1. At a Glance – Sneakers, Spreadsheets & Suspicion
Brandman Retail Limited is coming to the NSE SME party with an ₹86.09 crore book-built IPO, entirely a fresh issue, priced at ₹167–176 per share, valuing the company at a pre-IPO market cap of ₹324.85 crore. The company operates 19 outlets (11 EBOs + 2 MBOs + others), sells mostly New Balance products, and flashes EBITDA margins of 28% like it just discovered a cheat code in Indian retail.
PAT margins jumped to 20.64%, ROE looks like a crypto token (43.69%), and promoters own 93.91% pre-IPO, which means float will be tighter than sneaker laces. But here’s the catch — retail fashion + non-exclusive distribution + aggressive margins is a combo that makes auditors sweat.
So is this a scalable premium retail story… or just a very well-dressed risk? Let’s untie the laces slowly.
2. Introduction – Premium Retail or Premium Narrative?
Founded in 2021, Brandman Retail is a young company with very old confidence. In just a few years, it has built a North-India-centric retail and distribution network for international sports and lifestyle brands, primarily New Balance.
The company doesn’t manufacture anything. It distributes, retails, licenses, and sells online. That means margins depend not on factories or patents — but on brand agreements, footfall, and fashion cycles.
The numbers look fantastic post-FY24. Too fantastic, some might say. When a retail company suddenly shows 30% EBITDA margins, the first question is not “Wow”, it’s “For how long?”
This IPO is not about survival capital. It’s about expansion, working capital, and scale. Which means the business must now prove it
can replicate these margins across 15 new outlets without tripping over rent, inventory, or discount seasons.
3. Business Model – WTF Do They Even Do?
Brandman Retail runs on four pillars:
- Distribution – Non-exclusive distributor of international brands
- Licensing – Operates stores as license grantee
- Retail – Own Exclusive Brand Outlets (EBOs) and Multi-Brand Outlets (MBOs)
- E-commerce – Monthly order fulfilment via Flipkart, Ajio & Tata Cliq
They operate 11 EBOs and 2 Sneakrz MBOs, mainly across Delhi NCR, Punjab, UP, Uttarakhand & Gujarat.
Important detail: Non-exclusive distribution. This means Brandman does not own the brand relationship monopoly. If the brand sneezes, Brandman catches a cold.
Asset-light? Yes.
Scalable? Potentially.
Defensive moat? That depends on how loyal New Balance stays.
4. Financials Overview – Numbers Doing a Marathon Sprint
Restated Consolidated Financials (₹ crore)
| Metric | Dec 2025 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| Revenue | 97.21 | 136.30 | 123.49 |
| EBITDA | 27.02 | 31.15 | 12.01 |
| PAT | 19.67 | 20.95 | 8.27 |
Margins exploded post-FY24. EBITDA margin rose from ~10% to 28%. PAT margin hit 20.64%.
EPS (Post-IPO): ₹14.21
Price at upper band: ₹176
👉 Post-IPO P/E ≈ 12.38x
Retail companies usually fight for margins. Brandman seems to have defeated them. Question is — was FY25–FY26
