Relaxo Footwears Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹260.21Overvalued by 19.94%vs CMP ₹325.00

P/E (43.6) × ROE (8.3%) × BV (₹88.60) × DY (1.08%)

₹133.84Overvalued by 58.82%vs CMP ₹325.00

MoS: -142.8% (Negative)Confidence: 70/100 (High)Models: All 10: Overvalued

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹243.72	20%	Over (-25%)
Graham Number	Earnings	₹115.91	14%	Over (-64.3%)
Earnings Power	Earnings	₹48.34	12%	Over (-85.1%)
DCF	Cash Flow	₹57.20	12%	Over (-82.4%)
Net Asset Value	Assets	₹88.63	6%	Over (-72.7%)
EV/EBITDA	Enterprise	₹252.44	8%	Over (-22.3%)
Dividend Discount	Dividends	₹25.50	8%	Over (-92.2%)
Earnings Yield	Earnings	₹67.40	6%	Over (-79.3%)
ROCE Capital	Returns	₹193.05	8%	Over (-40.6%)
Revenue Multiple	Revenue	₹168.15	5%	Over (-48.3%)
Consensus (10 models)		₹133.84	100%	Overvalued

Key Drivers: Wide model spread (₹26–₹252) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -6.3%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 14 September 2026, 2:20 pm +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹2,790.00 Cr, versus ₹2,914.00 Cr in Mar 2024 (-4.3% year on year). Net profit for Mar 2025 was ₹170.00 Cr, versus ₹200.00 Cr in Mar 2024 (-15.0% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹406.00 Cr against net profit of ₹170.00 Cr. Cash flow covered 2.39 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years.

Balance-sheet check

Reported borrowings were ₹233.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Relaxo Footwears Ltd scores 60/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health78/100 · Strong

ROCE 11.2% AverageROE 8.3% AverageD/E 0.00 Low debtInterest Coverage 19.8x StrongProfitable 5/5 available years Reported history

Smart Money60/100 · Moderate

FII holding up 0.07% (6mo) Slight increasePromoter holding at 71.3% Stable

Earnings Quality75/100 · Strong

CFO/NP ratio: 1.99x Cash-backed earningsOPM stable around 14% Steady

Quarterly Momentum25/100 · Weak

Revenue (4Q): -7% YoY DecliningProfit (4Q): -4% YoY Declining

Industry Rank45/100 · Moderate

P/E 43.6 vs industry 44.8 In-lineROCE 11.2% vs industry 10.7% Average3Y sales CAGR: 2% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 14, 2026, 2:20 pm

Market Cap	8,089 Cr.
Current Price	325
Intrinsic Value	₹133.84
High / Low	504/236
Stock P/E	43.6
Book Value	88.6
Dividend Yield	1.08 %
ROCE	11.2 %
ROE	8.33 %
Face Value	1.00
PEG Ratio	-6.88

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Relaxo Footwears Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Relaxo Footwears Ltd	8,089 Cr.	325	504/236	43.6	88.6	1.08 %	11.2 %	8.33 %	1.00
Bata India Ltd	8,337 Cr.	649	1,282/605	48.0	124	3.85 %	12.7 %	10.6 %	5.00
Campus Activewear Ltd	6,553 Cr.	214	289/211	42.5	29.7	0.70 %	21.2 %	18.0 %	5.00
Liberty Shoes Ltd	415 Cr.	244	405/210	48.8	137	0.00 %	7.91 %	4.86 %	10.0
Khadim India Ltd	187 Cr.	102	296/77.5	41.5	90.8	0.00 %	6.87 %	2.00 %	10.0
Industry Average	4,716.20 Cr	256.69		44.83	79.74	0.94%	10.71%	7.62%	5.50

All Competitor Stocks of Relaxo Footwears Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	681	765	739	715	713	747	748	679	667	695	654	629	668
Expenses	609	647	631	624	626	627	649	592	584	583	555	547	599
Operating Profit	72	118	108	92	87	120	99	88	83	112	99	81	69
OPM %	11%	15%	15%	13%	12%	16%	13%	13%	12%	16%	15%	13%	10%
Other Income	4	4	7	11	6	5	5	7	7	8	11	12	11
Interest	4	4	4	5	5	5	5	5	5	5	5	5	5
Depreciation	32	33	35	37	38	38	39	40	40	39	40	39	39
Profit before tax	41	85	76	60	51	82	60	50	45	75	66	49	36
Tax %	26%	26%	26%	27%	24%	25%	26%	26%	26%	25%	26%	26%	26%
Net Profit	30	63	56	44	39	61	44	37	33	56	49	36	27
EPS in Rs	1.21	2.54	2.26	1.78	1.55	2.47	1.78	1.48	1.33	2.26	1.96	1.45	1.07

Last Updated: February 4, 2026, 10:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 2:46 pm

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,180	1,441	1,668	1,631	1,941	2,292	2,410	2,359	2,653	2,783	2,914	2,790	2,646
Expenses	1,032	1,240	1,427	1,400	1,639	1,964	1,998	1,861	2,235	2,442	2,505	2,405	2,284
Operating Profit	148	201	241	231	302	328	413	498	418	341	409	385	362
OPM %	13%	14%	14%	14%	16%	14%	17%	21%	16%	12%	14%	14%	14%
Other Income	2	0	7	14	4	12	8	22	23	16	29	27	43
Interest	23	18	23	15	9	9	19	19	17	22	21	24	21
Depreciation	31	40	47	51	54	62	109	110	114	125	147	158	158
Profit before tax	96	143	178	178	244	268	292	391	311	210	269	230	226
Tax %	31%	28%	32%	33%	34%	35%	22%	25%	25%	26%	26%	26%
Net Profit	66	103	120	120	161	175	226	292	233	154	200	170	168
EPS in Rs	2.74	4.29	5.01	4.99	6.69	7.07	9.11	11.74	9.35	6.21	8.05	6.84	6.74
Dividend Payout %	5%	6%	6%	10%	11%	13%	14%	21%	27%	40%	37%	44%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	56.06%	16.50%	0.00%	34.17%	8.70%	29.14%	29.20%	-20.21%	-33.91%	29.87%	-15.00%
Change in YoY Net Profit Growth (%)	0.00%	-39.56%	-16.50%	34.17%	-25.47%	20.45%	0.06%	-49.41%	-13.70%	63.78%	-44.87%

Relaxo Footwears Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	7%
5 Years:	3%
3 Years:	2%
TTM:	-8%

Compounded Profit Growth
10 Years:	5%
5 Years:	-6%
3 Years:	-10%
TTM:	-7%

Stock Price CAGR
10 Years:	8%
5 Years:	-5%
3 Years:	-21%
1 Year:	-39%

Return on Equity
10 Years:	15%
5 Years:	12%
3 Years:	9%
Last Year:	8%

Last Updated: September 5, 2025, 1:05 pm

Balance Sheet

Last Updated: July 16, 2026, 1:30 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	6	12	12	12	12	25	25	25	25	25	25	25
Reserves	362	468	594	749	1,093	1,248	1,548	1,735	1,830	1,976	2,073	2,181
Borrowings	239	236	178	153	112	139	144	174	164	205	213	233
Other Liabilities	234	281	286	335	394	430	459	448	476	508	452	510
Total Liabilities	841	997	1,070	1,250	1,611	1,841	2,176	2,383	2,495	2,714	2,762	2,949
Fixed Assets	472	531	541	525	848	981	938	987	1,150	1,371	1,344	1,365
CWIP	2	28	62	138	11	46	118	149	89	33	54	97
Investments	0	0	1	1	0	0	338	194	225	108	343	436
Other Assets	367	438	466	587	752	814	782	1,052	1,030	1,202	1,021	1,051
Total Assets	841	997	1,070	1,250	1,611	1,841	2,176	2,383	2,495	2,714	2,762	2,949

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	107	159	180	154	123	319	513	56	400	235	406	348
Cash from Investing Activity +	-130	-130	-89	-108	-56	-116	-453	15	-258	-99	-262	-206
Cash from Financing Activity +	21	-31	-89	-46	-68	-203	-56	-70	-138	-106	-162	-146
Net Cash Flow	-1	-2	1	-0	-1	1	4	1	3	30	-18	-5
Free Cash Flow	-23	25	90	46	32	203	391	-82	216	-11	291	213
CFO/OP	72%	89%	103%	78%	64%	97%	121%	33%	134%	74%	120%	110%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	-23.00	25.00	90.00	46.00	32.00	203.00	391.00	-82.00	216.00	-11.00	291.00	213.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	21	21	24	28	33	35	26	28	34	35	45	41
Inventory Days	109	163	147	146	130	130	157	154	202	154	179	177
Days Payable	39	61	63	63	72	58	65	81	67	69	76	63
Cash Conversion Cycle	91	123	108	110	90	107	119	101	170	121	148	155
Working Capital Days	5	14	12	19	27	42	57	44	75	59	68	62
ROCE %	26%	30%	30%	26%	30%	26%	24%	26%	18%	12%	14%	11%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	71.27%	71.27%	71.27%	71.27%	71.27%	71.27%	71.27%	71.27%	71.27%	71.27%	71.27%	71.27%
FIIs	3.24%	3.39%	3.32%	3.36%	3.41%	3.27%	3.07%	2.85%	3.04%	3.01%	3.04%	3.11%
DIIs	8.53%	8.86%	9.33%	9.54%	9.98%	10.54%	10.55%	9.95%	9.88%	9.87%	9.74%	9.67%
Public	16.96%	16.47%	16.07%	15.82%	15.34%	14.92%	15.13%	15.93%	15.82%	15.85%	15.95%	15.95%
No. of Shareholders	3,16,135	2,91,401	2,69,388	2,52,981	2,39,245	2,37,195	2,36,677	2,39,560	2,39,270	2,32,872	2,25,931	2,23,844

Shareholding Pattern Chart

No. of Shareholders

Relaxo Footwears Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
SBI Small Cap Fund	11,800,000	1.34	461.62	1,800,000	2025-12-08 01:55:51	555.56%
SBI Large & Midcap Fund	4,049,449	0.42	158.41	1,550,000	2025-12-08 01:55:51	161.25%
SBI Equity Hybrid Fund	2,533,988	0.12	99.13	2,533,988	2025-04-22 15:16:47	0%
SBI Childrens Fund - Investment Plan	1,812,156	1.37	70.89	N/A	N/A	N/A
SBI Multicap Fund	1,621,704	0.28	63.44	1,621,704	2025-04-22 15:56:54	0%
SBI Flexicap Fund	1,347,099	0.23	52.7	N/A	N/A	N/A
ICICI Prudential Bharat Consumption Fund	307,585	0.39	12.03	N/A	N/A	N/A
SBI Consumption Opportunities Fund	290,000	0.39	11.34	N/A	N/A	N/A
ICICI Prudential FMCG Fund	221,692	0.49	8.67	N/A	N/A	N/A
SBI Childrens Fund - Savings Plan	14,495	0.39	0.52	N/A	N/A	N/A

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	1.00	1.00	1.00	1.00	1.00
Basic EPS (Rs.)	6.84	8.05	6.21	9.36	11.74
Diluted EPS (Rs.)	6.84	8.05	6.21	9.35	11.74
Cash EPS (Rs.)	13.21	13.98	11.23	13.91	16.17
Book Value[Excl.RevalReserv]/Share (Rs.)	84.29	80.40	74.53	70.72	63.30
Book Value[Incl.RevalReserv]/Share (Rs.)	84.29	80.40	74.53	70.72	63.30
Dividend / Share (Rs.)	3.00	3.00	2.50	2.50	2.50
Revenue From Operations / Share (Rs.)	112.08	117.08	111.80	106.60	94.97
PBDIT / Share (Rs.)	16.43	17.49	14.24	17.66	20.86
PBIT / Share (Rs.)	10.07	11.57	9.21	13.09	16.43
PBT / Share (Rs.)	9.24	10.82	8.44	12.48	15.75
Net Profit / Share (Rs.)	6.84	8.05	6.21	9.35	11.74
PBDIT Margin (%)	14.66	14.94	12.73	16.56	21.96
PBIT Margin (%)	8.98	9.88	8.23	12.28	17.30
PBT Margin (%)	8.24	9.24	7.54	11.70	16.58
Net Profit Margin (%)	6.10	6.87	5.55	8.76	12.35
Return on Networth / Equity (%)	8.11	10.01	8.32	13.21	18.54
Return on Capital Employeed (%)	10.83	13.12	11.32	16.96	23.64
Return On Assets (%)	6.16	7.38	6.19	9.76	13.40
Total Debt / Equity (X)	0.00	0.01	0.00	0.01	0.00
Asset Turnover Ratio (%)	1.02	1.12	1.14	1.16	1.17
Current Ratio (X)	2.74	2.40	2.54	2.57	2.40
Quick Ratio (X)	1.50	1.25	1.34	1.11	1.46
Inventory Turnover Ratio (X)	4.82	1.99	1.91	2.39	1.99
Dividend Payout Ratio (NP) (%)	43.84	31.04	40.28	26.69	0.00
Dividend Payout Ratio (CP) (%)	22.71	17.88	22.25	17.93	0.00
Earning Retention Ratio (%)	56.16	68.96	59.72	73.31	0.00
Cash Earning Retention Ratio (%)	77.29	82.12	77.75	82.07	0.00
Interest Coverage Ratio (X)	19.79	23.30	18.42	28.67	30.34
Interest Coverage Ratio (Post Tax) (X)	9.24	11.73	9.03	16.18	18.07
Enterprise Value (Cr.)	10084.44	20231.08	21055.11	26520.33	21706.20
EV / Net Operating Revenue (X)	3.61	6.94	7.57	10.00	9.20
EV / EBITDA (X)	24.66	46.46	59.42	60.35	41.88
MarketCap / Net Operating Revenue (X)	3.63	6.97	7.59	9.99	9.20
Retention Ratios (%)	56.15	68.95	59.71	73.30	0.00
Price / BV (X)	4.83	10.15	11.39	15.06	13.81
Price / Net Operating Revenue (X)	3.63	6.97	7.59	9.99	9.20
EarningsYield	0.01	0.01	0.01	0.01	0.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Relaxo Footwears Ltd and is it undervalued?

Relaxo Footwears Ltd: the stored intrinsic value estimate is ₹133.84, compared with a stored share price of ₹325.00. The model value is 58.8% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Relaxo Footwears Ltd?

The stored share price is ₹325.00. Price-data record updated: 14 September 2026, 2:20 pm +05:30. This is not a live quote. The stored 52-week high / low is 504/236; this is a rolling range, not a financial-year range.

How have Relaxo Footwears Ltd's revenue and profit changed?

Does Relaxo Footwears Ltd's profit convert into cash?

What should I check in Relaxo Footwears Ltd's balance sheet?

Reported borrowings were ₹233.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Relaxo Footwears Ltd's P/E with other stocks?

The stored P/E is 43.60. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Relaxo Footwears Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.