Latest Q3 FY26 revenue came in at ₹180.92 Cr, up 13% YoY. Sounds good? Wait. Net profit collapsed to ₹0.59 Cr, down nearly 73% YoY. Yes, you read that correctly. Sales went up, profits went on a tea break.
This is a 1954-born footwear brand selling everything from school shoes to army boots to perfumes. It has 106 lakh pairs annual capacity, 467 exclusive showrooms, 150 distributors, and listings on every e-commerce platform you can name.
And yet, the company trades at a P/E similar to industry leaders with far superior margins.
So the real question is: Is Liberty lacing up for a comeback, or is this just nostalgia premium?
Let’s walk through it.
2. Introduction – From School Shoes to Corporate Boardroom Drama
Founded in 1954, Liberty Shoes has survived License Raj, Chinese imports, mall culture, and now Instagram shopping.
That’s not a small achievement.
But this isn’t just a footwear story. It’s a family saga.
In 2023, promoter disputes led to removal of CEO Adesh Gupta. NCLT dismissed the petition. Then NCLAT dismissed the appeal. Meanwhile, termination notices from group entities threaten the use of the “Liberty” trademark.
Imagine running a shoe company and worrying whether you’ll still own your own brand name.
Drama aside, Liberty sells through three main channels:
Institutional (Defence, corporates)
Franchise & distributors
Company-owned and online
Revenue in FY25 was ₹675.48 Cr. Not bad. But profit? Just ₹13.56 Cr.
For a company with 60+ years of legacy, this is more “steady uncle” than “aggressive startup.”
So are we looking at stability… or stagnation?
3. Business Model – WTF Do They Even Do?
Liberty manufactures leather and non-leather footwear across five plants in Haryana, Himachal Pradesh, and Uttarakhand.
Capacity? 106 lakh pairs per annum.
Products include:
Formal shoes
Sports shoes
School shoes
Safety footwear
Army & CRPF boots
Accessories and perfumes
Sub-brands like Fortune, Healers, Lucy n Luke, Force10, Gliders and more.
