Relaxo Footwears LimitedQ1 FY27 Results & Financial Update
Relaxo Footwears Limited: Q1 FY27 standalone results and company financials – revenue ₹705.05 Cr, PAT ₹54.94 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Relaxo Footwears Q1 FY27 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
Relaxo Footwears Limited reported revenue from operations of ₹705.05 crore for the first quarter of financial year 2027, marking a 7.73% increase compared to ₹654.49 crore in the corresponding quarter of the previous year.
Profit after tax for Q1 FY27 reached ₹54.94 crore, representing a 12.35% growth year-on-year from ₹48.90 crore, supported by resilient demand across distribution channels and disciplined operational execution.
EBITDA improved by 8.83% year-on-year to ₹108.23 crore, with the EBITDA margin expanding by 15 basis points to 15.35% from 15.20% in Q1 FY26.
Profit before tax advanced 13.91% year-on-year to ₹75.08 crore, reflecting improved product mix and ongoing cost optimization initiatives despite elevated raw material prices.
Basic earnings per share for the quarter rose to ₹2.21 from ₹1.96 reported in Q1 FY26.
Profit after tax was ₹54.94 Cr for the reported quarter. EPS was ₹2.21 for the reported quarter.
01 · Business model
What does Relaxo Footwears do?
Relaxo Footwears Limited operates as India's largest footwear manufacturing company, specializing in a diverse portfolio of mass and mid-market footwear brands including Hawai, Flite, Bahamas, and Sparx.
The company manages an extensive manufacturing infrastructure comprising 9 production facilities across India, supported by an in-house design, material management, and packaging setup.
Distribution spans approximately 630 pan-India general trade distributors, over 70,000 retail/multi-brand outlets, 429 exclusive brand outlets (EBOs), and leading e-commerce platforms, backed by an overseas office in Dubai.
02 · Historical context
What shaped the business before this quarter
Over preceding financial years, the company expanded its manufacturing capabilities, supporting an installed capacity that reached 10.5 lakh pairs per day prior to a Q1 FY27 recalibration.
The company built its market presence through established brands such as Hawai, Flite, Bahamas, and Sparx, supported by celebrity brand endorsements and widespread distribution.
The firm progressively scaled its exclusive brand outlet (EBO) network to 429 stores prior to the Q1 FY27 strategic push toward the 500-store milestone.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹705.05 Cr |
| Total income | ₹718.01 Cr |
| Profit before tax | ₹75.08 Cr |
| Profit after tax | ₹54.94 Cr |
| EPS | ₹2.21 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue expansion was driven by broad-based growth across all distribution channels, including general trade, modern retail, e-commerce, and export markets.
Average realization per pair increased to ₹166 in Q1 FY27 compared to ₹151 in Q1 FY26, reflecting shifts in product realization and premiumization.
The company recorded total sales volume of 4.2 crore pairs during the quarter, compared to 4.3 crore pairs in Q1 FY26.
What drove margins
Management attributed steady margin performance and realization gains to continuous focus on product mix improvement and higher-value offerings.
Disciplined operating efficiencies and cost optimization in manufacturing mitigated cost pressures stemming from elevated raw material prices.
Total operating expenses grew by 7.53% year-on-year to ₹596.82 crore, slightly below revenue growth, allowing EBITDA margin expansion to 15.35%.
05 · Demand, customers & order book
Where demand is coming from
The retail distribution channel comprises over 70,000 multi-brand outlets and 429 exclusive brand outlets (EBOs) as of June 30, 2026.
Products are distributed across major online marketplaces and quick-commerce channels including Amazon, Flipkart, Myntra, Ajio, Zepto, Blinkit, and Swiggy.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company's product portfolio spans Hawai (economy and utility), Flite (semi-formal and daily wear), Bahamas (fashion beachwear), and Sparx (sports and athleisure footwear).
Industry-wide trends highlighted sports and athleisure as the fastest-growing footwear category, expanding at approximately 10% CAGR driven by health awareness.
Geography and market mix
Domestic reach covers over 70,000 retailers and multi-brand outlets alongside approximately 630 pan-India general trade distributors.
Products are exported to approximately 37 countries, supported by an overseas office located in Dubai.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company recalibrated its production capacity from 10.5 lakh pairs per day to 9.1 lakh pairs per day, as approved by the Board on August 13, 2026, to accommodate upgrading and modernization of manufacturing facilities (RFL-I & II).
Projects, capex and execution
Capital expenditure during the period was directed toward the upgradation and modernization of manufacturing facilities RFL-I and RFL-II to support future growth and infrastructure utilization.
Capital work-in-progress stood at ₹96.70 crore as of June 30, 2026, compared to ₹53.21 crore at the close of FY25.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Management outlined a strategic priority to expand the retail EBO network, aiming to approach the 500-store mark by the end of the financial year to deepen presence in underpenetrated regions.
Expansion of exclusive retail outlets is intended to create a platform specifically suited for showcasing the company's premium product portfolio.
09 · Reported developments
What changed operationally
Profit after tax increased by 12.35% year-on-year to ₹54.94 crore, outpacing revenue growth.
EBITDA margin improved by 15 basis points year-on-year to 15.35%, driven by operational efficiencies and product mix enhancements.
10 · Pressure points & risks
What is not going smoothly
Management noted headwinds from elevated raw material prices and geopolitical uncertainties during the quarter.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Changes in inventories of finished goods, stock-in-trade, and work-in-progress reflected a negative impact of ₹99.25 crore for Q1 FY27, compared to ₹20.14 crore in Q1 FY26.
Total outstanding dues for trade payables stood at ₹262.64 crore at the end of the quarter.
Capital allocation & funding
Short-term borrowings remained nil as of June 30, 2026, reflecting a debt-free financial structure for working capital.
Non-current lease liabilities stood at ₹187.67 crore, while current lease liabilities were ₹44.98 crore.
12 · Management guidance & targets
What management is targeting from here
Management expressed optimism regarding the demand environment, focusing on sustaining improvement seen over recent quarters through brand portfolio strength and retail expansion.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Credit Rating Profile
The company maintained an investment-grade credit profile supported by long-term rating of ICRA AA and short-term rating of A1+.
Reported update
Intellectual Property Portfolio
The intellectual property portfolio comprised 87 trademarks, 13 copyrights, and 1,390 designs as of August 2026.
14 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations decreased by 6.13% sequentially from ₹751.10 crore in Q4 FY26 to ₹705.05 crore in Q1 FY27, while PAT declined by 18.81% from ₹67.67 crore.
15 · Key Q&A
The quarter, answered directly
What does Relaxo Footwears do?
Relaxo Footwears Limited operates as India's largest footwear manufacturing company, specializing in a diverse portfolio of mass and mid-market footwear brands including Hawai, Flite, Bahamas, and Sparx.
What is the clearest takeaway from Q1 FY27?
Relaxo Footwears Limited reported revenue from operations of ₹705.05 crore for the first quarter of financial year 2027, marking a 7.73% increase compared to ₹654.49 crore in the corresponding quarter of the previous year.
What drove revenue or demand?
Revenue expansion was driven by broad-based growth across all distribution channels, including general trade, modern retail, e-commerce, and export markets.
What mattered most for margins or profitability?
Management attributed steady margin performance and realization gains to continuous focus on product mix improvement and higher-value offerings.
What changed operationally beyond the headline numbers?
The company recalibrated its production capacity from 10.5 lakh pairs per day to 9.1 lakh pairs per day, as approved by the Board on August 13, 2026, to accommodate upgrading and modernization of manufacturing facilities (RFL-I & II).
What is management guiding or targeting from here?
Management expressed optimism regarding the demand environment, focusing on sustaining improvement seen over recent quarters through brand portfolio strength and retail expansion.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Retail Footprint Progress: Monitor progress toward the targeted milestone of 500 exclusive brand outlets by the end of FY27.
- 02
Manufacturing Modernization: Track the execution and operational impact of the modernization program at RFL-I and RFL-II following capacity recalibration.
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