Brandman RetailShare price, financial results, shareholding and management
- Market cap
- ₹263 cr
- Stock P/E
- 10.4peers 12.6
- Book value
- ₹76.9
- Price to book
- 1.85
- EV / operating profit
- 8.1
- Market cap to sales
- 1.62
- ROCE · FY26
- 36.8%
- ROE · FY26
- 29.4%
- ROE, 3-year average
- 101.6%
- Operating margin · FY26
- 17.4%peers 8.5%
- Sales growth, 3 years
- 52.3%
- Profit growth, 3 years
- +20.4%
- Debt to equity
- 0.09peers 0.31
- Borrowings
- ₹13.3 cr
- Interest cover
- 17.3×
- Cash from business / op. profit
- -139%
- Debtor days
- 116
- Pledged
- 0.00%
- Promoter holding
- 69.02%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 568
- High / low since listing
- ₹244 / ₹109
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Brandman Retail share price chart
Close on 6 Nov 2026 · +1.68% on the day · Vol 11,200
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -12.2%
- 3 months
- -20.0%
- 6 months
- -29.0%
- Since IPO
- -19.1%
- Traded a day, 20 days
- ₹0.19 cr
- Taken for delivery
- 81%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +20% | +20% |
| 3 years, a year | +52% | - |
About Brandman Retail: business, products and customers
Brandman Retail sells shoes, sportswear and accessories from global brands such as New Balance, Saucony, Anta and Wilson in India, through its own stores, online marketplaces and bulk sales to other sellers. Its shares trade on NSE Emerge.
Brandman Retail does not own the brands it sells: it holds non-exclusive distribution, retail and licence agreements with ten international brands, and buys their stock to resell it. At March 2026 it ran 22 stores, 14 New Balance brand stores and 8 Sneakrz stores that carry several brands, and sold online on Amazon, Flipkart, Myntra, AJIO, Tata CLiQ and Nykaa and its own websites.
Bulk sales to wholesalers, marketplaces and an off-price buyer in the Gulf brought in 61.6% of FY26 revenue, with stores at 30.6% and online at 7.8%. Exports, all to Dubai, were 48.8% of revenue in the nine months to December 2025, and one customer alone gave 38.4%.
Read more about the business
What is new: the company listed in February 2026, signed with the ANTA Group in March 2026 to bring Anta and Wilson to India, opened the first Anta store in Gurgaon in August 2026 and became an authorised online reseller for Skechers in June 2026. It plans to use issue money to open new stores and says it wants store and online sales to become the larger part of the business.
From the offer document (red herring prospectus, February 2026), the annual report 2025-26, the May 2026 investor presentation and earnings call, the press releases of March, June and August 2026, and the June 2026 quarter results with the monitoring agency report.
Read the deeper study ↓In its favour
- Sales have grown very fast: 52% a year over three years.
- It earns a high return on the money it uses: ROCE 37% in FY26.
- It has little debt for its size: debt to equity 0.09.
- The promoters own a large part of the company: 69.02%.
To watch
- Opening of the new Anta, Wilson, Saucony and Sneakrz stores, with a target of doubling the store count by FY27 (Investor presentation, May 2026, p.10 and p.18; Earnings call, May 2026, p.13).
- Use of the remaining issue money, including ₹7.86 cr of the Skechers object still unused at 30 June 2026 (Result filing with monitoring agency report, June 2026 quarter, p.4 and p.17).
- Share of revenue from the largest customer and from exports, as the company moves toward store and online sales (Offer document, p.171 and p.172; Earnings call, May 2026, p.12 and p.14).
- Clearing of tax deducted at source that was not deposited on time, noted with the June 2026 quarter results (Result filing, June 2026 quarter, p.4).
- Customers take longer to pay than before: 116 days in FY26, against 38 in FY23.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Brandman Retail revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew roughly in step with sales.
SME companies report every six months.
Brandman Retail half-yearly results
SME companies report every six months · ₹ crore
| H2FY26 | |
|---|---|
| Sales | 115.69 |
| Expenses | 93.39 |
| Operating profit | 22.30 |
| OPM | 19.3% |
| Interest | 1.33 |
| Depreciation | 0.69 |
| Profit before tax | 28.32 |
| Net profit | 19.47 |
Brandman Retail profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 46 | 123 | 135 | 162.41 |
| Expenses | 45 | 111 | 108 | 134.18 |
| Operating profit | 1 | 12 | 27 | 28.23 |
| OPM | 2.3% | 10.0% | 20.0% | 17.4% |
| Other income | 0 | 0 | 5 | 9.26 |
| Interest | 0 | 0 | 3 | 2.09 |
| Depreciation | 0 | 1 | 1 | 1.25 |
| Profit before tax | 1 | 11 | 28 | 34.15 |
| Tax rate | 100.0% | 27.3% | 25.0% | 25.9% |
| Net profit | 0 | 8 | 21 | 25.29 |
| EPS ₹ | 17.60 | 330.80 | 16.50 | 18.65 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
A tax rate above 60% or below zero (FY23) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Brandman Retail profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 2.3% | 10.0% | 20.0% | 17.4% |
| Tax rate | 100.0% | 27.3% | 25.0% | 25.9% |
| ROCE | · | 141.9% | 112.2% | 36.8% |
| ROE | · | 168.4% | 107.0% | 29.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Brandman Retail debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Brandman Retail balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 0.25 | 0.25 | 13 | 18.46 |
| Reserves | 0 | 9 | 17 | 123.46 |
| Net worth | 0.25 | 9.25 | 30 | 141.92 |
| Borrowings | 2 | 4 | 12 | 13.29 |
| Other liabilities | 35.75 | 26.75 | 43 | 52.79 |
| Total liabilities | 38 | 40 | 85 | 208 |
| Fixed assets | 3 | 6 | 7 | 11.57 |
| Capital work in progress | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 35 | 34 | 78 | 196.43 |
| Receivables | · | · | · | 51.64 |
| Inventory | · | · | · | 53.29 |
| Cash | · | · | · | 46.64 |
| Trade payables | · | · | · | 49.96 |
Brandman Retail cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | -1 | 2 | -1 | -39.29 |
| Cash from investing | 0 | -3 | -3 | -4.98 |
| Cash from financing | 2 | 2 | 7 | 86.55 |
| Net cash flow | 1 | 1 | 3 | 42.28 |
| Capital spending | · | · | · | 5.33 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 38 | 15 | 101 | 116 |
| Inventory days | 288 | 122 | 148 | 199 |
| Days payable | 203 | 118 | 202 | 187 |
| Cash conversion cycle | 123 | 19 | 47 | 128 |
| Working capital days | -48 | -1 | 43 | 179 |
Brandman Retail peers and competitors
Listed SME companies in the same industryBy sales, Brandman Retail is number 27 of the 79 listed SME companies in consumer durables.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Clay Craft India | 334 | 12.4 | 179 | 27 | 24.0% | 0.30 |
| Pro FX Tech | 119 | 7.9 | 177 | 15.2 | 11.5% | 0.00 |
| Aspire & Innovative Advertising | 21 | 8.4 | 176 | 2.6 | 1.0% | 0.34 |
| K. V. Toys India | 166 | 18.5 | 174 | 9 | 7.0% | 0.24 |
| Patdiam Jewellery | 147 | 8.6 | 173 | 17 | 10.0% | 0.32 |
| Esprit Stones | 125 | - | 173 | -2.6 | 3.3% | 0.39 |
| Dev Labtech Venture | 127 | 12.7 | 167 | 10 | 7.0% | 0.06 |
| Essen Speciality Films | 301 | - | 163 | -4 | 0.3% | 0.32 |
| Brandman Retail | 263 | 10.4 | 162 | 25.3 | 17.4% | 0.09 |
| Inflame Appliances | 169 | 28.2 | 150 | 6 | 13.0% | 0.87 |
| PNGS Gargi Fashion Jewellery | 636 | 20.5 | 149 | 31 | 27.0% | 0.09 |
| Median of the 10 others | 157 | 12.6 | 173 | 9.5 | 8.5% | 0.31 |
Brandman Retail shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Brandman Retail shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Feb 26 | Mar 26 | Jun 26 | |
|---|---|---|---|
| Promoters | 69.02% | 69.02% | 69.02% |
| Foreign investors (FIIs) | 2.77% | 1.76% | 1.69% |
| Indian institutions (DIIs) | 9.43% | 6.16% | 5.94% |
| HNIs (over ₹2 lakh each) | 3.68% | 8.06% | 8.55% |
| Small holders (up to ₹2 lakh) | 11.46% | 5.48% | 5.16% |
| Companies and others | 3.64% | 9.52% | 9.64% |
| Number of shareholders | 1,397 | 541 | 568 |
The named holders are at 30 June 2026, beside 31 March 2026, each under the group the pattern files them in.
Brandman Retail study: the business from its own documents
Read from 11 of the company's own documentsBrandman Retail so far
From the company's own record
- 11 Feb 2026Listed on NSE Emerge at ₹176
- 30 June 2026Promoters at 69.02%
- 20 Feb 2026Highest close since listing, ₹215.72
Brandman Retail key facts from the filings
Each figure with the document it comes from
- Stores
- 22
- Stores at March 2026, up from 13 a year earlier: 14 New Balance brand stores and 8 Sneakrz stores across 12 cities.Investor presentation, May 2026, p.4 and p.13
- Largest customer
- 38.4%
- Share of revenue from one customer in the nine months to December 2025; the ten largest gave 55.5%.Offer document, p.172
- Exports
- 48.8%
- Share of revenue from export sales to Dubai in the nine months to December 2025, against 14.2% in FY25.Offer document, p.171
- Largest brand
- 45.7%
- Share of revenue from the single largest brand in the nine months to December 2025, down from 94.0% in FY24.Offer document, p.170
- Revenue
- ₹162.4 cr
- FY26 revenue, up 20% on FY25; the second half brought ₹115.7 cr of it.Investor presentation, May 2026, p.21
Show 5 more facts
- Cash from operations
- ₹39.3 cr outflow
- Operating cash flow in FY26 against profit of ₹25.3 cr, as inventories, receivables and advances rose.Annual report 2025-26, p.86; Investor presentation, May 2026, p.21
- Public issue
- ₹86.1 cr
- Raised in February 2026; the issue was subscribed about 114 times and the shares listed on 11 February 2026 at ₹183, about 4% above the issue price.Investor presentation, May 2026, p.12
- Skechers money used
- ₹7.14 cr of ₹15 cr
- Issue money spent on the Skechers object by 30 June 2026, the date set for using all of it; the company said a bank guarantee was delayed.Result filing with monitoring agency report, June 2026 quarter, p.4 and p.17
- Latest quarter
- ₹45.2 cr
- Revenue in the June 2026 quarter, against ₹11.7 cr a year earlier.Result filing, June 2026 quarter, p.6
- Gross margin
- 50% to 54%
- Gross margin the company gives for its channels, with bulk sales near the lower end and stores and online near the upper end.Earnings call, May 2026, p.12, p.17 and p.18
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it aims to double its store count by FY27. On the May 2026 call, Managing Director Arun Malhotra said the planned new stores would include five Anta, two Wilson, five Saucony and seven Sneakrz stores, funded from issue money, and that store and online sales should become the larger part of revenue. In June 2026 the company said it was targeting 30% to 40% growth over the next 12 to 18 months, and in August 2026 it said it now targets 20 to 22 Anta stores by the end of 2027.
| What management said | When | What happened |
|---|---|---|
| Spend ₹15 cr of issue money on the Skechers object by 30 June 2026 | Shareholder approved object, 2026 | ₹7.14 cr used by 30 June 2026 |
| Spend ₹5.58 cr on new store capital spending in FY26 | Offer document, February 2026 | ₹2.03 cr used by 31 March 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Brandman Retail earns its money buying stock from global sportswear brands at a discount and selling it through its stores, online and in bulk.
Its weak spots are a single large bulk buyer abroad, brand rights that are not exclusive, and a lot of cash tied up in stock and unpaid bills.
AverageCan it set its own prices?It buys at a steep discount and earns a wide gross margin, but end of season sales and online discounting cut into what it gets.
AverageHow strong is it against rivals?It has signed up several global brands quickly, but its rights are not exclusive and the brands set the rules for its stores.
WatchWho are its customers?Shoppers in stores and online, but one bulk buyer brings in a large share of revenue.
WatchDoes it need a lot of money?Yes. Stock and money owed by buyers grew fast in FY26, and the business used cash even as profit rose.
AverageCan it keep finding new work?New brands keep coming, such as Skechers online and Anta and Wilson, but sales are season by season with no order book.
WatchDo good and bad years swing a lot?Yes. Profit moves with one off bulk deals and seasonal discounts, so quarters and halves look very different.
Who runs Brandman Retail?
Promoters, directors and officers; tap a name for the background
AMArun MalhotraPromoter, Chairman and Managing Director · holds 12.43%
Bachelor of Commerce from the University of Delhi (1989). Founded the Sunglass Palace Group in 2006 and later AM Beyond Luxury Watch Boutique, and has been on the board since the company was formed in 2021; oversees operations and strategy. The offer document states that Arun Malhotra is the spouse of Kavya Malhotra and the father of Kashika Malhotra.
Offer document, p.203 and p.204; Investor presentation, May 2026, p.6KMKavya MalhotraPromoter and Whole Time Director · holds 51.04%
Bachelor of Commerce from the University of Delhi (1995) with about 22 years in retail branding; on the board since incorporation and responsible for the human resources function.
Offer document, p.203 and p.204; Annual report 2025-26, p.12KMKashika MalhotraPromoter and Non-Executive Director
MA in Management and Sustainable Development from the University of St Andrews (2024), with earlier work at consulting firms and Swarovski. Head of Business Development and Partner Brands since July 2024.
Offer document, p.203; Investor presentation, May 2026, p.6PJPaul Jonathan SilvertownIndependent Director
BA in social sciences from the University of Leicester and about 35 years in apparel, fashion and retail, including sales leadership roles at Canada Goose from 2006 to 2017; President and CEO of Impact Group Inc. (Canada). On the board since May 2025.
Offer document, p.203; Annual report 2025-26, p.12PPPhilippe Pierre DuboisIndependent Director
Bachelor's degree in economics from the University of Lausanne and about 25 years in apparel and luxury goods, including Vice President of International Sales and Marketing at Movado Group and CEO of Badollet International. On the board since May 2025.
Offer document, p.203 and p.204; Annual report 2025-26, p.12NSNeha ShuklaIndependent Director
B.Com (Hons.) from the University of Calcutta and a qualified Company Secretary with more than seven years in compliance and reporting. On the board since August 2025 and chairs the audit committee.
Offer document, p.204; Annual report 2025-26, p.12 and p.28ADAyushman DubeyChief Financial Officer
A finance professional with experience in audit, risk and internal controls, with the company's finance team for five years before becoming Chief Financial Officer.
Investor presentation, May 2026, p.6; Annual report 2025-26, p.12Brandman Retail latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 June 2026: promoters unchanged at 69.02%.
Brandman Retail announcements
73 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Non-Applicability of Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingVoting results along with the copy Scrutinizer report of Annual General Meeting held on September 22, 2026PDF ↗
- Change in ManagementRe-appointment of Ms. Kashika Malhotra (DIN: 10655701)PDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 22, 2026PDF ↗
- Copy of Newspaper PublicationOf Notice of 5th AGMPDF ↗
- General Updatesletter to shareholders providing weblink and QR code for the 5th AGM notice and Annual report for the FY 2025-2026PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 22, 2026 at 11:00 AM through video conferencingPDF ↗
- Press Releasea press release dated August 31, 2026, titled "1. Anta Doubles India Store Target To 22, Eyes 150 Stores.2. ANTA Steps into India with Debut Store in Gurgaon, BPDF ↗
- General UpdatesAllotment of Non-Convertible DebenturesPDF ↗
- AgreementsAgreementsPDF ↗
- General UpdatesReconstitution of CommitteesPDF ↗
Brandman Retail annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 May 2026 ↗read
- 31 May 2026 ↗read
- 31 May 2026 ↗read
- 13 May 2026 ↗read
Brandman Retail share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Brandman Retail's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,84,57,186 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY24 (₹330.80) and FY25 (₹16.50) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Brandman Retail
What does Brandman Retail do?
Brandman Retail sells shoes, sportswear and accessories from global brands such as New Balance, Saucony, Anta and Wilson in India, through its own stores, online marketplaces and bulk sales to other sellers. Its shares trade on NSE Emerge.
What is the share price of Brandman Retail?
₹142 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Brandman Retail?
₹263 cr at the close on 6 Nov 2026, on 1,84,57,186 shares.
What is the P/E of Brandman Retail?
10.4 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Brandman Retail's revenue and profit?
Revenue ₹162 cr and profit after tax ₹25 cr in FY26.
Who are the promoters of Brandman Retail?
Arun Malhotra, Kavya Malhotra, Kashika Malhotra; promoters held 69.02% at 30 June 2026.
What was the IPO price of Brandman Retail?
₹176 a share; it listed on 11 Feb 2026.
What is Brandman Retail's website?
brandmanretail.com
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Every listed SME company in Consumer Durables → · SME companies listed in 2026 →
Built from 3 press releases, 2 investor presentations, 2 annual reports, 1 offer document, 1 result filing, 1 earnings call transcript, 1 credit rating note, 73 exchange announcements, 3 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.