Industry research
India’s footwear industry brings together manufacturers of everyday, formal, protective and specialised footwear, alongside businesses supplying closely related goods.
| # | Company | Status | Revenue (₹ crore) | EBITDA margin % | Registered in |
|---|---|---|---|---|---|
| 1 | Covestro (india) | Private | 4,384 | 2.7 | Maharashtra |
| 2 | Relaxo | Listed · RELAXO | 2,790 | 14.7 | Delhi |
| 3 | Metro Brands | Listed · METROBRAND | 2,507 | 33.9 | Maharashtra |
| 4 | Walkaroo International | Private | 2,228 | 12.1 | Tamil Nadu |
| 5 | Leayan Global | Private | 2,016 | 3.1 | Uttar Pradesh |
| 6 | Campus Activewear | Listed · CAMPUS | 1,593 | 16.2 | Delhi |
| 7 | Apache Footwear India | Private | 1,474 | −0.1 | Andhra Pradesh |
| 8 | K H Exports India | Private | 1,415 | 1.6 | Tamil Nadu |
| 9 | Rahman Industries | Private | 825 | 13.2 | Uttar Pradesh |
| 10 | Aqualite Industries | Private | 771 | 10.9 | Delhi |
| 11 | Liberty Shoes | Listed · LIBERTSHOE | 675 | 10.3 | Haryana |
| 12 | Mochiko Shoes | Private | 673 | −1.5 | Delhi |
| 13 | Superhouse | Listed · SUPERHOUSE | 640 | 7.0 | Uttar Pradesh |
| 14 | Mirza International | Listed · MIRZAINT | 581 | 6.5 | Uttar Pradesh |
| 15 | Micro Plastics | Private | 566 | 7.9 | Karnataka |
| 16 | Premier Agri Foods | Private | 543 | 3.7 | Uttar Pradesh |
| 17 | M K U | Private | 532 | 21.0 | Uttar Pradesh |
| 18 | Mochiko Sports | Private | 475 | −1.4 | Delhi |
| 19 | Saddles International Automotive &aviation Interiors | Private | 450 | 12.5 | Karnataka |
| 20 | Asian Footwears | Private | 448 | 8.0 | Delhi |
| 21 | Ajanta Shoes (india) | Private | 437 | 8.8 | West Bengal |
| 22 | Farida Shoes | Private | 425 | 5.1 | Tamil Nadu |
| 23 | Khadim India | Listed · KHADIM | 418 | 18.1 | West Bengal |
| 24 | Pureplay Skin Sciences (india) | Private | 402 | 8.9 | Maharashtra |
| 25 | Alpine Shoes | Private | 369 | −12.2 | Gujarat |
| 26 | Abros Sports International | Private | 369 | 8.6 | Haryana |
| 27 | Indus Footprints | Private | 365 | 0.2 | Rajasthan |
| 28 | Metropolitan Eximchem | Private | 307 | 13.8 | Maharashtra |
| 29 | Blue Tyga Shoes | Private | 306 | 11.4 | Tamil Nadu |
| 30 | Enrich Hair and Skin Solutions | Private | 298 | −1.8 | Maharashtra |
317 footwear companies with statutory filings (9 listed, 308 private) reported combined revenue of ₹41,110 crore in FY2025, +9.3% on the same companies, and aggregate EBITDA of ₹3,701 crore. As filed each year, combined revenue was ₹18,077 crore in FY2018, reached ₹41,110 crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 7 listed companies with an exchange price are worth ₹39,242 crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.
Mixed. The aggregate EBITDA margin of footwear companies was 9.0% in FY2025, 0.4 pts below FY2024, against a peak of 11.4% in FY2018. Profit after tax margin was 2.5% (−0.4 pts on FY2024). Aggregate EBITDA of listed and private footwear companies moved +21% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹3,701 crore (+7.9% on FY2024).
By FY2025 revenue the largest footwear companies are Covestro (india) (₹4,384 crore, 2.7% EBITDA margin, private); Relaxo (₹2,790 crore, 14.7% EBITDA margin); Metro Brands (₹2,507 crore, 33.9% EBITDA margin); Walkaroo International (₹2,228 crore, 12.1% EBITDA margin, private); Leayan Global (₹2,016 crore, 3.1% EBITDA margin, private). Among the ten largest, Metro Brands (33.9%) and Campus Activewear (16.2%) earn the widest EBITDA margins and Apache Footwear India (-0.1%) the thinnest. 18 of the 25 largest are private companies, which a listed-only view leaves out.
In the news: Supply chain stories have a net tone of +68 (16% negative), 46 pts below all footwear stories (+21). In buyer searches: 11,111,600 of 14,065,450 monthly searches across 400 footwear-product queries are shoes queries; the top one is “shoes for men” (823,000 a month).
These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Supply chain is the most negative theme in footwear news (Footwear in the news). Footwear EBITDA grew 21% since FY2022 (Industry financials). 5 private footwear manufacturers pass an IPO-readiness screen (Top footwear companies in India). Median EV/EBITDA is 11.0× and median P/E 43.1× across 7 priced footwear companies. (Market capitalisation & valuation). 11,111,600 of 14,065,450 monthly searches across 400 footwear-product queries are shoes queries; the top one is “shoes for men” (823,000 a month). (Search & demand signals).
The median trailing P/E is 43.1× and the median EV/EBITDA 11.0× across 7 priced companies.
It covers relevant listed and unlisted manufacturers selected through statutory activity and name-based screening.
The selection uses configured activity classes and bounded product terms, with uncertain records reserved for review.
Research information, not investment advice.
Industry research