Disciplined brand protection masks weak growth; e-commerce collapse offsets retail strength

Delivered PAT INR44.5 Cr, growth 15.2% YoY; overstated by 5.6%

Delivered INR481.3 Cr, 3.7% YoY; essentially aligned

Implied from 481.3 revenue & 44.5 PAT; margins appear reasonable but cannot fully corroborate margin-by-margin

Gross margin expanded (claimed 47.5%) while maintaining ASPs; OPM 17.4%, NPM 9% deliver discipline

E-commerce fell to 22% of revenue (from 30%) as rebate income collapsed 68% YoY (₹28Cr→₹8-9Cr); choice may have hidden deeper market softness

Prior call indicated 200-250 outlets aspiration; this call: 150 stores (33 Q1 = 117 remaining at ~13/month needed)

Moved from typical omnichannel growth to brand-protection-first: 30%→22% revenue mix, conscious de-discounting discipline, rebate income fell ₹28Cr→₹9Cr

Only 3.7% YoY growth; management claims "same growth trajectory" but prior years likely higher; QoQ -28.8% (seasonal but sharp)

"Hopefuly" 20% EBITDA maintained; aspiration to grow margins if e-commerce returns to 30%, but sustainability unclear

150 stores aspiration, 33 opened Q1, can ramp 45-50 days for 1000 sq ft, 75 days for 3000-4000 sq ft

Hope to continue same growth shown over years

Hopefully, yes

Not fixed algorithm; event/margin dependent; aspiration to keep e-comm at 30% long-term; avoided deep discounting to protect margins and brand

Not really, regular business for us

Retail impact, operating leverage, optimized supply chain

Will get back to you, normally weak in Q1 for industry

Would like to believe it's one-off; retail grew while e-comm stayed flat

Mid-priced brand across world, same strategy here

Around ₹2.5 Cr

Nothing pipeline now; open to footwear & apparel; want to stay in fashion/lifestyle

Can share mix (56% footwear, 39% apparel, 5% accessories) but will make comparison and share later

Still have some; industry got one-year extension; hoping for one more extension

Would not like to comment on market speculation

Reduced significantly to 173 days, targeting 150; build-up in Q2, down in Q3-Q4 seasonally

Ongoing process, typically 2-3 years to close, no material claim or risk as of now

Intend to keep margins intact and take upwards; focused on both topline and margins

No specific revenue number or CAGR provided; vague aspiration; prior 3+ years growth rate not quantified on call

Delivered 20.4% Q1; management aspires to keep intact and grow; hedged with "hopefully"; contingent on e-comm recovery & cost absorption

Stated intent to grow both topline and margins; but e-commerce return to 30% will dilute retail mix advantage from this quarter

E-commerce fell to 22% of revenue; rebate income (platform incentive) crashed 68% YoY (₹28Cr→₹9Cr). Recovery to 30% mix not guaranteed if discounting pressure persists.

Only 3.7% YoY growth; QoQ -28.8% decline (seasonal but sharp). Macro headwinds cited as persistent. Management guidance vague ("same growth") without specifics.

Wage pressures in UP/Uttarakhand manufacturing; input cost inflation ongoing. Management took conscious call NOT to raise MRPs (price-hold strategy). Sustainability at risk if inflation accelerates.

Sept 2025 income tax seizure/search ongoing; management says typical 2-3 year closure. No material claim or provision taken yet. Could be immaterial or material depending on investigation outcome.

Company still holds non-BIS compliant footwear inventory. Industry received extension; awaiting potential further extension. No quantified volume disclosed.