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Relaxo Footwears Limited (RELAXO)

📊 NSE: RELAXO 🏢 Leather / Leather Products 📅 Last Updated: 12/14/2025 11:47

📢 Recent Corporate Announcements

Relaxo Footwears Issues TDS Intimation for ₹3.50/Share Dividend; Record Date Sep 18, 2026

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 07 Sep 2026, 04:27 PM

Relaxo Footwears Limited has issued a tax deduction at source (TDS) advisory to shareholders regarding its recommended final dividend of ₹3.50 per equity share (350% on ₹1 face value) for FY 2025-26. The dividend is subject to approval at the 42nd Annual General Meeting scheduled for September 24, 2026. The record date to determine eligible shareholders is September 18, 2026, which is also the deadline for submitting tax exemption forms (such as Form 121/15G/15H) and lower withholding certificates.

Board recommended dividend of ₹3.50 per equity share (350% on nominal value of ₹1 each) for FY26
Record date for dividend entitlement fixed as September 18, 2026
42nd Annual General Meeting to approve the dividend scheduled for September 24, 2026
Standard TDS rate is 10% for resident shareholders with valid PAN; nil TDS for individual dividends up to ₹10,000 or upon Form 121 submission
Document submission deadline on KFintech portal is September 18, 2026

💡 Eligible shareholders seeking lower or zero TDS withholding should upload required declarations (Form 121/15G/15H or exemption certificates) to the KFintech portal by September 18, 2026.

Relaxo Footwears Submits FY26 Business Responsibility and Sustainability Report (BRSR)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Aug 2026, 02:45 PM

Relaxo Footwears Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI Listing Regulations. The report details FY26 turnover of ₹2,690.21 crore and net worth of ₹2,206.36 crore, with footwear manufacturing contributing 99.61% of total turnover. The company operates across 10 plants/facilities in India and exports to 37 countries, with exports contributing 4.65% of revenue. The filing is a standard annual statutory ESG compliance disclosure with no immediate financial impact.

Reported FY26 turnover of ₹2,690.21 crore and net worth of ₹2,206.36 crore for CSR reporting
Footwear manufacturing represents 99.61% of the entity's total turnover
Export sales accounted for 4.65% of total turnover across 37 international destination countries
Total workforce comprised 3,003 employees (2,550 permanent) and 17,573 workers (4,998 permanent)
Handled 2,572 customer complaints during FY26 with zero complaints pending resolution at year-end

💡 This is a routine annual ESG disclosure; investors should focus on upcoming quarterly financial results and mass-market consumer demand trends.

Relaxo Footwears Files FY26 BRSR; Discloses Rs 2,690 Cr Revenue and 10 Plant Locations

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Aug 2026, 02:37 PM

Relaxo Footwears Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI LODR regulations. The standalone filing reported an annual turnover of Rs 2,690.21 crore and a net worth of Rs 2,206.36 crore. Core footwear manufacturing accounted for 99.61% of revenue, with export sales across 37 countries contributing 4.65%. The company operated across 10 manufacturing and warehouse locations with a total workforce of 20,576 personnel.

FY26 standalone turnover reported at Rs 2,690.21 crore with net worth of Rs 2,206.36 crore.
Footwear manufacturing contributed 99.61% of turnover, while exports formed 4.65% across 37 countries.
Operates 10 manufacturing/warehouse plant locations in India and 1 international office.
Total workforce stood at 20,576 (3,003 employees and 17,573 workers, of which 12,575 are contract workers).
All 2,572 customer complaints and 71 shareholder complaints received during FY26 were resolved.

💡 This is a routine statutory disclosure requiring no direct portfolio action; monitor upcoming quarterly results for operational volume trends and gross margin sustainability.

Relaxo Footwears Dispatches FY26 Annual Report; 42nd AGM Scheduled for September 24, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Aug 2026, 02:13 PM

Relaxo Footwears Limited has released its Annual Report for FY 2025-26 and scheduled its 42nd Annual General Meeting on September 24, 2026, via Video Conferencing. As reported in the financial highlights, FY26 revenue from operations stood at ₹2,702.16 Cr, down 3.13% YoY compared to ₹2,789.61 Cr in FY25, with total pairs sold declining to 17.47 Cr from 17.75 Cr. Net profit for FY26 increased by 5.25% to ₹179.27 Cr compared to ₹170.33 Cr in FY25. The company's total manufacturing capacity reached 10.5 lakh pairs per day supported by ₹139.38 Cr in capex during the year.

42nd Annual General Meeting convened for Thursday, September 24, 2026, via VC/OAVM
FY26 Revenue from operations reported at ₹2,702.16 Cr vs ₹2,789.61 Cr in FY25 (-3.13% YoY)
FY26 Net profit before OCI stood at ₹179.27 Cr compared to ₹170.33 Cr in FY25
Footwear sales volume stood at 17.47 Cr pairs in FY26 vs 17.75 Cr pairs in FY25
Total manufacturing capacity expanded to 10.5 lakh pairs per day

💡 Track voting outcomes and management commentary at the upcoming AGM on September 24, 2026, along with subsequent Q2 FY27 operational volume recovery.

5,03,500 ESOPs granted under Phase-V of RFL ESOP Plan-2014

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Aug 2026, 05:46 PM

Relaxo Footwears has approved the grant of 5,03,500 Employee Stock Options (ESOPs) to eligible employees on August 13, 2026. These options, part of the Phase-V RFL ESOP Plan-2014, are convertible into an equal number of equity shares with a face value of Rs 1 each. The exercise price is determined by the latest closing price prior to the grant date. This is a standard administrative procedure for employee compensation and retention.

Grant of 5,03,500 Employee Stock Options (ESOPs) approved by the Nomination and Remuneration Committee.
Each option is convertible into 1 equity share of face value Rs 1.
Vested options are exercisable within a maximum period of 4 years from the date of vesting.
The exercise price is set at the latest available closing price prior to the grant date.

💡 No immediate action is required as this is a routine administrative disclosure. Investors should note the potential for minor equity dilution when these options are exercised in the future.

Relaxo recalibrates daily capacity to 9.1 Lakh pairs amid facility modernization

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 13 Aug 2026, 05:32 PM

Relaxo Footwears is upgrading its RFL-I and RFL-II manufacturing facilities to enhance its presence in the fashion-forward footwear segment. This modernization has led to a recalibration of daily production capacity from 10.5 Lakh pairs to 9.1 Lakh pairs. The company continues to leverage a massive distribution network of over 70,000 retailers and 630 distributors. Management highlights a long-term structural shift, with the organized footwear market expected to grow at a 13% CAGR to reach ₹1,995 Bn by 2034.

Daily production capacity recalibrated to 9.1 Lakh pairs from 10.5 Lakh pairs to support modernization and fashion-segment focus
Distribution network remains robust with 70,000+ retailers and 429 Exclusive Brand Outlets (EBOs)
Organized footwear market share in India projected to rise from 35% in 2025 to 65% by 2034
Maintains a strong credit profile with ICRA AA (Long Term) and A1+ (Short Term) ratings
Promoter holding remains stable at 71.27% as of June 30, 2026

💡 Watch for the completion timeline of the RFL-I and II upgrades and monitor if the shift toward 'fashion-forward' footwear improves operating margins (OPM) from the current levels.

12.4% PAT Growth: Relaxo Reports ₹705 Cr Revenue in Q1 FY27 as Demand Recovers

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 13 Aug 2026, 05:28 PM

Relaxo Footwears reported a 7.7% YoY revenue growth to ₹705 crore for Q1 FY27, signaling a recovery from the demand softness seen in FY26. Profitability improved faster than revenue, with PAT rising 12.4% to ₹55 crore, supported by a 32 bps expansion in PAT margins to 7.8%. The company maintained a healthy EBITDA margin of 15.4% despite elevated raw material costs and geopolitical uncertainties. Management is aggressively targeting a retail footprint of nearly 500 Exclusive Brand Outlets (EBOs) by the end of the fiscal year to drive premiumization.

Revenue grew 7.7% YoY to ₹705 crore in Q1 FY27 compared to ₹654 crore in Q1 FY26
Profit After Tax (PAT) increased by 12.4% YoY to ₹55 crore
EBITDA margin expanded by 15 bps to 15.4% through cost optimization and product mix improvements
Company aims to reach the 500-store mark for its retail network by the end of FY27
Broad-based growth reported across all sales channels despite a challenging external environment

💡 Watch for the execution of the retail expansion strategy toward the 500-store target and monitor if the volume growth trend continues to offset raw material price volatility.

Relaxo Reassesses Daily Capacity to 9.1 Lakh Pairs (Down 13%) for Plant Modernization

🟡 NEUTRAL ⭐ 6/10

EXPANSION 📅 13 Aug 2026, 05:24 PM

Relaxo Footwears has optimized its total manufacturing capacity to 9,10,000 pairs per day, down from the previous 10,50,000 pairs per day. This 13.3% reduction is driven by the reconstruction and renovation of two Haryana-based plants (RFL-I and RFL-II) which are over 25 years old. Additionally, the company is shifting its product mix toward complex, fashion-forward footwear which requires specialized production lines and reduces daily volume output. The move aims to modernize infrastructure and leverage increased Floor Area Ratio (FAR) for future scalability.

Total manufacturing capacity reassessed to 9,10,000 pairs per day from 10,50,000 pairs.
Plants RFL-I and RFL-II are over 25 years old, having been constructed in 1994 and 1999 respectively.
Capacity reduction represents a ~13.3% decrease in total daily output volume.
Strategic shift toward fashionable footwear involves more complex manufacturing processes and assembly layouts.
Management aims to leverage increased Floor Area Ratio (FAR) for future expansion during the reconstruction process.

💡 Investors should monitor whether the shift toward higher-value fashionable footwear improves average selling prices (ASP) and margins to compensate for the lower volume capacity. Watch for updates on the completion timeline of the RFL-I and RFL-II plant renovations.

Relaxo Re-appoints Key Management Personnel and Schedules 42nd AGM for Sept 24, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Aug 2026, 05:06 PM

Relaxo Footwears has scheduled its 42nd Annual General Meeting (AGM) for September 24, 2026, and proposed the re-appointment of six key management personnel, including Co-CEOs and Whole-Time Directors. The re-appointments, which include members of the promoter group with 15-29 years of experience, are for terms extending to March 31, 2029. Additionally, the company has updated its Senior Management Personnel list by adding Ashish Nigam as Head of Central Purchase. These moves ensure leadership continuity as the company seeks to recover from a 10.12% revenue decline reported in H1 FY26.

42nd Annual General Meeting scheduled for September 24, 2026, at 10:30 a.m.
Re-appointment of 6 key executives, including Co-CEOs, for terms ending March 31, 2029.
Nikhil Dua (WTD) and Gaurav Kumaar Dua (Co-CEO) bring 29 and 25 years of industry experience respectively.
Ashish Nigam appointed as Head - Central Purchase (Senior Management Personnel) effective August 13, 2026.
Promoter holding remains stable at 71.3% as of the latest reporting period.

💡 Investors should review the upcoming Annual Report for FY25-26 and monitor shareholder voting outcomes on these re-appointments during the September 24 AGM.

Relaxo Re-appoints Key Leadership Team and Co-CEOs Through March 2029

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Aug 2026, 04:57 PM

Relaxo Footwears has approved the re-appointment of its core leadership team, including two Co-CEOs and several Whole-Time Directors, for terms extending to March 31, 2029. The board also scheduled the 42nd Annual General Meeting (AGM) for September 24, 2026. These appointments maintain leadership continuity within the promoter family, with Nikhil Dua and Gaurav Kumaar Dua (Co-CEO) continuing their roles. Additionally, Ashish Nigam has been inducted as Head of Central Purchase to the Senior Management Personnel list.

Re-appointment of 5 key executive directors and KMPs for terms ending March 31, 2029.
42nd Annual General Meeting scheduled for September 24, 2026, via Video Conferencing.
Mr. Gaurav Kumaar Dua (25+ years experience) and Mr. Ritesh Dua (26+ years experience) re-appointed as Co-CEOs.
Mr. Sushil Batra (34+ years experience) re-appointed as Executive Director for a term starting April 1, 2027.
Mr. Ashish Nigam (33+ years experience) added as Head - Central Purchase under Senior Management Personnel.

💡 Investors should review the upcoming Annual Report for FY25-26 for management's detailed roadmap on reversing the 10.12% revenue decline seen in H1 FY26.

Relaxo Re-appoints 6 Key Executives and Schedules 42nd AGM for Sept 24, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Aug 2026, 04:52 PM

Relaxo Footwears has approved the re-appointment of six senior leaders, including Co-CEOs and Executive Directors, for terms extending primarily until March 31, 2029. The company has also scheduled its 42nd Annual General Meeting (AGM) for September 24, 2026. These moves ensure leadership continuity as the company manages a recovery from a 10.12% revenue decline in H1 FY26. Additionally, Mr. Ashish Nigam has been inducted into the Senior Management Personnel as Head of Central Purchase.

6 senior executives re-appointed for terms generally ending March 31, 2029
42nd Annual General Meeting scheduled for September 24, 2026, at 10:30 a.m.
Mr. Ashish Nigam added to Senior Management Personnel as Head - Central Purchase
Leadership team experience ranges from 15 to 34 years in footwear and finance
Promoter holding remains stable at 71.3% as per latest context

💡 Investors should review the upcoming Annual Report for FY26 for detailed management commentary on the recovery of mass-market demand and the impact of GST reductions.

Relaxo reports zero share transfer and demat requests for June-July 2026 period

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Aug 2026, 06:12 PM

Relaxo Footwears Limited has filed a status report from its Registrar and Share Transfer Agent, KFin Technologies Limited, regarding share transfer and dematerialization requests. For the reporting period from June 1, 2026, to July 31, 2026, the company received zero requests for the transfer or dematerialization of physical securities. This filing is a routine compliance requirement following a SEBI circular dated January 30, 2026. The announcement has no impact on the company's financial performance or operational strategy.

0 requests for share transfer or dematerialization received between June 1 and July 31, 2026
0 requests were processed, approved, or rejected during the two-month period
Report submitted in compliance with SEBI Circular No. HO/38/13/11(2)2026-MIRSD-POD/I/3750/2026
Status confirmed by Registrar and Share Transfer Agent, KFin Technologies Limited

💡 This is a procedural regulatory filing with no impact on business fundamentals. Investors should continue to monitor the company's volume growth and recovery trends expected in Q4 FY26.

Relaxo Submits Regulation 74(5) Compliance Certificate for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jul 2026, 04:04 PM

Relaxo Footwears Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that all dematerialization requests received between April 1, 2026, and June 30, 2026, were processed within the mandated 15-day window. The filing verifies that physical share certificates were mutilated and cancelled after due verification. This is a standard administrative filing required for all listed companies and has no impact on business fundamentals.

Compliance period covers April 1, 2026, to June 30, 2026
Dematerialization requests were confirmed or rejected within 15 days of receipt
Registrar KFin Technologies Limited confirmed the mutilation and cancellation of physical certificates
The name of the depository has been substituted as the registered owner in company records

💡 No action is required as this is a routine procedural filing. Investors should focus on the upcoming quarterly financial results for operational performance updates.

Relaxo Footwears Announces Trading Window Closure from July 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jun 2026, 12:06 PM

Relaxo Footwears has notified the exchanges that its trading window for dealing in company securities will be closed starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially announced. This is a standard administrative procedure and does not reflect on the company's operational performance.

Trading window closure effective from July 1, 2026
Closure applies to the quarter ending June 30, 2026
Window to reopen 48 hours after the declaration of unaudited financial results
Restriction applies to all Designated Persons and their immediate relatives

💡 Educational: This is a routine regulatory filing. Investors should watch for the upcoming board meeting date announcement to see the actual Q1 FY27 financial performance.

Relaxo to Acquire 26% Stake in Clean Max MUOI SPV for ₹2.50 Cr for Solar Power

🟢 POSITIVE ⭐ 6/10

M&A 📅 16 Jun 2026, 03:22 PM

Relaxo Footwears Limited has announced an investment of up to ₹2.50 crores to acquire approximately 26% equity in Clean Max MUOI Private Limited, a newly incorporated Special Purpose Vehicle (SPV). The SPV is dedicated to developing and operating captive solar power projects to supply renewable energy to Relaxo's manufacturing facilities in Haryana. This strategic move is intended to optimize energy costs and ensure compliance with captive power consumption regulations under the Electricity Act, 2003. The transaction is expected to be completed within 60 days, making the SPV an associate company of Relaxo.

Investment of up to ₹2.50 crores for a ~26% equity stake in Clean Max MUOI Private Limited.
SPV incorporated on June 13, 2026, specifically for renewable energy generation.
Project aims to supply solar power to manufacturing units in Haryana to reduce energy overheads.
The acquisition is expected to be completed within a 60-day timeframe from incorporation.
The move aligns with ESG goals and regulatory requirements for captive power consumption.

💡 Investors should view this as a positive step toward operational efficiency and cost-saving; the financial impact is small but strategically sound for long-term margin improvement.

View All RELAXO Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations for H1 FY26 stood at INR 1,283.03 Cr, a decline of 10.12% compared to INR 1,427.56 Cr in H1 FY25. Q2 FY26 revenue was INR 628.54 Cr, down 7.48% YoY from INR 679.37 Cr, primarily due to demand softness in the mass market segment.

Geographic Revenue Split

Not disclosed in available documents, though the company mentions operations in North, South, East, and West markets with a focus on clearing old inventory in non-North regions by December 2025.

Profitability Margins

Net Profit Margin for H1 FY26 improved to 6.63% from 5.68% in H1 FY25, an increase of 95 basis points. For FY25, the Net Profit Margin was 6.14% compared to 6.93% in FY24, reflecting a decline of 11.40% due to lower profits.

EBITDA Margin

EBITDA margin for H1 FY26 expanded by 101 basis points to 14.08% from 13.07% in H1 FY25. This improvement was driven by cost rationalization and operational efficiency despite a 3.19% decline in absolute EBITDA to INR 180.61 Cr.

Capital Expenditure

The company incurred capital expenditure of INR 200-250 Cr in FY25. Planned capex focuses on retrofitting DGs for hybrid operation, converting biomass boilers to PNG, and upgrading STPs with ultrafiltration technology.

Credit Rating & Borrowing

The company maintains a strong credit profile with a Total Debt/OPBDITA of 0.5 times in FY24. It has a conservative capital structure with a Debt-Equity ratio of 0.00 as of March 31, 2025, due to nil utilization of working capital limits.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include PU (Polyurethane) and biomass for boilers. The company is targeting a reduction in PU waste as part of its sustainability goals.

Capacity Expansion

Not disclosed in absolute units, but the company is investing INR 200-250 Cr in FY25 for operational improvements and sustainability upgrades.

Raw Material Costs

Raw material costs are managed through cost control and operational efficiency. The company passed on the full benefit of the GST cut (from 12% to 5%) to customers to maintain competitiveness.

Manufacturing Efficiency

EBITDA margin expansion of 101 bps in H1 FY26 reflects successful cost rationalization and back-end optimization despite a challenging demand environment.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Growth is expected to return in Q4 FY26 (January-March) following a recovery trend from -12% in Q1 to -8% in Q2 and an expected -3% to 0% in Q3. Strategy includes leveraging the GST reduction to 5% to gain market share from the unorganized sector and focusing on products priced below INR 1,000 (90% of portfolio).

Products & Services

Hawai slippers, high-value slippers, casual shoes, and sports shoes.

Brand Portfolio

Relaxo, Sparx, Flite, and Bahaman.

New Products/Services

Not disclosed as a specific percentage of revenue, but the company continuously focuses on innovation in slippers and sports shoes.

Market Expansion

Focusing on increasing penetration in Eastern, Southern, and Western Indian markets where distributors are currently clearing old inventory.

Market Share & Ranking

Not disclosed in absolute percentage, but the company is a leader in the organized footwear segment.

🌍 External Factors

Industry Trends

The reduction of GST to 5% for footwear priced below INR 2,500 (covering 98% of Relaxo's portfolio) is a major trend strengthening organized players against the unorganized sector.

Competitive Landscape

Key competition comes from the unorganized sector, which benefits from tax non-compliance, and other organized players in the mass-to-mid footwear segment.

Competitive Moat

Moat is built on brand recognition (Relaxo, Sparx), cost leadership, and a massive distribution network. The sustainability of this moat is supported by a conservative debt-free balance sheet and strong cash equivalents of ~INR 150 Cr.

Macro Economic Sensitivity

Highly sensitive to consumer demand in the mass and mid-market segments, which was soft in H1 FY26, leading to a 7.48% YoY revenue drop in Q2.

Consumer Behavior

Shift toward higher-value slippers and casual/sports shoes from traditional Hawai slippers is a noted trend.

Geopolitical Risks

Subject to global political or economic developments and legislative changes as noted in the Management Discussion & Analysis.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with BIS standards and environmental norms for PU waste and water management is mandatory and monitored by the Senior Leadership Team.

Environmental Compliance

ESG initiatives include retrofitting DGs, converting diesel vehicles to CNG, and upgrading STPs. The company holds ISO 14001:2015 certification.

Taxation Policy Impact

The company is navigating the transition to GST 2.0 and the inverted duty structure. The GST rate for 98% of its products is now 5%.

⚠️ Risk Analysis

Key Uncertainties

Uncertainty regarding the implementation of GST 2.0 and its impact on the inverted duty structure and margin refunds. Potential impact on Q3 FY26 results is expected.

Geographic Concentration Risk

Not disclosed, but the company has a significant presence in Northern India and is expanding in other regions.

Third Party Dependencies

Reliance on specific suppliers for raw materials is noted as a risk in the MDA.

Technology Obsolescence Risk

The company is mitigating technology risks through ISO 27001:2022 (Information Security) and investments in efficient manufacturing technologies like PNG-based boilers.