Redtape Ltd
REDTAPERedtape Ltd is coiled. The quarters are improving, yet the P/E sits at the 1st percentile of its own 3-year range — the business is moving before the market.
The sharpest disagreement: profits are rising, but only 45% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.
The price is in a confirmed uptrend (8 weeks in) while the P/E sits at the 1st percentile of its own 3-year range. Underneath, the last four quarters read improving — profit +12.8% year on year, and 45% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Redtape Ltd trades at ₹122, in a confirmed uptrend and 8 weeks into that stage. That is −7.0% against its own 200-day average. It sits at 32% of a 52-week range of ₹112 to ₹144. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (6 weeks and counting).
Today the stock is in a confirmed uptrend — week 8 of stage 2. At ₹122 it trades −7.0% versus its 200-day average and sits at 32% of its 52-week range (₹112–₹144).
Against the market, two honest reads. Cumulative: over the last 3.0 years the stock moved −1% while the NIFTY 500 moved +40% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (6 weeks and counting; last ahead the week of 2026-07-03) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Redtape Ltd's story is not scored yet against the markers our research file set on 27 June 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 19 July 2026.
Our read, 27 June 2026. Redtape is a depressed-PE footwear-to-lifestyle brand executing a 200-250 store expansion push in FY27, with PE compressed to the 8th percentile of its own history while EPS has risen 42% year-on-year — the setup is real but OCF conversion (0.45x 3-year aggregate) and a management consistency gap on expansion targets need resolving before capital commitment.
What is proven. Redtape is a depressed-PE footwear-to-lifestyle brand executing a 200-250 store expansion push in FY27, with PE compressed to the 8th percentile of its own history while EPS has risen 42% year-on-year — the setup is real but OCF conversion (0.45x 3-year aggregate) and a management consistency gap on expansion targets need resolving before capital commitment.
What is not proven yet. If inventory days stay above 200 by September 2026 quarter (i.e. the guided 120-150 day normalization fails), signaling the store expansion is consuming working capital rather than generating it — or if operating cash flow in FY27 first half stays below 50% of reported PAT despite the expansion pause in capex, confirming the 3-year 0.45x OCF/PAT pattern is structural rather than expansion-stage transitional.
🚨 What would change our mind. If inventory days stay above 200 by September 2026 quarter (i.e. the guided 120-150 day normalization fails), signaling the store expansion is consuming working capital rather than generating it — or if operating cash flow in FY27 first half stays below 50% of reported PAT despite the expansion pause in capex, confirming the 3-year 0.45x OCF/PAT pattern is structural rather than expansion-stage transitional.
Layer 1 read, 19 July 2026 — KEEP. Textbook cheap-multiple-with-rising-earnings depressed breakout — PE at its 8th percentile precisely because profit is up 42%, and the price has not run yet. The PE sits at the 8th percentile of its own 3-year history yet earnings are surging — FY26 PAT rose 41.8% on 19.7% revenue growth — which is the winning depressed-base-plus-EPS signature, not a value trap, and the price has actually fallen slightly over the year so the market has not re-rated it. The margin is real operating leverage that management calls structural (December-2025 OPM 18.6%), and the scary-looking gross-margin dip was just an accounting reclassification of e-commerce rebates. The one genuine caveat is cash: three-year OCF/PAT is only 0.45x on inventory at 305 days, with a guided normalization to 120-150 days that must actually land.
What would change Layer 1’s mind. If inventory days stay above ~200 by the Sep 2026 quarter (the 120-150 normalization fails) OR first-half FY27 OCF stays below 50% of reported PAT despite the capex pause, the store expansion is consuming working capital rather than generating it and the 0.45x OCF/PAT pattern is structural — that flips this from P1 to DROP.
Layer 2 read, 19 July 2026 — ADVANCE. EPS-backed depressed breakout at an 8th-percentile PE — the fund's winner pattern, no external red flag. Redtape's PE sits at the 8th percentile of its own history precisely BECAUSE profit jumped 42% while the price hasn't moved yet — that is the qualifying depressed-breakout, not the value-trap tail, because earnings are clearly inflecting (SSSG +17.8%, EBITDA re-based to a structural 16-19%). No external L2 stream (sector, capital-cycle, mental-model, social) throws a specific negative; capital flows are a clean NEUTRAL. The one thing to watch is cash conversion (OCF/PAT 0.45, inventory 305 days), but FY26 free cash flow was still positive with a stated inventory-normalization path.
What would change Layer 2’s mind. Inventory days staying above 200 through the Sept-2026 quarter (the guided 120-150-day normalization failing) OR H1 FY27 operating cash flow below 50% of PAT despite the capex pause — that would confirm the 0.45x OCF/PAT is structural, not expansion-stage (the thesis's own would_change_my_mind + the driver stops_working_if), flipping ADVANCE toward BENCH/DROP. A Tier-1 governance escalation from the Sep-2025 income-tax search would also flip it.
Layer 3 read, 19 July 2026 — DEPLOY. The batch's only clean P1 — cheap EPS-backed PE with LOW external risk, deployed with a flag on the doubled store guidance. Earnings are genuinely re-rating cheap: PAT is up 41.8% year-on-year while the PE sits at the 8th percentile of its own history, and FY26 operating cash flow turned decisively positive (Rs174 Cr vs Rs4 Cr), clearing the value-trap inversion. The external 9-type risk sweep is LOW — the only stock-specific item is a cooperative, penalty-free Sep-2025 income-tax search. The genuine caveat is management credibility: store-addition guidance doubled from 80-100 to 200-250 without a stated capital rationale, which keeps the verdict a size-dialled DEPLOY-with-flag rather than a full-conviction bet.
What would change Layer 3’s mind. Inventory days staying above 200 by the Sep-2026 quarter (guided normalization to 120-150 failing) OR H1-FY27 OCF staying below 50% of PAT despite the FOFO-limited capex would confirm the 0.45x cash-conversion is structural not transitional and flip DEPLOY->BENCH; an adverse income-tax search resolution with a material demand or a promoter pledge would escalate litigation/governance to HIGH and flip toward DROP.
🚨 What the surface reading misses. The surface reading is: Inventory days of 305 is elevated versus a retail peer norm of 60-90 days — operational inefficiency signal The research reads it further: Redtape holds owned-warehouse inventory for its marketplace model (7 warehouses, 2 more planned). This is inventory-as-channel-infrastructure, not demand weakness. The 415-day FY25 peak was a strategic buildup ahead of the extended festival season, partly caused by Bangladesh sourcing disruptions in the prior year. The FY26 305-day level reflects genuine normalization in progress.
🚨 What the surface reading misses. The surface reading is: 0.45x OCF/PAT signals earnings quality problem — cash not following reported profits The research reads it further: The three-year aggregate is dominated by FY25's near-zero OCF (4 crore against PAT of 170 crore). The primary driver was 249 crore of working capital absorption in FY25 as inventory built from 298 to 415 days. FY26 recovered OCF to 174 crore (0.72x PAT of 241 crore) — the cash is following profits when inventory is stable or declining.
Sources: our stock research file (27 June 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Redtape Ltd reported ₹481 Cr of revenue in the Jun 26 quarter, +3.7% year on year. That is the 5th straight quarter of year-on-year growth. Over 3 years it has compounded at 18.1% a year. The last full year, FY26, came in at ₹2,419 Cr. The last four reported quarters add to ₹2,436 Cr.
Why this happened. Accessories delivered the fastest percentage growth rate from a 75-crore base in FY26, with management citing this as the highest-margin segment enabling wallet-share capture from existing store traffic. Apparel grew to 805 crore (34% of revenue) as the company shifted from volume to premiumization, particularly in women's fashion. Ozark outdoor brand received better-than-expected consumer response per the May 2026 concall. This multi-category architecture provides basket-size expansion without requiring net-new customer acquisition — a recurring purchase cycle per management of every four months for footwear and five to six months for apparel.
FY26 revenue came in at ₹2,419 Cr (+19.7% on the year), capping 3 years at 18.1% compound. The latest quarter (Jun 26) printed ₹481 Cr, +3.7% year on year — the 5th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +18.7% growth against the decade's 18.1% — the current year is running in line with its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +19.0% over the last 4 quarters against +13.5%/yr over the last 8 — accelerating; TTM profit +38.8% vs +23.9%/yr — accelerating.
FY26-Q4. revenue ₹676 Cr and profit ₹70 Cr as reported.
FY27-Q1. revenue ₹481 Cr and profit ₹44 Cr as reported.
Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Redtape Ltd's operating margin is 17.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 11.0% to 17.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 17.0%, +0.0 pp against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 11.0%–17.0%.
Why the margin moved: operating margin went +0.8 pp year on year while gross margin went +0.6 pp — the gain came mostly from the gross line: input costs and pricing.
FY26-Q4. revenue ₹676 Cr and profit ₹70 Cr as reported.
FY27-Q1. revenue ₹481 Cr and profit ₹44 Cr as reported.
Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Redtape Ltd earned ₹44.0 Cr of net profit in the Jun 26 quarter, +12.8% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹241 Cr. The 3-year compound rate is 19.3%. That is 9.1% of the quarter's revenue. The same quarter a year earlier earned ₹39.0 Cr.
Jun 26 profit was ₹44.0 Cr, +12.8% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹241 Cr (+41.8%), and the 3-year compound rate is 19.3%.
Why profit moved: revenue contributed +3.7% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +34.8% vs revenue +18.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q4. revenue ₹676 Cr and profit ₹70 Cr as reported.
FY27-Q1. revenue ₹481 Cr and profit ₹44 Cr as reported.
Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 45% of Redtape Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹174 Cr of operating cash against ₹241 Cr of profit. After ₹100 Cr of capital spending, ₹74.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.
Why this happened. Inventory days peaked at 415 in FY25 during a strategic buildup ahead of the extended festival season and new warehouse openings, partly caused by prior-year Bangladesh geopolitical disruption to sourcing. By FY26 the metric normalized to 305 days, still above the 298-day level of FY24. Management's near-term target of 120-150 days (from 170-175 at the time of the May 2026 call) would represent a further 150-day reduction. At FY26 quarterly COGS run-rate, each 30-day reduction in inventory days releases approximately 50-60 crore in cash. This normalization is the primary catalyst for OCF/PAT to improve above the 0.45x three-year average.
FY26: operating cash of ₹174 Cr against reported profit of ₹241 Cr, leaving free cash of ₹74.0 Cr after ₹100 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 45% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
🚨 Why conversion sits at 45%: the cash cycle stretched 76 days between FY23 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: conversion is below par and the cash cycle has stretched 76 days — the next section's job is to find where the cash is stuck.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Redtape Ltd's cash conversion cycle runs 240 days in FY26, up from 164 days in FY23. Capital spending ran ₹566 Cr over the last 3 years. At FY26 sales of ₹2,419 Cr each day of that cycle holds about ₹6.6 Cr, so roughly ₹1,591 Cr sits inside the business at any moment.
FY26: debtors at 32 days, inventory at 306 days — roughly 10.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 240 days, looser than FY23's 164.
The full loop: cash goes out to suppliers and production on day 0; stock waits 306 days to sell; customers pay about 32 days after that; and suppliers themselves are paid at 97 days — netting out to the 240-day cycle.
In money terms: at FY26 sales of ₹2,419 Cr, each day of the cycle holds about ₹6.6 Cr — so the 240-day loop keeps roughly ₹1,591 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹566 Cr over the last 3 fiscal years against ₹230 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹25.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Redtape Ltd earns a ROCE of 24% in FY26. That is up from a trough of 22% in FY25. Return on invested capital clears the cost of that capital by +4.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 10.0% net margin on 1.05× asset turns.
FY26 ROCE is 24%, recovered from a FY25 trough of 22% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 10.0% net margin × 1.05× asset turns × 2.26× balance-sheet leverage ≈ 23.7% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 16.0% − 12.0% = a +4.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Redtape Ltd carries total debt of ₹720 Cr against shareholder equity of ₹1,021 Cr as of Mar 26, a debt-to-equity of 0.71. On the annual view that ratio went from 0.55 in FY23 to 0.71 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹720 Cr against shareholder equity of ₹1,021 Cr — a debt-to-equity of 0.71. On the annual view, debt-to-equity went from 0.55 (FY23) to 0.71 (FY26). Read the returns on this page with that leverage in mind.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 2.8 points of Redtape Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 11.7% of the company. Promoters moved +0.0 points over the same window, to 71.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +2.8 points over 8 quarters to 11.7%; Promoters: +0.0 points over 8 quarters to 71.8%; Foreign institutions: +0.0 points over 8 quarters to 3.2%.
Why the register moved: domestic institutions drove it (+2.8 points) — steady accumulation by institutions reading the same numbers this page reads.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Redtape Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Redtape Ltd trades at 27.4× P/E, about the cheapest it has ever traded. Its long-run median P/E is 45.2×, measured across 3.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 27.4× is about the cheapest it has ever traded, against a long-run median of 45.2× measured over 3.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +41.2% against a +1.4% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 3y, of the −0.3%/yr price move, ~+20.2%/yr came from earnings growth and ~−20.5 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Redtape Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE lifting at 31.8% — the per-curve reads carry the story. The read is built from 11 quarters across 3 curves, on partial evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +19.7% | +18.1% | — | — |
| Profit | +41.8% | +19.3% | — | — |
| EPS | +41.2% | +19.2% | — | — |
| Share price | +1.4% | −0.3% | — | — |
4-Factor Sector Score
69.0/100 — rank 1 of 7 in Footwear · 100% evidence confidence
Redtape Ltd scores 69.0 out of 100 against the 7 companies it is compared with in Footwear, ranking 1. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -4.3% and the one-year return is 0.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
The four contributions add to the total exactly: 27.9 + 18 + 18.9 + 4.2 = 69. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Redtape Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
Aggressive Acceleration in Store Expansion · 26 May 2026. In the Nov 2025 call, management emphasized a consistent, multi-year strategy to maintain their historical run rate of opening 80 to 100 stores annually. However, in the May 2026 call, management abruptly more than doubled this expansion guidance, stating they plan to add 200 to 250 stores this year without explaining the strategic pivot or addressing the material capital expenditure and working capital implications.
Store Count Discrepancy · 17 November 2025. Management provided multiple conflicting total store counts within the same call. The prepared remarks in the November 2025 call cited numbers as high as 653 and 613, while subsequent management statements during the Q&A referred to a much lower base of around 500 stores, creating confusion about the actual size of the retail footprint. Earlier call (Nov 2025): “We have a total number of stores at 653 stores... which makes a total of 613 retail stores.” Later call (Nov 2025): “Our strength is that we can make our own brand, and we are already working on that strategy. We only have 500 stores in our country with a population of 140 crores.”
Contradictory Margin Explanation · 17 November 2025. When questioned on the reported Q2 EBITDA margin decline from 18% to 16.49%, management offered a contradictory explanation in the November 2025 call. After an analyst noted the specific dip, management paradoxically claimed they had successfully 'managed operating expenses to maintain the EBITDA margin', directly contradicting the acknowledged quarterly performance. Later call (Nov 2025): “The company has managed operating expenses to maintain the EBITDA margin, actually.”
Conflicting Export Strategy Signals · 17 November 2025. In the November 2025 call, management downplayed its focus on export markets, citing economic weakness in Western countries and a desire to prioritize India. However, they then introduced an aggressive new target for exports to constitute 10% of total business within 2-5 years, a material commitment for a market they had just stated was not a primary focus. Earlier call (Nov 2025): “We are already there in the UK market... So we will not be very focused on this market. We want to explore India first...” Later call (Nov 2025): “But sending export is definitely on our agenda, and in the coming years, in the coming, I think 2 to 5 years, we will have 10% of the business coming from export.”
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Redtape Ltdthis pageREDTAPE | 69.0/100Favorable setup100% evidence | ASLEEP | 27.9/35 Revenue 19% · PAT 38.8% · OPM change 0 pp 100% evidence | 18.0/25 ROCE 24.5% · OPM 17% 100% evidence | 18.9/20 P/E 27.4× · PEG 0.76 100% evidence | 4.2/20 RS sector -4.3% · RS bench -7.7% · 1Y 0.8%7 of 12 weeks ahead 100% evidence |
| Exact sum: 27.9 + 18 + 18.9 + 4.2 = 69 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -4.3% and the one-year return is 0.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 2Sreeleathers LtdSREEL | 63.9/100Mixed-positive evidence72% evidence | TURNING | 28.8/35 Revenue 16.7% · PAT 56.9% · OPM change 7 pp 95% evidence | 10.6/25 ROCE 8% · OPM 14.9% 95% evidence | 12.0/20 P/E 17× · PEG — 50% evidence | 12.5/20 RS sector — · RS bench 11.5% · 1Y —2 of 2 weeks ahead 25% evidence |
| Exact sum: 28.8 + 10.6 + 12 + 12.5 = 63.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Campus Activewear LtdCAMPUS | 62.0/100Mixed-positive evidence76% evidence | ASLEEP | 20.9/35 Revenue 13.8% · PAT 31.6% · OPM change 0 pp 95% evidence | 15.7/25 ROCE 21.2% · OPM 14% 76% evidence | 13.4/20 P/E 43.3× · PEG — 50% evidence | 12.0/20 RS sector 12.1% · RS bench -15.5% · 1Y -16.9%0 of 10 weeks ahead 70% evidence |
| Exact sum: 20.9 + 15.7 + 13.4 + 12 = 62 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Metro Brands LtdMETROBRAND | 49.8/100Mixed-negative evidence94% evidence | ASLEEP | 14.6/35 Revenue 15.5% · PAT 14.1% · OPM change -1 pp 100% evidence | 18.4/25 ROCE 20.2% · OPM 30% 100% evidence | 4.9/20 P/E 63.3× · PEG 4 100% evidence | 11.9/20 RS sector 7.3% · RS bench -14.4% · 1Y -14.8%0 of 10 weeks ahead 70% evidence |
| Exact sum: 14.6 + 18.4 + 4.9 + 11.9 = 49.8 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 5Relaxo Footwears LtdRELAXO | 44.1/100Mixed-negative evidence100% evidence | BREAKING OUT | 13.3/35 Revenue 2.1% · PAT 6.3% · OPM change 0 pp 100% evidence | 11.3/25 ROCE 11.1% · OPM 15% 100% evidence | 2.9/20 P/E 53.2× · PEG 6.15 100% evidence | 16.6/20 RS sector 6.6% · RS bench 2% · 1Y -9.2%10 of 12 weeks ahead 100% evidence |
| Exact sum: 13.3 + 11.3 + 2.9 + 16.6 = 44.1 · Decision use: Price leads the evidence: RS versus the benchmark is 2%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 6Bata India LtdBATAINDIA | 32.7/100Adverse evidence84% evidence | TURNING | 8.1/35 Revenue 1.9% · PAT -30.1% · OPM change 0 pp 100% evidence | 12.8/25 ROCE 12.7% · OPM 21% 100% evidence | 8.3/20 P/E 55.9× · PEG — 50% evidence | 3.5/20 RS sector -20.9% · RS bench -15% · 1Y -36.1%0 of 10 weeks ahead 70% evidence |
| Exact sum: 8.1 + 12.8 + 8.3 + 3.5 = 32.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Mirza International LtdMIRZAINT | 26.5/100Adverse evidence72% evidence | 9.7/35 Revenue -9.3% · PAT 100% · OPM change -6.7 pp 95% evidence | 3.4/25 ROCE -1.8% · OPM 2.4% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 3.4/20 RS sector -4.8% · RS bench -7.6% · 1Y -1%4 of 11 weeks ahead 100% evidence | |
| Exact sum: 9.7 + 3.4 + 10 + 3.4 = 26.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
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.
Frequently asked questions
What is Redtape Ltd's share price today?
Redtape Ltd trades at ₹122, +1.4% over the past year. The company is valued at ₹6,755 Cr. The stock sits at 32% of its 52-week range of ₹112–₹144, −7.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 8 weeks in. — as of 14 August 2026.
What were Redtape Ltd's latest quarterly results?
Redtape Ltd reported revenue of ₹481 Cr and net profit of ₹44.0 Cr for the Jun 26 quarter. Revenue rose 3.7% and profit rose 12.8% year on year. Earnings per share were ₹0.80. The operating margin was 17.0%, 0.0 pp higher than a year earlier. — as of 14 August 2026.
What is Redtape Ltd's revenue?
Redtape Ltd reported revenue of ₹481 Cr in the Jun 26 quarter, +3.7% year on year. For the full FY26 fiscal year, revenue was ₹2,419 Cr (+19.7%). Over the last 3 years revenue compounded at 18.1% a year. — as of 14 August 2026.
What is Redtape Ltd's profit?
Redtape Ltd earned ₹44.0 Cr of net profit in the Jun 26 quarter, +12.8% year on year — the 5th straight quarter of growth. Full-year FY26 profit was ₹241 Cr. The operating margin ran 17.0% in the latest quarter. — as of 14 August 2026.
What is Redtape Ltd's market cap?
Redtape Ltd's market capitalisation is ₹6,755 Cr at a share price of ₹122. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.
What is Redtape Ltd's P/E ratio?
Redtape Ltd trades at a P/E of 27.4×, at the 1st percentile of its own 3-year range, against a long-run median of 45.2×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.
Does Redtape Ltd pay a dividend?
Yes — Redtape Ltd's dividend payout was 46% of profit in FY26, and it recorded a payout in 2 of its last 4 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 14 August 2026.
Is Redtape Ltd overvalued?
On its own history, Redtape Ltd looks cheap: its P/E of 27.4× has been cheaper only 1% of the time in 3 years (long-run median 45.2×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 14 August 2026.
Is Redtape Ltd growing?
Yes — Redtape Ltd is growing: latest-quarter revenue +3.7% year on year, profit +12.8%, and the margin +0.0 pp at 17.0%. The 3-year compound rates are 18.1% (revenue) and 19.3% (profit). The earnings engine currently reads: improving — as of 14 August 2026.
How is Redtape Ltd performing?
Redtape Ltd is in a confirmed uptrend, 8 weeks in. Its latest quarter's revenue rose 3.7% and profit rose 12.8% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 6 weeks. This describes what the data did, not a rating. — as of 14 August 2026.
What stage is Redtape Ltd in?
Mixed — no clean majority across the growth curves, ROCE lifting at 31.8% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +19.0% latest, profit growth +38.8% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 14 August 2026.
Is Redtape Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 8 of stage 2), trading −7.0% versus its 200-day average and at 32% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 14 August 2026.
Is Redtape Ltd beating the market?
Not lately — on a trailing-13-week view Redtape Ltd is currently behind the NIFTY 500 (6 weeks and counting; last ahead the week of 2026-07-03), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 3.0 years the stock moved −1% against the NIFTY 500's +40% — behind the index over the full window. — as of 14 August 2026.
Will Redtape Ltd's share price go up?
This page publishes no price forecast for Redtape Ltd. What it measures instead: the share price is ₹122, the price is in a confirmed uptrend 8 weeks in. Its P/E of 27.4× sits at the 1st percentile of its own 3-year range. — as of 14 August 2026.
Who owns Redtape Ltd?
Promoters hold 71.8% of Redtape Ltd, foreign institutions 3.2%, domestic institutions 11.7% and the public 13.2% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 2.8 points over 8 quarters. — as of 14 August 2026.
Does Redtape Ltd have too much debt?
It is moderate — Redtape Ltd's debt-to-equity is 0.70, and operating profit covers the interest bill 5×. FY26 borrowings were ₹720 Cr against equity of ₹1,022 Cr. Read the returns on this page with that leverage in mind — as of 14 August 2026.
What is Redtape Ltd's capex?
Redtape Ltd spent ₹566 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹100 Cr, with ₹25.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 14 August 2026.
What is Redtape Ltd's cash flow?
Redtape Ltd generated ₹174 Cr of operating cash flow in FY26 and ₹74.0 Cr of free cash flow after ₹100 Cr of capital spending. Reported profit that year was ₹241 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 14 August 2026.
Is Redtape Ltd's profit real cash?
Not fully — over the last 3 fiscal years, 45% of Redtape Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹174 Cr against reported profit of ₹241 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 14 August 2026.
Where is Redtape Ltd in its business cycle?
Redtape Ltd's FY26 operating margin was 15.0%, against a 4-year band of 11.0%–17.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 17.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.
What could break the Redtape Ltd story?
The sharpest disagreement: profits are rising, but only 45% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 14 August 2026.
Is Redtape Ltd a stock worth studying right now?
This is not investment advice. The machine read: Redtape Ltd is coiled. The quarters are improving, yet the P/E sits at the 1st percentile of its own 3-year range — the business is moving before the market. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.