Relaxo Footwears Limited (RELAXO.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-23.4%

₹217.43

vs ₹283.75 price

Levered DCF

₹390.10

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	33.04×	60.69×	102.19×	137.03×	113.93×	74.65×	65.67×	57.51×
P/B	2.68×	4.93×	10.24×	11.42×	15.06×	13.84×	11.68×	9.13×
P/S	2.19×	3.71×	7.03×	7.61×	9.99×	9.28×	6.21×	4.43×
EV / EBITDA	14.59×	25.69×	47.18×	59.81×	60.45×	42.13×	35.96×	30.23×
Gross margin	38.1%	58.8%	56.3%	50.5%	54.1%	55.9%	25.2%	25.7%
Operating margin	8.0%	8.3%	9.1%	7.9%	11.4%	16.7%	12.7%	11.8%
Net margin	6.6%	6.1%	6.9%	5.6%	8.8%	12.4%	9.5%	7.7%
Current ratio	2.33×	2.74×	2.4×	2.54×	2.57×	2.4×	1.91×	1.57×
Debt / equity	0.11×	0.1×	0.1×	0.09×	0.1×	0.09×	0.13×	0.1×
Interest coverage	10.07×	11.15×	12.66×	10.16×	17.65×	21×	15.59×	29.88×
Dividend yield	1.3%	0.7%	0.3%	0.3%	0.2%	0.0%	0.4%	0.2%
Payout ratio	41.7%	43.8%	31.0%	40.3%	26.7%	0.0%	28.4%	12.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.1%	8.1%	10.0%	8.3%	13.2%	18.5%	17.8%	15.9%
Return on invested capital	6.5%	7.2%	8.8%	7.8%	11.5%	16.7%	15.9%	13.9%
Return on assets	6.1%	6.2%	7.4%	6.2%	9.8%	13.4%	12.3%	10.9%
Free cash flow yield	3.8%	2.8%	-0.1%	1.0%	-0.3%	1.8%	1.4%	0.3%
Earnings yield	3.0%	1.6%	1.0%	0.7%	0.9%	1.3%	1.5%	1.7%
Enterprise value	₹61.3B	₹105.1B	₹206.5B	₹213.4B	₹266.8B	₹219B	₹150.3B	₹101.9B
Net debt / EBITDA	0.5×	0.42×	0.38×	0.43×	0.38×	0.27×	0.39×	0.33×
Cash conversion cycle (days)	105	155	154	105	180	71	117	82