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BSE LIVE NSE LIVE 26 Aug, 2025 12:21 Volume Todays L/H More ×

Motilal Oswal's research report on Relaxo Footwears

Relaxo Footwears’ (RLXF) 2QFY26 results reflect persistent volume pressure amid muted demand trends and transient impact from the GST implementation. However, margins remained resilient, with EBITDA margin stable YoY on the back of robust cost controls. Management indicated that the GST transition impact could continue till Dec’25, with distributors focusing on clearing old inventory. However, it remains hopeful of recovery from 4Q onward as GST rationalization improves the company’s price competitiveness (vs. unorganized players).

Outlook

Despite recent corrections, valuations remain rich at ~50x FY27 P

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