Key Metrics of Metro Brands
About Metro Brands
Sectors
Company details
- Website
- metrobrands.com
- Registered office
- 401, Zillion, 4th Floor, Lbs Marg & Cst Road Junction, Kurla (west), Mumbai, 400070
- Listed
- NSE: METROBRAND · ₹843.40
Operational Areas of Metro Brands
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 02 Apr 2026 | CARE | Reaffirmed | AA | A1+ | Stable | ₹56.0 Cr | View |
| 25 Mar 2025 | CARE | Reaffirmed | AA | A1+ | Stable | ₹46.0 Cr | View |
| 04 Apr 2024 | CARE | Reaffirmed | AA | A1+ | Stable | ₹46.0 Cr | View |
| 07 Apr 2023 | CARE | Reaffirmed | AA | A1+ | Stable | ₹46.0 Cr | View |
| 29 Mar 2022 | CARE | Reaffirmed | AA | A1+ | Stable | ₹58.0 Cr | View |
| 07 Apr 2021 | CARE | Other | AA | A1+ | Stable | ₹25.0 Cr | View |
| 31 Mar 2020 | CARE | Other | AA | A1+ | Stable | ₹25.0 Cr | View |
| 30 Sep 2018 | CARE | Other | AA | A1+ | Stable | ₹25.0 Cr | View |
Credit strengths (CARE, Apr 2026)
+ Well-established market presence, product portfolio and brand recognition
MBL is the largest brand in India’s footwear industry by market capitalisation, with a significant presence in the mid -premium segment. As of FY25, MBL operated 908 stores across 205 cities in India, predominantly under the Company Qwned and Company Operated (COCO) model, with 82 stores added in 9MFY26. The company offers a wide range of footwear and accessories, including formal and casual shoes, sandals, slippers, boots, sneakers, ethnic footwear, belts, wallets, socks, and shoe care products
+ Robust performance bolstered by rising demand and improved profitability
The company reported a 6.40% year-on-year growth in TOI for FY25 and a 9% increase in store numbers. Growth momentum continued in 9MFY26, with TOI of ₹2,090.62 crore, representing a 12.12% increase compared to the corresponding period last year. MBL's sales were predominantly from its own brands at 74%, with third-party brands contributing 26%. The company generates 85% of its revenue from in-store sales, 9% from online channels, and 4% from omni-channel sales. E-commerce sales
+ Asset light business model
MBL operates on an asset-light model by outsourcing its manufacturing operations. This enables the company to scale efficiently without high fixed costs and capital expenditure, enhances flexibility, and allows focus on core competencies such as brandin g and retail operations, contributing to sustained profitability. It procures finished products for its private label brands from local and unorganised vendors in metro cities, with over 250 vendors across India, some vendors have been partners f
+ Strong financial risk profile
MBL maintains a robust capital structure with no external long-term debt. Additionally, its reliance on working capital borrowings is nil. As on March 31, 2025, outstanding debt only comprises the present value of lease obligations under Ind-AS 116. Despite that, MBL maintains working capital limits of ₹56 crore, which has nil utilisation in the last 12 months.
Credit challenges
− Highly competitive and fragmented footwear retail space resulting in pricing pressure
The highly competitive and fragmented nature of the footwear retail space creates pricing pressure for MBL, impacting its operations. Intense competition from national and international organised retailers forces MBL to carefully manage its pricing strategy to remain competitive. This pressure leads to reduced profit margins as the company lowers prices to attract customers. Domestic and international brands such as Steve Madden, Adidas, Reebok, Puma, Hush Puppies, Crocs, Skechers,
− Navigating compliance challenges due to BIS Quality Control Orders
The Department for Promotion of Industry and Internal Trade (DPIIT) issues BIS Quality Control Orders for footwear that were mandatory from January 01, 2024. This was deferred till July 31, 2024. Per the final notification, legacy stock as of July 31 , 2024, will be allowed to be liquidated till July 31, 2026. In the interim, to facilitate smooth transition to new BIS norms, regula tory authorities allowed purchase of footwear from factories that had applied for BIS certification till July 2024.
Could lead to an upgrade
• Improvement in total annual sales above ₹3,000 crore on a sustained basis. • Improvement in PBILDT margin while maintaining return on capital employed (ROCE) above 25% on a sustained basis.
Could lead to a downgrade
• Decrease in PBILDT margins below 18% on a sustained basis, affected by competition prevalent in the industry. • Debt-funded acquisition, leading to deterioration in the financial risk profile. 1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release
Agency-reported financials (CARE, 04 Apr 2024)
| Metric | March 31, 2022 | March 31, 2023 | 9MFY24 |
|---|---|---|---|
| Total operating income | ₹1,344 Cr | ₹2,130 Cr | ₹1,774 Cr |
| PBILDT | ₹414 Cr | ₹683 Cr | ₹541 Cr |
| PAT | ₹214 Cr | ₹365 Cr | ₹260 Cr |
| Overall gearing (times) | 0.54× | 0.67× | — |
| Interest coverage (times) | 8.44× | 10.83× | 9.23× |
| Revenue growth (YoY) | — | 58.4% | — |
| EBITDA margin | 30.8% | 32.1% | 30.5% |
| Implied interest cost (EBITDA ÷ coverage) | ₹49.03 Cr | ₹63.07 Cr | ₹58.61 Cr |
| PAT margin | 15.9% | 17.2% | 14.7% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term bank facilities | Working capital & bank lines | — | ₹56.0 Cr | — | AA / A1+ (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| LT/ST | ₹56.0 Cr | CARE AA; Stable / CARE A1+ |
Lenders
| Fund-based/Non-fund-based | LT/ST | HDFC Bank Ltd. |
| Fund-based/Non-fund-based | LT/ST | ICICI Bank Ltd. |
Credit assessment · Cotton textile
Rating Methodology – Cotton Textile (Sep 2026) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Information on file | 56% · missing: Capex / investment plans, Lender details, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 69% chance the next rating action is stable or better
- Current rating AA (investment grade)
What happened, step by step
- Apr 2023 — ₹295 cr raised through equity
- Apr 2024 — Debt-free repayment of debt-free
“The IPO comprised Fresh Issue of Rs.295 crore and Offer for Sale (OFS) of Rs.1,073 crore.”
Rated limits by facility
Timeline
From the report
The company has no term debt and maintains free cash and liquid investments totalling ₹785.29 crore (PY: ₹882.38 crore) on March 31, 2025.
From the report
The company is entirely free from term debt, maintaining free cash and liquid investments totalling ₹882 crore (PY: ₹664 crore) as on March 31, 2024.
From the report
The company has also been able to generate cash flow from operations of ₹590.08 crore, increased from ₹380.67 crore in FY23 on the back of improved profitability.
From the report
The gross cash accruals (GCA) stood at ₹613.08 crore in FY24.
From the report
Strong financial risk profile MBL maintains a robust capital structure and remains net debt-free on a standalone basis.
From the report
The company is entirely free from t erm debt, maintaining free cash and liquid investments totalling ₹656 crore as of December 31, 2023.
From the report
The gross cash accruals stood at ₹535.07 crore in FY23 compared to ₹342.81 crore in FY22.
From the report
The IPO comprised Fresh Issue of Rs.295 crore and Offer for Sale (OFS) of Rs.1,073 crore.
From the report
The company has no term debt and the cash and bank balance stood at Rs. 255 crore, as on September 30, 2022.
From the report
The company has Rs.46 crore of sanctioned fund- based and non-fund based working capital limits, which remained unutilised for the last 12-months ending February 28, 2022.
From the report
This, along with the liquid investments of Rs.529 crore as on September 30, 2022, provides additional liquidity cushion.
From the report
The IPO comprised Fresh Issue of Rs.295 crore and Offer for Sale (OFS) of Rs.1,073 crore.
From the report
The company has no term debt and the cash balance stands at Rs.19.40 crore, as on September 30, 2021.
From the report
The company has Rs.29 crore of sanctioned working capital limits, which remained unutilised for the last 12-months ending February 28, 2022.
From the report
This, along with the liquid investments of Rs.405.20 crore as on September 30, 2021, provides additional liquidity cushion.
From the report
On December 10, 2021, MBL made an IPO having an Issue Size of Rs.1,368 crore, comprising of Fresh Issue of Rs.295 crore and OFS of Rs.1,073 crore.
From the report
The working capital limits remain unutilised on account of strong liquidity profile marked by healthy gross cash accruals, liquid investments along with cash and bank balance (Rs.422.85 crore as on December 31, 2020).
From the report
The company has no term debt as on March 31, 2020 and the cash balance stands at Rs.13.01 crore as on December 31, 2020.
From the report
The Company has Rs.25 crore of sanctioned working capital limits which remained unutilised for the past 12 months ending February 2021.
From the report
This along with the liquid investments of Rs.409.84 crore as on December 31, 2020 provides additional liquidity cushion.
From the report
The working capital limits remains unutilized on account of strong liquidity profile marked by healthy gross cash accruals, liquid investments along with cash and bank balance (Rs.342.08 crore as on December 31, 2019).
From the report
The adjusted overall gearing as per IND AS-116 guidelines for lease obligations stood comfortable around 0.63 times as on December 31, 2019.The company issued bonus shares amounting Rs.118.06 crore during FY19 as a result of which equity share capital increased from Rs.14.73 crore in FY18 to Rs.132.77 crore in FY19.
From the report
The company has no term debt as on March 15, 2020 and the cash balance stands at Rs. 13.21 crore as on December 31 2019.
From the report
The Company has Rs.25 crore of sanctioned working capital limits which remained unutilized for the past 12 months ending January 2020.
From the report
Twenty Five Crore Only) Details of instruments/facilities in Anneuxre-1 Detailed Rationale The ratings reaffirmation to the bank facilities of Metro Brands Limited (MBL) continue to derive strength from experienced promoter & management, established market position of the company with wide distribution network, strong credit risk profile characterized by health cash accruals, continuing healthy operational performance with strong liquidity position and debt-free status.
From the report
Thus the company continues to maintain its strong liquidity position with liquid investments and cash and bank balance of Rs.191 crore as on September 30 2018.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Metro Brands
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Bata India |
Footwear · Apparel, Textiles & Footwear | bata.com/in | — | Kolkata, India |
 Relaxo Footwears |
Footwear · Apparel, Textiles & Footwear | relaxofootwear.com | 1976 | Delhi, India |
| Footwear · Apparel, Textiles & Footwear | redtape.com | — | Noida, Uttar Pradesh, India | |
 Campus Activewear |
Footwear · Apparel, Textiles & Footwear | campusshoes.com | — | New Delhi, India |
| Mirza International (Red Tape) | Footwear · Apparel, Textiles & Footwear | — | — | India |
 KHADIM INDIA LIMITED |
Footwear · Manufacturing (Leather and products thereof) | khadims.com | — | North 24 Parganas, West Bengal, India |
| Footwear · Apparel, Textiles & Footwear | libertyshoes.com | 1954 | Karnal, India | |
| Calsea Footwear Private Limited | Footwear · Apparel, Textiles & Footwear | — | — | Vellore, Tamil Nadu, India |
| Ksr Footwear Limited | Footwear · Apparel, Textiles & Footwear | — | — | North 24 Parganas, West Bengal, India |
 Metro Shoes |
Footwear · Apparel, Textiles & Footwear | metroshoes.com | 1977 | India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Footwear retail
Filings
No filings on record yet.