP) that will boost our focus on best-in-class technological upgradation and advanced level of designs.

The company is in the process of adding new distributors to our network, to ensure Relaxo’s presence in each district of the country. To improve our reach and market penetration, we launched a retailer connect initiative through ‘Relaxo Parivaar’ mobile application. This has shown an encouraging response with reach of over 70,000 retail outlets and has been driving consistent month on month improvement in secondary sales. To drive premiumization, we have collaborated with global brands viz. ‘Disney’ and ‘Marvel’, launching a new collection featuring ‘Disney’ and ‘Marvel’ themes. Further, in line with our continued focus on cost efficiencies, we are working on optimizing our backend operations, which would enable the company to deliver a sustainable performance in future."

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Footwear company Relaxo Footwears announced Q1FY25 results:

  • Revenue at Rs 748 crore, in Q1FY25 as compared to Rs 739 crore in Q1FY24.
  • EBITDA at Rs 99 crore in Q1FY25 as against Rs 108 crore in corresponding quarter of previous year.
  • Profit after Tax at Rs 44 crore in Q1FY25 as compared to Rs 56 crore in Q1FY24.

Commenting on the results and performance, Ramesh Kumar Dua, Chairman and Managing Director said: “The company reported nominal revenue increase during the quarter, largely due to weak consumer sentiments driven by election related disruptions and severe heat conditions in many parts of India. We operate in a labour intensive industry which was impacted by an abnormal increase in minimum wages as mandated by the government. We decided not to pass on the higher costs to consumers in the current subdued market conditions, which has impacted profitability in this quarter. Capex incurred to manufacture higher volumes in the future have also led to higher depreciation expenses in this quarter.

We have undertaken major sales transformation initiatives to enhance our connect with distributors, retailers and consumers, and with a favourable monsoon expected, we are optimistic about sales growth in the coming quarters. The company is undertaking cost optimization initiatives which will help to improve overall performance of the company during this year.”

Result PDF

Relaxo Footwears announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue at Rs 747 crore in Q4FY24 as compared to Rs 765 crore in Q4 FY23, a marginal decline of 2% YoY. This is attributed to a slight decline in overall volumes, which was partly offset by improved average realisation.
  • EBITDA at Rs 120 crore in Q4FY24 as against Rs 118 crore in corresponding quarter of previous year, registered YoY growth of 2%. EBITDA margin stood at 16.1% during the quarter as compared to 15.4% in Q4 FY23, up by 69 bps.
  • Profit after Tax at Rs 61 crore in Q4FY24 as compared to Rs 63 crore in Q4 FY23. PAT Margin stood at 8.2% in Q4FY24 as compared to 8.3% in the corresponding quarter of previous year.

FY24 Financial Highlights:

  • Revenue at Rs 2,914 crore in FY24, an increase of 5% as compared to Rs 2,783 crore in FY23.
  • EBITDA at Rs 407 crore in FY24, up by 21%, from Rs 336 crore in FY23. EBITDA margin stood at 14.0% in FY24 as compared to 12.1% in FY23, improved by 188 bps.
  • Profit after Tax at Rs 200 crore in FY24, up from Rs 154 crore in FY23 reported an improvement of 30% YoY. PAT Margin at 6.9% in FY24 as compared to 5.6% in FY23, up by 133 bps.

Commenting on the results and performance, Ramesh Kumar Dua, Chairman and Managing Director said: “We have achieved a moderate increase in revenue for FY24, with a notable improvement in profitability. This performance was largely driven by a significant uptick in open-footwear volumes, a testament to the efficacy of our strategic initiatives to regain market share. During the quarter, the company has implemented Quality Control Orders as issued by the Bureau of Indian Standards (BIS) and now all our products are ISI marked.

This year, we have taken major sales transformation initiatives to enhance our connect with distributors, retailers and consumers. We have undertaken a major digital initiative to have our retailers directly connected with the company through our ‘Relaxo Parivaar’ app. In a short time frame, we have achieved an industry leading retailer connect through the app and expect this to grow further in the coming year. To help our distributors drive secondary sales to retailers, we have equipped them with a revamped Distributor Management System. We are also expanding our ecommerce operations by directly selling to consumers using ‘Brand as a Seller’ model on all major ecommerce platforms. These initiatives will help the company to improve our market connect and have a positive impact on growth.”

Result PDF

Relaxo Footwears announced Q3FY24 & 9MFY24 results:

  • Highlights for Q3FY24:
    • Revenue reached Rs 713 crore, showing a 5% YoY growth compared to Rs 681 crore in Q3FY23. The growth is attributed to higher sales volumes during the period.
    • EBITDA stood at Rs 87 crore in Q3FY24, reflecting a 21% YoY growth from Rs 72 crore in the corresponding quarter of the previous year. The EBITDA margin increased to 12.2%, up by 162 bps from 10.6% in Q3FY23, driven by softening raw material prices and operational efficiencies.
    • Profit after Tax reached Rs 39 crore in Q3FY24, marking a 28% YoY increase from Rs 30 crore in Q3FY23. The PAT margin improved by 99 bps, standing at 5.4% in Q3FY24 compared to 4.4% in the corresponding quarter of the previous year.
  • Highlights for 9MFY24:
    • Revenue reached Rs 2,167 crore, reflecting a 7% increase compared to Rs 2,018 crore in 9MFY23.
    • EBITDA stood at Rs 286 crore in 9MFY24, showing a significant 31% increase from Rs 218 crore in 9MFY23. The EBITDA margin improved to 13.2%, up by 242 bps from 10.8% in 9MFY23.
    • Profit after Tax reached Rs 139 crore in 9MFY24, marking a substantial 53% YoY improvement from Rs 91 crore in 9MFY23. The PAT margin increased to 6.4% in 9MFY24, up by 190 bps from 4.5% in 9MFY23.

Commenting on the results and performance, Ramesh Kumar Dua, Managing Director said: “We have achieved a modest performance during the quarter, both in terms of revenue and profitability, as the market continues to remain challenging. The volume growth in open footwear has significantly contributed to positive momentum. Softening of raw material prices on a YoY basis has contributed to better margins, which was partly offset by increased expenses.

To have a direct connection with consumers and to control discounts, we have started selling products on marketplaces as “Brand As Seller” and on the company’s website. We are initiating direct connect programs with Multiple Brand Outlets by offering direct benefits to retailers. We anticipate that these strategic initiatives will improve our growth going forward.”

 

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Relaxo Footwears announced Q1FY24 results:

  • Revenue at Rs 739 crore in Q1FY24 compared to Rs 667 crore in Q1FY23, an increase of 11% YoY. The growth was driven by the strong recovery in volumes across open footwear.
  • EBITDA is at Rs 108 crore in Q1FY24 compared to Rs 86 crore in Q1FY23, a growth of 25% YoY. EBITDA margin stood at 14.6% in Q1FY24 as against 12.9% in Q1FY23 with easing out of the raw material prices in Q1FY24.
  • Profit after Tax at Rs 56 crore in Q1FY24, up 46% YoY, from Rs 39 crore in Q1FY23. PAT Margin stood at 7.6% as compared to 5.8% in Q1FY23, an improvement of 182 bps.

Commenting on the results and performance, Ramesh Kumar Dua, Managing Director said: "We are pleased to announce a good performance in the first quarter of FY24, supported by significant growth in both open and closed footwear categories. The decline in raw material prices, coupled with the relentless efforts of our team to ensure the company's adaptability and resilience in challenging market conditions, has led to improved operating efficiency and profitability during the quarter.

Our effective business strategies have enabled us to capitalize on market trends, maintaining a robust position with well-received brands like Sparx, Bahamas, and Flite. Furthermore, all our channels have seen encouraging progress, which will help us deliver positive results consistently.

We continue to prioritize delivering top-quality products through our in-house manufacturing, while our dedicated design team focuses on creating innovative and trendy designs to enhance our brand recognition.

As we move forward, we anticipate further softening of raw material prices in the upcoming quarters, which will further contribute to improving our profit margins."

 

 

Result PDF

Relaxo Footwears announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Revenue at Rs 765 crore in Q4FY23 as against revenue of Rs 698 crore in Q4FY22, a growth of 10% YoY
    • EBITDA is at Rs 118 crore in Q4FY23 as compared to Rs 111 crore in Q4FY22
    • EBITDA margin stood at 15.4% in Q4FY23 as against 15.9% in Q4FY22
    • Profit after tax at Rs 63 crore in Q4FY23. PAT margin stood at 8.3% as compared to 9.0% in Q4FY22. Better operating margin aided in the improvement of PAT Margin by 386 bps on a QoQ basis.
  • FY23:
    • Revenue at Rs 2,783 crore in FY23 as compared to Rs 2,653 crore in FY22, up by 5%
    • EBITDA at Rs 336 crore in FY23 as compared to Rs 416 crore in FY22. EBITDA Margin stood at 12.1% in FY23, as compared to 15.7% in FY22
    • Profit after tax at Rs 154 crore in FY23 as compared to Rs 233 crore in FY22. PAT margin stood at 5.6% in FY23 as compared to 8.8% in FY22

Commenting on the results and performance, Ramesh Kumar Dua, Managing Director, said: “We are pleased with the performance of your company in Q4FY23, which was supported by substantial business growth across all segments as compared to previous quarters. Despite the challenging environment last year, our strong team responded effectively, and we remain committed to maintaining the high standards of excellence that have made us successful.

Our price correction efforts have resulted in good momentum as we continue to recover our market share in all major segments without relying on discounts or offers. Our strong brand identity, robust distribution channels, and effective marketing strategies have facilitated our growth across categories, backed by our strong manufacturing facilities.

Raw material prices have stabilized, enabling us to offer competitive prices in the market. Additionally, the majority of the high-cost old inventory has been liquidated & now new inventory with lower costs has started going to the markets, leading to improved margins this quarter. We are now a debt-free company with robust cash flow from operations, due to our strong working capital management. We believe these factors will help us to maintain our growth trajectory in the coming quarters.

Looking ahead, we have a positive outlook for the industry and believe that our company is well-positioned to capitalize on opportunities arising due to the increased per capita footwear consumption and growing share of the organized market. We are confident that our efforts will continue to yield positive results.”

 

 

Result PDF

Relaxo Footwears announced Q3FY23 results:

  • Q3FY23:
    • Revenue at Rs 681 crore in Q3FY23 as against a revenue of Rs 744 crore in Q3FY22, this was impacted by the subdued demand in mass segment articles and the higher volume/value base in the corresponding quarter in FY22 due to a change in GST rate with effect from January 1, 2022.
    • EBITDA is at Rs 72 crore in Q3FY23 as compared to an EBITDA of Rs 122 crore in Q3FY22. EBITDA margin stood at 10.6% Q3FY23 as against 16.4% in the corresponding quarter due to aggressive price corrections in open footwear as well as the liquidation of high cost inventory in the pipeline in the current quarter. However, the margins witnessed an increase on a QoQ basis.
    • PAT at Rs 30 crore in Q3FY23, as compared to a profit of Rs 70 crore in the corresponding quarter. PAT Margin stood at 4.4% as compared to 9.4%.
  • 9MFY23:
    • Revenue at Rs 2,018 crore in 9MFY23 as compared to Rs 1,955 crore in the corresponding period.
    • EBITDA at Rs 218 crore in 9MFY23 as compared to Rs 305 crore in 9MFY22. EBITDA Margin stood at 10.8% in 9MFY23, as compared to 15.6% in the corresponding period.
    • Profit after Tax at Rs 91 crore in 9MFY23 as compared to Rs 170 crore in 9MFY22. PAT Margin stood at 4.5% in 9MFY23 as compared to 8.7% in the corresponding period

Commenting on the results and performance, Mr. Ramesh Kumar Dua, Managing Director said: "The company has reported a modest performance in Q3FY23. In spite of subdued demand due to the continuing inflationary pressures on the consumers, the Company showed marginal improvement in volumes on QoQ basis. The volume growth was primarily supported by price corrections undertaken.

Market environment remains competitive & challenging. The Company made price corrections to counter the same. While we have started seeing the effect of the same on volumes, its full effect will come into play from Q4FY23 onwards. Once the major portion of the high-cost inventory gets cleared from our distribution channels coupled with the business showing signs of improvement and raw material costs stabilising, we expect improvements in margins while regaining the market share in the quarters to come. We also anticipate that our closed footwear segment will continue to show healthy growth momentum as wholesale distribution channels and online penetration improve."

 

 

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