In the Union Budget 2025, the government announced the Focus Product Scheme, which is specifically designed to provide required push to the footwear industry. It will focus on improving the productivity, competitiveness and manufacturing quality of the industry. The scheme may contribute ₹4 lakh crores in the industry’s turnover. The industry is projected to grow at 7.73% CAGR from 2025 to 2030.Â
Investors can explore these top 5 footwear stocks in India to become a part of this growth!
Explore more: Investment analysis: How to spot market underdogs worth betting on
Top 5 footwear stocks in India
The following list of some of the best footwear stocks in India is categorised based on their market capitalisation as of April 11, 2025.
| Particulars | Market Capitalisation (in ₹ crores) | Return on Equity | Price-to-Earnings Ratio (in times) |
| Metro Brands Ltd. | 28,908.83 | 24.20% | 70.33 |
| Bata India Ltd. | 15,961.19 | 19.76% | 44.87 |
| Relaxo Footwear Ltd. | 10,396.92 | 10.49% | 59.24 |
| Redtape Ltd. | 7,958.22 | 31.34% | 46.88 |
| Campus Activewear Ltd. | 7,277.95 | 14.88% | 61.21 |
Let’s explore the financials, share price and other fundamental dynamics of these businesses.
Check this out! Introduction to Financial Market
The company owns brands like Metro, Mochi and FILA. Being the largest Indian footwear retailer, the entity has 895 stores across the nation. Its financials are as follows:
| Particulars | FY 2024 | FY 2023 | Change (%) |
| Sales (in ₹ crores) | 2,356.70 | 2,127.10 | 10.79 |
| Net Profit (in ₹ crores) | 415.47 | 365.39 | 13.70 |
| EBITDA Margin | 29.80% | 32.00% | (6.87) |
| Debt-to-Equity Ratio (in times) | 0.60 | 0.62 | (3.22) |
*(EBITDA: Earnings Before Interest, Tax, Depreciation and Amortisation)
Despite the dip in 2021, the company’s revenues have been growing in recent years. As of April 11, 2025, the company’s share price has surged by just 0.26% in a year. The Earnings per Share (EPS) is ₹15.17 for FY 2024.
Incorporated in 1931, the brand is a household name in India. In recent times,Hush Puppies has been one of the most popular brands in Bata’s portfolio. There are 605 franchise stores in the country as of December 2024. Its financials are as follows:
| Particulars | FY 2024 | FY 2023 | Change (%) |
| Sales (in ₹ crores) | 3,478.61 | 3,451.56 | 0.78 |
| Net Profit (in ₹ crores) | 262.51 | 323.00 | (18.72) |
| Operating Profit Margin | 14.70% | 14.37% | 2.29 |
| Debt-to-Equity Ratio (in times) | 0.89 | 0.87 | (2.29) |
The company’s financials have been on an upward trend, but it declined in FY 2024. Share price of Bata has decreased by 7.5% in a year’s timeframe as of April 11, 2025. However, the company’s EPS has been unstable in recent years.
Incorporated in 1984, the company has some of the popular casual footwear brands like Bahamas, Flite and Relaxo. There are 9 in-house manufacturing units in India. Its financials are as follows:
| Particulars | FY 2024 | FY 2023 | Change (%) |
| Sales (in ₹ crores) | 2,914.06 | 2,782.77 | 4.71 |
| Net Profit (in ₹ crores) | 200.47 | 154.47 | 29.77 |
| Operating Profit Margin | 13.95% | 12.07% | 15.57 |
| Debt-to-Equity Ratio (in times) | 0.01 | 0.00 | – |
The financial metrics like revenue and profits are consistently growing but have not yet attained the pre-pandemic levels. The share price of Relaxo has massively declined by 49.25% in a year’s timeframe as of April 11, 2025.
- Redtape Ltd.
The company was one of the first Indian footwear brands in the global market in 1966. It has more than 390 stores across India and 16 other countries. Its financials are as follows:
| Particulars | FY 2024 | FY 2023 | Change (%) |
| Sales (in ₹ crores) | 1,842.92 | 1,468.31 | 25.51 |
| Net Profit (in ₹ crores) | 176.24 | 142.15 | 23.98 |
| Operating Profit Margin | 14.81% | 14.64% | 1.16 |
| Debt-to-Equity Ratio (in times) | 0.25 | 0.17 | 47.05 |
Redtape’s revenue has been on the uptrend in recent years. However, its net profit may decline in FY 2025, based on the quarterly results. Listed in August 2023, it is one of the youngest footwear stocks in India. As of April 11, 2025, the stock price of Redtape has surged by 16% in a year’s timeframe.
The company specializes in sports and athleisure footwear. In the short span of nearly 18 years, the company has developed 25,000 touchpoints across the country. Its financials are as follows:
| Particulars | FY 2024 | FY 2023 | Change (%) |
| Sales (in ₹ crores) | 1,448.29 | 1,484.25 | (2.42) |
| Net Profit (in ₹ crores) | 80.44 | 117.12 | (31.31) |
| Operating Profit Margin | 14.90% | 17.30% | (13.87) |
| Debt-to-Equity Ratio (in times) | 0.65 | 1.09 | (40.36) |
The company is expected to recover its financials in FY 2025, based on the quarterly results. The share price has surged by only 3.6% in the past year as of April 11, 2025.
Bottomline
Investing in footwear stocks can provide potential diversification opportunities for investors. However, investors should check their financial objectives and risk tolerance before selecting any stock for their portfolio. Moreover, they can explore this list of top 5Â
footwear stocks in India.
Also, read Introduction to Fundamental Analysis
FAQs
- What are the future prospects of the Indian footwear industry?
The Indian footwear segment has been growing at a steady pace in recent years. The market is expected to grow at 7.73% CAGR from 2025 to 2030. The announcement of the Focus Product Scheme is expected to provide a further push to the industry to generate a turnover of around ₹4 trillion.
- What is the reform for the footwear industry in the Union Budget 2025?
The finance minister announced the National Manufacturing Mission in the Union Budget 2025. Specifically, the Focus Product Scheme is expected to generate employment, increase turnover and export for the footwear and leather industry.
- What are the different risk profiles of investors?
There are mainly 3 risk profiles based on the degree of risk-taking abilities: Risk-averse, neutral and seeking. Risk-averse investors have very low-risk tolerance and may generate low returns due to less risk. Risk neutrals have a balanced exposure to risk and risk-seeking investors heavily invest in high-risk opportunities.
- How to start technical analysis?
Technical analysis is the process of determining potential price movement based on the historical trends in price and volume. Therefore, beginners can start technical analysis by determining the price trend, potential patterns, using statistical tools like moving averages and understanding different technical indicators.
- Who uses fundamental analysis?
Usually, investors willing to invest for a long term apply fundamental analysis to determine the strength of business operations and valuations. In this, investors analyse the financial statements, ratios and key performance indicators to check the viability of the company.
