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Relaxo Footwears Q3FY26 (Standalone) results
1 Feb 2026, 10:16AM

  • Relaxo’s revenue stood flat y-o-y at Rs. 668 crore, largely in line with our expectation of Rs. 660 crore. Sales volume stood flat y-o-y at 4 crore pairs, while net realisation fell by 1.2% y-o-y to Rs. 164 per pair.
  • Gross margins improved by 44 bps y-o-y to 57.5%, while EBITDA margin declined by 126 bps y-o-y to 11.2%, mainly due to increased sales promotion expenses and negative operating leverage. EBIDTA margin missed our expectation of 13.2%.
  • EBITDA declined by 9.9% y-o-y to Rs. 75 crore and adjusted PAT fell by 6.6% y-o-y to Rs. 31 crore, lagging our expectation of Rs. 40 crore.
  • View: We shall come out with a detailed note soon. Currently we have a Hold rating on the stock. 

Results (Standalone)                                                                         Rs. crore

Particulars

Q3FY26

Q3FY25

y-o-y (%)

Q2FY26

q-o-q (%)

Net Revenue

668.0

666.9

0.2

628.5

6.3

EBITDA

75.1

83.4

-9.9

81.2

-7.5

Adjusted PAT

30.8

33.0

-6.6

36.2

-14.8

Adjusted EPS (Rs.)

1.2

1.3

-7.0

1.5

-14.8

 

 

 

bps

 

bps

GPM (%)

57.5

57.1

44

61.0

-348

EBITDA Margin (%)

11.2

12.5

-126

12.9

-167

NPM (%)

4.6

4.9

-34

5.8

-114

Tax rate (%)

26.0

26.0

-2

26.0

1

 

Actual vs estimates                                                   Rs. crore

Particulars

Q3FY26

Q3FY26E

% var

Net Revenue

668.0

660.3

1.2

EBITDA

75.1

87.3

-13.9

Adjusted PAT

30.8

40.2

-23.4

 

 

 

bps

GPM (%)

57.5

60.0

-246

EBITDA Margin (%)

11.2

13.2

-197

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