Metro Brands Ltd. · NSE:METROBRAND
Metro Brands — H1 FY2025-26 Earnings Presentation
43 slides from Metro Brands's earnings presentation, Oct 16, 2025
Slide 1: Filing cover letter to BSE and NSE
October 16, 2025 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: H1 FY2025-26 Earnings Presentation
METRO BRANDS LIMITED H1 FY2025-26 EARNINGS PRESENTATION 16th October 2025
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 Q2 & H1 FY26 Business Highlights Metro’s Strengths Levers of growth Sustainability Initiatives & Others
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 H1 FY26 8 Rs 1,279 crores store formats Revenue from operations 966 Rs 366 crores Stores EBITDA 28.6% EBITDA margin 31 71% States & Union territories Revenue contribution of in-house brands at MBOs 211 Cities 42% 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 966 Stores locat
Slide 8: One Stop Shop for all Footwear Needs
One Stop Shop for all Footwear Needs Sep’25 / H1 FY26 (MBO) (MBO) (EBO) (MBO) (EBO) (EBO) (MBO) (EBO) Target Customer Family Youth Premium Value Format Premium Premium Premium Premium No. of. Stores 358 275 222 84 13 2 5 71 Cities 181 131 100 56 9 1 3 6 Price Range 2,000 – 10,000 2,000 – 10,000 2,50
Slide 9: Network of Retail Outlets (as of Sep'25)
One Stop Shop for all Footwear Needs Network of Retail Outlets (as of Sep’25) Store Count as of September 30, 2025 358 275 84 222 13 5 7 2 8 Note: The above map is not to scale and is for illustrative purposes only.
Slide 10: PAN India Presence with 966 Stores
One Stop Shop for all Footwear Needs PAN India Presence with 966 Stores I 211 Cities I 31 States and UTs (As of Sep’25) Zone wise1 Tier wise1 Location Wise1 West Tier III Metro South 31% 17% cities 32% 30% High Street 56% Airports 1% Tier II 26% North East Malls Tier I 24% 13% 43% 27% Primarily foll
Slide 11: Q2 & H1 FY26 Business Highlights
Brief Overview Q2 & H1 FY26 Business Highlights Metro’s Strengths Levers of growth Sustainability Initiatives & Others
Slide 12: Q2 Business Highlights
Q2 Business Highlights Standalone Consolidated In INR Crore Q2 FY26 Q2 FY25 YoY Growth% Q2 FY26 Q2 FY25 YoY Growth% Revenue 636 567 12.2% Revenue 651 585 11.2% EBITDA 167 149 12.3% EBITDA 171 155 10.1% EBITDA% 26.3% 26.3% EBITDA% 26.2% 26.5% PAT 64 66 -2.4% PAT 69 72 -3.9% PAT% 10.1% 11.6% PAT% 10.6
Slide 13: H1 Business Highlights
H1 Business Highlights Standalone Consolidated In INR Crore H1 FY26 H1 FY25 YoY Growth% H1 FY26 H1 FY25 YoY Growth% Revenue 1,251 1,130 10.7% Revenue 1,279 1,162 10.1% EBITDA 360 330 9.3% EBITDA 366 336 8.9% EBITDA% 28.8% 29.2% EBITDA% 28.6% 28.9% PAT 161 158 1.7% PAT 168 164 2.3% PAT% 12.8% 14.0% P
Slide 14: Q2 & H1 Business Highlights (Standalone)
Q2 & H1 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 60.0% 55.0% 59.1% 57.5% 59.7% 55.4% 510 688 460 632 615 636 406 563 567 410 363 367 352 360 338 312 310 260 210 160 H1 FY25: 1130 ; 8700 H1 FY26:
Slide 15: Q2 & H1 Business Highlights (Consolidated)
Q2 & H1 Business Highlights (Consolidated) Revenue from Operations Gross Profit and Gross Margins 703 59.5% 55.0% 58.6% 57.5% 59.3% 55.3% 643 628 651 510 576 585 460 412 410 369 373 360 360 343 322 310 260 210 160 H1 FY25: 1,162 H1 FY26: 1,279 110 H1 FY25: 665 ; 57.2% H1 FY26: 732 ; 57.3% 60 Q1 FY25
Slide 16: Strategic partnership with Clarks
Strategic partnership with Clarks 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 with hu
Slide 17: 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 18: 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. ❑ Within a year, the Company launched its first Foot Locker store in India, at New Delhi's Nexus
Slide 19: Year wise Store additions - Standalone
Year wise Store additions - Standalone Stores 586 +6% 624 +18% 739 +13% 836 +9% 908 +2% 928 +4% 966 20 # 38 966 70 97 115 35 38 551 Opened 56 75 131 110 79 23 42 Closed 21 37 16 13 9 3 4 FY20 FY21 FY22 FY23 FY24 FY25 Jun'25 Sep'25 Sep'25 FY20 FY21 FY22 FY23 FY24 FY25 Jun25 Sep25 Metro 218 219 231 27
Slide 20: Profit & Loss Statement (Standalone)
Profit & Loss Statement (Standalone) In INR Crore Particulars Q2 FY26 Q1 FY26 Q2 FY25 H1 FY26 H1 FY25 FY25 Revenue from Operations 636 615 567 1,251 1,130 2,450 Other Income 26 28 22 54 45 95 Total Income 662 643 589 1,305 1,175 2,545 EXPENSES Purchases of stock-in-trade 374 302 276 675 477 962 Chan
Slide 21: Profit & Loss Statement (Consolidated)
Profit & Loss Statement (Consolidated) In INR Crore Particulars Q2 FY26 Q1 FY26 Q2 FY25 H1 FY26 H1 FY25 FY25 Revenue from Operations 651 628 585 1,279 1,162 2,507 Other Income 28 29 23 57 47 93 Total Income 679 657 609 1,336 1,208 2,600 EXPENSES Purchases of stock-in-trade 387 309 280 696 487 988 Ch
Slide 22: Balance Sheet (Consolidated)
Balance Sheet (Consolidated) Balance Sheet In INR Crore As at As at As at As at Particulars September 30, March 31, Particulars September 30, March 31, 2025 2025 2025 2025 Non-current assets Equity Property, plant and equipment 388 371 Equity share capital 136 136 Capital work-in-progress 18 9 Other
Slide 23: Cash Flow statement (Consolidated)
Cash Flow statement (Consolidated) In INR Crore For six months For six months Particulars ended September ended September 30, 2025 30, 2024 Cash flow from Operating Activities Profit before tax for the year 221 217 Add: Non-cash items/re-classification 155 126 Operating profit before working capital
Slide 24: Metro's Strengths
Brief Overview Q2 & H1 FY26 Business Highlights Metro’s Strengths Levers of growth Sustainability Initiatives & Others
Slide 25: 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 26: 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 551 586 624 739 836 908 966 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% 22% …with diversified presence across regions2 31% 3
Slide 27: 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 2.2% 2.5% 8.1% 7.3% 14.5% 8.4% 7.6% 7.9% 11.0% 9.5% 10.9% 10.6% 13.9% marketplaces (Present on major E-c
Slide 28: 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 29: 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 1,500 1,550 H1
Slide 30: 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 31: 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 32: 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 33: 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 ❖ Holds Bachelor of Engineering ❖ Fellow Member of ICAI, a C
Slide 34: Promoters and management team
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 35: 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 36: Levers of growth
Brief Overview Q2 & H1 FY26 Business Highlights Metro’s Strengths Levers of growth Sustainability Initiatives & Others
Slide 37: 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 38: Sustainability Initiatives & Others
Brief Overview Q1 FY26 Business Highlights Metro’s Strengths Levers of growth Sustainability Initiatives & Others
Slide 39: 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 40: 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 41: 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
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