Standalone PAT falls 37% YoY on toolkit high base; core footwear revenue more than doubles
PAT -37.25% YoY · revenue -28.8% · margins compressing
₹100.06 Cr
-28.8% YoY
₹4.58 Cr
-37.25% YoY
4.56%
-0.6pp YoY
₹2.58
Lehar Footwears' standalone Q2 FY27 (quarter ended Sep 30, 2026) print shows revenue of ₹100.06 Cr, down 28.8% YoY from ₹140.52 Cr, and PAT of ₹4.58 Cr, down 37.25% YoY from ₹7.29 Cr. Sequentially both metrics improved sharply — revenue +33.5% and PAT +51.85% over Q1 FY27's ₹74.95 Cr/₹3.01 Cr — but per the YoY-primacy convention that QoQ jump is not the headline: it mainly reflects a weak Q1 base rather than a change in trend, since H1 FY27 revenue (₹175.01 Cr) and PAT (₹7.59 Cr) are still down 38.1% and 47.9% YoY against H1 FY26's ₹282.72 Cr/₹14.56 Cr. There is no analyst consensus or brokerage preview available for this micro-cap (two targeted searches found none), so vsStreet is unknown; the company and our records carry no formal prior guidance either, so vsGuidance is also unknown rather than assumed.
Q2 FY-2027 vs prior quarters
The YoY decline is a segment-mix story, not a core-business slowdown. The Toolkit & Others segment, which booked ₹104.39 Cr of revenue in the year-ago quarter on the back of a large PM Vishwakarma Scheme bulk toolkit order, posted ₹(0.17) Cr this quarter (sales returns exceeded fresh sales) — that high base alone explains the bulk of the ₹40.46 Cr YoY revenue shortfall. Against that, the Footwear, Accessories & other segment — the company's actual core business — grew 105.5% YoY and 67.9% QoQ to ₹100.23 Cr. Net profit margin compressed to 4.58% from 5.19% YoY as the higher-margin toolkit mix rolled off, while EBITDA margin (OPM) held roughly flat at 9.02% versus 8.97% a year ago, so the squeeze shows up mainly in segment mix and finance costs (up to ₹1.46 Cr from ₹1.22 Cr YoY on higher borrowings) rather than in core operating efficiency.
The stock went into the print at ₹176, down 10.7% over the past month of trading.
Corporate developments this quarter support the footwear-led reading: the company expanded sports-shoe capacity by 150% (Sep 3, 2026) and the balance sheet shows ₹2.45 Cr of capital work-in-progress fully capitalised into PP&E (up to ₹96.90 Cr from ₹83.18 Cr at FY26-end), consistent with a capacity addition going live this quarter. It also secured a general-purpose-shoes BIS license (Oct 24, 2026) and named Rajkummar Rao brand ambassador for its Rannr line (Sep 21, 2026) — both brand/market-access moves rather than quarter-numbers drivers. No management press release was available in the context to quote management's own framing of the print.
W1
Toolkit & Others segment revenue was ₹(0.17) Cr this quarter vs ₹104.39 Cr a year ago (sales returns exceeded fresh sales) — watch whether it stabilizes near zero or stays a drag through H2 FY27
W2
Footwear segment revenue grew 105.5% YoY/67.9% QoQ to ₹100.23 Cr — watch if the recently expanded sports-shoe capacity (+150%, Sep 3, 2026) and new BIS general-purpose-shoes license (Oct 24, 2026) sustain this pace into Q3
W3
₹2.45 Cr of capital work-in-progress was fully capitalised into PP&E this quarter (now ₹96.90 Cr) — watch for the new capacity's contribution to footwear segment volumes/revenue next quarter
Standalone only — no consolidated statement in this filing. Figures in Lakhs, converted to Cr. No exceptional items (row is blank). Segment note: Toolkit & Others revenue was ₹(0.17) Cr this quarter vs ₹104.39 Cr a year ago (a PM Vishwakarma Scheme bulk toolkit order inflated the year-ago base); Footwear segment revenue grew +105.5% YoY to ₹100.23 Cr. Cover/review-report pages have OCR noise but the financial statement table (page 4) is clean and unambiguous.