Metro Brands Ltd. · NSE:METROBRAND
Metro Brands — 9M FY2025-26 Earnings Presentation
42 slides from Metro Brands's earnings presentation, Jan 27, 2026
Slide 1: Cover letter to stock exchanges
January 27, 2026 To, To, The Manager The Manager Listing Department Listing Department BSE Limited, National Stock Exchange of India Ltd, Phiroze JeeJeeBhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, Mumbai – 400001 (E) G Block, Bandra Kurla Complex, Bandra Maharashtra, India (Ea
Slide 2: 9M FY2025-26 Earnings Presentation
METRO BRANDS LIMITED 9M FY2025-26 EARNINGS PRESENTATION 27th January 2026
Slide 3: Safe Harbor statement
Safe Harbor statement • The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the Presentation. The information set o
Slide 4: Brief Overview
Brief Overview Q3 & 9M FY26 Business Highlights Metro’s Strengths Levers of growth Sustainability Initiatives
Slide 5: Our Journey
Our Journey 1955 Started first Metro Store 2000 Launch of Mochi MBO Launch of Walkway MBO 2009 • Launch of E-commerce 2010 • Hits 100 stores 2015 Tie-up with Crocs • Exclusive tie up with Fitflop 2021 • Hits 600 stores • Listed on BSE, NSE 2022 • Acquired Cravatex Brands Ltd • Exclusive license for
Slide 6: Our story in numbers
Our story in numbers Company Facts Performance in 9M FY26 9 Rs 2,091 crores store formats Revenue from operations 990 Rs 631 crores Stores EBITDA 30.2% EBITDA margin 31 73% States & Union territories Revenue contribution of in-house brands at MBOs 212 Cities 35% YoY growth Q1: 1 new city Ecommerce r
Slide 7: 70+ years of market presence
70+ years of market presence KEY ENABLERS STRONG BRAND WIDE REACH CAPITAL-LIGHT COMPETENT OPERATIONAL PORTFOLIO BUSINESS MANAGEMENT EFFICIENCY ❖ A house of brands ❖ Pan-India presence through ❖ Long-standing ❖ Chairman Mr Rafique A. ❖ Among the few footwear addressing the customer's 990 Stores locat
Slide 8: One Stop Shop for all Footwear Needs
One Stop Shop for all Footwear Needs Dec’25 / 9M (MBO) (MBO) (EBO) (MBO) (EBO) (EBO) (MBO) (EBO) (MBO) FY26 Target Value Family Youth Premium Premium Premium Premium Premium Premium Customer Format No. of. Stores 362 279 225 91 13 2 6 91 3 Cities 182 132 100 61 9 1 4 5 3 Price Range 2,000 – 2,000 –
Slide 9: One Stop Shop for all Footwear Needs
One Stop Shop for all Footwear Needs Network of Retail Outlets (as of Dec’25) 362 279 91 225 13 6 9 2 3 8 Note: The above map is not to scale and is for illustrative purposes only.
Slide 10: One Stop Shop for all Footwear Needs
One Stop Shop for all Footwear Needs PAN India Presence with 990 Stores I 212 Cities I 31 States and UTs (As of Dec’25) Zone wise1 Tier wise1 Location Wise1 West Tier III Metro South 31% 17% cities 32% 30% High Street 56% Airports 1% Tier II 25% North East Malls Tier I 24% 13% 43% 28% Primarily foll
Slide 11: Q3 & 9M FY26 Business Highlights
Brief Overview Q3 & 9M FY26 Business Highlights Metro’s Strengths Levers of growth Sustainability Initiatives
Slide 12: Q3 Business Highlights
Q3 Business Highlights Standalone Consolidated In INR Crore Q3 FY26 Q3 FY25 YoY Growth% Q3 FY26 Q3 FY25 YoY Growth% Revenue 789 688 14.7% Revenue 811 703 15.4% EBITDA 259 224 15.8% EBITDA 265 226 17.6% EBITDA% 32.9% 32.6% EBITDA% 32.7% 32.1% PAT 125 94 33.0% PAT 130 95 37.1% PAT% 15.9% 13.7% PAT% 16
Slide 13: 9M Business Highlights
9M Business Highlights Standalone Consolidated In INR Crore 9M FY26 9M FY25 YoY Growth% 9M FY26 9M FY25 YoY Growth% Revenue 2,040 1,818 12.2% Revenue 2,091 1,865 12.1% EBITDA 620 553 12.0% EBITDA 631 561 12.4% EBITDA% 30.4% 30.4% EBITDA% 30.2% 30.1% PAT 286 252 13.4% PAT 298 259 15.1% PAT% 14.0% 13.
Slide 14: Q3 & 9M Business Highlights (Standalone)
Q3 & 9M Business Highlights (Standalone) Revenue from Operations and Revenue per sq.ft Gross Profit and Gross Margins 4,500 4,300 5,150 4,750 4,350 4,300 5,150 60.0% 55.0% 59.1% 57.5% 59.7% 55.4% 59.4% 789 469 688 632 615 636 406 563 567 363 367 352 338 312 9M FY25: 1,818 ; 13,650 9M FY26: 2,040 ; 1
Slide 15: Q3 & 9M Business Highlights (Consolidated)
Q3 & 9M Business Highlights (Consolidated) Revenue from Operations Gross Profit and Gross Margins 811 59.5% 55.0% 58.6% 57.5% 59.3% 55.3% 59.1% 703 643 628 651 479 576 585 412 369 373 360 343 322 9M FY25: 1,865 9M FY26: 2,091 9M FY25: 1,077 ; 57.8% 9M FY26: 1,212; 58.0% Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY
Slide 16: Launch of MetroActiv (Nov25)
Launch of MetroActiv (Nov25) Launch of MetroActiv ❑ MBL launched MetroActiv, a dynamic, multi-brand retail destination, expanding its portfolio into the sports performance segment. ❑ MetroActiv brings together leading global brands such as Nike, adidas, Puma, ASICS, Skechers, New Balance, FILA, and
Slide 17: Strategic partnership with Clarks (Jun25)
Strategic partnership with Clarks (Jun25) About Clarks ❑ C. & J. Clark International Limited (trading as Clarks) is a British footwear manufacturer and retailer founded in 1825. ❑ A global leader and pioneer in comfort footwear, Clarks operates 320 stores across the United Kingdom and Ireland, along
Slide 18: BIS implementation update
BIS implementation update Implementation of Bureau of Indian Standards for footwear ❑ The Department for Promotion of Industry and Internal Trade (DPIIT) issued BIS Quality Control Order (QCO) for footwear which was mandatory from 1st January 2024 for most categories of footwear. This was subsequent
Slide 19: Update on new business formats
Update on new business formats Launch of Foot Locker ❑ Metro Brands Limited (MBL) signed a long-term licensing agreement with Foot Locker, Inc., the New York-based specialty athletic retailer in Q3 FY24. ❑ The Company launched its first Foot Locker store in India, at New Delhi's Nexus Select City Wa
Slide 20: Year wise Store additions - Standalone
Year wise Store additions - Standalone Stores 586 +6% 624 +18% 739 +13% 836 +9% 908 +2% 928 +4% 966 +2% 990 38 24 990 70 # 20 97 115 35 38 9M : 82 551 Opened 56 75 131 110 79 23 42 35 100 Opened Closed 21 37 16 13 9 3 4 11 18 Closed FY20 FY21 FY22 FY23 FY24 FY25 Jun'25 Sep'25 Dec'25 Dec'25 FY20 FY21
Slide 21: Profit & Loss Statement (Standalone)
Profit & Loss Statement (Standalone) In INR Crore Particulars Q3 FY26 Q2 FY26 Q3 FY25 9M FY26 9M FY25 FY25 Revenue from Operations 789 636 688 2,040 1,818 2,450 Other Income 15 26 23 69 68 95 Total Income 805 662 710 2,110 1,886 2,545 EXPENSES Purchases of stock-in-trade 389 374 262 1,064 739 962 Ch
Slide 22: Profit & Loss Statement (Consolidated)
Profit & Loss Statement (Consolidated) In INR Crore Particulars Q3 FY26 Q2 FY26 Q3 FY25 9M FY26 9M FY25 FY25 Revenue from Operations 811 651 703 2,091 1,865 2,507 Other Income 16 28 23 73 70 93 Total Income 827 679 726 2,164 1,935 2,600 EXPENSES Purchases of stock-in-trade 400 387 271 1,095 758 988
Slide 23: Metro's Strengths
Brief Overview Q3 & 9M FY26 Business Highlights Metro’s Strengths Levers of growth Sustainability Initiatives
Slide 24: Our Key Strengths
Our Key Strengths 1 One of India's largest pan India footwear retailers1 with a brand appeal among aspirational consumer segments 2 Pivoting from primarily "Offline" to an "Omni-channel" enabled footwear & accessories retailer Wide range of brands and products catering to all occasions across age gr
Slide 25: One of India's largest pan India footwear retailers
1 One of India's largest pan India footwear retailers1 with a brand appeal among aspirational consumer segments 551 586 624 739 836 908 990 13% 14% 13% 16% 13% 15% 14% 15% 13% 14% 13% 15% 13% 15% 23% 21% 24% 22% 25% 23% 25% 22% 24% 22% 24% 23% 24% 23% …with diversified presence across regions2 31% 3
Slide 26: Pivoting from Offline to Omni-channel retailer
2 Pivoting from primarily "Offline" to an "Omni-channel" enabled footwear and accessories retailer E-commerce – Online & Omnichannel ❑ Majority of online business comes through leading e-commerce 2.5% 2.5% 8.4% 7.3% 9.2% 8.4% 8.4% 7.9% 10.2% 9.5% 11.0% 10.6%13.2% marketplaces (Present on major E-com
Slide 27: Wide range of brands and products (1/2)
3 Wide range of brands and products catering to all occasions across age groups and market segments resulting in strong customer loyalty (1/2) Product presence across multiple categories through Own and Third party brands Own Brands Casual Formal Sports Accessories Third Party Brands Zeolite Fitflop
Slide 28: Wide range of brands and products (2/2)
3 Wide range of brands and products catering to all occasions across age groups and market segments resulting in strong customer loyalty (2/2) Own Brands contribute ~ 70-75% of total store product sales at Targeting Mid and Premium Segment – Average Realization (Rs.) MBOs1 1,500 1,550 1,525 1,575 9M
Slide 29: Asset light business with an efficient operating model
4 Asset light business with an efficient operating model leading to sustained profitable growth 1 2 3 4 Outsourced Leveraging scale Identification of Variable Cost Manufacturing of operations store location Structure ✓ One of the few footwear ✓ One of the highest gross ✓ Robust store selection ✓ Lea
Slide 30: Efficient operating model through vendor engagements and machine learning
5 Efficient operating model through deep vendor engagements and advanced machine learning model for supply chain Long Standing Relationships with Vendors • 250+ vendors dealt with over last 3 fiscal years • 20+ years of relationship with certain vendors Leveraging omni channel distribution New Desig
Slide 31: Platform of choice for third party brands
6 Platform of choice for third party brands looking to expand in India ❑ We have exclusive rights ❑ FitFlop is renowned for ❑ Fila is one of the fastest- ❑ Foot Locker, Inc. is an ❑ New Era Cap, LLC. is to operate and own offering shoes designed for growing global sportswear American premium sports
Slide 32: Board of Directors
7 Board of Directors1 UTPAL HEMENDRA SHETH, ARVIND KUMAR SINGHAL, VIKAS VIJAYKUMAR KHEMANI, SRIKANTH VELAMAKANNI, Non-Executive Director (Nominee) Independent Director Independent Director Independent Director ❖ He is a Cost Accountant and CFA and ❖ Holds a bachelor’s degree in ❖ Fellow Member of th
Slide 33: Promoters
7 Strong promoter background and an experienced and entrepreneurial management team with a proven track record RAFIQUE A. MALIK, FARAH MALIK BHANJI, ALISHA RAFIQUE MALIK, Chairman Managing Director President - Sports Division, E-Commerce and CRM ❖ Over 50 years of experience in the ❖ Over 20 years o
Slide 34: Strong track record of growth, profitability and financial discipline
8 Strong track record of growth, profitability and financial discipline Revenue from Operations Gross Profit and Gross Margins EBITDA and EBITDA Margins 17,500 16,800 10,150 15,450 19,800 18,700 18,200 54.9% 55.6% 54.9% 57.9% 58.1% 58.1% 57.7% 27.7% 27.5% 21.5% 30.6% 32.0% 29.8% 30.3% 2,357 2,507 1,
Slide 35: Levers of growth
Brief Overview Q3 & 9M FY26 Business Highlights Metro’s Strengths Levers of growth Sustainability Initiatives
Slide 36: Key Strategies
Key Strategies 1 3 5 2 4 Store Inorganic E-Commerce Expansion Plans Opportunities Expansion Leverage Multi-brand Evaluation basis Target to open Leverage existing Leverage Sports & Platform targeted returns, sustainable and capabilities to increase Athleisure Segment profitable stores across operati
Slide 37: Sustainability Initiatives
Brief Overview Q3 & 9M FY26 Business Highlights Metro’s Strengths Levers of growth Sustainability Initiatives
Slide 38: CSR & Sustainability Initiatives (1/3)
CSR & Sustainability Initiatives (1/3) Processing of Old & Discarded Footwear (ODF) in an eco-friendly manner ❑ Under this project, ODF is collected & then sorted, cut, and again sorted material wise as below: • Rubber and Plastic materials are sent for recycling. • Other totally worn off parts are
Slide 39: CSR & Sustainability Initiatives (2/3)
CSR & Sustainability Initiatives (2/3) We are introducing digitized smart class We are planting ~25,000 fruit-bearing We are supporting to increase the program and supporting some trees and refurbishing two water employability quotient of more than 300 infrastructure creation / refurbishments in har
Slide 40: CSR & Sustainability Initiatives (3/3)
CSR & Sustainability Initiatives (3/3) We are creating awareness and early We are sponsoring school fees and We are sponsoring to construct a lecture detection of hypertension, diabetes & oral counselling charges for more than 60 theater/conference room, facilitating cancer through screening in ~200
Slide 41: Store photos: Metro, Mochi, Walkway, MetroActiv
Slide 42: Store photos: Crocs, Fitflop, Foot Locker, New Era, Fila