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Metro Brands

METROBRAND NSE

Key Fundamentals

SmallcapFootwearConsumer Goods
Market Cap
₹22,680 Cr
Volatility
Low Risk
P/E Ratio
55.86
EBITDA
₹972 Cr
Return on Equity
20.52%
Debt to Equity
0.79
Book Value
₹73.11
EPS
₹15.13
52W High
₹1,308.8
52W Low
₹832

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 76.0%

Weaknesses

1
  • Stock is trading at 11.4 times its book value

Growth Rate

Revenue Growth
14.13% higher than 3Y
Net Income Growth
17.32% higher than 3Y
Cash Flow Change
-32.08% lower than 3Y
ROE
0.59% lower than 3Y
ROCE
-7.95% lower than 3Y
EBITDA Margin (Avg.)
0.12% lower than 3Y

AI Analysis — Bull vs Bear

1d ago
AI opinion · based on fundamentals
Risk medium

Metro Brands has a market capitalisation of about ₹23,641 crore. It trades at a P/E of 57.6x and a P/B of 11.93x, and its return on equity has held steady at 21-22% over the last 1, 3, 5 and 10 years. Over the trailing twelve months, sales grew 15% and profit grew 14%, faster than the 3-year pace of 10% for sales and 5% for profit. The stock is down 32% over one year and has a 3-year return CAGR of -8%.

Bull Case 7
  • Return on equity has been very steady at 21% over 10 years and 22% over 5 years, 3 years and the last year. That points to durable profitability and efficient use of capital through several business cycles.
  • Over 10 years, sales compounded at 14% and profit at 17%. Profit growing faster than sales over that long a period suggests the business has gained operating leverage and scale benefits.
  • Growth has picked up recently. TTM sales growth of 15% is above the 3-year CAGR of 10%, and TTM profit growth of 14% is well above the 3-year CAGR of 5%.
  • The 5-year sales CAGR of 29% and profit CAGR of 44% show the business can expand quickly. Part of this comes from a low base during the pandemic period.
  • The company has kept a dividend payout ratio of 76.0%. That signals confidence in cash generation, and it pays out most of its earnings while still growing.
  • The share price fell 32% over the past year and has a 3-year return CAGR of -8%. Over that time the business kept its 22% ROE and grew TTM profit 14%, so the valuation has come down from earlier levels while fundamentals held up.
  • The P/E of 57.6x divided by the P/B of 11.93x gives an implied ROE of about 20.7%, which matches the reported 22% ROE. So the premium to book value is backed by actual returns on equity.
Bear Case 8
  • The P/E of 57.6x is very high next to the 3-year profit CAGR of just 5%. That puts the PEG ratio above 10 on a 3-year basis, so the valuation depends heavily on faster growth in the future.
  • Over 3 years, profit grew at 5% a year while sales grew at 10%. Profit falling this far behind sales suggests margin pressure from costs, store expansion or competition.
  • At 11.93x book value, the stock leaves little room for error. Any fall in its 22% ROE could lead to a sharp cut in the valuation multiple.
  • A P/E of 57.6x means an earnings yield of only about 1.7%. That is far below yields on Indian government bonds and fixed deposits, which makes the stock sensitive to interest-rate moves.
  • The stock has lost 32% over one year and has a 3-year return CAGR of -8%. Shareholders have lost value over a period in which sales still grew 10% a year.
  • The dividend yield is only 0.69% even with a 76.0% payout ratio. Because the valuation is so rich, dividends add little to total returns.
  • TTM profit growth of 14% is slightly below TTM sales growth of 15%. So even the recent pick-up in growth has not yet improved margins.
  • Paying out 76.0% of earnings leaves only about 24% to reinvest. That could limit self-funded growth, such as new stores, unless the company raises outside capital or debt.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

22h ago
Headwinds 4
  • Operating margin contracts 110 bps Sep 11

    Q1FY27 operating profit margin fell 110 bps YoY to 29.8%. Employee costs rose 50 bps and other expenses rose 70 bps as the company kept investing in growth.

  • Rich valuation limits rerating Sep 11

    The stock trades at 51x FY28 earnings. Equirus says current growth run rates are not exciting enough given continued brand investments, and analyst targets range from ₹1,000 to ₹1,124.

  • Store additions slow sharply Sep 11

    Only 9 stores were added in Q1FY27, taking the total to 1,041. That compares with 42 in the March quarter and an average of 35 over the previous three quarters.

  • Growth slowing, e-commerce lags Sep 11

    Q1 revenue growth of 15% YoY continued a slowing trend over the last two quarters. E-commerce and omni-channel grew only 9%, against 16% for offline, with West Asia war disruption and wedding dates shifted by Adhik Maas weighing on the quarter.

Positives 3
  • FY26 PAT up 17.3% Sep 16

    FY26 consolidated revenue rose 14.2% YoY to ₹2,864 crore and PAT grew 17.3% to ₹416 crore. The company crossed 1,000 stores and declared a ₹3 final dividend.

  • Q1 revenue up 15%, guidance kept Sep 11

    Q1FY27 revenue grew 15% YoY, helped by better demand in June and a healthy wedding season. Management reiterated its mid-teens revenue growth guidance for FY27 and expects store additions to pick up.

  • Gross margin expands to 59.5% Sep 11

    Gross margin rose 20 bps YoY to 59.5% in Q1FY27, showing pricing power and a steady product mix. Emkay stays positive, citing portfolio strength and new scalable partnerships.

Neutral 4
  • Farah Malik Bhanji reappointed MD Sep 16

    Shareholders approved her reappointment as Managing Director for five years from April 1, 2027. This keeps leadership continuity, and she has over two decades of retail experience.

  • Sonny Iqbal joins as ID Sep 16

    Shareholders approved Sonny Iqbal's appointment as an independent director for a five-year term effective August 5, 2026.

  • J.P. Morgan consumption forum meet Sep 17

    Management will hold a physical group meeting at J.P. Morgan India's Consumption Forum on September 23, 2026, from 4:00 pm to 5:00 pm IST.

  • Trading window closes Oct 1 Sep 25

    The trading window for designated persons closes from October 1, 2026, until 48 hours after the Q2FY27 results are declared, as SEBI rules require.

TL;DR: Metro Brands keeps growing steadily, with FY26 revenue up 14.2% and PAT up 17.3%, Q1FY27 revenue up 15%, gross margin at 59.5% and over 1,000 stores. The risks are slowing growth, 110 bps of operating margin compression from growth spending, weak Q1 store additions (9) and a high valuation of 51x FY28 earnings, which leaves little room for disappointment. The trend is stable but cooling slightly. Q2FY27 results will show whether store additions pick up and whether new growth engines can support mid-teens growth and a rerating.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
583
556
636
583
576
585
703
643
628
651
811
773
720
Expenses
396
400
437
424
396
431
478
446
434
480
546
535
506
Operating Profit
187
155
199
159
180
155
225
197
194
171
265
238
215
OPM %
32%
28%
31%
27%
31%
26%
32%
31%
31%
26%
33%
31%
30%
Other Income
14
16
16
26
23
24
24
23
29
28
17
32
27
Interest
18
20
20
20
21
22
23
24
24
29
29
29
30
Depreciation
54
57
59
59
60
62
66
70
69
78
80
84
85
PBT
128
95
136
105
123
94
160
126
131
91
173
157
127
Tax %
28%
29%
28%
-48%
25%
24%
41%
24%
24%
24%
25%
25%
25%
Net Profit
94
68
99
156
92
72
95
95
99
69
130
118
95
EPS in Rs
3.42
2.45
3.6
5.71
3.37
2.56
3.48
3.48
3.62
2.49
4.71
4.28
3.44
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
732
803
910
1,075
1,217
1,285
800
1,343
2,127
2,357
2,507
2,864
2,956
Expenses
600
663
758
848
880
930
625
930
1,447
1,653
1,748
1,991
2,068
Operating Profit
132
140
152
227
337
355
175
412
680
704
759
873
888
OPM %
18%
17%
17%
21%
28%
28%
22%
31%
32%
30%
30%
30%
30%
Other Income
6
7
9
8
19
23
76
55
53
69
93
100
103
Interest
1
1
0
0
34
40
45
50
63
79
90
111
117
Depreciation
12
13
16
20
94
121
122
134
181
229
258
311
327
PBT
125
133
144
215
228
218
85
283
489
465
504
551
547
Tax %
34%
34%
35%
34%
34%
27%
23%
25%
26%
11%
30%
25%
—
Net Profit
82
87
95
142
153
161
65
214
365
415
354
416
412
EPS in Rs
55.83
57.67
61.8
94.39
11.13
11.8
2.57
7.79
13.3
15.17
12.88
15.09
14.92
Div. Payout %
21%
22%
22%
21%
22%
25%
58%
29%
30%
33%
155%
40%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
15
15
15
15
133
133
133
136
136
136
136
136
Reserves
318
381
449
562
517
675
695
1,129
1,412
1,728
1,573
1,857
Borrowings
8
3
3
6
424
549
567
692
943
1,098
1,227
1,570
Other Liabilities
114
118
170
189
247
261
265
348
416
391
398
452
Total Liabilities
455
517
636
772
1,322
1,617
1,659
2,305
2,906
3,353
3,334
4,015
Fixed Assets
122
135
172
185
593
708
724
848
1,302
1,482
1,602
1,984
CWIP
0
1
4
6
4
13
5
6
18
9
9
18
Investments
37
76
83
185
210
348
400
401
478
750
550
673
Other Assets
296
305
377
397
515
548
532
1,050
1,109
1,111
1,173
1,340
Total Assets
455
517
636
772
1,322
1,617
1,659
2,305
2,906
3,353
3,334
4,015
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
—
82
155
196
273
265
220
381
590
698
474
Investing
—
—
-83
-94
-67
-163
-122
-301
-52
-251
122
-100
Financing
—
—
-1
-50
-132
-112
-127
116
-359
-323
-773
-436
Net Cash Flow
—
—
-1
10
-4
-1
16
35
-30
16
47
-62
Free Cash Flow
—
—
24
121
137
229
241
172
289
479
611
335
CFO/OP
—
—
87
98
82
94
163
71
77
96
110
69
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
11
10
13
13
16
20
23
13
18
12
13
13
Inventory Days
230
218
221
214
243
241
293
284
276
274
228
273
Days Payable
92
82
89
108
129
129
207
141
126
99
81
89
Cash Conversion Cycle
148
146
145
119
129
132
109
155
168
186
160
197
Working Capital Days
79
75
66
55
65
43
25
41
56
52
58
64
ROCE %
39%
36%
32%
40%
31%
21%
9%
20%
24%
20%
19%
20%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others0.27%Promot.71.80%FIIs3.73%DIIs7.68%Public16.52%As ofJun 2026

Documents

Frequently Asked Questions about Metro Brands

What does Metro Brands Ltd do?
The company is one of the largest Indian footwear & accessories specialty retailers and are among the aspirational Indian brands in the footwear category.Its a one-stop shop for of branded products for the entire family, including men, women, unisex, and children, and for every occasion, includin...
Where is Metro Brands Ltd (METROBRAND) listed?
Metro Brands Ltd trades as METROBRAND on the NSE and under code 543426 on the BSE.
Which sector does Metro Brands Ltd belong to?
Metro Brands Ltd is classified under the Consumer Goods sector, in the Footwear industry.
What is the market capitalisation of Metro Brands Ltd?
Metro Brands Ltd has a market capitalisation of ₹22,680 Cr, which places it in the Large Cap band.
What is the PE ratio of Metro Brands Ltd?
Metro Brands Ltd trades at a PE ratio of 55.86, on earnings per share of ₹15.13, against a book value of ₹73.11 per share.
What is the 52-week high and low of Metro Brands Ltd?
Over the last 52 weeks Metro Brands Ltd has traded between ₹832 and ₹1,308.8.
Does Metro Brands Ltd pay dividends?
Metro Brands Ltd has a dividend yield of 0.71%.
What is the Return on Equity (ROE) of Metro Brands Ltd?
Metro Brands Ltd reported a return on equity of 20.52%. Its debt-to-equity ratio is 0.79.

Company Information

The company is one of the largest Indian footwear & accessories specialty retailers and are among the aspirational Indian brands in the footwear category.Its a one-stop shop for of branded products for the entire family, including men, women, unisex, and children, and for every occasion, including casual and formal events.[1]

Website metrobrands.com
Listed 2021-12-22
Face Value ₹ 5
Issued Size 27,24,33,991

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