1. At a Glance Over the past five years, Relaxo Footwears has grown sales at a 3% CAGR to ₹2,790 cr and delivered a 5-year profit CAGR of –6%, with ROCE down from 30% to 11%. Despite premium brands like Sparx, the stock trades at 73× FY25 EPS of ₹6.84—well above a fair-value band of ₹175–₹262.
2. Introduction with Hook
Imagine slippers and canvas shoes making you richer—Relaxo tried, but growth sputtered.
From a ₹2,653 cr sales peak in FY22 to ₹2,790 cr in FY25, it’s less “striding ahead” and more “hobbling forward.”
At ₹501/share, you’re paying ₹73 for every rupee of earnings—shoe-shiners charge less.
