Relaxo Footwears Limited — Investor Meet, 19-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Relaxo Footwears reported Q2 FY26 revenue of INR 629 Cr (down from INR 679 Cr), impacted by soft demand and pre-GST 2.0 inventory adjustments. PAT stood at INR 36 Cr. H1 FY26 saw revenue of INR 1,283 Cr, with PAT at INR 85 Cr (+4.9% YoY) and improved margins from cost control. Management is optimistic about demand recovery driven by festival sales and GST benefits, expecting momentum to strengthen from Q4 FY26. They anticipate returning to 10%+ growth by FY27. The new GST structure improves competitiveness against unorganized players, with no expected margin impact from tax changes. Distributor inventory clear-out may affect Q3.