Lehar Footwears Ltd (532829)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Lehar Footwears' revenue was ₹91.3 Cr (-16.6% year on year, +59.7% on the previous quarter), and net profit ₹4.1 Cr (-17.9% year on year); the operating margin was 8.8%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹91.3 | -16.6% | +59.7% |
| Operating profit | ₹8.0 | -17.1% | +42.2% |
| Net profit | ₹4.1 | -17.9% | +94.4% |
| EPS (₹) | 2.34 | -17.9% | +95.0% |
| Operating margin | 8.8% | — | — |
📢 Recent Corporate Announcements
CRISIL Ratings Limited has reaffirmed its ratings for Lehar Footwears Limited on an enhanced total bank loan facility of Rs 105 crore (up from Rs 78 crore). The long-term rating is reaffirmed at 'CRISIL BBB/Stable', and the short-term rating is reaffirmed at 'CRISIL A3+'. The Rs 27 crore increase in rated bank limits comes as the company manages existing debt of Rs 58 crore against TTM revenues of Rs 65 crore. The reaffirmed ratings reflect stable creditworthiness amid ongoing operations.
- Total bank loan facilities rated enhanced from Rs 78 crore to Rs 105 crore
- Long-term bank loan rating reaffirmed at 'CRISIL BBB/Stable'
- Short-term bank loan rating reaffirmed at 'CRISIL A3+'
- Rating review executed by CRISIL Ratings Limited on September 24, 2026
Lehar Footwears has signed Bollywood actor Rajkummar Rao as brand ambassador for its in-house athleisure brand 'Rannr'. The actor will promote Rannr's sports and lifestyle footwear across electronic, print, digital, and retail channels. The commercial terms and endorsement expenses were not disclosed in the filing. The initiative supports the company's planned expansion from low-margin mass footwear into higher-value sports shoes across its 5 manufacturing plants.
- Appointed actor Rajkummar Rao as brand ambassador for athleisure brand 'Rannr' on September 21, 2026
- Covers promotional campaigns across digital, e-commerce, retail, print, and outdoor media
- Endorsement cost and contract duration were not disclosed
- Supports products across 5 manufacturing units located in Jaipur, Kaladera, and Kundli
Lehar Footwears has commenced commercial operations at its new sports footwear manufacturing facility in Kundli, Haryana. The facility increases its sports shoe capacity by 150% from 1.0 lakh to 2.5 lakh pairs per month, with a future phased expansion target of 5.0 lakh pairs per month. The plant incorporates 5th-generation automated manufacturing lines and an in-house design studio to cater to its 'RANNR' brand and OEM contracts. This expansion supports the company's strategic push into higher-margin athleisure and sports footwear segments.
- Sports footwear manufacturing capacity increased by 150% from 1.0 lakh to 2.5 lakh pairs per month
- Phased expansion plan to scale Kundli facility capacity up to 5.0 lakh pairs per month
- Facility features 5th-generation automated lines and an integrated design studio targeting OEM and 'RANNR' brand production
- Expansion supports the company's wider distribution footprint of 520+ distributors across 27 states and exports to 20+ countries
Lehar Footwears released its FY26 Annual Report, highlighting a 55% revenue jump to ₹431 crore compared to FY25. The company is currently executing a ₹298 crore toolkit order under the PM Vishwakarma Scheme, which accounts for approximately 69% of its TTM revenue. A major strategic shift is underway with the phased expansion of the Kundli facility to produce 5 lakh pairs of sports shoes per month by September 2027. The company has also fixed September 03, 2026, as the record date for its final dividend.
- Revenue increased to ₹431 crore in FY26 from ₹277 crore in FY25
- Executing a ₹298 crore agreement with NSIC for toolkit supplies under the PM Vishwakarma Scheme
- Kundli facility capacity scaling from 1 lakh to 5 lakh pairs per month by September 2027
- Record date for final dividend entitlement set for September 03, 2026
- Distribution network spans 27 states with exports to over 20 countries
Lehar Footwears has scheduled its 32nd Annual General Meeting for September 10, 2026, with a dividend record date of September 03, 2026. The company is currently executing a major Rs 298 crore toolkit order under the PM Vishwakarma Scheme, which represents approximately 69% of its TTM revenue. A key strategic focus is the Kundli facility, where sports shoe capacity is planned to scale from 1 lakh to 5 lakh pairs per month by September 2027. The company is pivoting towards higher-margin athleisure and sports footwear through its 'Rannr' brand to improve its current 9.0% operating margins.
- Rs 298 crore agreement with NSIC under PM Vishwakarma Scheme for toolkit supplies provides high revenue visibility
- Kundli manufacturing facility capacity to scale to 5,00,000 pairs per month by September 2027
- Record date for final dividend entitlement for FY 2025-26 set for September 03, 2026
- TTM Revenue reached Rs 431 crore in FY26, a significant increase from Rs 277 crore in FY25
- Distribution network now spans 27 states and exports to over 20 countries with 520+ distributors
Lehar Footwears reported a Q1FY27 revenue of Rs 74.9 Cr, a 47% YoY decline primarily due to the tapering of high-base PM Vishwakarma toolkit orders (Rs 16.8 Cr vs Rs 89.0 Cr). However, the core footwear business grew 9% YoY to Rs 58.1 Cr, supported by new product launches and premiumization. EBITDA margins improved by 50 bps to 9.4% despite inflationary and geopolitical headwinds. The company is doubling its Kundli plant capacity to 2 lakh pairs/month by September 2026 and holds a Rs 40+ Cr OEM order for the next quarter.
- Core footwear revenue increased 9% YoY to Rs 58.1 Cr, driven by premium and fashion ranges.
- EBITDA margins expanded by 50 bps YoY to 9.4% through calibrated pricing and product mix improvements.
- Kundli facility capacity is being doubled from 1 lakh to 2 lakh pairs per month, with commercial operations starting September 2026.
- Secured a significant OEM order of Rs 40+ Cr to be executed in the upcoming quarter.
- Completed the first phase of the PM Vishwakarma Scheme with a cumulative supply of 2.5 lakh toolkits.
Lehar Footwears reported a weak start to FY27, with Q1 revenue falling 47.3% YoY to ₹74.95 Cr compared to ₹142.20 Cr in the same period last year. Net profit declined sharply by 58.6% YoY to ₹3.01 Cr, with EPS dropping to ₹1.71 from ₹4.11. The company also announced the appointment of Mr. Rajesh Gattani as Chief Financial Officer, effective September 15, 2026, to lead financial strategy and governance. Additionally, September 3, 2026, has been fixed as the record date for the upcoming AGM and dividend.
- Revenue from operations declined 47.3% YoY to ₹74.95 Cr in Q1 FY27.
- Net profit for the quarter stood at ₹3.01 Cr, down from ₹7.27 Cr in Q1 FY26.
- Toolkit & Others segment contributed ₹16.80 Cr to revenue, while Footwear & Accessories contributed ₹59.69 Cr.
- Mr. Rajesh Gattani, a CA with 13+ years of experience, appointed as CFO effective September 15, 2026.
- Record date for the 32nd AGM and dividend fixed for September 3, 2026.
Lehar Footwears reported a weak Q1 FY27, with revenue from operations falling 47.3% YoY to ₹74.95 crore from ₹142.2 crore in the same quarter last year. Net profit declined 58.6% YoY to ₹3.01 crore, down from ₹7.27 crore, reflecting significant margin pressure. The company has appointed Rajesh Gattani as the new CFO effective September 15, 2026, and fixed September 3, 2026, as the record date for the final dividend. Segment performance shows the core footwear business contributed ₹59.69 crore, while the toolkit segment added ₹16.80 crore.
- Revenue from operations fell 47.3% YoY to ₹74.95 crore in Q1 FY27.
- Net profit decreased by 58.6% YoY to ₹3.01 crore from ₹7.27 crore.
- Toolkit & Others segment revenue contributed ₹16.80 crore to the total topline.
- Record date for the final dividend and 32nd AGM is fixed for September 3, 2026.
- New CFO Rajesh Gattani appointed with 13 years of experience, effective September 15, 2026.
Lehar Footwears reported a weak Q1 FY27, with revenue from operations falling 47.3% YoY to ₹74.95 Cr from ₹142.20 Cr. The decline was primarily driven by a massive 81% contraction in the 'Toolkit & Others' segment, which fell to ₹16.80 Cr. Consequently, Net Profit dropped 58.6% YoY to ₹3.01 Cr. The company also announced the appointment of Rajesh Gattani as CFO, effective September 15, 2026.
- Revenue from operations declined 47.3% YoY to ₹74.95 Cr in Q1 FY27.
- Net Profit contracted by 58.6% YoY to ₹3.01 Cr compared to ₹7.27 Cr in Q1 FY26.
- Toolkit & Others segment revenue plummeted 81.1% YoY to ₹16.80 Cr from ₹89.00 Cr.
- Footwear segment revenue grew modestly by 5.8% YoY to ₹59.69 Cr.
- Rajesh Gattani appointed as CFO effective September 15, 2026, bringing 13 years of experience.
Lehar Footwears reported a weak Q1 FY27, with revenue from operations falling 47.3% YoY to ₹74.95 Cr from ₹142.20 Cr. Net profit declined 58.6% YoY to ₹3.01 Cr, primarily driven by a sharp contraction in the 'Tool Kit and Others' segment, which fell from ₹89.01 Cr to ₹16.80 Cr. The company also appointed Rajesh Gattani as the new CFO, effective September 15, 2026. A record date of September 3, 2026, has been set for the upcoming AGM and dividend.
- Revenue from operations decreased to ₹74.95 Cr in Q1 FY27, a 47.3% drop from ₹142.20 Cr in Q1 FY26.
- Net profit for the quarter stood at ₹3.01 Cr, down 58.6% compared to ₹7.27 Cr in the same period last year.
- Toolkit segment revenue saw a massive decline to ₹16.80 Cr from ₹89.01 Cr in the year-ago quarter.
- Appointed Mr. Rajesh Gattani, a CA with 13 years of experience, as CFO starting September 15, 2026.
- Fixed September 3, 2026, as the record date for the 32nd AGM and dividend eligibility.
Lehar Footwears has rescheduled its upcoming board meeting from August 11 to August 10, 2026. The primary agenda is to review and approve the unaudited financial results for the quarter ended June 30, 2026. The board will also finalize the FY26 annual report and the notice for the 32nd Annual General Meeting (AGM). This is a routine administrative change with no impact on business operations.
- Board meeting rescheduled from August 11, 2026, to August 10, 2026
- Agenda includes approval of Q1 FY27 financial results for the period ended June 30, 2026
- Trading window for company shares has been closed since July 1, 2026
- Board will finalize details for the 32nd Annual General Meeting (AGM)
- Company reported a TTM revenue of ₹431 crore and PAT of ₹21 crore as of March 2026
Lehar Footwears has scheduled a board meeting for August 11, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The board will also finalize the FY26 Annual Report and set the date for the 32nd Annual General Meeting. This follows a significant growth year where FY26 revenue reached ₹431 crore compared to ₹277 crore in FY25. Investors will be monitoring if the momentum from the ₹298 crore PM Vishwakarma toolkit order and the new Kundli plant commercialization is reflected in the Q1 numbers.
- Board meeting scheduled for August 11, 2026, to approve Q1 FY27 results.
- Approval of the Board's Report for the full financial year ended March 31, 2026.
- Finalization of the 32nd Annual General Meeting (AGM) notice and schedule.
- Trading window remains closed from July 1, 2026, until 48 hours post-results.
- Company coming off a high-growth FY26 with revenue increasing ~55% year-on-year to ₹431 crore.
Mr. Rakesh Kumar Soni has resigned as the Chief Financial Officer (CFO) of Lehar Footwears Ltd, effective from the close of business hours on July 14, 2026. The resignation was formally tendered on June 15, 2026, citing personal reasons, with a confirmation that no other material reasons exist for the departure. As a Key Managerial Personnel (KMP), his exit necessitates the appointment of a successor to maintain financial oversight. Investors should monitor the company's timeline for appointing a new CFO to ensure leadership continuity.
- Resignation effective from the closure of business hours on July 14, 2026
- Resignation letter was submitted on June 15, 2026, providing a transition period
- Outgoing CFO confirmed 0 material reasons for resignation other than personal ones
- The role is classified as a Key Managerial Personnel (KMP) under SEBI regulations
Financial Performance
Revenue Growth by Segment
The footwear segment sold 1.7 crore pairs in FY25, a 10.5% decline from 1.9 crore pairs in FY24. However, the new toolkit segment grew from zero to represent 62% of total revenue in the first six months of fiscal 2026. Total operating income is projected to grow 62-80% YoY to INR 450-500 crore in FY26 from INR 277 crore in FY25.
Geographic Revenue Split
Domestic channels contribute 54% of footwear revenue, followed by exports at ~25% and government tenders at ~21%. Exports reach 20+ countries, with the US accounting for 22% (USD 870 million) of India's non-leather footwear exports in the 11 months of FY25.
Profitability Margins
PAT margin improved from 2.47% in FY23 to 3.29% in FY24. The company targets a stable operating margin of 9-10% for fiscal 2026, driven by higher-margin toolkit supplies and premium EVA footwear launches.
EBITDA Margin
Operating margins are projected to stabilize at 9-10% in FY26. Reported PAT was INR 6.55 crore in FY24, up 26.7% from INR 5.17 crore in FY23.
Capital Expenditure
The company raised INR 20.8 crore via a preferential issue of share warrants to fund expansion. Key investments include a new sports shoe manufacturing facility in Kundli and fully automatic injection moulding machinery for EVA footwear.
Credit Rating & Borrowing
CRISIL Ratings projects interest coverage to improve to 5.40-5.50 times in fiscal 2026. Gearing is expected to improve to 0.4-0.5 times by March 31, 2026, from 0.87 times in FY24.
Operational Drivers
Raw Materials
Key raw materials include EVA (Ethylene Vinyl Acetate), PVC (Polyvinyl Chloride), PU (Polyurethane), and Canvas, which are essential for non-leather footwear production.
Capacity Expansion
Current operations span 4 plants in Jaipur and 1 new facility in Kundli (14,325 sq. mtr.). The Kundli plant for sports shoes is scheduled to be commercialized by July 10, 2025.
Raw Material Costs
Raw material costs are a significant portion of the cost structure; the company uses efficient procurement and BIS-certified processes to manage costs against unorganized competitors.
Manufacturing Efficiency
The company sold 1.7 crore pairs in FY25. Efficiency is being enhanced through the installation of fully automatic injection moulding machinery for EVA and Rotary Type PU machines.
Logistics & Distribution
Distribution is handled through 520+ distributors across 27 states, plus D2C channels including 2 factory outlets and large format stores like D-Mart and Reliance Retail.
Strategic Growth
Expected Growth Rate
62-80%
Growth Strategy
Growth will be achieved through the full-scale execution of a INR 298 crore toolkit order under the PM Vishwakarma Scheme, entry into the high-value sports shoe segment (RANNR brand), and scaling the premium EVA footwear category (Crozi brand).
Products & Services
Non-leather footwear (slippers, sandals, school shoes, canvas shoes, sports shoes) and carpenter toolkits.
Brand Portfolio
Lehar, RANNR (Sports Shoes), Crozi (EVA Footwear).
New Products/Services
Launched 'RANNR' sports shoes and 'Crozi' single-mould EVA footwear, targeting the premium low-cost segment to improve overall portfolio value.
Market Expansion
Expanding retail footprint and distribution network across 27 states and targeting high-potential export markets like the US and UK.
Market Share & Ranking
One of North India's prominent mass-market footwear manufacturers; the industry is 70% unorganized.
Strategic Alliances
Preferred implementation partner for the National Small Industries Corporation (NSIC) for the PM Vishwakarma Scheme.
External Factors
Industry Trends
The Indian footwear market is growing at a 10.1% CAGR and is projected to reach USD 46 billion by 2033. The industry is shifting toward premiumization, digital transformation, and non-leather athletic footwear.
Competitive Landscape
Intense competition from both domestic unorganized players (70% of market) and international brands like Nike or Adidas in the athletic segment.
Competitive Moat
Durable advantages include a 30-year brand legacy ('Lehar'), early-mover advantage in the government toolkit segment, and BIS certification which acts as a barrier against unorganized competitors.
Macro Economic Sensitivity
Sensitive to rural disposable income and GDP growth; RBI projects 6.5% growth for FY26, which supports demand for affordable footwear.
Consumer Behavior
Shift toward health consciousness and active lifestyles is driving robust demand for athletic and comfort-focused footwear.
Geopolitical Risks
Trade barriers or changes in import duties on finished footwear (which the Indian government has recently raised) impact competitive dynamics.
Regulatory & Governance
Industry Regulations
Bureau of Indian Standards (BIS) Quality Control Orders (QCOs) for polymer-based footwear became effective August 1, 2024, mandating higher product quality standards.
Risk Analysis
Key Uncertainties
Sustainability and continuous flow of government orders for the toolkit business (62% of H1 FY26 revenue) is a critical monitorable risk.
Geographic Concentration Risk
Strong concentration in North India, though expanding to 27 states and 20+ export countries.
Third Party Dependencies
High dependency on the PM Vishwakarma Scheme and NSIC for the toolkit business segment's growth.
Technology Obsolescence Risk
Risk of failing to align with rapidly evolving fashion trends; mitigated by investing in automated injection moulding and 3D design processes.
Credit & Counterparty Risk
Working capital intensive operations with 79% bank limit utilization; mitigated by improved collection mechanisms and robust cash flows from operations.
