IIFL Securities has initiated coverage on key players in India’s footwear industry, issuing ‘Buy’ ratings for Bata India and Metro Brands, while placing a ‘Reduce’ rating on Relaxo Footwears. The brokerage has set target prices of ₹1,700 for Bata India, ₹1,425 for Metro Brands, and ₹700 for Relaxo.
IIFL highlights that the organized footwear sector in India is set for mid-teen growth in the medium term, driven by rising income levels and a steady shift towards organized retail channels. The firm emphasizes that companies focusing on women’s footwear, premium categories, sports and athleisure, and branded outlets are best positioned for growth.
Among the companies covered, IIFL ranks Metro Brands as the top pick due to its strategic alignment with these growth themes, followed by Bata India, Campus, and Relaxo.
