🔍

MIRZAINT - Mirza Internatio

📊 NSE: MIRZAINT 🏢 Leather / Leather Products 📅 Last Updated: 12/14/2025 9:53

📢 Recent Corporate Announcements

Mirza International Acquires 100% Stake in German Entity Genesis Brands UG

🟢 POSITIVE ⭐ 7/10

M&A 📅 13 Feb 2026, 03:52 PM

Mirza International Limited has announced the acquisition of Genesis Brands UG, a Germany-based entity, making it a 100% wholly-owned subsidiary. The target company was incorporated in July 2025 with a share capital of GBP 863.47 and is yet to commence business operations. This strategic move is aimed at expanding Mirza's retail marketing and e-commerce presence in the footwear industry within the European market. While the financial scale is currently small, it represents a direct entry into German digital retail.

Acquired 100% ownership of Genesis Brands UG in Germany for cash consideration.
Target company has a nominal share capital of GBP 863.47.
The entity was incorporated on July 22, 2025, and focuses on footwear e-commerce and retail marketing.
Genesis Brands UG is a newly incorporated entity and has not yet reported turnover.
The acquisition aligns with the company's core business of footwear manufacturing and distribution.

💡 Investors should view this as a low-cost strategic entry into the European e-commerce market. Monitor future quarterly updates for operational progress and revenue contribution from this new German subsidiary.

Mirza International Q3 Results: Consolidated Net Loss Widens to ₹7.31 Cr, Revenue Flat YoY

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 07 Feb 2026, 02:58 PM

Mirza International reported a consolidated net loss of ₹7.31 crore for the quarter ended December 31, 2025, compared to a loss of ₹5.69 crore in the same period last year. Consolidated revenue from operations saw a marginal increase of 3.3% YoY to ₹118.21 crore, but declined significantly from ₹164.36 crore in the previous quarter. Both the footwear and tannery segments reported operating losses during the quarter, indicating continued pressure on margins. The company is currently awaiting NCLT approval for the amalgamation of its Dubai-based subsidiary, RTS Fashion Limited.

Consolidated revenue stood at ₹118.21 crore, up 3.3% YoY but down 28% sequentially from Q2 FY26.
Net loss widened to ₹7.31 crore from a loss of ₹5.69 crore in the corresponding quarter of the previous year.
Footwear segment reported an EBIT loss of ₹5.41 crore on revenue of ₹98.28 crore.
Tannery segment recorded a loss of ₹1.50 crore, continuing its trend of underperformance.
Earnings Per Share (EPS) remained negative at ₹(0.53) for the quarter.

💡 Investors should remain cautious as the company continues to struggle with operational losses across its primary business segments. The significant sequential drop in revenue and widening losses suggest a lack of immediate turnaround triggers.

Mirza International Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 04:26 PM

Mirza International Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that share certificates received for dematerialization during the quarter ended December 31, 2025, have been processed. This filing ensures that the company's shareholding records are accurately maintained and reported to the stock exchanges. As a routine administrative disclosure, it does not impact the company's financial performance or business operations.

Compliance certificate submitted for the quarter ended December 31, 2025.
Issued by KFin Technologies Limited, the company's Registrar and Share Transfer Agent.
Confirms processing of dematerialization and rematerialization requests as per SEBI norms.
Verification that security details have been furnished to both BSE and NSE.

💡 No action is required from investors as this is a standard regulatory filing. Focus should remain on the company's upcoming quarterly financial results for material performance indicators.

Mirza International Gets Approval for 25 Lakh Shares Under ESOP Scheme 2025

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 07 Jan 2026, 01:13 PM

Mirza International Limited has secured in-principle approval from NSE and BSE for the issuance of up to 25,00,000 equity shares under the 'MIL Employees Stock Option Scheme 2025'. These shares, with a face value of Rs. 2 each, will be allotted to employees upon the exercise of their stock options. The approval is subject to various listing conditions and statutory compliances. This initiative is designed to align employee interests with shareholder value and retain key talent.

Maximum issuance of 25,00,000 equity shares under the new 2025 ESOP scheme.
Face value of the shares to be issued is Rs. 2/- per share.
In-principle approval received from both NSE and BSE on January 6, 2026.
Allotment will be contingent on employees exercising their options and meeting regulatory guidelines.

💡 No immediate action is required as this is a standard procedure for employee compensation; however, be aware of the minor future equity dilution.

Mirza International Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Dec 2025, 03:02 PM

Mirza International Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming declaration of financial results. The window will remain shut until 48 hours after the Unaudited Financial Results for the quarter ended December 31, 2025, are released. This is a standard regulatory procedure to prevent insider trading prior to the disclosure of price-sensitive financial information.

Trading window closure begins on January 1, 2026.
Closure pertains to the Unaudited Financial Results for the quarter ending December 31, 2025.
Trading restriction applies to all Designated Persons including Directors and their immediate relatives.
Window will reopen 48 hours after the financial results become generally available information.
The announcement follows SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement with no impact on company fundamentals; investors should wait for the Q3 financial results for performance updates.

Mirza International Executive Director Nirmal Sahijwani Resigns Effective Feb 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 22 Dec 2025, 05:44 PM

Mirza International Limited has announced that Mr. Nirmal Sahijwani, the Whole-time Director, has tendered his resignation citing personal reasons. The resignation was communicated on December 22, 2025, but will only become effective from February 1, 2026. This provides the company with a significant transition period of over 13 months to find a suitable replacement. The long notice period suggests a planned departure rather than an immediate leadership crisis.

Mr. Nirmal Sahijwani (DIN: 10056433) resigns as Whole-time Director of the company.
The resignation is effective from February 1, 2026, providing a long transition window.
Personal reasons were cited for the resignation in the official communication dated December 22, 2025.
No immediate changes to the board composition or operational management are expected until 2026.

💡 Investors should treat this as a routine management update given the long lead time before the resignation takes effect. Monitor for future disclosures regarding the appointment of a successor to ensure leadership continuity.

View All MIRZAINT Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Overall revenue declined 7.8% YoY from INR 630.36 Cr in FY24 to INR 581.23 Cr in FY25. In Q1FY25, the footwear segment (77% of revenue) grew 14% YoY, while the tannery business (23% of revenue) grew 8% YoY.

Geographic Revenue Split

Exports account for approximately 85-86% of total revenue. The UK and US markets are the primary regions, together constituting ~70% of total revenue in FY24.

Profitability Margins

Operating margins have seen a steady decline from 10.2% in FY23 to 7.7% in FY24, and further to 6.6% in the first nine months of FY25. The company reported a Profit Before Tax (PBT) loss of INR 3.55 Cr in FY25 compared to a PBT of INR 16.60 Cr in FY24.

EBITDA Margin

Operating margin stood at 7.7% in FY24, a decline from 10.2% in FY23. The margin further compressed to 6.6% in 9M FY25 due to operating deleverage and increased freight costs.

Capital Expenditure

The company maintains a regular annual maintenance capex of INR 10-15 Cr (some reports suggest INR 15-20 Cr), which is entirely funded through internal cash accruals of INR 45-55 Cr.

Credit Rating & Borrowing

Ratings reaffirmed at [ICRA]A- (Stable) and [CRISIL]A- (Negative). Interest coverage ratio is estimated at 4.1x for FY25, down from 4.79x previously. Working capital limits of INR 120-185 Cr are utilized at an average of 42%.

⚙️ Operational Drivers

Raw Materials

Cow hide and finished leather are the primary raw materials. Raw material costs (Cost of Materials Consumed) were INR 254.25 Cr in FY25, representing 43.7% of total revenue.

Import Sources

Cow hide is specifically imported as it is not available in India; specific countries are not named but the company relies on global sourcing for ~85% of its business needs.

Capacity Expansion

Current focus is on improving utilization rather than expansion; the tannery business is currently making losses due to low utilization of its large plant capacity.

Raw Material Costs

Raw material costs decreased 5.1% YoY from INR 267.85 Cr in FY24 to INR 254.25 Cr in FY25. Stabilization in leather prices in Q1FY25 has started to improve gross margins.

Manufacturing Efficiency

Manufacturing efficiency is currently hampered by low capacity utilization in the tannery division, leading to operating deleverage where fixed costs like employee benefits (INR 86.27 Cr) remain high despite lower revenue.

Logistics & Distribution

Freight costs increased significantly due to geopolitical issues in the Red Sea, contributing to the 110 bps decline in operating margins during FY25.

📈 Strategic Growth

Expected Growth Rate

6.7-6.8%

Growth Strategy

Growth will be driven by increasing online sales of owned brands and targeting large-scale orders from 'big customers.' The company currently holds an order book of INR 260-270 Cr to be executed within 5-6 months.

Products & Services

The company manufactures and sells leather footwear (shoes) and finished leather.

Brand Portfolio

Thomas Crick, Off The Hook London, and Oaktrak.

New Products/Services

Focus is shifting toward synthetic leather shoes to counter competition, though specific revenue contribution percentages for new launches are not disclosed.

Market Expansion

Expansion is focused on digital channels and online sales for private label brands in the international market.

Strategic Alliances

The company operates through subsidiaries including RTS Fashion Limited (Dubai) and Mirza (UK) Limited to manage international distribution.

🌍 External Factors

Industry Trends

The industry is shifting toward synthetic leather footwear; Mirza is adapting by focusing on online brand presence and cost efficiency to counter 4% YoY degrowth in the export market.

Competitive Landscape

Faces intense competition from low-cost manufacturing hubs like China and Bangladesh and the rising popularity of synthetic footwear brands.

Competitive Moat

Moat is based on integrated operations (tannery to footwear) and established private labels like Thomas Crick. However, this is challenged by the global shift toward non-leather alternatives.

Macro Economic Sensitivity

Highly sensitive to global consumer spending power, particularly in the UK and US, and fluctuations in global leather commodity prices.

Consumer Behavior

Shift in consumer preference toward synthetic/vegan leather and online shopping is forcing a change in the company's distribution and product strategy.

Geopolitical Risks

The Red Sea crisis is a primary risk, increasing logistics costs and transit times for exports to Western markets.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental norms for tanneries and international trade regulations for footwear exports to the UK and US.

Taxation Policy Impact

The company recognized a deferred tax income of INR 57 Lakh in FY25 compared to a tax expense of INR 42 Lakh in FY24.

Legal Contingencies

The company has outstanding liabilities for employee benefits of INR 26.80 Lakh and export expenses payable of INR 33.95 Lakh as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the duration of the export demand slowdown in Europe and the US, which could keep operating margins below the 8% threshold.