Sector Alpha Week of 2026-08-05
20-quarter listed-company comparison

Footwear Stocks in India

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

01 · the index people search for

Nifty Footwear Index — Constituents & Performance

The Footwear companies below are the listed Indian Footwear universe this page tracks — the same constituent set people search for as the Nifty Footwear index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

02 · the sector itself · before any single company

How has Footwear moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 38% behind NIFTY 500. Earnings across its companies fell 3% on average over the last four reported quarters.

FADING · −2 in 4w✓Price down, no fundamental support1 of 5 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑1w · 2/5 >200d (+0) · 1/5 lead (−2) · EPS 3/4↑

20030020262025202420232022 175333 TRAILING 12-MONTH EPS · 100 AT THE START0100112Sep 22Mar 23Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Jun 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reportingSep 2022 · trailing 12-month earnings per share at 106, against 100 at the start · no comparable year yet · 3 reportingDec 2022 · trailing 12-month earnings per share at 109, against 100 at the start · no comparable year yet · 3 reportingMar 2023 · trailing 12-month earnings per share at 108, against 100 at the start · no comparable year yet · 3 reportingJun 2023 · trailing 12-month earnings per share at 102, against 100 at the start · up 4.3% on a year ago · 4 reportingSep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · down 5.2% on a year ago · 4 reportingDec 2023 · trailing 12-month earnings per share at 94, against 100 at the start · down 11.1% on a year ago · 4 reportingMar 2024 · trailing 12-month earnings per share at 100, against 100 at the start · up 13.2% on a year ago · 4 reportingJun 2024 · trailing 12-month earnings per share at 106, against 100 at the start · up 7.9% on a year ago · 4 reportingSep 2024 · trailing 12-month earnings per share at 108, against 100 at the start · up 8.4% on a year ago · 4 reportingDec 2024 · trailing 12-month earnings per share at 112, against 100 at the start · up 12.9% on a year ago · 4 reportingMar 2025 · trailing 12-month earnings per share at 105, against 100 at the start · down 9.4% on a year ago · 4 reportingJun 2025 · trailing 12-month earnings per share at 89, against 100 at the start · down 10.2% on a year ago · 4 reportingSep 2025 · trailing 12-month earnings per share at 89, against 100 at the start · down 9.0% on a year ago · 4 reportingDec 2025 · trailing 12-month earnings per share at 93, against 100 at the start · down 5.0% on a year ago · 4 reportingMar 2026 · trailing 12-month earnings per share at 98, against 100 at the start · up 11.1% on a year ago · 4 reportingNot reported yet — earnings trail price by a quarter or two98 · Mar 26No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
20030020262025202420232022 175333 TRAILING 12-MONTH EPS · 100 AT THE START0100112Mar 23Mar 24Mar 25Mar 26Jun 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reportingSep 2022 · trailing 12-month earnings per share at 106, against 100 at the start · no comparable year yet · 3 reportingDec 2022 · trailing 12-month earnings per share at 109, against 100 at the start · no comparable year yet · 3 reportingMar 2023 · trailing 12-month earnings per share at 108, against 100 at the start · no comparable year yet · 3 reportingJun 2023 · trailing 12-month earnings per share at 102, against 100 at the start · up 4.3% on a year ago · 4 reportingSep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · down 5.2% on a year ago · 4 reportingDec 2023 · trailing 12-month earnings per share at 94, against 100 at the start · down 11.1% on a year ago · 4 reportingMar 2024 · trailing 12-month earnings per share at 100, against 100 at the start · up 13.2% on a year ago · 4 reportingJun 2024 · trailing 12-month earnings per share at 106, against 100 at the start · up 7.9% on a year ago · 4 reportingSep 2024 · trailing 12-month earnings per share at 108, against 100 at the start · up 8.4% on a year ago · 4 reportingDec 2024 · trailing 12-month earnings per share at 112, against 100 at the start · up 12.9% on a year ago · 4 reportingMar 2025 · trailing 12-month earnings per share at 105, against 100 at the start · down 9.4% on a year ago · 4 reportingJun 2025 · trailing 12-month earnings per share at 89, against 100 at the start · down 10.2% on a year ago · 4 reportingSep 2025 · trailing 12-month earnings per share at 89, against 100 at the start · down 9.0% on a year ago · 4 reportingDec 2025 · trailing 12-month earnings per share at 93, against 100 at the start · down 5.0% on a year ago · 4 reportingMar 2026 · trailing 12-month earnings per share at 98, against 100 at the start · up 11.1% on a year ago · 4 reportingNot reported yet — earnings trail price by a quarter or two98No earnings on file this far back — the price series reaches further than the filings do
Footwear, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 5 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

03 · sector relative strength, before individual stocks

Is Footwear outperforming NIFTY 500?

Footwear has underperformed NIFTY 500 by 19.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 4.6%. 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.

+4.6%Sector vs NIFTY 500 · 13 weeks
-19.4%Sector vs NIFTY 500 · 52 weeks
2/6Stocks leading NIFTY 500
3/5Stocks leading sector

Sector metric: 20.1 as of 2026-07-19 · LEADERS · rising.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Footwear has underperformed NIFTY 500 by 19.4% over 52 weeks and 4.6% 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.

Companies
6
complete canonical membership
Combined market value
₹61.8K Cr
Metro Brands Ltd
Revenue growing
3/5
positive TTM year-on-year growth
Beating NIFTY 500
2/6
positive Mansfield relative strength
Comparing 5 of 6
04 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Redtape Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 100% evidence confidence.
How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Redtape LtdREDTAPE 78.6/100Favorable setup100% evidence FADING 31.9/35 Revenue 19.5% · PAT 42.4% · OPM change 7 pp 100% evidence 18.5/25 ROCE 24.1% · OPM 16% 100% evidence 17.0/20 P/E 30.4× · PEG 1.19 100% evidence 11.2/20 RS sector 8.9% · RS bench 0.8% · 1Y -0.5%8 of 12 weeks ahead 100% evidence
Exact sum: 31.9 + 18.5 + 17 + 11.2 = 78.6 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Metro Brands LtdMETROBRAND 50.1/100Mixed-positive evidence94% evidence ASLEEP 17.7/35 Revenue 14.2% · PAT 17.5% · OPM change 0 pp 100% evidence 15.4/25 ROCE 20.2% · OPM 31% 100% evidence 6.0/20 P/E 68.7× · PEG 2.58 100% evidence 11.0/20 RS sector 8.7% · RS bench -6% · 1Y -14.9%1 of 10 weeks ahead 70% evidence
Exact sum: 17.7 + 15.4 + 6 + 11 = 50.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Relaxo Footwears LtdRELAXO 36.1/100Mixed-negative evidence94% evidence TURNING 14.2/35 Revenue -3.1% · PAT 5.9% · OPM change 1 pp 100% evidence 10.1/25 ROCE 11.1% · OPM 17% 100% evidence 2.5/20 P/E 56.1× · PEG 6.15 100% evidence 9.3/20 RS sector -18.6% · RS bench 4.2% · 1Y -16.1%7 of 11 weeks ahead 70% evidence
Exact sum: 14.2 + 10.1 + 2.5 + 9.3 = 36.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Bata India LtdBATAINDIA 29.5/100Adverse evidence84% evidence ASLEEP 6.1/35 Revenue 0.8% · PAT -59.4% · OPM change -4.3 pp 100% evidence 10.9/25 ROCE 12.7% · OPM 18.2% 100% evidence 9.5/20 P/E 53.1× · PEG — 50% evidence 3.0/20 RS sector -19.7% · RS bench -22.7% · 1Y -42.2%0 of 10 weeks ahead 70% evidence
Exact sum: 6.1 + 10.9 + 9.5 + 3 = 29.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Campus Activewear LtdCAMPUS 65.3/100Thin evidence · provisional45% evidence ASLEEP 20.6/35 Revenue — · PAT — · OPM change 7 pp 19% evidence 18.4/25 ROCE 31.8% · OPM 18% 57% evidence 13.7/20 P/E 50× · PEG — 50% evidence 12.6/20 RS sector 13.5% · RS bench -14% · 1Y -20.4%0 of 10 weeks ahead 70% evidence
Exact sum: 20.6 + 18.4 + 13.7 + 12.6 = 65.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6Mirza International LtdMIRZAINT 27.8/100Thin evidence · provisional49% evidence 5.5/35 Revenue -9.3% · PAT 100% · OPM change -11.6 pp 71% evidence 3.5/25 ROCE -1.8% · OPM -7% 76% evidence 10.0/20 P/E — · PEG — 0% evidence 8.8/20 RS sector — · RS bench -6.5% · 1Y — 25% evidence
Exact sum: 5.5 + 3.5 + 10 + 8.8 = 27.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
05 · what price has already done

Market action

Redtape Ltd has the strongest one-year price move in Footwear at -0.5%. Relaxo Footwears Ltd leads on Mansfield relative strength against NIFTY at +4.2%. 2 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

06 · compare level, then change

Revenue Scale & Growth Durability

Bata India Ltd has the highest Revenue among the 6 Footwear companies compared here, at ₹3,516 crore. Metro Brands Ltd is next at ₹2,863 crore. Redtape Ltd has the highest Revenue growth at 19.5%, so level and change sit with different companies. 5 of 6 companies report a comparable reading, the latest through Mar 2026.

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.

LeaderBata India Ltd · ₹3,516 crore
Gap22.8% versus #2 · Metro Brands Ltd
Persistence4/8 recent comparable periods
Coverage5/6 companies · 93 observations

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.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Bata India Ltd BATAINDIA₹3.5K Cr
2Metro Brands Ltd METROBRAND₹2.9K Cr
3Relaxo Footwears Ltd RELAXO₹2.7K Cr
4Redtape Ltd REDTAPE₹2.4K Cr
5Mirza International Ltd MIRZAINT₹527 Cr
Revenue growthfastest growers
1Redtape Ltd REDTAPE20%
2Metro Brands Ltd METROBRAND14%
3Bata India Ltd BATAINDIA0.8%
4Relaxo Footwears Ltd RELAXO-3.1%
5Mirza International Ltd MIRZAINT-9.3%
Revenue · company comparison
5/6 level · 5/6 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
Bata India Ltd BATAINDIA₹828 Cr5.0%Mar 2026
Metro Brands Ltd METROBRAND₹773 Cr20%Mar 2026
Relaxo Footwears Ltd RELAXO₹751 Cr8.1%Mar 2026
Redtape Ltd REDTAPE₹676 Cr34%Mar 2026
Campus Activewear Ltd CAMPUS₹338 Cr150%Jun 2022
Mirza International Ltd MIRZAINT₹103 Cr-16%Mar 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Bata India Ltd · BATAINDIA

₹267 Cr
₹614 Cr
₹841 Cr
₹665 Cr
₹943 Cr
₹830 Cr
₹900 Cr
₹779 Cr
₹958 Cr
₹819 Cr
₹903 Cr
₹798 Cr
₹945 Cr
₹837 Cr
₹919 Cr
₹788 Cr
₹942 Cr
₹801 Cr
₹945 Cr
₹828 Cr

Campus Activewear Ltd · CAMPUS

₹135 Cr
—
₹434 Cr
₹352 Cr
₹338 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Metro Brands Ltd · METROBRAND

₹131 Cr
₹325 Cr
₹484 Cr
₹403 Cr
₹508 Cr
₹476 Cr
₹599 Cr
₹544 Cr
₹583 Cr
₹556 Cr
₹636 Cr
₹583 Cr
₹576 Cr
₹585 Cr
₹703 Cr
₹643 Cr
₹628 Cr
₹651 Cr
₹811 Cr
₹773 Cr

Mirza International Ltd · MIRZAINT

—
—
—
—
—
—
—
₹161 Cr
₹128 Cr
₹209 Cr
₹142 Cr
₹152 Cr
₹144 Cr
₹201 Cr
₹114 Cr
₹122 Cr
₹142 Cr
₹164 Cr
₹118 Cr
₹103 Cr

Redtape Ltd · REDTAPE

—
—
—
—
₹306 Cr
₹306 Cr
₹478 Cr
₹379 Cr
₹395 Cr
₹325 Cr
₹618 Cr
₹507 Cr
₹442 Cr
₹416 Cr
₹661 Cr
₹506 Cr
₹464 Cr
₹492 Cr
₹787 Cr
₹676 Cr

Relaxo Footwears Ltd · RELAXO

₹497 Cr
₹714 Cr
₹744 Cr
₹698 Cr
₹667 Cr
₹670 Cr
₹681 Cr
₹765 Cr
₹739 Cr
₹715 Cr
₹713 Cr
₹747 Cr
₹748 Cr
₹679 Cr
₹667 Cr
₹695 Cr
₹654 Cr
₹629 Cr
₹668 Cr
₹751 Cr

Revenue growth · reported quarter history

Bata India Ltd · BATAINDIA

—
—
—
—
253%
35%
7.0%
17%
1.6%
-1.3%
0.4%
2.5%
-1.4%
2.2%
1.7%
-1.2%
-0.3%
-4.3%
2.8%
5.0%

Campus Activewear Ltd · CAMPUS

—
—
—
28%
150%
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Metro Brands Ltd · METROBRAND

—
—
—
—
288%
46%
24%
35%
15%
17%
6.2%
7.2%
-1.2%
5.2%
11%
10%
9.0%
11%
15%
20%

Mirza International Ltd · MIRZAINT

—
—
—
—
—
—
—
—
—
—
—
-5.6%
13%
-3.8%
-20%
-20%
-1.4%
-18%
3.5%
-16%

Redtape Ltd · REDTAPE

—
—
—
—
—
—
—
—
29%
6.2%
29%
34%
12%
28%
7.0%
-0.2%
5.0%
18%
19%
34%

Relaxo Footwears Ltd · RELAXO

—
—
—
—
34%
-6.2%
-8.5%
9.6%
11%
6.7%
4.7%
-2.4%
1.2%
-5.0%
-6.5%
-7.0%
-13%
-7.4%
0.2%
8.1%
07 · compare level, then change

Operating Economics & Margin Trend

Metro Brands Ltd has the highest OPM among the 6 Footwear companies compared here, at 31%. Bata India Ltd is next at 18.2%. Campus Activewear Ltd has the highest Margin change at +7 percentage points, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Mar 2026.

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

LeaderMetro Brands Ltd · 31%
Gap70.3% versus #2 · Bata India Ltd
Persistence3/8 recent comparable periods
Coverage6/6 companies · 100 observations

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.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Metro Brands Ltd METROBRAND31%
2Bata India Ltd BATAINDIA18%
3Campus Activewear Ltd CAMPUS · older report18%
4Relaxo Footwears Ltd RELAXO17%
5Redtape Ltd REDTAPE16%
Margin changefastest expanders
1Campus Activewear Ltd CAMPUS · older report+7.0 pp
2Redtape Ltd REDTAPE+7.0 pp
3Relaxo Footwears Ltd RELAXO+1.0 pp
4Metro Brands Ltd METROBRAND0.0 pp
5Bata India Ltd BATAINDIA−4.4 pp
Operating margin · company comparison
6/6 level · 6/6 change
All-company data · latest reported quarter
CompanyOPMMargin changeReported
Metro Brands Ltd METROBRAND31%0.0 ppMar 2026
Bata India Ltd BATAINDIA18%−4.4 ppMar 2026
Campus Activewear Ltd CAMPUS18%+7.0 ppJun 2022
Relaxo Footwears Ltd RELAXO17%+1.0 ppMar 2026
Redtape Ltd REDTAPE16%+7.0 ppMar 2026
Mirza International Ltd MIRZAINT-7.0%−11.6 ppMar 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Bata India Ltd · BATAINDIA

-12%
19%
20%
24%
26%
19%
23%
23%
25%
22%
20%
23%
20%
21%
22%
23%
21%
18%
22%
18%

Campus Activewear Ltd · CAMPUS

11%
—
21%
22%
18%
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Metro Brands Ltd · METROBRAND

-13%
30%
35%
32%
36%
31%
34%
26%
32%
28%
31%
27%
31%
26%
32%
31%
31%
26%
33%
31%

Mirza International Ltd · MIRZAINT

14%
12%
14%
9.3%
12%
11%
11%
6.0%
7.0%
6.0%
11%
8.0%
7.0%
8.0%
2.7%
4.6%
9.0%
8.0%
-1.1%
-7.0%

Redtape Ltd · REDTAPE

—
—
—
—
17%
15%
18%
16%
21%
18%
17%
15%
16%
15%
19%
9.0%
17%
15%
19%
16%

Relaxo Footwears Ltd · RELAXO

13%
16%
16%
16%
13%
8.9%
11%
15%
15%
13%
12%
16%
13%
13%
12%
16%
15%
13%
10%
17%

Margin change · reported quarter history

Bata India Ltd · BATAINDIA

+51.8 pp
+14.5 pp
+0.9 pp
+5.4 pp
+37.8 pp
−0.0 pp
+3.0 pp
−1.0 pp
−1.0 pp
+2.8 pp
−2.8 pp
−0.5 pp
−5.5 pp
−1.4 pp
+1.5 pp
−0.3 pp
+1.6 pp
−2.7 pp
+0.7 pp
−4.4 pp

Campus Activewear Ltd · CAMPUS

—
—
—
−2.0 pp
+7.0 pp
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Metro Brands Ltd · METROBRAND

—
—
+2.4 pp
+5.6 pp
+48.9 pp
+1.1 pp
−0.7 pp
−6.2 pp
−4.0 pp
−2.9 pp
−3.0 pp
+1.0 pp
−1.0 pp
−2.0 pp
+1.0 pp
+4.0 pp
0.0 pp
0.0 pp
+1.0 pp
0.0 pp

Mirza International Ltd · MIRZAINT

+15.4 pp
+0.5 pp
+1.3 pp
−3.5 pp
−1.8 pp
−0.9 pp
−2.8 pp
−3.3 pp
−5.4 pp
−5.4 pp
+0.3 pp
+2.0 pp
0.0 pp
+2.0 pp
−8.3 pp
−3.4 pp
+2.0 pp
0.0 pp
−3.8 pp
−11.6 pp

Redtape Ltd · REDTAPE

—
—
—
—
—
—
—
—
+3.5 pp
+3.4 pp
−1.0 pp
−1.0 pp
−5.0 pp
−3.0 pp
+2.0 pp
−6.0 pp
+1.0 pp
0.0 pp
0.0 pp
+7.0 pp

Relaxo Footwears Ltd · RELAXO

−2.4 pp
−5.7 pp
−5.8 pp
−5.9 pp
−0.4 pp
−7.5 pp
−5.4 pp
−0.9 pp
+2.1 pp
+4.1 pp
+1.0 pp
+1.0 pp
−2.0 pp
0.0 pp
0.0 pp
0.0 pp
+2.0 pp
0.0 pp
−2.0 pp
+1.0 pp
08 · compare level, then change

Profit Scale & Acceleration

Metro Brands Ltd has the highest Net profit among the 6 Footwear companies compared here, at ₹416 crore. Redtape Ltd is next at ₹242 crore. Redtape Ltd has the highest Profit growth at 42.4%, so level and change sit with different companies. 5 of 6 companies report a comparable reading, the latest through Mar 2026.

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.

LeaderMetro Brands Ltd · ₹416 crore
Gap71.9% versus #2 · Redtape Ltd
Persistence4/8 recent comparable periods
Coverage5/6 companies · 93 observations

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.

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 profitlargest
1Metro Brands Ltd METROBRAND₹416 Cr
2Redtape Ltd REDTAPE₹242 Cr
3Relaxo Footwears Ltd RELAXO₹180 Cr
4Bata India Ltd BATAINDIA₹134 Cr
5Mirza International Ltd MIRZAINT₹0 Cr
Profit growthfastest growers
1Redtape Ltd REDTAPE42%
2Metro Brands Ltd METROBRAND18%
3Relaxo Footwears Ltd RELAXO5.9%
4Bata India Ltd BATAINDIA-59%
Net profit · company comparison
5/6 level · 4/6 change
All-company data · latest reported quarter
CompanyNet profitProfit growthReported
Metro Brands Ltd METROBRAND₹118 Cr24%Mar 2026
Redtape Ltd REDTAPE₹70 Cr71%Mar 2026
Relaxo Footwears Ltd RELAXO₹68 Cr21%Mar 2026
Campus Activewear Ltd CAMPUS₹29 Cr1,350%Jun 2022
Bata India Ltd BATAINDIA₹2 Cr-95%Mar 2026
Mirza International Ltd MIRZAINT₹-13 Cr-67%Mar 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Bata India Ltd · BATAINDIA

₹-69 Cr
₹37 Cr
₹72 Cr
₹63 Cr
₹119 Cr
₹55 Cr
₹83 Cr
₹66 Cr
₹107 Cr
₹34 Cr
₹58 Cr
₹64 Cr
₹174 Cr
₹52 Cr
₹59 Cr
₹46 Cr
₹52 Cr
₹14 Cr
₹66 Cr
₹2 Cr

Campus Activewear Ltd · CAMPUS

₹2 Cr
—
₹55 Cr
₹40 Cr
₹29 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Metro Brands Ltd · METROBRAND

₹-11 Cr
₹53 Cr
₹101 Cr
₹69 Cr
₹105 Cr
₹76 Cr
₹113 Cr
₹69 Cr
₹94 Cr
₹68 Cr
₹99 Cr
₹156 Cr
₹92 Cr
₹72 Cr
₹95 Cr
₹95 Cr
₹99 Cr
₹69 Cr
₹130 Cr
₹118 Cr

Mirza International Ltd · MIRZAINT

—
—
—
—
—
—
—
₹3 Cr
₹2 Cr
₹4 Cr
₹4 Cr
₹1 Cr
₹1 Cr
₹6 Cr
₹-6 Cr
₹-4 Cr
₹18 Cr
₹2 Cr
₹-7 Cr
₹-13 Cr

Redtape Ltd · REDTAPE

—
—
—
—
₹28 Cr
₹26 Cr
₹53 Cr
₹35 Cr
₹47 Cr
₹28 Cr
₹61 Cr
₹41 Cr
₹31 Cr
₹25 Cr
₹73 Cr
₹41 Cr
₹39 Cr
₹28 Cr
₹105 Cr
₹70 Cr

Relaxo Footwears Ltd · RELAXO

₹31 Cr
₹69 Cr
₹70 Cr
₹63 Cr
₹39 Cr
₹22 Cr
₹30 Cr
₹63 Cr
₹56 Cr
₹44 Cr
₹39 Cr
₹61 Cr
₹44 Cr
₹37 Cr
₹33 Cr
₹56 Cr
₹49 Cr
₹36 Cr
₹27 Cr
₹68 Cr

Profit growth · reported quarter history

Bata India Ltd · BATAINDIA

—
—
—
—
—
49%
15%
4.2%
-10%
-38%
-30%
-3.0%
63%
53%
1.2%
-28%
-70%
-73%
13%
-95%

Campus Activewear Ltd · CAMPUS

—
—
—
300%
1,350%
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Metro Brands Ltd · METROBRAND

—
—
—
—
—
43%
12%
0.0%
-10%
-11%
-12%
126%
-2.1%
5.9%
-4.0%
-39%
7.6%
-4.2%
37%
24%

Mirza International Ltd · MIRZAINT

—
—
—
—
—
—
—
—
—
—
—
-67%
-50%
50%
-250%
-500%
1,700%
-67%
—
—

Redtape Ltd · REDTAPE

—
—
—
—
—
—
—
—
68%
7.7%
15%
17%
-34%
-11%
20%
0.0%
26%
12%
44%
71%

Relaxo Footwears Ltd · RELAXO

—
—
—
—
26%
-68%
-57%
0.0%
44%
100%
30%
-3.2%
-21%
-16%
-15%
-8.2%
11%
-2.7%
-18%
21%
09 · compare level, then change

Return On Capital Employed

Campus Activewear Ltd has the highest ROCE among the 6 Footwear companies compared here, at 31.8%. Redtape Ltd is next at 24.1%. The same company also holds the highest ROCE change, at +15 percentage points. 6 of 6 companies report a comparable reading, the latest through Jun 2022.

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.

LeaderCampus Activewear Ltd · 31.8%
Gap32% versus #2 · Redtape Ltd
PersistenceNot enough history
Coverage6/6 companies · 56 observations

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.

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.
ROCEhighest
1Campus Activewear Ltd CAMPUS · older report32%
2Redtape Ltd REDTAPE24%
3Metro Brands Ltd METROBRAND20%
4Bata India Ltd BATAINDIA13%
5Relaxo Footwears Ltd RELAXO11%
ROCE changefastest improvers
1Campus Activewear Ltd CAMPUS · older report+15.0 pp
2Redtape Ltd REDTAPE+1.7 pp
3Relaxo Footwears Ltd RELAXO−0.8 pp
4Metro Brands Ltd METROBRAND−1.5 pp
5Bata India Ltd BATAINDIA−2.8 pp
Return on capital · company comparison
6/6 level · 6/6 change

Withheld from this chart: 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. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter
CompanyROCEROCE changeReported
Redtape Ltd REDTAPE26%+1.7 ppMar 2026
Metro Brands Ltd METROBRAND17%−1.5 ppMar 2026
Bata India Ltd BATAINDIA10%−2.8 ppMar 2026
Relaxo Footwears Ltd RELAXO8.9%−0.8 ppMar 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Bata India Ltd · BATAINDIA

—
4.5%
—
5.8%
—
20%
—
21%
—
22%
20%
17%
22%
14%
23%
13%
15%
12%
14%
10%

Metro Brands Ltd · METROBRAND

—
—
—
15%
—
22%
—
21%
—
18%
22%
17%
21%
15%
20%
18%
21%
17%
21%
17%

Redtape Ltd · REDTAPE

—
—
—
—
—
—
—
29%
—
28%
31%
28%
31%
22%
28%
24%
28%
24%
31%
26%

Relaxo Footwears Ltd · RELAXO

—
22%
—
16%
—
14%
—
11%
—
12%
15%
12%
13%
11%
12%
9.7%
11%
9.4%
11%
8.9%

ROCE change · reported quarter history

Bata India Ltd · BATAINDIA

—
—
—
—
—
+15.8 pp
—
+15.5 pp
—
+1.5 pp
—
−4.0 pp
—
−7.4 pp
+2.8 pp
−4.3 pp
−6.5 pp
−2.5 pp
−8.9 pp
−2.8 pp

Metro Brands Ltd · METROBRAND

—
—
—
—
—
—
—
+6.1 pp
—
−4.1 pp
—
−4.2 pp
—
−2.9 pp
−1.9 pp
+1.3 pp
+0.8 pp
+1.1 pp
+0.4 pp
−1.5 pp

Redtape Ltd · REDTAPE

—
—
—
—
—
—
—
—
—
—
—
−1.8 pp
—
−5.5 pp
−2.3 pp
−3.5 pp
−2.5 pp
+2.0 pp
+2.6 pp
+1.7 pp

Relaxo Footwears Ltd · RELAXO

—
—
—
—
—
−8.3 pp
—
−5.3 pp
—
−1.3 pp
—
+1.4 pp
—
−1.4 pp
−2.6 pp
−2.2 pp
−1.5 pp
−1.5 pp
−1.1 pp
−0.8 pp
10 · compare level, then change

Valuation Against Growth & Quality

Redtape Ltd has the lowest PEG among the 6 Footwear companies compared here, at 1.19×. Metro Brands Ltd is next at 2.58×. The same company also holds the lowest P/E, at 30.4×. 3 of 6 companies report a comparable reading, the latest through Mar 2026. Its PEG series carries 8 reported observations across the 20-quarter window.

What the numbers say: Redtape Ltd has the lowest comparable PEG at 1.19×, 53.9% below Metro Brands Ltd. Only 3 of 6 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderRedtape Ltd · 1.19×
Gap53.9% versus #2 · Metro Brands Ltd
Persistence0/8 recent comparable periods
Coverage3/6 companies · 27 observations

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.

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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.
PEGlowest PEG
1Redtape Ltd REDTAPE1.2
2Metro Brands Ltd METROBRAND2.6
3Relaxo Footwears Ltd RELAXO6.2
P/Elowest P/E
1Redtape Ltd REDTAPE30.4
2Campus Activewear Ltd CAMPUS · older report50.0
3Bata India Ltd BATAINDIA53.1
4Relaxo Footwears Ltd RELAXO56.1
5Metro Brands Ltd METROBRAND68.7
Valuation · company comparison
3/6 level · 5/6 change
All-company data · latest reported quarter
CompanyPEGP/EReported
Bata India Ltd BATAINDIA10.442.3Mar 2026
Relaxo Footwears Ltd RELAXO6.237.0Mar 2026
Metro Brands Ltd METROBRAND2.663.7Mar 2026
Redtape Ltd REDTAPE1.229.5Mar 2026
Campus Activewear Ltd CAMPUS—185.4Jun 2022
Mirza International Ltd MIRZAINT—39.9Mar 2026
Full 20-quarter history · every available company

PEG · reported quarter history

Bata India Ltd · BATAINDIA

—
—
—
—
—
1.7
—
—
—
10.4
—
—
—
—
—
—
—
—
—
—

Metro Brands Ltd · METROBRAND

—
—
3.5
12.9
—
2.0
8.7
—
—
14.2
—
—
5.8
4.8
3.8
2.6
—
—
—
—

Redtape Ltd · REDTAPE

—
—
—
—
—
—
—
—
—
7.6
3.7
2.9
—
5.0
3.9
—
—
4.3
0.9
1.2

Relaxo Footwears Ltd · RELAXO

3.5
2.0
2.7
7.5
—
—
—
—
—
—
—
3.2
3.5
11.1
—
—
6.2
—
—
—

P/E · reported quarter history

Bata India Ltd · BATAINDIA

—
967.8
346.5
244.8
204.3
80.2
68.5
56.9
66.7
66.6
67.5
60.6
67.7
74.7
73.2
62.6
68.0
68.5
65.7
42.3

Campus Activewear Ltd · CAMPUS

—
—
—
—
185.4
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Metro Brands Ltd · METROBRAND

—
—
182.6
232.2
223.3
75.6
68.3
59.7
70.4
87.6
101.7
96.2
81.0
84.3
82.0
67.1
88.2
92.8
87.7
63.7

Mirza International Ltd · MIRZAINT

14.0
2.2
3.1
2.8
3.7
5.9
5.5
13.5
22.6
30.1
45.4
42.0
50.6
60.0
42.6
39.9
—
—
—
—

Redtape Ltd · REDTAPE

—
—
—
—
—
—
—
—
—
43.8
52.4
53.6
60.1
63.8
77.9
47.5
42.0
45.5
37.8
29.5

Relaxo Footwears Ltd · RELAXO

100.8
96.7
111.8
95.2
105.2
104.2
116.7
137.5
146.4
130.3
116.0
100.5
102.8
106.3
85.6
57.7
62.1
61.3
57.6
37.0
11 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Footwear comparison names 6 specific ways its own evidence can mislead, all listed below. 1 of the 6 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 1 has second-feed figures withheld because the two sources disagree. A high growth rate can still be a low-base artefact.

Keep these limits visible

  • 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.
12 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 6 Footwear companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Mar 2026 and market data through 2026-07-31. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Mar 2026 · up to 20 quarters per company
Market dataThrough 2026-07-31 · weekly price and relative-strength history
Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing4 cross-checked · 1 unverified · 1 withheld, of 6 graded companies.
How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

13 · questions investors ask, short speakable answers

Footwear company comparison FAQs

These 24 answers restate the Footwear comparison above in question form. Every one is computed from the same 6 companies and the same reported filings as the rankings and charts, current through Mar 2026. Price and relative-strength answers run through 2026-07-31. Nothing here is estimated, and none of it is a recommendation.

Is the Footwear sector outperforming NIFTY 500?

Footwear has underperformed NIFTY 500 by 19.4% over 52 weeks and 4.6% 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 78.6/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Footwear company has the lowest comparable PEG?

Redtape Ltd has the lowest comparable PEG at 1.19, among 3 of 6 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Footwear comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

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 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 PEG — where a LOWER number is cheaper — Redtape Ltd screens cheapest at 1.19×. Only 3 of 6 companies have earnings and growth steady enough for the ratio to mean anything, 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.

Is the Footwear sector beating the market?

Footwear has underperformed NIFTY 500 by 19.4% over the last 52 weeks and 4.6% 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 78.6 out of 100 with 100% evidence confidence, from 31.9 points on growth and earnings, 18.5 on capital efficiency, 17 on valuation and 11.2 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, 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 ₹61,839 crore of combined market value. Metro Brands Ltd is the largest at ₹28,254 crore, about 46% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

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

The median price-to-earnings ratio across the 6 Footwear companies on this page is 53.1×, 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 2026-08-05.

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 19.4% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

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.

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