Relaxo Footwears (RELAXO) Q1 25/26 earnings summary

Executive summary

• Q1FY26 revenue declined 12.5% year-over-year to ₹654.5 Cr, with PAT up 10.2% to ₹48.9 Cr and EBITDA margin improving to 15.2%.

• FY25 revenue was ₹2,789.6 Cr, down 4.3% from FY24, with PAT at ₹170.3 Cr, a 15% decrease year-over-year.

• Board approved unaudited Q1FY26 results with an unmodified limited review report.

• The company maintains a diversified product portfolio and strong distribution network, with 406 exclusive outlets and exports to 36 countries.

• Volume in Q1FY26 rose to 5.0 Cr pairs from 4.3 Cr in Q1FY25, but average realization per pair fell to ₹150.

Financial highlights

• Q1FY26 EBITDA was ₹99.5 Cr, up 0.6% year-over-year; PAT margin improved to 7.5%.

• FY25 EBITDA was ₹382 Cr (down 6.1% year-over-year), with EBITDA margin at 13.7%.

• FY25 net worth increased to ₹2,098 Cr; net debt reduced to ₹151 Cr.

• FY25 capex was ₹62 Cr; cash generated from operations was ₹464 Cr.

• FY25 brand-wise revenue: Flite 40%, Sparx 37%, Hawai 23%.

Outlook and guidance

• Management highlights industry growth drivers, including rising demand for sports shoes, digital transformation, and sustainability trends.

• The organized segment in Indian footwear is expected to outpace overall industry growth.