Liberty Shoes Q2 FY26 | ₹695 Cr Sales, ₹13 Cr PAT, Promoter Fights & Warehouse Fires — India’s OG Footwear Brand Learns to Run Again
1. At a Glance – The Once-Stylish Shoe Trying to Tie Its Laces
Liberty Shoes Ltd (BSE 526596 | NSE LIBERTSHOE) — the Karnal-based footwear veteran — is trading near ₹332 a share (market cap ₹566 Cr), down ≈ 41 % YoY. Sales for FY25 stand around ₹695 Cr, profit ₹13 Cr, and margins are walking the thin line between fashion and fatigue: OPM 10 %, ROE 7 %, ROCE 10 %.
P/E? 42× — because the market still believes nostalgia sells. Book value ₹134 → P/B 2.48×. Dividend? None. (Because why share cash when you can share family disputes?)
Latest quarter (Q2 FY26) — Revenue ₹174 Cr (+1.4 % QoQ), PAT ₹1.96 Cr (–23 % QoQ). If earnings were shoes, this is a slipper sale, not a sneaker drop.
2. Introduction – From Cobbler to Courtroom
Incorporated in 1954, Liberty Shoes once symbolised “Make in India before it was cool.” Back when Bata ruled and Nike was still a rumour, Liberty was fitting the feet of Indian officers, students, and sarkari babus.
Then came 2020s — a glorious combo of COVID, competition, and chaos. Instead of runway collections, they delivered press releases about fires, boardroom coups, and arbitration notices.
The market watched in disbelief as Liberty — the brand that made school shoes for generations — almost tripped over its own laces. Yet, somehow, it’s still walking. Maybe in worn-out sandals, but walking nonetheless.
3. Business Model – WTF Do They Even Do?
They make shoes. All kinds. For everyone. From Army boots to Aunty heels, from CRPF combat soles to Zudio casuals.
Product Mix: Leather and non-leather footwear (≈ 99 % of revenue) plus accessories (≈ 1 %).
Factories: Five manufacturing units — Karnal, Gharaunda, Liberty Puram (Haryana), Paonta Sahib (HP), Roorkee (Uttarakhand) — total capacity 106 lakh pairs per year.
Brands: Fortune, Healers, Senorita, Coolers, Force 10, Leap 7X, Tip Top, Lucy n Luke and a dozen others.
Sales Channels: Institutional (army, police, corporates), retail (433 exclusive stores, 247 franchisees down from 360 FY21), and online (Amazon, Myntra, Ajio etc.).
