Redtape
Redtape
Consumer GoodsKey Fundamentals
MicrocapFootwearConsumer GoodsTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company has a good return on equity (ROE) track record: 3 Years ROE 26.8%
- Company has been maintaining a healthy dividend payout of 39.7%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoRedtape Ltd is a mid-cap Indian footwear and apparel company with a market cap of approximately ₹7,796 crore, trading at a P/E of 32x and P/B of 7.53x. The company reported consolidated revenue of ₹2,021 crore in FY25 with PAT of ₹170 crore, delivering TTM sales growth of 20% and profit growth of 42%, while maintaining a 3-year ROE of approximately 27%.
- Strong revenue growth with TTM sales growth of 20% and 3-year compounded sales CAGR of 18%, outpacing the broader Indian footwear market growth rate of ~11% per annum
- Robust profitability acceleration with TTM profit growth of 42%, significantly ahead of revenue growth, indicating operating leverage kicking in
- Consistently high return on equity at 27% over 3-year and 5-year periods (26%), demonstrating efficient capital allocation
- Healthy dividend payout ratio of 41.6% with current dividend yield of 1.44%, offering income alongside growth — uncommon for a mid-cap growth company
- Operates in Indian footwear market projected to grow at 9.7% CAGR to USD 47.5 billion by 2034, providing a large and expanding addressable market
- Q3 FY25 quarterly net profit of ₹74.07 crore, up 23.2% YoY from ₹60.11 crore, showing continued execution momentum
- PE interest from global firms like Apax and Advent at valuations of ₹4,500–5,000 crore for the operating entity signals institutional confidence in the brand and business model
- Debt-to-equity ratio of 0.38 indicates a relatively conservative balance sheet for a company growing at 18-20% topline
- Stock trades at 7.53x book value, a steep premium that leaves limited margin of safety if growth slows
- Earnings include other income of ₹133 crore, which constitutes a material portion relative to PAT of ₹170 crore — core operating profit growth may be overstated
- P/E of 32x is elevated for a company in the competitive consumer discretionary space, pricing in significant future growth
- Competes against well-capitalised global brands (Nike, Adidas) and established domestic players (Bata, Campus Activewear) with deeper distribution networks
- Q3 FY25 revenue growth decelerated to 8.01% YoY (₹665.66 crore vs ₹616.10 crore), a marked slowdown from the 20% TTM rate, raising questions about growth sustainability
- Simply Wall St estimates current earnings growth of 15.1% annually, below the specialty retail industry average of 31%, suggesting the stock may be losing relative momentum
- FY24 standalone PAT of ₹170 crore was roughly flat vs prior year's ₹176 crore, indicating profit growth has been lumpy rather than consistently linear
- Consumer discretionary spending in India is sensitive to macroeconomic cycles, rural demand weakness, and inflationary pressures on input costs
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 101d ago- Board meet for Q4FY26 results May 18
Redtape Limited scheduled a Board meeting on May 26, 2026, to approve Q4 and FY26 audited financial results and consider a final dividend recommendation.
TL;DR: Limited news flow for Redtape with only a routine board meeting announcement for Q4FY26 results on May 26. No identifiable headwinds or positive catalysts in the current cycle. The upcoming results and potential dividend decision on May 26 will be the next meaningful data point for the stock.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 395 | 325 | 618 | 507 | 442 | 416 | 661 | 506 | 464 | 492 | 787 | 676 | 481 |
| Expenses | 313 | 267 | 513 | 432 | 373 | 352 | 536 | 461 | 387 | 420 | 640 | 564 | 398 |
| Operating Profit | 82 | 58 | 105 | 75 | 69 | 64 | 125 | 45 | 77 | 73 | 147 | 111 | 84 |
| OPM % | 21% | 18% | 17% | 15% | 16% | 15% | 19% | 9% | 17% | 15% | 19% | 16% | 17% |
| Other Income | 1 | 2 | 4 | 5 | 2 | 3 | 9 | 50 | 9 | 10 | 31 | 22 | 15 |
| Interest | 6 | 9 | 10 | 10 | 10 | 12 | 13 | 16 | 16 | 19 | 18 | 15 | 15 |
| Depreciation | 12 | 15 | 16 | 15 | 19 | 21 | 22 | 22 | 21 | 22 | 23 | 22 | 24 |
| PBT | 64 | 36 | 82 | 54 | 42 | 35 | 99 | 57 | 49 | 42 | 137 | 96 | 60 |
| Tax % | 27% | 23% | 26% | 25% | 26% | 28% | 26% | 28% | 21% | 34% | 24% | 27% | 26% |
| Net Profit | 47 | 28 | 61 | 41 | 31 | 25 | 73 | 41 | 39 | 28 | 105 | 70 | 44 |
| EPS in Rs | 0.85 | 0.5 | 1.1 | 0.74 | 0.55 | 0.45 | 1.32 | 0.75 | 0.7 | 0.5 | 1.89 | 1.26 | 0.8 |
Profit & Loss
| Particulars | Mar 2022 3m | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| Sales | 303 | 1,468 | 1,843 | 2,021 | 2,419 | 2,436 |
| Expenses | 256 | 1,224 | 1,524 | 1,801 | 2,065 | 2,021 |
| Operating Profit | 47 | 244 | 319 | 220 | 353 | 414 |
| OPM % | 16% | 17% | 17% | 11% | 15% | 17% |
| Other Income | 0 | 7 | 13 | 151 | 132 | 78 |
| Interest | 4 | 17 | 37 | 54 | 73 | 66 |
| Depreciation | 2 | 44 | 59 | 83 | 88 | 91 |
| PBT | 41 | 189 | 236 | 233 | 324 | 336 |
| Tax % | 29% | 25% | 25% | 27% | 26% | — |
| Net Profit | 29 | 142 | 176 | 170 | 241 | 246 |
| EPS in Rs | — | 2.57 | 3.19 | 3.08 | 4.35 | 4.45 |
| Div. Payout % | 0% | 0% | 0% | 73% | 46% | — |
Balance Sheet
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 0.01 | 28 | 28 | 111 | 111 |
| Reserves | 336 | 449 | 621 | 678 | 911 |
| Borrowings | 28 | 260 | 480 | 724 | 720 |
| Other Liabilities | 461 | 502 | 460 | 712 | 564 |
| Total Liabilities | 826 | 1,239 | 1,588 | 2,224 | 2,306 |
| Fixed Assets | 304 | 368 | 646 | 717 | 750 |
| CWIP | 17 | 71 | 17 | 46 | 25 |
| Investments | 1 | 1 | 0 | 0 | 0 |
| Other Assets | 504 | 799 | 925 | 1,461 | 1,531 |
| Total Assets | 826 | 1,239 | 1,588 | 2,224 | 2,306 |
Cash Flow
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | 44 | 127 | 84 | 4 | 174 |
| Investing | -49 | -127 | -116 | -110 | -85 |
| Financing | -17 | 12 | 26 | 99 | -94 |
| Net Cash Flow | -22 | 12 | -5 | -7 | -5 |
| Free Cash Flow | -5 | -6 | -32 | -104 | 89 |
| CFO/OP | 69 | 71 | 46 | 31 | 72 |
Ratios
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debtor Days | 68 | 21 | 18 | 20 | 32 |
| Inventory Days | 963 | 308 | 298 | 406 | 306 |
| Days Payable | 407 | 164 | 108 | 174 | 97 |
| Cash Conversion Cycle | 623 | 164 | 208 | 252 | 240 |
| Working Capital Days | 279 | 48 | 54 | 62 | 81 |
| ROCE % | — | 37% | 29% | 22% | 24% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY21–FY26.
Documents
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Company Information
India's trusted leading Fashion & Lifestyle brand with over 435+ opulent stores across PAN India. RedTape is known for emerging as one of the Finest Brands of Footwear and Clothing for Men, Women and Kids. It has emerged as a complete Family Fashion Destination by providing the Best International Styles and World-Class Quality through Shoes, Apparels and Accessories for all age groups. It was demerged from Mirza International in 2023. [1]
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