Relaxo Footwears (RELAXO) Q3 25/26 earnings summary

Executive summary

• Achieved Q3FY26 revenue of ₹668.03 Cr, nearly flat year-over-year, and ₹2,094 Cr for 9MFY26, up 7.3% year-over-year.

• Q3FY26 PAT at ₹26.54 Cr, down 19.6% year-over-year; 9MFY26 PAT at ₹111.6 Cr, down 2.2% year-over-year.

• EBITDA margin for Q3FY26 at 10.4%, down 211 bps year-over-year; 9MFY26 EBITDA margin at 12.8%.

• Annual FY25 revenue at ₹2,914 Cr, with PAT of ₹170 Cr and EBITDA margin of 12.1%.

• Unaudited financial results for the quarter and nine months ended December 31, 2025, were reviewed and approved by the Board on January 30, 2026.

Financial highlights

• Q3FY26 revenue grew 0.17% year-over-year; 9MFY26 revenue up 7.3% year-over-year.

• Q3FY26 EBITDA at ₹69.4 Cr, down 16.8% year-over-year; 9MFY26 EBITDA at ₹250 Cr, down 7.4%.

• Q3FY26 PAT margin at 4.0%, down 98 bps year-over-year; 9MFY26 PAT margin at 5.7%.

• FY25 net worth at ₹2,098 Cr; net debt at ₹-292 Cr (net cash position).

• Basic and diluted EPS for Q3 FY26 stood at ₹1.06, compared to ₹1.32 in Q3 FY25.

Outlook and guidance

• Indian footwear market expected to grow at 10.1% CAGR through 2033, outpacing Asia-Pacific and global markets.

• Organised segment projected to increase its share from 35% to 55% by 2034.

• ICRA reaffirmed long-term rating at [ICRA] AA (Stable) and short-term rating at [ICRA] A1+.