Liberty Shoes Limited (LIBERTSHOE)
₹210.75 +0.58% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Liberty Shoes' revenue was ₹170 Cr (-1.7% year on year, -19.9% on the previous quarter), and net profit ₹0.7 Cr (-79.5% year on year); the operating margin was 8.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹170 | -1.7% | -19.9% |
| Operating profit | ₹13.5 | -15.4% | -32.4% |
| Net profit | ₹0.7 | -79.5% | -87.1% |
| EPS (₹) | 0.40 | -79.5% | -87.1% |
| Operating margin | 8.0% | — | — |
LIBERTSHOE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 40.26% of the LIBERTSHOE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.59%. That is lower than usual for this stock. Turnover was only ₹74 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 72.7% · 73.7% · 58.6% · 61.2% · 40.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Liberty Shoes Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MUFG Intime India confirms that all securities received for dematerialisation during the period were processed and listed appropriately. This is a recurring regulatory compliance filing with no operational or financial impact on the company's business. Liberty Shoes holds a market capitalization of Rs 319 Cr and reported TTM revenue of Rs 633 Cr.
- Compliance certificate submitted under Regulation 74(5) of SEBI (DP) Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 07, 2026
- Confirmed that dematerialised share certificates were verified, cancelled, and substituted within prescribed timelines
Liberty Shoes Limited has issued the notice for its 40th Annual General Meeting (AGM), scheduled for Tuesday, September 29, 2026, at 11:00 AM IST via Video Conferencing. The filing includes the Annual Report for FY 2025-26, covering corporate governance, secretarial audit, and audited financial statements. Notable board updates include the appointment of Raman Bansal as Executive Director and the cessation of Shammi Bansal's executive directorship effective August 10, 2026.
- 40th Annual General Meeting to be held on September 29, 2026, via Video Conferencing.
- Executive Director Shammi Bansal stepped down on August 10, 2026.
- Raman Bansal appointed as Executive Director effective August 10, 2026.
- Neeraj Kumar Jindal appointed as Independent Director effective May 28, 2025.
Liberty Shoes Limited has informed the exchanges regarding the dispatch of letters to shareholders containing the web-link for the Annual Report for FY 2025-26 and the Notice of the 40th Annual General Meeting (AGM). The 40th AGM is scheduled to take place on Tuesday, September 29, 2026, at 11:00 AM IST via Video Conferencing/OAVM. The intimation was sent to physical shareholders unregistered via email as of the cut-off date of August 28, 2026, alongside a reminder for mandatory KYC and demat updation pursuant to SEBI circulars.
- 40th AGM scheduled for Tuesday, September 29, 2026 at 11:00 AM IST via VC/OAVM
- Cut-off date for dispatch of physical communication was Friday, August 28, 2026
- Dispatched notice and Annual Report FY 2025-26 web-link on September 3, 2026 pursuant to Regulation 36(1)(b)
- Reminded physical mode holders to update KYC details to remain eligible for electronic corporate payments
Liberty Shoes Limited has submitted applications to NSE and BSE on August 18, 2026, seeking regulatory approval for reclassifying two promoter shareholders from the 'Promoter and Promoter Group' to the 'Public' category under Regulation 31A of SEBI LODR Regulations. This follows the company's previous disclosures dated July 22, 2026, and August 10, 2026. The company currently operates with a promoter holding of 59.1% as of March 2026 and a market cap of ₹372 Cr. The proposed reclassification is procedural and remains subject to stock exchange approval.
- Filed formal application with NSE and BSE on August 18, 2026 under Regulation 31A of SEBI LODR.
- Follows earlier corporate intimations dated July 22, 2026, and August 10, 2026.
- Reclassification requested by 2 promoter shareholders seeking shift to public category.
- Company currently has a promoter holding of 59.1%.
Liberty Shoes Limited held a board meeting on August 10, 2026, to approve Q1 FY27 results and several key leadership changes. Shammi Bansal resigned as Executive Director to take on the role of President, while Raman Bansal was appointed as an Executive Director for a 3-year term. The board also addressed a request for promoter reclassification from Arpan Gupta, noting that while objective criteria are met, issues regarding 'direct or indirect control' require further examination by stock exchanges. The company's 40th AGM is scheduled for September 29, 2026.
- Shammi Bansal, associated with the company since 1984, transitioned from Executive Director to President effective August 10, 2026.
- Raman Bansal appointed as Additional/Executive Director for a 3-year term, subject to shareholder approval.
- Board to submit promoter reclassification application for Arpan Gupta to stock exchanges with 'reasoned observations' regarding control status.
- 40th Annual General Meeting (AGM) scheduled for September 29, 2026, via video conferencing.
- Cut-off date for e-voting eligibility set for September 22, 2026, with book closure from September 23-29, 2026.
SEBI has issued an administrative warning to Liberty Shoes for non-compliance with Regulation 31A of LODR. The company failed to disclose the Board's final views on a reclassification request from two promoter entities (Shri Arpan Gupta and Dinesh Kumar Gupta HUF) following a meeting on May 29, 2024. Additionally, SEBI noted the Board overstepped its authority by rejecting the request internally rather than placing it before shareholders for a vote. The company is now required to present these requests at a general meeting and improve its compliance standards to avoid further enforcement action.
- SEBI issued an administrative warning via communication dated July 21, 2026, regarding reclassification requests from 2 promoter entities.
- The company failed to disclose material developments from the Board meeting held on May 29, 2024, as required under Regulation 30(7).
- SEBI clarified that the Board does not have the power to decline reclassification requests; they must be placed before shareholders.
- The original reclassification requests were dated March 23, 2024, and were initially disclosed on March 30, 2024.
- No monetary penalty has been imposed at this stage, but SEBI warned of potential enforcement action for future recurrences.
Liberty Shoes Limited has responded to a surveillance query from the National Stock Exchange (NSE) regarding a significant increase in trading volume. The company clarified that there is no undisclosed price-sensitive information (UPSI) or impending events that could impact its operations or performance. The management attributed the volume increase to market-driven factors beyond their control. Additionally, the company confirmed that no insiders traded during restricted periods and provided an update on its new corporate office address in Gurugram.
- NSE issued a surveillance query (Ref: NSE/CM/Surveillance/17282) on July 18, 2026, regarding volume spurt.
- Company confirms 0 undisclosed price-sensitive information currently exists that would impact stock performance.
- Management states no Officer, Director, or Employee traded in securities except during open windows.
- TTM Revenue stands at ₹633 Cr with a thin net profit margin (TTM PAT of ₹4 Cr).
- Company updated its corporate office address to Sector-58, Gurugram, Haryana.
Liberty Shoes Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026. The certificate, provided by MUFG Intime India Private Limited, confirms that share certificates received for dematerialization were processed and cancelled as per regulatory timelines. This is a standard administrative filing with no impact on the company's financial performance or operations. The company continues to operate with a TTM revenue of Rs 633 Cr and a thin PAT of Rs 4 Cr.
- Compliance certificate issued for the quarter ended June 30, 2026
- Registrar MUFG Intime India Private Limited confirmed processing of dematerialization requests
- Confirmation that security certificates were mutilated and cancelled after verification
- Company maintains a TTM revenue base of Rs 633 Cr with an OPM of 8.6%
Liberty Shoes Limited reported a 9.5% YoY increase in annual revenue to ₹73,999 lakh for FY26, though net profit fell 17.5% to ₹1,118.94 lakh. The fourth quarter saw a healthy 13% revenue growth YoY, but profitability remained under pressure with a 5.5% dip in quarterly net profit. Rising operational costs, particularly material consumption and employee benefits, significantly impacted margins throughout the year. The company's EPS for the full year declined to ₹6.59 from ₹7.92 in the previous fiscal.
- Annual Revenue from operations increased 9.5% YoY to ₹73,999.11 lakh.
- Full-year Net Profit declined 17.5% to ₹1,118.94 lakh from ₹1,356.12 lakh in FY25.
- Q4 FY26 Revenue grew 13% YoY to ₹21,204.53 lakh, but Q4 Net Profit fell 5.5% to ₹529.75 lakh.
- Total expenses for the year surged to ₹72,566.72 lakh compared to ₹65,220.98 lakh in the previous year.
- Earnings Per Share (EPS) for the full year decreased to ₹6.59 from ₹7.92.
Liberty Shoes Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the period ended March 31, 2026. The certificate, issued by MUFG Intime India Private Limited, confirms that all share certificates received for dematerialization were processed within the prescribed timelines. It further verifies that the physical certificates were mutilated and cancelled, and the name of the depositories was substituted in the register of members. This is a standard administrative filing required by SEBI to ensure the integrity of electronic shareholding records.
- Compliance certificate submitted for the quarter ended March 31, 2026.
- Registrar MUFG Intime India Private Limited confirmed processing of dematerialization requests.
- Securities comprised in the certificates are listed on the relevant stock exchanges.
- Physical share certificates were mutilated and cancelled after due verification as per SEBI norms.
Liberty Shoes Limited has informed the stock exchanges that its trading window will be closed starting April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial disclosures. The window will remain shut for all designated persons, including directors and promoters, until 48 hours after the declaration of the audited financial results for the quarter and year ending March 31, 2026. This is a standard regulatory procedure to prevent insider trading during the period when sensitive financial information is being finalized.
- Trading window closure effective from April 1, 2026
- Closure relates to the audited financial results for Q4 and FY ending March 31, 2026
- Window to reopen 48 hours after the official announcement of financial results
- Applies to all Directors, Promoters, Designated Employees, and Connected Persons
Liberty Shoes reported a 13% year-on-year growth in revenue from operations, reaching ₹180.92 crore for the quarter ended December 31, 2025. Despite the top-line growth, net profit plummeted by 75% to ₹0.59 crore compared to ₹2.37 crore in the previous year's corresponding quarter. Profitability was significantly impacted by rising employee benefit expenses, which included a ₹1.41 crore one-time impact from new Labour Code adjustments, and higher finance costs. For the nine-month period, net profit stood at ₹5.89 crore, down from ₹7.95 crore a year ago.
- Revenue from operations grew 13% YoY to ₹18,092.11 Lakh in Q3 FY26.
- Net profit for the quarter fell sharply to ₹59.12 Lakh from ₹237.10 Lakh in Q3 FY25.
- Employee benefit expenses increased to ₹3,664.52 Lakh, including a ₹141 Lakh impact from the new Labour Codes.
- Nine-month revenue reached ₹52,794.58 Lakh, while nine-month net profit declined 26% YoY to ₹589.19 Lakh.
- Credit ratings were reaffirmed at CARE BBB+ (Stable) for long-term and CARE A2 for short-term facilities.
Liberty Shoes reported a 13% year-on-year growth in revenue for Q3 FY26, reaching ₹180.92 crore. However, net profit saw a sharp decline of 75% YoY to ₹0.59 crore, primarily due to rising operational expenses and a ₹1.41 crore impact from new Labour Code provisions. For the nine-month period, net profit stood at ₹5.89 crore compared to ₹7.95 crore in the previous year. The company's credit ratings were recently reaffirmed at CARE BBB+ (Stable) for long-term facilities.
- Revenue from operations grew 13% YoY to ₹18,092.11 Lakh in Q3 FY26.
- Net profit plummeted 75% YoY to ₹59.12 Lakh from ₹237.10 Lakh in the same quarter last year.
- Total expenses rose to ₹17,979.03 Lakh, driven by higher employee benefits and finance costs.
- Recognized a one-time impact of ₹141 Lakh due to the implementation of new Labour Codes.
- Nine-month EPS declined to ₹3.46 from ₹4.67 in the corresponding period of the previous year.
Liberty Shoes Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025. The filing confirms that securities received for dematerialization were processed, and physical certificates were mutilated and cancelled within the prescribed timelines. This routine administrative filing ensures the company's share registry is accurately maintained with the depositories. The certificate was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Confirmation that dematerialized securities are listed on the stock exchanges where earlier shares are listed.
- Physical certificates were mutilated and cancelled after due verification by the depository participant.
- Registrar and Share Transfer Agent (RTA) MUFG Intime India Private Limited provided the confirmation.
Liberty Shoes Limited has officially announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's Q3 financial results. The window will remain closed until 48 hours after the declaration of the unaudited financial results for the quarter and nine months ending December 31, 2025. This is a standard regulatory procedure to prevent insider trading before sensitive financial information is made public.
- Trading window closure effective from January 1, 2026.
- Closure relates to the unaudited financial results for the quarter and nine months ended December 31, 2025.
- Restriction applies to Directors, Promoters, Designated Employees, and Connected Persons.
- The window will reopen 48 hours after the official announcement of the financial results.
Financial Performance
Revenue Growth by Segment
The company operates in a single business segment, 'Footwear', which recorded a revenue of INR 675.48 Cr in FY25, representing a 6% growth compared to INR 635.77 Cr in FY24. For H1 FY26, revenue stood at INR 347.02 Cr, a 5.89% increase from INR 327.72 Cr in H1 FY25.
Geographic Revenue Split
Geographically diversified revenue stream with operations across India; however, specific percentage splits per region are not disclosed in available documents.
Profitability Margins
Operating Profit Margin improved slightly to 7.42% in FY25 from 7.30% in FY24. Net Profit Margin (excluding exceptional items) was 2.40% in FY25 compared to 2.48% in FY24. Return on Net Worth stood at 7.50% in FY25.
EBITDA Margin
PBILDT margin was 9.40% in H1 FY25 compared to 9.90% in H1 FY24. In FY23, the margin was 9.44%, an improvement of 38 bps from 9.06% in FY22, driven by better absorption of fixed overheads.
Capital Expenditure
Not explicitly disclosed as a total figure, but the company reported depreciation and amortisation expenses of INR 32.78 Cr for FY25, indicating significant existing asset base and ongoing maintenance/expansion.
Credit Rating & Borrowing
The company maintains a comfortable capital structure with an overall gearing of 0.71x as of March 31, 2024, improved from 0.81x in 2023. Working capital utilization was INR 68.13 Cr in FY24. Interest coverage ratio was 5.11x in FY23.
Operational Drivers
Raw Materials
Leather, rubber, and synthetic chemicals are primary raw materials. The company is highly susceptible to volatility in these prices, which directly impacts the PBILDT margin.
Capacity Expansion
Current capacity is not specified in units, but the company is focusing on 'LEAP7X' in the athleisure segment to drive future volume growth.
Raw Material Costs
Raw material costs are a significant portion of the cost structure; margins are sensitive to price fluctuations. Procurement strategies involve managing leather operations through a dedicated director, Mr. Adish Kumar Gupta.
Manufacturing Efficiency
Manufacturing is overseen by Mr. Shammi Bansal; efficiency is driven by better product mix and introduction of premium brands like LEAP7X to improve overhead absorption.
Logistics & Distribution
The company utilizes a wide distribution network and geographically diversified revenue streams to mitigate regional demand fluctuations.
Strategic Growth
Expected Growth Rate
6-10%
Growth Strategy
Growth is targeted through product innovation, retail and digital expansion, and operational excellence. The company is specifically focusing on the premium athleisure segment with the 'LEAP7X' brand to improve margins and scale.
Products & Services
Footwear including leather shoes, sports shoes, and athleisure products.
Brand Portfolio
Liberty, LEAP7X.
New Products/Services
Introduction of the 'LEAP7X' brand in the athleisure segment is expected to contribute to a better product mix and higher profit margins.
Market Expansion
Strategic focus on retail and digital expansion to reach a broader consumer base.
Strategic Alliances
Exclusive long-term business arrangements with group firms Liberty Group Marketing Division (LGMD), Liberty Enterprises (LE), and Liberty Footwear Co. (LFC).
External Factors
Industry Trends
The footwear industry is highly fragmented and competitive. Trends show a shift toward athleisure and premiumization, which the company is addressing through new brand launches.
Competitive Landscape
Highly fragmented and competitive footwear market with significant pressure from both organized and unorganized players.
Competitive Moat
Moat is built on a long-standing brand legacy (Liberty) and a wide distribution network. Sustainability depends on the continued exclusive use of IPR from group entities.
Macro Economic Sensitivity
Sensitive to raw material price volatility and general consumer spending trends in the footwear industry.
Consumer Behavior
Increasing demand for athleisure and branded footwear is driving the company's strategic shift toward the LEAP7X brand.
Regulatory & Governance
Industry Regulations
Compliance with Ind AS 108 (Operating Segments) and SEBI (Prohibition of Insider Trading) Regulations, 2015.
Legal Contingencies
The company has a contingent liability of INR 23.69 Cr as of March 31, 2025, involving legal cases and other matters, up from INR 21.43 Cr in the previous year.
Risk Analysis
Key Uncertainties
Potential termination of contracts with group entities for IPR use; volatility in raw material prices impacting margins by more than 300 bps (rating sensitivity).
Geographic Concentration Risk
Low, as the company has a geographically diversified revenue stream across India.
Third Party Dependencies
High dependency on group entities for business continuity and IPR.
Technology Obsolescence Risk
The company is mitigating this through digital expansion and software-integrated risk management controls.
Credit & Counterparty Risk
Trade receivables increased by INR 20.23 Cr in FY25, indicating a need for careful monitoring of credit cycles.
