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Employees: 20,576
Size Relaxo Footwears (RELAXO.NS) is an India Consumer Discretionary company (Apparel/Footwear) with a market value of $768M, the 686th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹292.10 on 6 Nov 2026.
Performance Over six months the shares fell 4.3%, against +3.3% for the median peer and 0.0% for the India market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 2.1% over the last twelve months (peer median +5.3%); the operating margin is 8.2% (peer median 8.1%).
Valuation It trades at 32.5× forward earnings against a peer median of 19.9× (4th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 34% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +31 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.2 points below its cost of capital (14.9% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹27.5B | ₹27.0B | ₹27.9B | ₹29.1B | ₹27.8B |
| Revenue growth | — | -3% | -4% | +5% | — |
| Gross profit | ₹10.8B | ₹6.14B | ₹6.29B | ₹6.91B | ₹5.82B |
| EBITDA | ₹3.83B | ₹3.83B | ₹3.89B | ₹4.14B | ₹3.45B |
| Net income | ₹1.85B | ₹1.79B | ₹1.70B | ₹2.00B | ₹1.54B |
| Free cash flow | n/a | ₹2.24B | ₹2.98B | -₹53.8M | ₹2.08B |
| Capital expenditure | n/a | ₹1.37B | ₹1.16B | ₹2.49B | ₹1.85B |
| Total debt | n/a | ₹2.33B | ₹2.13B | ₹2.05B | ₹1.64B |
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| Measure | RELAXO.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.5% | -2.1% | 9th highest of 21 |
| 6-month return | -4.3% | +3.3% | 10th lowest of 21 |
| Distance from 52-week high | -35.8% | -30.1% | 9th lowest of 21 |
| Revenue growth (TTM) | +2.1% | +5.3% | 9th lowest of 21 |
| Operating margin | 8.2% | 8.1% | 11th highest of 21 |
| Forward P/E | 32.5× | 19.9× | 4th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 33.5% | -0.1% | 2nd most demanding of 21 |
| Growth delivered (Del g) | +2.8% | +4.1% | 11th highest of 21 |
| Hurdle (Req g minus delivered) | +30.7 pp | -5.1 pp | 2nd most demanding of 21 |
| ROIC minus cost of capital | -7.2 pp | +1.1 pp | lowest of 21 |
| EV / EBITDA | 19.0× | 9.2× | 3rd most expensive of 10 |
| Net debt / EBITDA | 0.1× | 0.9× | 4th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Relaxo Footwears RELAXO.NS | India | $768M | -4% | +2% | 8% | 32.5× | 33.5% | +2.8% |
| Logistea LOGI-B.ST | Sweden | $759M | +6% | +18% | 83% | 12.9× | 14.2% | +40.4% |
| Shoei Co. Ltd. (7839) 7839.T | Japan | $750M | +29% | +2% | 28% | 17.0× | -8.1% | +10.7% |
| Bxn 002154.SZ | China | $740M | -19% | +6% | 7% | 11.2× | -10.3% | +6.5% |
| Dr. Martens DOCS.L | United Kingdom | $824M | +3% | -3% | 10% | 13.0× | -3.7% | -0.2% |
| Ningbo Peacebird Fashion 603877.SS | China | $839M | -15% | -2% | 4% | 26.6× | -13.1% | -7.5% |
| World 3612.T | Japan | $701M | -5% | +15% | 6% | 8.4× | -5.1% | +9.5% |
| Canada Goose GOOS.TO | Canada | $850M | -23% | +12% | 10% | 13.3× | 5.5% | +11.0% |
| Bata India BATAINDIA.NS | India | $868M | -12% | +5% | 9% | 39.2× | 28.9% | +15.5% |
| Fujian Septwolves Industry 002029.SZ | China | $873M | -20% | +1% | -3% | 20.2× | 4.5% | -2.0% |
| Onward 8016.T | Japan | $659M | +4% | +7% | 5% | 9.2× | 1.0% | +6.1% |
| AIMER 603511.SS | China | $657M | -28% | -2% | 4% | n/a | -7.2% | -1.6% |
| Campus Activewear CAMPUS.NS | India | $640M | -21% | +14% | 11% | 30.3× | 32.8% | +20.1% |
| ZheJiang AoKang Shoes 603001.SS | China | $619M | +19% | -31% | -8% | n/a | 23.6% | -6.8% |
| Shanghai Puyuan Chemical Materials 603196.SS | China | $964M | -46% | +78% | 12% | 19.9× | 16.2% | -0.2% |
| JOEONE 601566.SS | China | $975M | +4% | +1% | 6% | 52.6× | -2.9% | +2.1% |
| PDS PDSL.NS | India | $605M | +35% | +5% | 2% | 43.4× | 14.0% | +16.1% |
| Zhonghong Pulin Medical Products 300981.SZ | China | $990M | +5% | +11% | 9% | n/a | -1.7% | -13.1% |
| Weyco WEYS | United States | $580M | +79% | +2% | 17% | n/a | -1.2% | +7.2% |
| Dazzle Fashion 603587.SS | China | $1.03B | +10% | +7% | 16% | 22.1× | -9.2% | -3.5% |
| Topscore Fashion 603608.SS | China | $1.05B | +28% | +9% | 4% | n/a | 51.6% | -9.4% |