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Relaxo Footwears (RELAXO) investor relations material
Relaxo Footwears Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary14 Nov, 2025
Executive summary
Q2 FY26 revenue declined to ₹629 crore from ₹679 crore in Q2 FY25, mainly due to demand softness and GST 2.2 transition; H1 FY26 revenue was ₹1,283 crore, down from ₹1,428 crore in H1 FY25.
Q2 FY26 EBITDA margin was 12.9%, stable year-over-year, while PAT margin improved to 5.8% from 5.4% in Q2 FY25.
H1 FY26 PAT was ₹85 crore, up 4.9% year-over-year; basic and diluted EPS for H1 FY26 stood at ₹3.42, compared to ₹3.26 in H1 FY25.
No. of pairs sold in Q2 FY26 was 4.1 crore, down from 4.3 crore in Q2 FY25; average realization per pair remained steady at ₹151.
Unaudited financial results for the quarter and half year ended September 30, 2025, were approved and reviewed by the Board and auditors, with no material misstatements noted.
Financial highlights
Q2 FY26 EBITDA was ₹81 crore, with a margin of 12.9%; H1 FY26 EBITDA was ₹161 crore, down 13.4% year-over-year.
Q2 FY26 PAT was ₹36 crore, nearly flat year-over-year; H1 FY26 PAT was ₹85 crore, up 4.9%.
Q2 FY26 profit before tax was ₹48.85 crore, compared to ₹49.57 crore in Q2 FY25; H1 FY26 profit before tax was ₹114.76 crore, up from ₹109.90 crore.
Q2 volume/sales decline was -7.5%; normalized, the decline could have been 200-300 bps better without distributor destocking.
Annual FY25 revenue was ₹2,790 crore, with EBITDA margin at 12.1% and PAT margin at 6.1%.
Outlook and guidance
Management expects growth to return in Q4 FY26, with next year anticipated to be much better.
Full price corrections have been passed on to customers post-GST cut, with no margin impact expected.
CapEx guidance is ₹100-150 crore for this year and next, focused on operational efficiency and modernization.
Advertisement spend is expected to be around 4% of revenue.
Indian footwear market expected to grow at 10.1% CAGR through 2033, with organized segment share rising from 35% to 45% by 2034.
GST 2.0 impact on unorganized sector share
Closed footwear share growth strategy
Distributor old stock clearance timeline
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Next Relaxo Footwears earnings date
Q3 25/2630 Jan, 2026
Next Relaxo Footwears earnings date
Q3 25/2630 Jan, 2026
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Frequently asked questions
Relaxo Footwears Limited is engaged in manufacturing, and wholesale of footwear items engaged in manufacturing and selling footwear products, including shoes made from canvas and polyester lawn fabrics, rubber, EVA/Polyurethane and PU, slippers made from rubber or polyster uppers with PU or PVC bottoms and non-leather mixed trainers for men. The Company's products are comprised of Rubber/EVA/PU slippers, sandals, flip-flops; casuals comprising loafers, moccasins, knee-high boots; belles comprising ballet pumps and ballerina flats; camping/gym shoes; formal comprising shirt shoes with block heels; walking/training shoes and sports shoes. The Company operates with a diversified product portfolio to cater to the range of customers' foot fashion needs.
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