Lehar Footwears Q1 FY27 Results (BSE: 532829)

10 Aug 2026 · Analysis by Alpha Inflection

Signal: Revenue declined

The read

The key inflection is sequential rather than YoY: Q1FY27 revenue fell 47.3% YoY and PAT fell 58.6%, but EBITDA margin was still 9.4%; the trajectory now depends on whether the ₹39.70 crore OEM order for 18 lakh pairs converts into volume recovery rather than a one-quarter margin defence.

P&L walk

Revenue fell to ₹7495.36 lakh, down 47.3% YoY, while EBITDA declined 44.4% to ₹708 lakh and the 9.4% EBITDA margin remained positive; depreciation of ₹164.96 lakh and finance cost of ₹139.35 lakh left PAT at ₹301.45 lakh, down 58.6% YoY.

Segments

Footwear, Accessories and other like Products drove the result with ₹5969.38 lakh revenue and ₹443.15 lakh segment profit, while Toolkit and Others contributed ₹1680.12 lakh revenue and ₹93.54 lakh profit; both segments remained profitable.

Key positives

• EBITDA margin remained positive at 9.4% despite revenue declining 47.3% YoY, showing the business retained operating profitability through the downturn.
• The Footwear, Accessories and other like Products segment generated ₹443.15 lakh profit on ₹5969.38 lakh revenue, while Toolkit and Others also remained profitable at ₹93.54 lakh.
• The ₹39.70 crore OEM order covers 18 lakh pairs and provides a disclosed volume catalyst, subject to execution.

Key concerns

• Revenue declined 47.3% YoY to ₹7495.36 lakh and PAT declined 58.6% YoY to ₹301.45 lakh, indicating a significant demand or execution slowdown.
• EBITDA declined 44.4% YoY to ₹708 lakh even though the 9.4% margin remained positive; the filing does not disclose whether the contraction was volume-, mix- or pricing-led.
• Finance cost of ₹139.35 lakh consumed a material portion of the ₹542.68 lakh profit before finance cost, limiting PBT to ₹403.33 lakh.

View original filing

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