# Footwear — company-by-company sector analysis

> Footwear: Bata India Ltd owns the largest revenue base; Redtape Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Footwear has underperformed NIFTY 500 by 20.1% over 52 weeks and 3.7% over 13 weeks. 2 of 6 covered companies beat NIFTY on Mansfield relative strength, while 3 of 5 beat the sector itself. Bata India Ltd leads with revenue of ₹3,516 crore, based on 5 of 6 comparable companies through Mar 2026.

### Is the Footwear sector outperforming NIFTY 500?

Footwear has underperformed NIFTY 500 by 20.1% over 52 weeks and 3.7% over 13 weeks. 2 of 6 covered companies beat NIFTY on Mansfield relative strength, while 3 of 5 beat the sector itself.

### Which Footwear company is largest by revenue?

Bata India Ltd leads with revenue of ₹3,516 crore, based on 5 of 6 comparable companies through Mar 2026.

### Which Footwear company is growing fastest?

Redtape Ltd has the fastest current revenue growth at 19.5%, across 5 of 6 comparable companies.

### Which Footwear company has the strongest 4-Factor Sector Score?

Redtape Ltd ranks first at 74.5/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Footwear company has the least gross debt?

Mirza International Ltd has the lowest comparable gross debt at ₹15 crore. Metro Brands Ltd has the highest at ₹1,570 crore.

### Which Footwear company has the lowest comparable PEG?

Redtape Ltd has the lowest comparable Guarded PEG at 1.19, among 3 of 6 companies that pass the metric’s comparability rules.

### How much history does this Footwear comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Footwear has underperformed NIFTY 500 by 20.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 3.7%. 2 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Campus Activewear Ltd is the strongest against the sector itself at +13.5%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 3.7%
52-week sector return versus NIFTY 500: -20%
Stocks leading NIFTY: 2/6
Stocks leading sector: 3/5

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 6
Combined market value: ₹60.9K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Redtape Ltd (REDTAPE): 75/100 — Favorable setup; evidence 100%
   - Growth & earnings 31.9/35 | Capital efficiency 16.9/25 | Valuation 17.0/20 | Relative strength 8.7/20
   - Exact sum: 31.9 + 16.9 + 17 + 8.7 = 74.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Metro Brands Ltd (METROBRAND): 51/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 17.7/35 | Capital efficiency 15.2/25 | Valuation 6.0/20 | Relative strength 11.8/20
   - Exact sum: 17.7 + 15.2 + 6 + 11.8 = 50.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Relaxo Footwears Ltd (RELAXO): 39/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 14.2/35 | Capital efficiency 12.8/25 | Valuation 2.5/20 | Relative strength 9.5/20
   - Exact sum: 14.2 + 12.8 + 2.5 + 9.5 = 39
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Bata India Ltd (BATAINDIA): 28/100 — Adverse evidence; evidence 84%
   - Growth & earnings 6.1/35 | Capital efficiency 9.4/25 | Valuation 9.5/20 | Relative strength 3.0/20
   - Exact sum: 6.1 + 9.4 + 9.5 + 3 = 28
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Campus Activewear Ltd (CAMPUS): 64/100 — Thin evidence · provisional; evidence 46%
   - Growth & earnings 20.6/35 | Capital efficiency 17.4/25 | Valuation 13.7/20 | Relative strength 12.6/20
   - Exact sum: 20.6 + 17.4 + 13.7 + 12.6 = 64.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Mirza International Ltd (MIRZAINT): 35/100 — Thin evidence · provisional; evidence 50%
   - Growth & earnings 5.5/35 | Capital efficiency 8.6/25 | Valuation 10.0/20 | Relative strength 11.1/20
   - Exact sum: 5.5 + 8.6 + 10 + 11.1 = 35.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Bata India Ltd is the scale leader at ₹3,516 crore, 22.8% ahead of Metro Brands Ltd. Redtape Ltd's growth is 19.5% from a ₹2,419 crore base, with 16 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Bata India Ltd is the scale benchmark; Redtape Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Bata India Ltd's growth falls below Redtape Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Bata India Ltd · ₹3,516 crore | 22.8% versus #2 · Metro Brands Ltd | 4/8 recent comparable periods | 5/6 companies · 93 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Bata India Ltd (BATAINDIA): ₹3.5K Cr
2. Metro Brands Ltd (METROBRAND): ₹2.9K Cr
3. Relaxo Footwears Ltd (RELAXO): ₹2.7K Cr
4. Redtape Ltd (REDTAPE): ₹2.4K Cr
5. Mirza International Ltd (MIRZAINT): ₹527 Cr

### Revenue growth — fastest growers
1. Redtape Ltd (REDTAPE): 20%
2. Metro Brands Ltd (METROBRAND): 14%
3. Bata India Ltd (BATAINDIA): 0.8%
4. Relaxo Footwears Ltd (RELAXO): -3.1%
5. Mirza International Ltd (MIRZAINT): -9.3%

### 20-quarter Revenue history
- METROBRAND: Jun 2021 ₹131 Cr | Sep 2021 ₹325 Cr | Dec 2021 ₹484 Cr | Mar 2022 ₹403 Cr | Jun 2022 ₹508 Cr | Sep 2022 ₹476 Cr | Dec 2022 ₹599 Cr | Mar 2023 ₹544 Cr | Jun 2023 ₹583 Cr | Sep 2023 ₹556 Cr | Dec 2023 ₹636 Cr | Mar 2024 ₹583 Cr | Jun 2024 ₹576 Cr | Sep 2024 ₹585 Cr | Dec 2024 ₹703 Cr | Mar 2025 ₹643 Cr | Jun 2025 ₹628 Cr | Sep 2025 ₹651 Cr | Dec 2025 ₹811 Cr | Mar 2026 ₹773 Cr
- RELAXO: Jun 2021 ₹497 Cr | Sep 2021 ₹714 Cr | Dec 2021 ₹744 Cr | Mar 2022 ₹698 Cr | Jun 2022 ₹667 Cr | Sep 2022 ₹670 Cr | Dec 2022 ₹681 Cr | Mar 2023 ₹765 Cr | Jun 2023 ₹739 Cr | Sep 2023 ₹715 Cr | Dec 2023 ₹713 Cr | Mar 2024 ₹747 Cr | Jun 2024 ₹748 Cr | Sep 2024 ₹679 Cr | Dec 2024 ₹667 Cr | Mar 2025 ₹695 Cr | Jun 2025 ₹654 Cr | Sep 2025 ₹629 Cr | Dec 2025 ₹668 Cr | Mar 2026 ₹751 Cr
- BATAINDIA: Jun 2021 ₹267 Cr | Sep 2021 ₹614 Cr | Dec 2021 ₹841 Cr | Mar 2022 ₹665 Cr | Jun 2022 ₹943 Cr | Sep 2022 ₹830 Cr | Dec 2022 ₹900 Cr | Mar 2023 ₹779 Cr | Jun 2023 ₹958 Cr | Sep 2023 ₹819 Cr | Dec 2023 ₹903 Cr | Mar 2024 ₹798 Cr | Jun 2024 ₹945 Cr | Sep 2024 ₹837 Cr | Dec 2024 ₹919 Cr | Mar 2025 ₹788 Cr | Jun 2025 ₹942 Cr | Sep 2025 ₹801 Cr | Dec 2025 ₹945 Cr | Mar 2026 ₹828 Cr
- REDTAPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹306 Cr | Sep 2022 ₹306 Cr | Dec 2022 ₹478 Cr | Mar 2023 ₹379 Cr | Jun 2023 ₹395 Cr | Sep 2023 ₹325 Cr | Dec 2023 ₹618 Cr | Mar 2024 ₹507 Cr | Jun 2024 ₹442 Cr | Sep 2024 ₹416 Cr | Dec 2024 ₹661 Cr | Mar 2025 ₹506 Cr | Jun 2025 ₹464 Cr | Sep 2025 ₹492 Cr | Dec 2025 ₹787 Cr | Mar 2026 ₹676 Cr
- CAMPUS: Jun 2021 ₹135 Cr | Sep 2021 — | Dec 2021 ₹434 Cr | Mar 2022 ₹352 Cr | Jun 2022 ₹338 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- MIRZAINT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹161 Cr | Jun 2023 ₹128 Cr | Sep 2023 ₹209 Cr | Dec 2023 ₹142 Cr | Mar 2024 ₹152 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹201 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹122 Cr | Jun 2025 ₹142 Cr | Sep 2025 ₹164 Cr | Dec 2025 ₹118 Cr | Mar 2026 ₹103 Cr

### 20-quarter Revenue growth history
- METROBRAND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 288% | Sep 2022 46% | Dec 2022 24% | Mar 2023 35% | Jun 2023 15% | Sep 2023 17% | Dec 2023 6.2% | Mar 2024 7.2% | Jun 2024 -1.2% | Sep 2024 5.2% | Dec 2024 11% | Mar 2025 10% | Jun 2025 9.0% | Sep 2025 11% | Dec 2025 15% | Mar 2026 20%
- RELAXO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 -6.2% | Dec 2022 -8.5% | Mar 2023 9.6% | Jun 2023 11% | Sep 2023 6.7% | Dec 2023 4.7% | Mar 2024 -2.4% | Jun 2024 1.2% | Sep 2024 -5.0% | Dec 2024 -6.5% | Mar 2025 -7.0% | Jun 2025 -13% | Sep 2025 -7.4% | Dec 2025 0.2% | Mar 2026 8.1%
- BATAINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 253% | Sep 2022 35% | Dec 2022 7.0% | Mar 2023 17% | Jun 2023 1.6% | Sep 2023 -1.3% | Dec 2023 0.4% | Mar 2024 2.5% | Jun 2024 -1.4% | Sep 2024 2.2% | Dec 2024 1.7% | Mar 2025 -1.2% | Jun 2025 -0.3% | Sep 2025 -4.3% | Dec 2025 2.8% | Mar 2026 5.0%
- REDTAPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 29% | Sep 2023 6.2% | Dec 2023 29% | Mar 2024 34% | Jun 2024 12% | Sep 2024 28% | Dec 2024 7.0% | Mar 2025 -0.2% | Jun 2025 5.0% | Sep 2025 18% | Dec 2025 19% | Mar 2026 34%
- CAMPUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 28% | Jun 2022 150% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- MIRZAINT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -5.6% | Jun 2024 13% | Sep 2024 -3.8% | Dec 2024 -20% | Mar 2025 -20% | Jun 2025 -1.4% | Sep 2025 -18% | Dec 2025 3.5% | Mar 2026 -16%

## Operating Economics & Margin Trend

What the numbers say: Metro Brands Ltd leads opm at 31%; Campus Activewear Ltd leads margin change at +7 percentage points.

Investor read: Metro Brands Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Metro Brands Ltd · 31% | 70.3% versus #2 · Bata India Ltd | 3/8 recent comparable periods | 6/6 companies · 100 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Metro Brands Ltd (METROBRAND): 31%
2. Bata India Ltd (BATAINDIA): 18%
3. Campus Activewear Ltd (CAMPUS): 18% — older report
4. Relaxo Footwears Ltd (RELAXO): 17%
5. Redtape Ltd (REDTAPE): 16%

### Margin change — fastest expanders
1. Campus Activewear Ltd (CAMPUS): +7.0 pp — older report
2. Redtape Ltd (REDTAPE): +7.0 pp
3. Relaxo Footwears Ltd (RELAXO): +1.0 pp
4. Metro Brands Ltd (METROBRAND): 0.0 pp
5. Bata India Ltd (BATAINDIA): −4.4 pp

### 20-quarter OPM history
- METROBRAND: Jun 2021 -13% | Sep 2021 30% | Dec 2021 35% | Mar 2022 32% | Jun 2022 36% | Sep 2022 31% | Dec 2022 34% | Mar 2023 26% | Jun 2023 32% | Sep 2023 28% | Dec 2023 31% | Mar 2024 27% | Jun 2024 31% | Sep 2024 26% | Dec 2024 32% | Mar 2025 31% | Jun 2025 31% | Sep 2025 26% | Dec 2025 33% | Mar 2026 31%
- RELAXO: Jun 2021 13% | Sep 2021 16% | Dec 2021 16% | Mar 2022 16% | Jun 2022 13% | Sep 2022 8.9% | Dec 2022 11% | Mar 2023 15% | Jun 2023 15% | Sep 2023 13% | Dec 2023 12% | Mar 2024 16% | Jun 2024 13% | Sep 2024 13% | Dec 2024 12% | Mar 2025 16% | Jun 2025 15% | Sep 2025 13% | Dec 2025 10% | Mar 2026 17%
- BATAINDIA: Jun 2021 -12% | Sep 2021 19% | Dec 2021 20% | Mar 2022 24% | Jun 2022 26% | Sep 2022 19% | Dec 2022 23% | Mar 2023 23% | Jun 2023 25% | Sep 2023 22% | Dec 2023 20% | Mar 2024 23% | Jun 2024 20% | Sep 2024 21% | Dec 2024 22% | Mar 2025 23% | Jun 2025 21% | Sep 2025 18% | Dec 2025 22% | Mar 2026 18%
- REDTAPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 15% | Dec 2022 18% | Mar 2023 16% | Jun 2023 21% | Sep 2023 18% | Dec 2023 17% | Mar 2024 15% | Jun 2024 16% | Sep 2024 15% | Dec 2024 19% | Mar 2025 9.0% | Jun 2025 17% | Sep 2025 15% | Dec 2025 19% | Mar 2026 16%
- CAMPUS: Jun 2021 11% | Sep 2021 — | Dec 2021 21% | Mar 2022 22% | Jun 2022 18% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- MIRZAINT: Jun 2021 14% | Sep 2021 12% | Dec 2021 14% | Mar 2022 9.3% | Jun 2022 12% | Sep 2022 11% | Dec 2022 11% | Mar 2023 6.0% | Jun 2023 7.0% | Sep 2023 6.0% | Dec 2023 11% | Mar 2024 8.0% | Jun 2024 7.0% | Sep 2024 8.0% | Dec 2024 3.0% | Mar 2025 5.0% | Jun 2025 9.0% | Sep 2025 8.0% | Dec 2025 -1.0% | Mar 2026 -7.0%

### 20-quarter Margin change history
- METROBRAND: Jun 2021 — | Sep 2021 — | Dec 2021 +2.4 pp | Mar 2022 +5.6 pp | Jun 2022 +48.9 pp | Sep 2022 +1.1 pp | Dec 2022 −0.7 pp | Mar 2023 −6.2 pp | Jun 2023 −4.0 pp | Sep 2023 −2.9 pp | Dec 2023 −3.0 pp | Mar 2024 +1.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 +1.0 pp | Mar 2025 +4.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp
- RELAXO: Jun 2021 −2.4 pp | Sep 2021 −5.7 pp | Dec 2021 −5.8 pp | Mar 2022 −5.9 pp | Jun 2022 −0.4 pp | Sep 2022 −7.5 pp | Dec 2022 −5.4 pp | Mar 2023 −0.9 pp | Jun 2023 +2.1 pp | Sep 2023 +4.1 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 −2.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +2.0 pp | Sep 2025 0.0 pp | Dec 2025 −2.0 pp | Mar 2026 +1.0 pp
- BATAINDIA: Jun 2021 +51.8 pp | Sep 2021 +14.5 pp | Dec 2021 +0.9 pp | Mar 2022 +5.4 pp | Jun 2022 +37.8 pp | Sep 2022 −0.0 pp | Dec 2022 +3.0 pp | Mar 2023 −1.0 pp | Jun 2023 −1.0 pp | Sep 2023 +2.8 pp | Dec 2023 −2.8 pp | Mar 2024 −0.5 pp | Jun 2024 −5.5 pp | Sep 2024 −1.4 pp | Dec 2024 +1.5 pp | Mar 2025 −0.3 pp | Jun 2025 +1.6 pp | Sep 2025 −2.7 pp | Dec 2025 +0.7 pp | Mar 2026 −4.4 pp
- REDTAPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +3.5 pp | Sep 2023 +3.4 pp | Dec 2023 −1.0 pp | Mar 2024 −1.0 pp | Jun 2024 −5.0 pp | Sep 2024 −3.0 pp | Dec 2024 +2.0 pp | Mar 2025 −6.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 +7.0 pp
- CAMPUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 −2.0 pp | Jun 2022 +7.0 pp | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- MIRZAINT: Jun 2021 +15.4 pp | Sep 2021 +0.5 pp | Dec 2021 +1.3 pp | Mar 2022 −3.5 pp | Jun 2022 −1.8 pp | Sep 2022 −0.9 pp | Dec 2022 −2.8 pp | Mar 2023 −3.3 pp | Jun 2023 −5.4 pp | Sep 2023 −5.4 pp | Dec 2023 +0.3 pp | Mar 2024 +2.0 pp | Jun 2024 0.0 pp | Sep 2024 +2.0 pp | Dec 2024 −8.0 pp | Mar 2025 −3.0 pp | Jun 2025 +2.0 pp | Sep 2025 0.0 pp | Dec 2025 −4.0 pp | Mar 2026 −12.0 pp

## Profit Scale & Acceleration

What the numbers say: Metro Brands Ltd leads with ₹416 crore of TTM profit, 71.9% above Redtape Ltd. Redtape Ltd shows 42.4% growth from a ₹242 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Metro Brands Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Metro Brands Ltd · ₹416 crore | 71.9% versus #2 · Redtape Ltd | 4/8 recent comparable periods | 5/6 companies · 93 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Metro Brands Ltd (METROBRAND): ₹416 Cr
2. Redtape Ltd (REDTAPE): ₹242 Cr
3. Relaxo Footwears Ltd (RELAXO): ₹180 Cr
4. Bata India Ltd (BATAINDIA): ₹134 Cr
5. Mirza International Ltd (MIRZAINT): ₹0 Cr

### Profit growth — fastest growers
1. Redtape Ltd (REDTAPE): 42%
2. Metro Brands Ltd (METROBRAND): 18%
3. Relaxo Footwears Ltd (RELAXO): 5.9%
4. Bata India Ltd (BATAINDIA): -59%

### 20-quarter Net profit history
- METROBRAND: Jun 2021 ₹-11 Cr | Sep 2021 ₹53 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹105 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹99 Cr | Mar 2024 ₹156 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹69 Cr | Dec 2025 ₹130 Cr | Mar 2026 ₹118 Cr
- RELAXO: Jun 2021 ₹31 Cr | Sep 2021 ₹69 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹49 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹68 Cr
- BATAINDIA: Jun 2021 ₹-69 Cr | Sep 2021 ₹37 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹83 Cr | Mar 2023 ₹66 Cr | Jun 2023 ₹107 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹174 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹2 Cr
- REDTAPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹28 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹53 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹105 Cr | Mar 2026 ₹70 Cr
- CAMPUS: Jun 2021 ₹2 Cr | Sep 2021 — | Dec 2021 ₹55 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹29 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- MIRZAINT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-7 Cr | Mar 2026 ₹-13 Cr

### 20-quarter Profit growth history
- METROBRAND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 43% | Dec 2022 12% | Mar 2023 0.0% | Jun 2023 -10% | Sep 2023 -11% | Dec 2023 -12% | Mar 2024 126% | Jun 2024 -2.1% | Sep 2024 5.9% | Dec 2024 -4.0% | Mar 2025 -39% | Jun 2025 7.6% | Sep 2025 -4.2% | Dec 2025 37% | Mar 2026 24%
- RELAXO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 -68% | Dec 2022 -57% | Mar 2023 0.0% | Jun 2023 44% | Sep 2023 100% | Dec 2023 30% | Mar 2024 -3.2% | Jun 2024 -21% | Sep 2024 -16% | Dec 2024 -15% | Mar 2025 -8.2% | Jun 2025 11% | Sep 2025 -2.7% | Dec 2025 -18% | Mar 2026 21%
- BATAINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 49% | Dec 2022 15% | Mar 2023 4.2% | Jun 2023 -10% | Sep 2023 -38% | Dec 2023 -30% | Mar 2024 -3.0% | Jun 2024 63% | Sep 2024 53% | Dec 2024 1.2% | Mar 2025 -28% | Jun 2025 -70% | Sep 2025 -73% | Dec 2025 13% | Mar 2026 -95%
- REDTAPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 68% | Sep 2023 7.7% | Dec 2023 15% | Mar 2024 17% | Jun 2024 -34% | Sep 2024 -11% | Dec 2024 20% | Mar 2025 0.0% | Jun 2025 26% | Sep 2025 12% | Dec 2025 44% | Mar 2026 71%
- CAMPUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 300% | Jun 2022 1,350% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- MIRZAINT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -67% | Jun 2024 -50% | Sep 2024 50% | Dec 2024 -250% | Mar 2025 -500% | Jun 2025 1,700% | Sep 2025 -67% | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/6 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Relaxo Footwears Ltd has the clearest covered balance-sheet capacity with ₹20 crore and gross debt of ₹233 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Mirza International Ltd · ₹15 crore | 93.6% versus #2 · Relaxo Footwears Ltd | Not enough history | 6/6 companies · 76 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Mirza International Ltd (MIRZAINT): ₹15 Cr
2. Relaxo Footwears Ltd (RELAXO): ₹233 Cr
3. Campus Activewear Ltd (CAMPUS): ₹289 Cr — older report
4. Redtape Ltd (REDTAPE): ₹720 Cr
5. Bata India Ltd (BATAINDIA): ₹1.4K Cr

### Net debt — lowest net debt
1. Relaxo Footwears Ltd (RELAXO): ₹20 Cr
2. Redtape Ltd (REDTAPE): ₹710 Cr
3. Bata India Ltd (BATAINDIA): ₹856 Cr
4. Metro Brands Ltd (METROBRAND): ₹872 Cr

### 20-quarter Gross debt history
- METROBRAND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹692 Cr | Jun 2022 ₹692 Cr | Sep 2022 ₹807 Cr | Dec 2022 ₹807 Cr | Mar 2023 ₹943 Cr | Jun 2023 ₹943 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.6K Cr
- RELAXO: Jun 2021 ₹144 Cr | Sep 2021 ₹138 Cr | Dec 2021 ₹138 Cr | Mar 2022 ₹174 Cr | Jun 2022 ₹174 Cr | Sep 2022 ₹178 Cr | Dec 2022 ₹178 Cr | Mar 2023 ₹164 Cr | Jun 2023 ₹164 Cr | Sep 2023 ₹225 Cr | Dec 2023 ₹225 Cr | Mar 2024 ₹205 Cr | Jun 2024 ₹205 Cr | Sep 2024 ₹212 Cr | Dec 2024 ₹212 Cr | Mar 2025 ₹213 Cr | Jun 2025 ₹213 Cr | Sep 2025 ₹215 Cr | Dec 2025 ₹215 Cr | Mar 2026 ₹233 Cr
- BATAINDIA: Jun 2021 ₹1.0K Cr | Sep 2021 ₹914 Cr | Dec 2021 ₹914 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr
- REDTAPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹28 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹260 Cr | Jun 2023 — | Sep 2023 ₹471 Cr | Dec 2023 ₹471 Cr | Mar 2024 ₹480 Cr | Jun 2024 ₹480 Cr | Sep 2024 ₹651 Cr | Dec 2024 ₹651 Cr | Mar 2025 ₹724 Cr | Jun 2025 ₹724 Cr | Sep 2025 ₹930 Cr | Dec 2025 ₹930 Cr | Mar 2026 ₹720 Cr
- CAMPUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹289 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- MIRZAINT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹49 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹45 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹35 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹48 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹15 Cr

### 20-quarter Net debt history
- METROBRAND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹-97 Cr | Jun 2022 ₹-97 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹279 Cr | Jun 2023 ₹279 Cr | Sep 2023 ₹355 Cr | Dec 2023 ₹355 Cr | Mar 2024 ₹251 Cr | Jun 2024 ₹251 Cr | Sep 2024 ₹78 Cr | Dec 2024 ₹78 Cr | Mar 2025 ₹442 Cr | Jun 2025 ₹597 Cr | Sep 2025 ₹697 Cr | Dec 2025 ₹697 Cr | Mar 2026 ₹872 Cr
- RELAXO: Jun 2021 ₹-200 Cr | Sep 2021 ₹-78 Cr | Dec 2021 ₹-78 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-8 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹-102 Cr | Jun 2023 ₹-111 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹-17 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹-79 Cr | Jun 2025 ₹-98 Cr | Sep 2025 ₹-26 Cr | Dec 2025 ₹-26 Cr | Mar 2026 ₹20 Cr
- BATAINDIA: Jun 2021 ₹-62 Cr | Sep 2021 ₹45 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹127 Cr | Jun 2022 ₹127 Cr | Sep 2022 ₹886 Cr | Dec 2022 ₹886 Cr | Mar 2023 ₹719 Cr | Jun 2023 ₹719 Cr | Sep 2023 ₹836 Cr | Dec 2023 ₹836 Cr | Mar 2024 ₹953 Cr | Jun 2024 ₹953 Cr | Sep 2024 ₹965 Cr | Dec 2024 ₹965 Cr | Mar 2025 ₹816 Cr | Jun 2025 ₹816 Cr | Sep 2025 ₹812 Cr | Dec 2025 ₹812 Cr | Mar 2026 ₹856 Cr
- REDTAPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹234 Cr | Jun 2023 — | Sep 2023 ₹446 Cr | Dec 2023 ₹446 Cr | Mar 2024 ₹459 Cr | Jun 2024 ₹459 Cr | Sep 2024 ₹640 Cr | Dec 2024 ₹640 Cr | Mar 2025 ₹709 Cr | Jun 2025 ₹709 Cr | Sep 2025 ₹901 Cr | Dec 2025 ₹901 Cr | Mar 2026 ₹710 Cr

## Return On Capital Employed

What the numbers say: Campus Activewear Ltd leads ROCE at 31.8%, 7.7 percentage points above Redtape Ltd. Campus Activewear Ltd has the strongest latest improvement at +15 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Campus Activewear Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Campus Activewear Ltd · 31.8% | 32% versus #2 · Redtape Ltd | Not enough history | 6/6 companies · 56 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Campus Activewear Ltd (CAMPUS): 32% — older report
2. Redtape Ltd (REDTAPE): 24%
3. Metro Brands Ltd (METROBRAND): 20%
4. Bata India Ltd (BATAINDIA): 13%
5. Relaxo Footwears Ltd (RELAXO): 11%

### ROCE change — fastest improvers
1. Campus Activewear Ltd (CAMPUS): +15.0 pp — older report
2. Redtape Ltd (REDTAPE): +1.7 pp
3. Relaxo Footwears Ltd (RELAXO): −0.8 pp
4. Metro Brands Ltd (METROBRAND): −1.5 pp
5. Bata India Ltd (BATAINDIA): −2.8 pp

### 20-quarter ROCE history
- METROBRAND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 18% | Dec 2023 22% | Mar 2024 17% | Jun 2024 21% | Sep 2024 15% | Dec 2024 20% | Mar 2025 18% | Jun 2025 21% | Sep 2025 17% | Dec 2025 21% | Mar 2026 17%
- RELAXO: Jun 2021 — | Sep 2021 22% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 12% | Dec 2023 15% | Mar 2024 12% | Jun 2024 13% | Sep 2024 11% | Dec 2024 12% | Mar 2025 9.7% | Jun 2025 11% | Sep 2025 9.4% | Dec 2025 11% | Mar 2026 8.9%
- BATAINDIA: Jun 2021 — | Sep 2021 4.5% | Dec 2021 — | Mar 2022 5.8% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 22% | Dec 2023 20% | Mar 2024 17% | Jun 2024 22% | Sep 2024 14% | Dec 2024 23% | Mar 2025 13% | Jun 2025 15% | Sep 2025 12% | Dec 2025 14% | Mar 2026 10%
- REDTAPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 29% | Jun 2023 — | Sep 2023 28% | Dec 2023 31% | Mar 2024 28% | Jun 2024 31% | Sep 2024 22% | Dec 2024 28% | Mar 2025 24% | Jun 2025 28% | Sep 2025 24% | Dec 2025 31% | Mar 2026 26%

### 20-quarter ROCE change history
- METROBRAND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +6.1 pp | Jun 2023 — | Sep 2023 −4.1 pp | Dec 2023 — | Mar 2024 −4.2 pp | Jun 2024 — | Sep 2024 −2.9 pp | Dec 2024 −1.9 pp | Mar 2025 +1.3 pp | Jun 2025 +0.8 pp | Sep 2025 +1.1 pp | Dec 2025 +0.4 pp | Mar 2026 −1.5 pp
- RELAXO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.3 pp | Dec 2022 — | Mar 2023 −5.3 pp | Jun 2023 — | Sep 2023 −1.3 pp | Dec 2023 — | Mar 2024 +1.4 pp | Jun 2024 — | Sep 2024 −1.4 pp | Dec 2024 −2.6 pp | Mar 2025 −2.2 pp | Jun 2025 −1.5 pp | Sep 2025 −1.5 pp | Dec 2025 −1.1 pp | Mar 2026 −0.8 pp
- BATAINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +15.8 pp | Dec 2022 — | Mar 2023 +15.5 pp | Jun 2023 — | Sep 2023 +1.5 pp | Dec 2023 — | Mar 2024 −4.0 pp | Jun 2024 — | Sep 2024 −7.4 pp | Dec 2024 +2.8 pp | Mar 2025 −4.3 pp | Jun 2025 −6.5 pp | Sep 2025 −2.5 pp | Dec 2025 −8.9 pp | Mar 2026 −2.8 pp
- REDTAPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −1.8 pp | Jun 2024 — | Sep 2024 −5.5 pp | Dec 2024 −2.3 pp | Mar 2025 −3.5 pp | Jun 2025 −2.5 pp | Sep 2025 +2.0 pp | Dec 2025 +2.6 pp | Mar 2026 +1.7 pp

## Valuation Against Growth & Quality

What the numbers say: Redtape Ltd has the lowest comparable Guarded PEG at 1.19×, 53.9% below Metro Brands Ltd. Only 3 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Redtape Ltd · 1.19× | 53.9% versus #2 · Metro Brands Ltd | 0/8 recent comparable periods | 3/6 companies · 27 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Redtape Ltd (REDTAPE): 1.2
2. Metro Brands Ltd (METROBRAND): 2.6
3. Relaxo Footwears Ltd (RELAXO): 6.2

### P/E — lowest P/E
1. Redtape Ltd (REDTAPE): 29.1
2. Campus Activewear Ltd (CAMPUS): 48.7 — older report
3. Bata India Ltd (BATAINDIA): 52.7
4. Relaxo Footwears Ltd (RELAXO): 56.0
5. Metro Brands Ltd (METROBRAND): 67.7

### 20-quarter Guarded PEG history
- METROBRAND: Jun 2021 — | Sep 2021 — | Dec 2021 3.5 | Mar 2022 12.9 | Jun 2022 — | Sep 2022 2.0 | Dec 2022 8.7 | Mar 2023 — | Jun 2023 — | Sep 2023 14.2 | Dec 2023 — | Mar 2024 — | Jun 2024 5.8 | Sep 2024 4.8 | Dec 2024 3.8 | Mar 2025 2.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- RELAXO: Jun 2021 3.5 | Sep 2021 2.0 | Dec 2021 2.7 | Mar 2022 7.5 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.2 | Jun 2024 3.5 | Sep 2024 11.1 | Dec 2024 — | Mar 2025 — | Jun 2025 6.2 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- BATAINDIA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.7 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 10.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- REDTAPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 7.6 | Dec 2023 3.7 | Mar 2024 2.9 | Jun 2024 — | Sep 2024 5.0 | Dec 2024 3.9 | Mar 2025 — | Jun 2025 — | Sep 2025 4.3 | Dec 2025 0.9 | Mar 2026 1.2

### 20-quarter P/E history
- METROBRAND: Jun 2021 — | Sep 2021 — | Dec 2021 182.6 | Mar 2022 232.2 | Jun 2022 223.3 | Sep 2022 75.6 | Dec 2022 68.3 | Mar 2023 59.7 | Jun 2023 70.4 | Sep 2023 87.6 | Dec 2023 101.7 | Mar 2024 96.2 | Jun 2024 81.0 | Sep 2024 84.3 | Dec 2024 82.0 | Mar 2025 67.1 | Jun 2025 88.2 | Sep 2025 92.8 | Dec 2025 87.7 | Mar 2026 63.7
- RELAXO: Jun 2021 100.8 | Sep 2021 96.7 | Dec 2021 111.8 | Mar 2022 95.2 | Jun 2022 105.2 | Sep 2022 104.2 | Dec 2022 116.7 | Mar 2023 137.5 | Jun 2023 146.4 | Sep 2023 130.3 | Dec 2023 116.0 | Mar 2024 100.5 | Jun 2024 102.8 | Sep 2024 106.3 | Dec 2024 85.6 | Mar 2025 57.7 | Jun 2025 62.1 | Sep 2025 61.3 | Dec 2025 57.6 | Mar 2026 37.0
- BATAINDIA: Jun 2021 — | Sep 2021 967.8 | Dec 2021 346.5 | Mar 2022 244.8 | Jun 2022 204.3 | Sep 2022 80.2 | Dec 2022 68.5 | Mar 2023 56.9 | Jun 2023 66.7 | Sep 2023 66.6 | Dec 2023 67.5 | Mar 2024 60.6 | Jun 2024 67.7 | Sep 2024 74.7 | Dec 2024 73.2 | Mar 2025 62.6 | Jun 2025 68.0 | Sep 2025 68.5 | Dec 2025 65.7 | Mar 2026 42.3
- REDTAPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 43.8 | Dec 2023 52.4 | Mar 2024 53.6 | Jun 2024 60.1 | Sep 2024 63.8 | Dec 2024 77.9 | Mar 2025 47.5 | Jun 2025 42.0 | Sep 2025 45.5 | Dec 2025 37.8 | Mar 2026 29.5
- CAMPUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 185.4 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- MIRZAINT: Jun 2021 14.0 | Sep 2021 2.2 | Dec 2021 3.1 | Mar 2022 2.8 | Jun 2022 3.7 | Sep 2022 5.9 | Dec 2022 5.5 | Mar 2023 13.5 | Jun 2023 22.6 | Sep 2023 30.1 | Dec 2023 45.4 | Mar 2024 42.0 | Jun 2024 50.6 | Sep 2024 60.0 | Dec 2024 42.6 | Mar 2025 39.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: Bata India Ltd leads ev/ebitda at 11×; Mirza International Ltd leads p/bv at 0.86×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Bata India Ltd · 11× | 6.8% versus #2 · Mirza International Ltd | 0/8 recent comparable periods | 6/6 companies · 90 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Bata India Ltd (BATAINDIA): 11.0
2. Mirza International Ltd (MIRZAINT): 11.8
3. Relaxo Footwears Ltd (RELAXO): 15.8
4. Redtape Ltd (REDTAPE): 16.2
5. Metro Brands Ltd (METROBRAND): 28.3

### P/BV — lowest P/BV
1. Mirza International Ltd (MIRZAINT): 0.9
2. Relaxo Footwears Ltd (RELAXO): 4.6
3. Bata India Ltd (BATAINDIA): 5.6
4. Redtape Ltd (REDTAPE): 6.9
5. Metro Brands Ltd (METROBRAND): 14.0

### 20-quarter EV/EBITDA history
- METROBRAND: Jun 2021 — | Sep 2021 — | Dec 2021 51.9 | Mar 2022 65.5 | Jun 2022 62.6 | Sep 2022 40.4 | Dec 2022 36.4 | Mar 2023 30.6 | Jun 2023 35.1 | Sep 2023 42.2 | Dec 2023 47.0 | Mar 2024 43.0 | Jun 2024 44.3 | Sep 2024 46.1 | Dec 2024 44.7 | Mar 2025 34.9 | Jun 2025 37.5 | Sep 2025 39.4 | Dec 2025 36.5 | Mar 2026 28.3
- RELAXO: Jun 2021 57.0 | Sep 2021 55.1 | Dec 2021 63.4 | Mar 2022 52.9 | Jun 2022 56.1 | Sep 2022 55.0 | Dec 2022 57.0 | Mar 2023 61.1 | Jun 2023 64.3 | Sep 2023 59.4 | Dec 2023 54.3 | Mar 2024 47.3 | Jun 2024 47.5 | Sep 2024 47.4 | Dec 2024 37.5 | Mar 2025 24.8 | Jun 2025 26.1 | Sep 2025 26.2 | Dec 2025 24.7 | Mar 2026 15.8
- BATAINDIA: Jun 2021 82.8 | Sep 2021 83.7 | Dec 2021 65.3 | Mar 2022 59.3 | Jun 2022 47.0 | Sep 2022 32.5 | Dec 2022 27.9 | Mar 2023 22.3 | Jun 2023 26.0 | Sep 2023 25.7 | Dec 2023 25.8 | Mar 2024 22.0 | Jun 2024 23.8 | Sep 2024 24.6 | Dec 2024 23.7 | Mar 2025 20.6 | Jun 2025 20.9 | Sep 2025 19.4 | Dec 2025 16.5 | Mar 2026 11.0
- REDTAPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 25.8 | Dec 2023 23.9 | Mar 2024 30.6 | Jun 2024 32.8 | Sep 2024 33.5 | Dec 2024 39.6 | Mar 2025 24.8 | Jun 2025 20.7 | Sep 2025 23.0 | Dec 2025 19.4 | Mar 2026 16.2
- CAMPUS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 84.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- MIRZAINT: Jun 2021 3.2 | Sep 2021 1.4 | Dec 2021 1.6 | Mar 2022 1.6 | Jun 2022 2.3 | Sep 2022 3.1 | Dec 2022 3.1 | Mar 2023 6.5 | Jun 2023 9.4 | Sep 2023 10.7 | Dec 2023 12.5 | Mar 2024 11.1 | Jun 2024 11.2 | Sep 2024 11.3 | Dec 2024 9.3 | Mar 2025 8.7 | Jun 2025 12.3 | Sep 2025 14.3 | Dec 2025 14.6 | Mar 2026 11.8

### 20-quarter P/BV history
- METROBRAND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 12.9 | Jun 2022 12.0 | Sep 2022 17.4 | Dec 2022 16.8 | Mar 2023 17.1 | Jun 2023 20.1 | Sep 2023 19.8 | Dec 2023 20.7 | Mar 2024 18.8 | Jun 2024 21.6 | Sep 2024 18.6 | Dec 2024 17.2 | Mar 2025 14.0 | Jun 2025 16.6 | Sep 2025 19.4 | Dec 2025 17.2 | Mar 2026 13.7
- RELAXO: Jun 2021 23.1 | Sep 2021 18.4 | Dec 2021 20.3 | Mar 2022 16.1 | Jun 2022 15.6 | Sep 2022 14.2 | Dec 2022 12.8 | Mar 2023 12.0 | Jun 2023 12.9 | Sep 2023 12.1 | Dec 2023 11.8 | Mar 2024 10.7 | Jun 2024 11.1 | Sep 2024 10.0 | Dec 2024 7.7 | Mar 2025 5.0 | Jun 2025 5.3 | Sep 2025 5.1 | Dec 2025 4.8 | Mar 2026 3.0
- BATAINDIA: Jun 2021 11.1 | Sep 2021 12.9 | Dec 2021 14.3 | Mar 2022 14.8 | Jun 2022 12.7 | Sep 2022 18.2 | Dec 2022 16.5 | Mar 2023 10.1 | Jun 2023 11.9 | Sep 2023 14.4 | Dec 2023 15.1 | Mar 2024 12.5 | Jun 2024 13.5 | Sep 2024 12.2 | Dec 2024 12.1 | Mar 2025 10.7 | Jun 2025 10.4 | Sep 2025 9.5 | Dec 2025 8.0 | Mar 2026 5.3
- REDTAPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 11.2 | Dec 2023 11.7 | Mar 2024 16.4 | Jun 2024 16.4 | Sep 2024 15.8 | Dec 2024 17.5 | Mar 2025 11.5 | Jun 2025 9.8 | Sep 2025 10.3 | Dec 2025 7.9 | Mar 2026 7.3
- MIRZAINT: Jun 2021 0.1 | Sep 2021 0.1 | Dec 2021 0.3 | Mar 2022 0.4 | Jun 2022 0.5 | Sep 2022 0.6 | Dec 2022 0.5 | Mar 2023 0.8 | Jun 2023 1.2 | Sep 2023 1.1 | Dec 2023 1.2 | Mar 2024 1.1 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 0.9 | Mar 2025 0.7 | Jun 2025 0.8 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 0.6

## Market action

Redtape Ltd has the strongest one-year price move in Footwear at -7.2%. Relaxo Footwears Ltd leads on Mansfield relative strength against NIFTY at +6.1%. 2 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Redtape Ltd (REDTAPE): -7.2%
2. Metro Brands Ltd (METROBRAND): -17%
3. Relaxo Footwears Ltd (RELAXO): -21%
4. Campus Activewear Ltd (CAMPUS): -28%
5. Bata India Ltd (BATAINDIA): -43%

### Strongest relative strength versus NIFTY 500
1. Relaxo Footwears Ltd (RELAXO): 6.1%
2. Mirza International Ltd (MIRZAINT): 0.8%
3. Redtape Ltd (REDTAPE): -1.2%
4. Metro Brands Ltd (METROBRAND): -5.5%
5. Campus Activewear Ltd (CAMPUS): -15%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Metro Brands Ltd (METROBRAND) — market value ₹27.9K Cr; latest fundamentals Mar 2026
- Relaxo Footwears Ltd (RELAXO) — market value ₹10.0K Cr; latest fundamentals Mar 2026
- Bata India Ltd (BATAINDIA) — market value ₹8.9K Cr; latest fundamentals Mar 2026
- Redtape Ltd (REDTAPE) — market value ₹7.0K Cr; latest fundamentals Mar 2026
- Campus Activewear Ltd (CAMPUS) — market value ₹6.6K Cr; latest fundamentals Jun 2022; second-feed figures WITHHELD
- Mirza International Ltd (MIRZAINT) — market value ₹485 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 4. Unverified: 1. Withheld: 1. Graded companies: 6.

1 of 6 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Campus Activewear Ltd (CAMPUS) — its two data sources disagree by up to 41% on reported income across 4 comparable periods, so its derived ratios are withheld.

- WITHHELD | CAMPUS | Campus Activewear Ltd | diff_gt_2pct | disagreement up to 41.36% over 4 comparable periods

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Footwear index?

The Nifty Footwear index tracks India's listed Footwear companies as a single basket. This page follows the same 6 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Footwear sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Footwear stocks in India?

Ranked by this page's four-factor score, Redtape Ltd places first among 6 listed Footwear companies, followed by Metro Brands Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Footwear stocks are listed in India?

This comparison covers 6 listed Footwear companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Footwear company is the biggest?

Bata India Ltd is the largest, with trailing-twelve-month revenue of ₹3,516 crore, ahead of Metro Brands Ltd at ₹2,863 crore. That covers 5 of 6 companies with comparable reporting through Mar 2026.

### Which Footwear company is growing fastest?

Redtape Ltd has the fastest revenue growth at 19.5% year on year, across 5 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Footwear company has the best profit margins?

Metro Brands Ltd has the highest operating margin at 31%, from 6 of 6 comparable companies. Campus Activewear Ltd shows the biggest recent improvement, at +7 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Footwear company makes the most profit?

Metro Brands Ltd earns the most, at ₹416 crore of trailing-twelve-month net profit, from 5 of 6 comparable companies. Redtape Ltd has the fastest profit growth at 42.4%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Footwear company earns the highest return on capital?

Campus Activewear Ltd leads on return on capital employed at 31.8%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Footwear stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Redtape Ltd screens cheapest at 1.19×. Only 3 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Footwear company has the strongest balance sheet?

Mirza International Ltd carries the lowest comparable gross debt at ₹15 crore, from 6 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Footwear sector beating the market?

Footwear has underperformed NIFTY 500 by 20.1% over the last 52 weeks and 3.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Footwear stock has the strongest price momentum?

Relaxo Footwears Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Footwear company scores highest for research priority?

Redtape Ltd scores 74.5 out of 100 with 100% evidence confidence, from 31.9 points on growth and earnings, 16.9 on capital efficiency, 17 on valuation and 8.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Footwear companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Footwear sector?

The 6 Footwear companies on this page carry ₹60,864 crore of combined market value. Metro Brands Ltd is the largest at ₹27,853 crore, about 46% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Footwear sector's P/E ratio?

The median price-to-earnings ratio across the 6 Footwear companies on this page is 52.7×, measured on the 5 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Footwear sector performing?

2 of the 6 covered Footwear companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 20.1% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/footwear