Liberty Shoes Ltd: From School Shoes to Courtroom Drama – Can This Brand Walk the Talk?
1. At a Glance
Liberty Shoes, born in 1954, makes everything from school shoes to jungle boots, and even perfumes (yes, because why stop at leather?). With 5 factories churning out 106 lakh pairs annually, and 433 showrooms across India, the brand is still standing tall—or at least wobbling on its heels. But Q1 FY26 saw a profit drop of 29% YoY, a warehouse fire in 2024 burnt inventory, and the promoters are busy fighting arbitration battles. Investors? They’re just trying to figure out if this shoe fits anymore.
2. Introduction
Once upon a time, every 90s kid in India either wore Liberty school shoes or borrowed Bata. Liberty was that middle-class aspiration brand—affordable, durable, and proudly “Made in Karnal.” Over the decades, the company diversified into fashion footwear, industrial safety boots, and now even athleisure with its Leap7x range, endorsed by Ayushmann Khurrana and Rakul Preet Singh.
But behind the glossy ads lies a tangled story:
Profits are wafer-thin (NPM barely 2%).
Sales growth crawled at 0.7% CAGR in 5 years.
Promoters fought in NCLT over CEO removal.
A warehouse fire singed inventory.
In an industry where Metro Brands trades at P/E 87 and Relaxo at 65, Liberty looks like the underdog trying to keep up. The problem? While competitors run marathons, Liberty is stuck in arbitration hearings.
3. Business Model – WTF Do They Even Do?
Liberty Shoes runs a multi-channel footwear empire:
Footwear: Fashion shoes, casuals, school shoes, sneakers, ballerinas, safety boots, army & CRPF footwear.
