Best Footwear Stocks in India 2026

(The stocks mentioned in the blog are as per Market Capitalisation)

India is home to one of the world's largest footwear industries. This is true for both production and consumption. Increasing disposable incomes, an upwardly mobile society, and greater awareness of fashion trends are driving a consistent surge in demand for footwear.

As a result, the stocks of footwear companies have been attracting investors' attention on the stock market.

Footwear Industry in India - A Brief Outline

The footwear industry in India has made a global mark by combining traditional craftsmanship with modern manufacturing techniques. India is the world's second-largest manufacturer and consumer of footwear, second only to China. It accounts for 10.7% of global footwear production and 11.7% of consumption. It contributes 2% to the country’s Gross Domestic Product (GDP). 

The sector can be largely bifurcated into leather and non-leather footwear, with leather footwear predominating. The footwear industry spans diverse categories. These include casual, formal and sports shoes, sandals, flip-flops, season-based boots, etc. Products from all of these categories are sold in domestic and global markets through retail stores, exports, online stores, e-commerce sites, etc.

In India, Agra, Punjab, Kanpur, and Chennai are key hubs for footwear production. India is one of the primary exporters of footwear to Europe and the US. However, the industry faces plenty of challenges.

Major among these are competition from cheap imports, the need for technology upgrades and style changes, environmental concerns regarding leather and the use of harmful chemicals in the manufacture of footwear, access to low-cost funding, a slowdown in its main export markets, the US and Europe, etc.

Despite the challenges, the strong foundation and promising future of the footwear industry in India have been driving corporate-level investments and interest from the stock market. 

The Indian footwear market is forecast to surpass $38 billion by 2026, with exports exceeding $5.7 billion in FY25. Exports are anticipated to exceed $6.5 billion in FY26 as well. The industry is forecasted to witness a CAGR (compound annual growth rate) of 5.7-12.9% from 2025 to 2030, while major trends include sustainability and a strong non-leather focus (projections of 500 million+ pairs by 2030). 

However, before investing in such stocks, ensure you undertake comprehensive research on the industry and the companies. Also, make sure you invest in line with your investment and risk appetite.

Best Footwear Shares in India in 2026 (as per Market Capitalisation)

Here are some of the top footwear-sector stocks by market capitalisation in 2026.

*Our stock selection criteria for top stocks based on Market Capitalisation are mentioned at the bottom of this blog. 

Overview of Top Footwear Stocks in India as per Market Capitalisation

Here is a brief overview of the best footwear sector stocks as per analyst ratings and market capitalisation mentioned above-

1) Metro Brands

Metro Brands was founded in 1977. It is one of the most renowned brands in India, offering a vast catalogue of footwear. The company is currently operating across 800+ stores in 192+ cities across Indian states and Union Territories.

The company offers multiple products under its own brand names. These include Mochi, Metro, Da Vinchi, Walkway, and J Fontini, as well as other third-party brands such as Skechers, Crocs, Fila, Clarks, Puma, and Adidas.

The company witnessed consolidated revenues of ₹2,507 crore in FY25, growing by 6.4% (year-on-year), along with robust EBITDA margins of 30.3%. There were 70 new store additions in the last fiscal year, along with 10.6% of revenue from e-commerce. PAT (profits after tax) touched ₹349.59 crore, while in-house brands accounted for 74% of revenues. The company is now targeting the expansion of Foot Locker into larger stores across Tier 1 and Tier 2 cities. 

2) Bata India

Bata India, arguably the most popular footwear brand in India, was founded in 1931. The company is a major manufacturer and trader of footwear and operates through a widespread retail and wholesale network.

Some of its popular brands include Bata Comfit, Hush Puppies, Weinbrenner, Scholl and many more. Bata India has garnered immense trust and popularity over the years, thanks to its range of footwear that caters to men, women, and children across all ages and segments of society. 

Apart from footwear, the company offers wallets, handbags, t-shirts, joggers, and more. Bata targets the young segment looking for affordable, fashionable products, as well as the quality- and cost-conscious middle class.

Bata India saw volume-driven growth in FY25 with robust performance in e-commerce and premium segments. Some quarters witnessed decent profit growth, while others saw nominal profit declines (Q4 FY25 saw profits decline by 28% year-on-year due to higher costs).

The company also scaled up ZBM to 146 stores by mid-2025, while targeting 800 stores by December 2026 and 1,400 franchise outlets over the next 2-3 years, with a focus on smaller towns in India. 

3) Relaxo Footwears

Incorporated in 1984, Relaxo Footwears is a leading footwear player in India. It has gained significant market popularity due to its three brands: Bahamas, Flite, and Sparx. Relaxo Footwears offers an extensive range of products, including flip-flops, sports shoes, sandals, and slippers.

The company distributes its products nationwide through retail outlets and e-commerce websites. Relaxo targets the mass market with low-priced products such as slippers (chappals) and sandals. This segment accounts for 85% of its sales.

The company posted revenues of ₹2,790 crore in FY25, a 4% dip from FY24, while its PAT (profit after tax) also fell 15% to ₹170 crore. Revenues slid by 7% (year-on-year) in Q4 FY25, even though the average realisation per pair went up to ₹156 as compared to FY24.

The Sparx brand posted 1% revenue growth in FY25, while the company remains net debt-free and maintains a robust balance sheet. It is now targeting the shift to a distribution-focused model and the execution of the Relaxo Parivaar app. The planned capex for FY26 is approximately ₹100-150 crore, and new EBOs (exclusive brand outlets) will also be added. 

4) Sreeleathers Ltd

Sreeleathers Ltd is a leading Indian manufacturer of footwear and an accessory retailer. The company is synonymous with its World Class. The Right Price model was introduced in Kolkata in 1991. It offers men’s, women’s, and children’s footwear, as well as accessories such as bags, belts, leather garments, and wallets. It has a robust retail network, with its flagship store in Lindsay Street, Kolkata, and a wholesale network throughout 10 Indian states. 

In FY25, Sreeleathers posted revenues of ₹221 crore, while in Q2 FY26, it posted revenue growth of 19.06% to ₹74.96 crore. For FY25, PAT declined to ₹22.57 crore, while the company has operated with zero debt over the last few years. Sreeleathers is now focusing on cost reduction and efficiency through retail and franchise operations. 

5) Mirza International

Mirza International was established in 1979. It is India’s leading manufacturer, marketer, and exporter of leather footwear. It has a strong presence in over 28 countries and offers a wide range of footwear products.

Currently, the company’s domestic and export divisions manufacture footwear and other leather-based products for the Indian and global markets, respectively. This company is known for the Red Tape brand.

Effective February 25, 2023, Red Tape was demerged from Mirza International, and the group company, RTS Fashions, was amalgamated with Mirza International. The record date of this transaction was March 29, 2023. This company targets fashion-conscious consumers with the requisite spending power. 

The company’s operating income came down by 7.8% in FY25 (year-on-year) to stand at ₹5,812 million, while revenues slid by 8.5%. There was a 28% (year-on-year) decline in operating profits, with net profit turning negative at ₹-33 million in FY25, down from ₹121 million in FY24. However, interest costs decreased by 10.1%, while total assets remained stable at ₹7 billion. Yet, the company witnessed a 1396.6% increase (quarter-on-quarter) in net profits to ₹17.81 crore in Q1 FY26. 

Factors to Consider Before Investing in Footwear Stocks in India

While searching for footwear stocks, make sure to consider the following factors -

• Market Trends and Demand

Consumer preferences, fashion trends, and purchasing patterns directly affect footwear demand. Styles change fast in the footwear market. Urbanisation, too, plays an important role in shaping the industry's demand. Study these factors closely before investing in footwear stocks.

• Competitive Scenario

The Indian footwear industry is highly competitive. It is divided into organised and unorganised sectors, catering to a highly price-sensitive and fashion-conscious consumer base. Players in the organised sector use technology and the latest marketing tools to enhance the appeal of their products and expand their market share.

Therefore, those looking to invest in this space should study the market share of the key players, their distribution channels, and pricing strategies to make the right choice.

• Financial Performance

Another important factor to consider is the financial performance of footwear companies. Before investing in any footwear company, consider its revenue growth, return on investment (RoI), profitability margins, future prospects, and other factors. Check if these indicators are consistent and reflect a strong balance sheet.

• Brand Reputation

Brand reputation plays a key role in the footwear industry's growth. Depending on their brand experience, consumers are willing to pay more for products that deliver on their promises.

Therefore, consider this factor and review the brand loyalty metrics, customer reviews, and customer base to better understand the company and its product and marketing ethos.

• Customer Touchpoints

Indian footwear companies primarily operate through retail stores, online platforms, and partnerships with wholesalers and distributors. This necessitates prospective investors to assess the distribution channels utilised by each footwear company.

Those with a robust omnichannel presence and effective distribution networks will likely enjoy a sound competitive advantage.

• Supply Chain and Manufacturing

Consider the efficiency and resilience of footwear companies' supply chains and manufacturing processes. Check aspects such as manufacturing costs, geographical diversification of manufacturing facilities, production capacity, etc., to understand the scale.

Also, in the current environmentally conscious context, prospective investors should consider the environmental sustainability of the company’s operations.

Should You Invest in Footwear Stocks?

The footwear industry depends heavily on fashion trends, customer preferences, and seasonal demand. Though it has been scaling up its operations, setbacks are always likely to come its way.

Hence, if you have a keen interest in investing in footwear stocks, be sure to consider the growth prospects, market demand, brand strength, and competitive advantage of the companies in the space.

Conclusion

Footwear stocks have performed consistently on the stock markets. This is thanks to a robust supply chain, consistent innovation, and brand loyalty, among others.

However, when committing your money, it is important that you keep your investment objective, risk tolerance, the financial performance of the companies you want to invest in, and the industry's growth opportunities in sharp focus, and then arrive at a decision.