Metro Brands LimitedQuarter ended September 30, 2026 Results & Financial Update
Metro Brands Limited: Quarter ended September 30, 2026 consolidated results and company financials – revenue ₹730.27 Cr, PAT ₹77.28 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Metro Brands Quarter ended September 30, 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Metro Brands Limited reported consolidated revenue from operations of ₹730.27 crore for the quarter ended September 30, 2026, marking a 12.15% increase compared to ₹651.14 crore in the corresponding period of the previous year.
Management noted that the quarter experienced modest sequential and calendar-adjusted growth dynamics due to the festive season shifting into October (Q3), which moved a larger share of consumer demand out of September.
EBITDA for the quarter was reported at ₹198 crore in company presentations (representing a 15.8% YoY rise), operating at an EBITDA margin of 27.1% supported by gross margin expansion despite ongoing investments in talent and brand building.
The company expanded its retail presence during the quarter by opening 21 new stores, which was offset by 9 store closures, bringing the standalone store count to 1,053 stores across 223 cities.
E-commerce and omnichannel sales grew 12% year-on-year during the quarter, contributing 14.2% of total revenue despite the festive sales timing shift.
01 · Business model
What does Metro Brands do?
Metro Brands Limited operates as one of India's leading footwear specialty retailers, offering a wide array of footwear and accessories for men, women, and children across various occasions ranging from casual to formal and active lifestyles.
The company manages a diverse brand portfolio featuring prominent in-house brands such as Metro Shoes, Mochi, Walkway, MetroActiv, Da Vinchi, and J. Fontini, alongside international partner brands including Crocs, FitFlop, Fila, Foot Locker, New Era, Clarks, Skechers, and Puma.
Distribution is executed primarily through a Company Owned and Company Operated (COCO) retail model across hundreds of cities and states in India, complemented by growing omnichannel and e-commerce capabilities.
The operating model relies on outsourced manufacturing partnerships, data-driven inventory replenishment, and flexible cost structures such as revenue-share store lease arrangements.
02 · Historical context
What shaped the business before this quarter
The company expanded its portfolio over recent years by introducing partnerships with global brands including Fila (2022), Foot Locker (2023), New Era (2024), and Clarks (2025).
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended September 30, 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹730.27 Cr | ₹651.14 Cr | ₹720.36 Cr |
| Total income | ₹753.21 Cr | ₹679.32 Cr | ₹746.67 Cr |
| Profit before tax | ₹102.76 Cr | ₹91.12 Cr | ₹126.75 Cr |
| Profit after tax | ₹77.28 Cr | ₹68.98 Cr | ₹95.26 Cr |
| EPS | ₹2.78 | ₹2.49 | ₹3.44 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue expansion was supported by continuous network expansion, adding 21 new stores during the quarter against 9 closures.
E-commerce and omnichannel channels grew by 12% year-on-year, maintaining a 14.2% contribution to overall revenue.
Top-line growth was tempered during the quarter by the festive calendar shifting into October, moving peak consumer demand from late September into Q3.
What drove margins
Profitability ratios benefited from gross margin expansion across product lines, supported by a demand-driven inventory replenishment pull model.
Margins absorbed continued investments in talent, brand-building initiatives, and higher front-end staff expenses driven by minimum wage revisions.
05 · Demand, customers & order book
Where demand is coming from
The company's customer loyalty program base exceeds 20 million members.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
In-house brands continued to contribute approximately 70% of total store product sales at Multi-Brand Outlets (MBOs).
Geography and market mix
As of September 30, 2026, the network spanned 1,053 stores across 223 cities and 31 states and Union Territories.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company operates an asset-light model, outsourcing all footwear manufacturing without owning internal production plants.
Projects, capex and execution
For the first six months ended September 30, 2026, net capital expenditure stood at ₹55 crore.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Clark's ladies' range is present in over 400 MBOs and men's range in over 100 MBOs, with complete EBO product supply expected by Q3 and EBO launches in the second half of FY27.
Due to Bureau of Indian Standards (BIS) related considerations, local manufacturing of Fila footwear has commenced in India ahead of a brand repositioning.
The expansion strategy for New Era shifted from kiosks to an EBO-led model, resulting in 2 EBO openings and 4 kiosk closures during the quarter.
09 · Reported developments
What changed operationally
Delivered double-digit year-on-year growth in both revenue (12.2%) and PAT (12.0%) despite headwinds from the festive calendar shift.
10 · Pressure points & risks
What is not going smoothly
Ongoing BIS implementation challenges among select external brands impacted supply chain readiness and constrained the pace of expansion for certain newer formats.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net core working capital days stood at 97 days as of September 30, 2026, compared to 86 days as of March 31, 2026, and 83 days as of September 30, 2025.
Capital allocation & funding
Consolidated balance sheet figures include lease liabilities of ₹231 crore in current liabilities and ₹1,368 crore in non-current liabilities as of September 30, 2026.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Sustainability & ODF Recycling
Metro Brands met its long-term goal of recycling one pair of footwear for each pair sold ahead of schedule, having processed ~4,892 tons (~12.5 million pairs) of old and discarded footwear in FY26.
13 · Previous-quarter changes
What changed since the previous quarter
Revenue moved from ₹720.36 crore in Q1 FY27 to ₹730.27 crore in Q2 FY27, while PAT moderated from ₹95.26 crore to ₹77.28 crore.
14 · Key Q&A
The quarter, answered directly
What does Metro Brands do?
Metro Brands Limited operates as one of India's leading footwear specialty retailers, offering a wide array of footwear and accessories for men, women, and children across various occasions ranging from casual to formal and active lifestyles.
What is the clearest takeaway from Quarter ended September 30, 2026?
Metro Brands Limited reported consolidated revenue from operations of ₹730.27 crore for the quarter ended September 30, 2026, marking a 12.15% increase compared to ₹651.14 crore in the corresponding period of the previous year.
What drove revenue or demand?
Revenue expansion was supported by continuous network expansion, adding 21 new stores during the quarter against 9 closures.
What mattered most for margins or profitability?
Profitability ratios benefited from gross margin expansion across product lines, supported by a demand-driven inventory replenishment pull model.
What changed operationally beyond the headline numbers?
The company operates an asset-light model, outsourcing all footwear manufacturing without owning internal production plants.
What are the main pressure points disclosed for the quarter?
Ongoing BIS implementation challenges among select external brands impacted supply chain readiness and constrained the pace of expansion for certain newer formats.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Festive Season Demand Capture: Monitor Q3 financial performance to gauge the extent of pent-up demand realization following the October festive shift.
- 02
New Brand Rollout Progress: Track the commercial rollout of Clarks EBOs and the progress of local manufacturing initiatives for Fila.
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