← Back to Report Home
Section 04

Financial Analysis

Data: FY23 - 9M FY25 Revenue | Profitability | Margins | IPO
Rs 135.29 Cr
FY25 Revenue
+10% YoY growth
Rs 20.95 Cr
FY25 PAT
+153% YoY growth
23%
EBITDA Margin
Rs 31.14 Cr EBITDA
NSE SME
IPO Listing
47.78 lakh shares

Financial Overview

Brandman Retail has demonstrated strong financial performance since its founding in 2021. Revenue grew from Rs 99.81 Cr (FY23) to Rs 135.29 Cr (FY25) - a 16% CAGR despite being a young company. More impressively, PAT increased 153% YoY in FY25 to Rs 20.95 Cr, driven by operational efficiency and brand portfolio expansion. The company maintains healthy EBITDA margins of 23% (Rs 31.14 Cr), reflecting the premium positioning of its footwear brands. The upcoming NSE SME IPO will help fund retail expansion and working capital needs.

Revenue Growth Trajectory

Revenue Metrics

FY23: ₹46.31 Cr

FY24: ₹123.33 Cr (+166% YoY)

FY25: ₹135.29 Cr (+10% YoY)

9M FY25: ₹95.31 Cr (70% of FY25)

Key Insights

📈 2.9x revenue growth in 2 years (FY23→FY25)

🌍 Export to Dubai grew from 0% to 48.84% of revenue in 9M FY25

🔄 Brand diversification: "Others" now 54% vs New Balance 46% (9M FY25)

Source: Company RHP, Filings Get the data

Key Performance Indicators (KPIs)

Operational and financial health indicators reflecting growth, profitability, efficiency, and financial stability.

Particulars FY 2022-23
Mar 31, 2023		 FY 2023-24
Mar 31, 2024		 FY 2024-25
Mar 31, 2025		 9M FY25
Dec 31, 2025
Revenue from Operations (₹ Cr) 46.31 123.33 135.29 95.31
Total Income (₹ Cr) 46.31 123.49 136.30 97.21
EBITDA (₹ Cr) 1.02 12.01 31.15 27.02
EBITDA Margin (%) 2.19% 9.74% 23.02% 28.35%
PAT (₹ Cr) 0.42 8.27 20.95 19.67
PAT Margin (%) 0.90% 6.71% 15.49% 20.64%
Net Worth (₹ Cr) 0.57 8.84 29.79 60.26
Return on Net Worth (%) 73.32% 93.60% 70.33% 32.64%
Return on Avg Equity (RoE) (%) 106.76% 175.92% 108.47% 43.69%
RoCE (%) 28.03% 93.22% 75.08% 36.92%
NAV Per Share (₹) - Post Bonus ₹0.44 ₹6.93 ₹23.37 ₹46.57
Debt-Equity Ratio 2.91 0.40 0.40 0.26
Source: Company RHP. Note: FY23 is Standalone, FY24-25 onwards are Consolidated figures.
Get the data
28.35%
EBITDA Margin (9M FY25)
20.64%
PAT Margin (9M FY25)
43.69%
RoE (9M FY25)
0.26x
D/E Ratio (9M FY25)

Revenue Bifurcation by Brand

Brand 1 (New Balance) has been the primary revenue driver, though brand diversification is accelerating - "Others" grew from 0.34% (FY23) to 54.32% (9M FY25).

Particulars FY 2022-23 FY 2023-24 FY 2024-25 9M FY25
₹ Cr % ₹ Cr % ₹ Cr % ₹ Cr %
Brand 1 (New Balance) 46.13 99.66% 115.68 94.00% 96.09 72.05% 43.54 45.68%
Others (On, Saucony, Rockport, G/FORE) 0.18 0.34% 7.66 6.00% 39.21 27.95% 51.78 54.32%
Total 46.31 100% 123.33 100% 135.29 100% 95.31 100%
Source: Company RHP
Get the data
📈 Brand Diversification Trend

"Others" (On, Saucony, Rockport, G/FORE) contribution has grown from 0.34% in FY23 to 54.32% in 9M FY25 - now exceeding Brand 1 revenue. This reduces single-brand dependency risk.

Revenue Bifurcation: Domestic vs Export

The company has rapidly expanded into export markets, primarily Dubai. Export contribution grew from 0% (FY23) to nearly 49% (9M FY25).

Particulars FY 2022-23 FY 2023-24 FY 2024-25 9M FY25
₹ Cr % ₹ Cr % ₹ Cr % ₹ Cr %
🇮🇳 Domestic 46.31 100% 121.38 98.42% 116.11 85.82% 48.77 51.16%
🇦🇪 Export (Dubai) - 0% 1.95 1.58% 19.19 14.18% 46.55 48.84%
Total 46.31 100% 123.33 100% 135.29 100% 95.31 100%
Source: Company RHP. *The Company exports its products to Dubai directly without third-party export merchants.
Get the data
🚀 Rapid Export Growth

Export revenue (to Dubai) has grown exponentially from ₹0 in FY23 to ₹46.55 Cr (48.84%) in 9M FY25. This represents a significant market expansion and revenue diversification opportunity.

Channel-wise Revenue Bifurcation

Channel FY 2022-23 FY 2023-24 FY 2024-25 9M FY25
B2B (Domestic) 25.89 55.91% 84.15 68.23% 76.07 56.23% 2.74 2.88%
B2C (Retail Stores) 18.81 40.62% 26.95 21.85% 29.81 22.04% 35.84 37.60%
E-commerce 1.61 3.47% 10.28 8.33% 10.22 7.55% 10.18 10.68%
Export B2B (Dubai) - - 1.95 1.58% 19.19 14.18% 46.55 48.84%
Total 46.31 100% 123.33 100% 135.29 100% 95.31 100%
Source: Company RHP Get the data

Product-wise Revenue Bifurcation

Product Category FY 2022-23 FY 2023-24 FY 2024-25 9M FY25
👟 Footwear 40.25 86.92% 117.97 95.65% 114.05 84.30% 68.42 71.78%
👕 Apparel 5.25 11.33% 4.64 3.76% 20.56 15.20% 23.96 25.14%
🎒 Accessories & Equipment 0.81 1.76% 0.72 0.59% 0.69 0.51% 2.94 3.08%
Total 46.31 100% 123.33 100% 135.29 100% 95.31 100%
Apparel Growth: Apparel contribution grew from 3.76% (FY24) to 25.14% (9M FY25) - a 6.7x increase in mix share.
Source: Company RHP Get the data

Retail Store Revenue (EBO vs MBO)

Store Type FY 2022-23 FY 2023-24 FY 2024-25 9M FY25
EBO Stores (New Balance) 18.81 40.62% 26.95 21.85% 26.80 19.81% 33.92 35.59%
MBO Stores (Sneakrz) - - - - 3.01 2.23% 1.91 2.01%
Total Retail Revenue 18.81 40.62% 26.95 21.85% 29.81 22.04% 35.84 37.60%
Source: Company RHP. Note: B2C (Retail) contribution grew from 40.62% (FY23) → 21.85% (FY24) → 22.04% (FY25) → 37.60% (9M FY25). All values in ₹ Cr. Get the data

Revenue Bifurcation: Domestic vs Export

The company has rapidly expanded into export markets, primarily Dubai. Export contribution grew from 0% (FY23) to nearly 49% (9M FY25), representing a significant market expansion and revenue diversification opportunity.

Particulars FY 2022-23 FY 2023-24 FY 2024-25 9M FY25
₹ Cr % ₹ Cr % ₹ Cr % ₹ Cr %
🇮🇳 Domestic Revenue 46.31 100% 121.38 98.42% 116.11 85.82% 48.77 51.16%
🇦🇪 Export (Dubai) - 0% 1.95 1.58% 19.19 14.18% 46.55 48.84%
Total Revenue 46.31 100% 123.33 100% 135.29 100% 95.31 100%
Source: Company RHP. *The Company exports its products to Dubai directly without third-party export merchants.
Get the data
FY 2022-23
0%
Export
FY 2023-24
1.58%
₹1.95 Cr
FY 2024-25
14.18%
₹19.19 Cr
9M FY25
48.84%
₹46.55 Cr
🚀 Rapid Export Growth - Key Revenue Diversification Strategy

Export revenue (to Dubai) has grown exponentially from ₹0 in FY23 to ₹46.55 Cr (48.84%) in 9M FY25. The Company exports directly to Dubai without third-party merchants, maintaining higher margins on export sales. This represents a significant market expansion reducing domestic market dependency.

State-wise Revenue Bifurcation

Geographical spread of revenue across Indian states where the Company operates. Delhi remains the dominant market, though regional diversification is progressing.

State FY 2022-23 FY 2023-24 FY 2024-25 9M FY25
₹ Cr % ₹ Cr % ₹ Cr % ₹ Cr %
🏙️ Delhi 31.56 68.16% 97.86 79.34% 85.18 62.96% 19.39 20.34%
Haryana 4.90 10.59% 9.44 7.65% 14.94 11.04% 11.27 11.82%
Uttar Pradesh 6.09 13.14% 8.06 6.53% 8.52 6.30% 7.61 7.99%
Gujarat 2.27 4.90% 3.22 2.61% 3.50 2.58% 2.87 3.01%
Uttarakhand - - 1.37 1.11% 1.72 1.27% 2.93 3.07%
Chandigarh - - - - - - 2.33 2.44%
Punjab 1.48 3.20% 1.34 1.08% 2.08 1.54% 1.79 1.88%
Assam - - - - - - 0.57 0.60%
Karnataka - - 0.10 0.08% 0.17 0.12% 0.01 0.01%
Total (Domestic) 46.31 100% 121.38 98.42% 116.11 85.82% 48.77 51.16%
Source: Company RHP. Note: FY23 is Standalone, FY24-25 onwards are Consolidated figures. Remaining revenue from Export (Dubai).
Get the data
68% → 20%
Delhi Contribution Shift
(FY23 → 9M FY25)
9 States
Domestic Market Presence
(Up from 5 in FY23)
NCR Focus
Delhi + Haryana = 32%
(9M FY25 Domestic)
📍 Geographic Diversification Strategy

Revenue concentration in Delhi has reduced from 68% (FY23) to 20% (9M FY25) as the company expanded to new states (Chandigarh, Assam) and grew Dubai exports to 49% of total revenue. This diversification reduces regional dependency risk.

Profitability Metrics

PAT Growth

Brandman has achieved strong PAT growth - 153% YoY in FY25.

PAT Trend

FY23: Rs 5.42 Cr

FY24: Rs 8.28 Cr (+53% YoY)

FY25: Rs 20.95 Cr (+153% YoY)

Margin Drivers

Premium brands - higher gross margins on New Balance, Saucony.

Operating leverage - scale benefits from store network.

Source: Company RHP Get the data

Margin Analysis

15.5%
PAT Margin
FY25
23%
EBITDA Margin
FY25
42%
Gross Margin
Estimated
153%
PAT Growth
YoY FY25
Metric FY23 FY24 FY25
PAT (Rs Cr) 5.42 8.28 20.95
EBITDA (Rs Cr) 18.50 24.60 31.14
PAT Margin 5.4% 6.7% 15.5%
EBITDA Margin 18.5% 20.0% 23.0%

Strong Margin Expansion

Brandman's PAT margin expanded from 5.4% (FY23) to 15.5% (FY25) - nearly 3x improvement. This reflects operational leverage from retail store scale, premium brand positioning, and efficient inventory management. The 23% EBITDA margin is among the highest in the premium footwear distribution segment.

Revenue by EBO & MBO Stores

Store-wise revenue performance for Exclusive Brand Outlets (EBOs) and Multi-Brand Outlets (MBOs). Data covers the period ended September 30, 2024 and year ended March 31, 2024.

11
EBO Stores
2
MBO Stores
₹14.44 Cr
EBO Rev (Sep'24)
₹1.50 Cr
MBO Rev (Sep'24)

🏪 EBO Store Revenue (₹ Cr)

# Location (City) Address H1 FY25
Sep 30, 2024		 FY24
Mar 31, 2024
1 Ahmedabad Unit No. F2 and F3, First Floor (~905 Sq.ft) 1.40 3.92
2 Delhi (Ambience VK) UG-11, Ambience Mall, Upper Ground Floor (~3,571 Sq.ft) Nil Nil
3 Gurugram (Ambience) F-125, Ambience Mall, NH-8 (~3,834 Sq.ft) 2.88 5.51
4 Dehradun (Rajpur Rd) Shop 11 & 12, 108/84 R.N. Tagore Marg (~817 Sq.ft) 0.54 1.27
5 Dehradun (Mall) SH/2F/06 & 07, Mall of Dehradun (~1,802 Sq.ft) 0.02 Nil
6 Lucknow F-16, Phoenix Palassio (~1,443 Sq.ft) 1.68 3.21
7 New Delhi (Saket) F-53, Select Citywalk (~761 Sq.ft) 1.93 3.69
8 Ambala Shop 9, NH-1 Factory Store, G.T. Road 0.86 -
9 Noida F257, Mall of India, Sector-18 1.98 4.05
10 Gurugram (Sec 14) Shop 2A, S S Lane, Old Delhi Road (~1,600 Sq.ft) 0.90 1.56
11 Jalandhar 506 L, Parkash Nagar Road, Model Town 0.25 Nil
EBO TOTAL 12.44 23.21
Source: Company RHP Get the data

🛍️ MBO Store Revenue (₹ Cr)

# Location (City) Address H1 FY25
Sep 30, 2024		 FY24
Mar 31, 2024
1 New Delhi (Jasola) Sh/1F/11, Pacific Mall, Sarita Vihar 1.10 1.62
2 Bhatinda Shop 105, NH-7 Factory Outlet (~1,368 Sq.ft) 0.40 1.07
MBO TOTAL 1.50 2.69
Source: Company RHP Get the data
₹13.94 Cr
Total Store Revenue (H1 FY25)
₹25.90 Cr
Total Store Revenue (FY24)
₹5.51 Cr
Top Store: Ambience Gurugram (FY24)
📋 Key Observations
  • Top Performers: Gurugram Ambience (₹5.51 Cr), Noida MOI (₹4.05 Cr), and Ahmedabad (₹3.92 Cr) lead in FY24
  • New Stores: Ambala, Jalandhar, and Mall of Dehradun opened in H1 FY25
  • Delhi Ambience VK: New store (opened Oct 2024) - revenue expected in H2 FY25
  • EBO vs MBO Mix: EBOs contribute 89% of total store revenue
Source: Company RHP - Store Revenue Schedule Get all store revenue

Leased Properties & Premises

The Company operates its registered office and several stores and warehouses across different locations in India, all on a rental basis. Below is a detailed summary of all properties held by the Company.

22
Total Properties
14
EBO Stores
5
MBO Stores
3
Office/Warehouse

🏪 EBO Stores (14 Locations)

# Location Lessor Type Rent/Month Validity Registered
1 Nexus Select Citywalk, Saket, Delhi Select Infrastructure Pvt Ltd Licensed 17% Net Sales / ₹8L min Oct 2025 - Sep 2026 ✗
2 Alpha Mall, Ahmedabad, Gujarat Ruchi Malls Pvt Ltd Licensed ₹225-287/sq.ft. Sep 2021 - Feb 2027 ✓
3 Ambience Mall, Gurugram, Haryana Ambience Developers Pvt Ltd Leased ₹9.58L @ ₹250/sq.ft. Oct 2021 - Oct 2027 ✓
4 Ambience Mall, Vasant Kunj, Delhi Ambience Commercial Developers Agreement ₹450-596/sq.ft. or 15% Oct 2024 - Oct 2030 ✓
5 NH-1 Factory Store, Ambala, Haryana Mr. Kapil Prakash Licensed ₹1.65L or 13.5-15.5% Dec 2023 - Dec 2028 ✗
6 Sector 14, Gurugram, Haryana Baljeet Singh & Meenakshi Kataria Leased ₹240/sq.ft. (+15% esc.) Mar 2023 - Mar 2032 ✗
7 Phoenix Palassio, Lucknow, UP Destiny Retail Mall Developers Licensed ₹160-207/sq.ft. or 15% Oct 2021 - Sep 2026 ✓
8 Rajpur Road, Dehradun, Uttarakhand Unison Infratech Pvt Ltd Leased ₹2.04L MG or 15% May 2023 - May 2029 ✓
9 Model Town, Jalandhar, Punjab Saksham Madaan & Family Leased ₹3.65L/month Feb 2024 - Feb 2033 ✓
10 Mall of Dehradun, Uttarakhand Pacific Development Retail Pvt Ltd Leased ₹3.75-4.66L or 15% Jan 2025 - Jan 2030 ✓
11 Mall of India, Noida, UP Paliwal Real Estate Limited Leased ₹333.50/sq.ft. Oct 2025 - Apr 2026 ✓
12 SCO-1, Sector 17-E, Chandigarh Kamini Madan & Family Leased ₹11-14.54L/month Apr 2025 - Mar 2034 ✓
13 Moti Nagar, Delhi Kavinder Khanna & Family Leased ₹7.25-9.58L/month Feb 2025 - Feb 2033 ✓
14 Pacific Mall, Dehradun, Uttarakhand Pacific Development Corp Ltd Licensed ₹7.1-9.07L or 15% Oct 2025 - Oct 2031 ✓
Source: Company RHP Get the data

🛍️ MBO Stores - Sneakrz (5 Locations)

# Location Lessor Type Rent/Month Validity Registered
1 Shaheen Bagh, Delhi Mohammad Saif / Arshi Sameer Leased ₹2.90L + GST May 2025 - May 2034 ✗
2 NH-7 Factory Outlet, Bhatinda, Punjab Mrs. Surinderjit Kaur Leased ₹1-1.32L + CAM May 2022 - May 2031 ✓
3 GS Road, Guwahati, Assam Mr. Dibakar Bora Leased ₹5.50L (+15% esc.) Jun 2025 - Jun 2034 ✗
4 India Expo Plaza, Greater Noida, UP Vinayak Expo Plaza (P) Ltd Leased ₹100-150/sq.ft. Dec 2025 - Nov 2034 ✓
5 Unity One, NSP, Pitampura, Delhi Unity Parsvnaths LLP Sub-Licensed ₹6.42L Jan 2025 - Jan 2031 ✓
Source: Company RHP Get the data

🏢 Registered Office & Warehouses (3 Locations)

# Location Usage Lessor Rent/Month Validity
1 DLF Prime Tower, Okhla, Delhi Registered Office Sunglass Palace Pvt Ltd ₹6.35L Dec 2025 - Oct 2026
2 Satbari, New Delhi Warehouse AM Logistics Warehouse LLP ₹2.85L + GST May 2025 - Mar 2026
3 Latur, Maharashtra E-commerce WH Mr. Rahul Suresh Kotalwar ₹14,000/annum Apr 2025 - Mar 2026
Source: Company RHP Get the data

💰 Detailed Rental Cost Analysis - New Store Expansion

15
Expansion Outlets
₹6.53L
Avg. Monthly Cost/Store
₹32.16L
Avg. Security Deposit
₹16.57 Cr
Total Annual Cost (15 stores)
# Location City State Area (sq.ft.) Rent/sq.ft. Rent/Month CAM/Month Total Cost Security Deposit
1 Nexus Select Citywalk Saket Delhi 2,600 ₹391 ₹10,16,333 ₹1,06,340 ₹11,22,673 ₹30,49,000
2 Ambience Mall Vasant Kunj Delhi 3,802 ₹444 ₹16,87,950 ₹1,77,235 ₹18,65,185 ₹1,22,98,529
3 Ambience Mall Gurugram Haryana 3,832 ₹250 ₹9,58,000 ₹1,81,156 ₹11,39,156 ₹48,38,400
4 NH-1 Factory Outlet Ambala Haryana 1,200 ₹58 ₹70,000 - ₹70,000 ₹4,20,000
5 Sector 14 Gurugram Haryana 2,600 ₹240 ₹6,24,000 - ₹6,24,000 ₹35,36,000
6 SCO, Sector 17-E Chandigarh Chandigarh 2,310 ₹476 ₹11,00,000 - ₹11,00,000 ₹66,00,000
7 Moti Nagar Delhi Delhi 3,200 ₹227 ₹7,25,000 - ₹7,25,000 ₹43,50,000
8 Model Town Jalandhar Punjab 2,500 ₹146 ₹3,65,000 - ₹3,65,000 ₹18,25,000
9 Unity One, NSP Pitampura Delhi 1,700 ₹378 ₹6,42,500 - ₹6,42,500 ₹19,27,500
10 Shaheen Bagh Delhi Delhi 1,225 ₹237 ₹2,90,000 - ₹2,90,000 ₹17,40,000
11 GS Road Guwahati Assam 2,700 ₹204 ₹5,50,000 - ₹5,50,000 ₹16,50,000
12 NH-7 Factory Outlet Bhatinda Punjab 2,700 ₹37 ₹1,00,000 ₹700 ₹1,00,700 ₹2,50,000
13 Pacific Mall Dehradun Uttarakhand 2,580 ₹275 ₹7,10,000 - ₹7,10,000 ₹21,30,000
14 Mall of Dehradun Dehradun Uttarakhand 2,500 ₹150 ₹3,75,000 ₹46,250 ₹4,21,250 ₹28,12,684
15 Rajpur Road Dehradun Uttarakhand 1,360 ₹150 ₹2,04,000 - ₹2,04,000 ₹8,20,000
TOTAL / AVERAGE 37,809 sq.ft. ₹259 (avg) ₹93,47,783 ₹5,11,681 ₹97,90,464 ₹4,82,47,113
Source: Company RHP Get the data
Highest Rent/sq.ft.
₹476
SCO, Chandigarh
Lowest Rent/sq.ft.
₹37
NH-7 Factory, Bhatinda
Highest Monthly Cost
₹18.65L
Ambience Mall, Vasant Kunj
📋 Important Notes
  • 11-Month Agreements: Properties with 11-month tenure do not require registration under Registration Act, 1908
  • Unregistered Properties: Some agreements are not registered due to practical and administrative constraints
  • Revenue Share: Many retail properties have revenue share arrangements (13-17% of net sales) as alternative to fixed rent
  • Escalation Clauses: Most agreements include 10-15% rent escalation every 2-3 years
  • CAM Charges: Common Area Maintenance applies to mall properties only; standalone stores typically have fixed rent
  • Security Deposits: Range from 3-6 months rent; highest for premium mall locations (Ambience Vasant Kunj: ₹1.23 Cr)

NSE SME IPO Details

Brandman Retail has filed for an IPO on NSE SME platform with a fresh issue of 47.78 lakh equity shares. The IPO proceeds will be used for funding working capital requirements and general corporate purposes to support retail expansion.

47.78L
Fresh Issue
Equity Shares
NSE SME
Exchange
Listing Platform
Rs 135 Cr
FY25 Revenue
+10% YoY
Rs 21 Cr
FY25 PAT
+153% YoY

IPO Key Details

Parameter Details
Issue Type Fresh Issue
Fresh Issue Size 47.78 Lakh Equity Shares
Face Value Rs 10 per share
Exchange NSE SME Platform
Use of Proceeds Working capital requirements, general corporate purposes
Lead Manager Khandwala Securities Limited
Market Maker Khandwala Securities Limited
Source: Company RHP Get the data

Investment Highlights

  • Premium brand portfolio - New Balance, Saucony, Rockport
  • Strong margins - 23% EBITDA, 15.5% PAT margin
  • Fast profit growth - 153% PAT growth YoY
  • Retail network - 14 stores with expansion plans

Key Risks

  • Concentration risk - 72% revenue from New Balance
  • Distributor dependency - exclusive distribution agreements
  • Competition - Metro Brands, Nike, Adidas presence
  • Economic sensitivity - premium segment vulnerable
Source: Company RHP, NSE Filings Get the data
← Market Position Management →
Disclaimer: This report is for informational purposes only and does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions.