Lehar Footwears continued its impressive market run on Thursday as the stock climbed nearly 3% to ₹253.30 per share, riding the broader uptrend on Dalal Street. The small-cap footwear manufacturer has been in focus after posting robust September-quarter results, extending its multibagger rally that has already delivered 1,350% returns in five years.
Market Performance
Lehar Footwear’s shares have stayed active in recent sessions, reflecting strong investor interest in footwear and consumer-durables counters.
Despite bouts of profit-booking, the stock has managed to sustain its long-term momentum, supported by improving financial performance and steady demand recovery in the sector.
Over the past few years, the company’s stock trajectory has been remarkable —
- 1,350% gain over 5 years
- 80% rise in CY24, following gains of 57% in CY23, 82% in CY22, and 144% in CY21
- 52-week high: ₹322.20 per share, hit in May 2025
Lehar Footwear Q2FY26 Results
For the quarter ended September 2025 (Q2FY26), Lehar Footwears reported a strong set of numbers, showcasing a sharp turnaround in operations across key metrics.
Key Financial Highlights:
- Revenue: ₹140.5 crore vs ₹37.6 crore in Q2FY25 — up 273% YoY
- Operating Profit: ₹12.6 crore vs ₹4.5 crore YoY
- Operating Margin: 9%, compared with 11.9% in the previous year
- Finance Costs: ₹1.2 crore, down from ₹1.6 crore
- Depreciation: ₹1.4 crore, slightly higher YoY
- Profit Before Tax (PBT): ₹10.1 crore vs ₹1.7 crore YoY
- Net Profit (PAT): ₹7.3 crore vs ₹1.3 crore — a 461% jump YoY
On a half-yearly basis (H1FY26):
- Revenue: ₹282.7 crore (vs ₹100.8 crore in H1FY25)
- Operating Profit: ₹25.3 crore
- PBT: ₹19.8 crore
- PAT: ₹14.6 crore
These figures reflect sustained growth momentum driven by a revival in consumption and strategic expansion across product categories.
Business Momentum and Market Trends
Lehar Footwears navigated a temporary demand slowdown earlier this year, triggered by purchase deferments ahead of the GST revision. However, the festive season brought a healthy recovery, supported by the GST rate cut and improving consumer sentiment.
The company has built a strong base in mass and mid-market footwear categories, supported by a broad distribution network and a growing product mix. Its diverse range allows it to serve both rural and urban markets effectively — a key reason behind its consistent outperformance.
New Launch Under the ‘Rannr’ Brand
Lehar has added a fresh leg to its growth story with the launch of its new sports footwear line, ‘Rannr’, which has drawn encouraging responses from both dealers and customers.
Over 200 dealers across India attended the brand launch, marking a major step in expanding Lehar’s reach in the fast-growing athleisure and sports segment. Early orders and enquiries have been encouraging, strengthening its sales pipeline.
Lehar Footwear Share Price Trend
The stock’s rally since 2020 has been nothing short of remarkable. From a small-cap name with limited visibility, Lehar Footwears transformed into a multibagger story, driven by consistent growth, an expanding product portfolio, and renewed consumer demand post-pandemic.
- The stock surged 1,428% between October 2020 and January 2025.
- Even after some consolidation in recent months, the five-year return remains at 1,350% — among the best in the small-cap space.
- The sustained performance highlights investor confidence in the company’s fundamentals and execution.
Summary
Lehar Footwears’ Q2FY26 results underline its strong growth phase — with revenue, profitability, and market presence all scaling new highs. The company’s continued focus on mass and mid-segment footwear, expanding dealer network, and product innovation through the ‘Rannr’ brand have positioned it well in India’s competitive footwear market.
While short-term fluctuations are part of every stock’s journey, Lehar’s fundamentals and multiyear performance reflect its steady climb from a niche player to one of the most successful small-cap stories on Dalal Street.
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