MoneyWorks4Me

Mirza International Ltd (MIRZAINT)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 526642 NSE: MIRZAINT Footwear | Small Cap | Mirza International Share Price

₹30.83 0.07 (0.23%)

As on 11-Sep'26 16:59

Mirza International Ltd (MIRZAINT)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 526642 NSE: MIRZAINT Footwear | Small Cap | Mirza International Share Price

₹30.83 0.07 (0.23%)

As on 11-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹426 Cr.
Current Price
₹30.8
52-Week Low / High
₹25 / 44
TTM EPS
₹-1.6
TTM Sales
₹514 Cr.
Book Value per Share
₹40.4
P/E Ratio
0.00
Lower than its 5-year historical median
Industry PE
45.6
Price to Book (P/B)
0.76
Lower than its 5-year historical median
Price to Sales (P/S)
0.83
Lower than its 5-year historical median
EV/EBITDA
38.28
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-0.10%
Underperforms industry median
Return on Capital Employed (ROCE)
1.29%
Underperforms industry median
Return on Assets (ROA)
-0.08%
Operating Profit Margin
3.4%
Net Profit Margin
-0.11%
Gross Profit Margin
2.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-9.37%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-48.9%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
72.99%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹531 Cr.
Equity
₹27.6 Cr.
Face Value
₹2
All Time Low / High
₹2.35 / 379.75

Mirza International stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Somewhat Undervalued

Price Trend

Weak
Q.1 Is Mirza International Ltd a good quality company?
Mirza International Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Mirza International Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Mirza International Ltd vs industry peers?
Mirza International Ltd revenue CAGR is -12.85%, compared to the industry median CAGR of 0.71%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Mirza International Ltd?
Promoters hold 72.99% of the Mirza International Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Mirza International Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -10% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Mirza International Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 20.3%18.9%12.1%11.7%6.1%21.7%8.7%5.2%0.9%1.9%-
Value Creation
Index
0.50.4-0.1-0.2-0.60.6-0.4-0.6-0.9-0.9-

Growth Parameters

Sales 9369721,1521,2601,0471,386627603570516498
Sales YoY Gr.-3.9%18.5%9.4%-16.9%32.4%-54.8%-3.9%-5.5%-9.4%-
Adj EPS 66.6440.77.11.71-0.3-0.8-1.5
YoY Gr.-10.4%-38.9%-1.5%-83.3%972.7%-75.7%-43.6%-135.1%NA-
BVPS (₹) 41.747.550.852.25335.832.93433.63433.6
Adj Net
Profit
71.779.248.447.7885.223.813.5-4.7-10.8-20
Cash Flow from Ops. 114-23.835.52282343416941.421.549.3-
Debt/CF from Ops. 1.4-11.910.11.30.60.20.40.520-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales -6.4%-13.2%-6.3%-9.4%
Adj EPS -179.8%-203.4%-176.8%NA
BVPS-2.3%-8.5%1%1.2%
Share Price -10% -12.2% -12% -7.5%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
15.114.78.27.71.315.95.42.9-1-2.3-4.3
Op. Profit
Mgn %
17.21812.413.611.212.79.47.75.842
Net Profit
Mgn %
7.78.14.23.80.86.23.82.2-0.8-2.1-4
Debt to
Equity
0.30.50.60.50.20.10.100.10-
Working Cap
Days
15718920619421411716415616316494
Cash Conv.
Cycle
106133146137148688087969766

Valuation of Mirza International - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales9369721,1521,2611,0491,399653630581527
Operating Expenses + 7757981,0091,0899311,223591582546509
Manufacturing Costs9014115115897132941149478
Material Costs498424595642553762347327304291
Employee Cost 54748090798267727470
Other Costs 13315918319820224884687469
Operating Profit 16117414317211817662493518
Operating Profit Margin (%) 17.2%17.9%12.4%13.6%11.3%12.6%9.4%7.7%6.0%3.4%
Other Income + 113211810832
Exceptional Items 00000000019
Interest 2625344641231012118
Depreciation 29323563675826283131
Profit Before Tax 1071187664121133617-4-0
Tax 35392717426105-01
Profit After Tax 727849488862612-3-1
PAT Margin (%) 7.7%8.1%4.2%3.8%0.8%6.2%4.1%1.9%-0.6%-0.1%
Adjusted EPS (₹)6.06.54.14.00.77.21.90.9-0.2-0.0
Dividend Payout Ratio (%)15.10%13.80%22.20%22.70%0%0%0%0%0%0%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 502572612628638505533553564563
Share Capital 24242424242428282828
Reserves 478548588604614481506525537535
Debt +1422703382701214440184213
Long Term Debt1516221844170013
Short Term Debt127254317252117402318420
Minority Interest0000000000
Trade Payables4085819511010694766961
Others Liabilities 8175842673007762725954
Total Liabilities 7641,0021,1151,2601,170732729719734692

Fixed Assets

Net Fixed Assets +354357409585565361399392415389
Gross Block591613689914929616671689740731
Accumulated Depreciation237256280329365255272297325342
CWIP 22551111411135
Investments 1111277899
Inventories264383434413426158161154161144
Trade Receivables67133156141805987796769
Cash Equivalents 713716125516192032
Others Assets 699110494748959556043
Total Assets 7641,0021,1151,2601,170732729719734692
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 114-2435228238-447502844
PBT 1061187664121133617-4-0
Adjustment 5457671081077931373919
Changes in Working Capital -13-165-7975119-196-93-525
Tax Paid -34-34-29-20-11-12-6-20
Cash Flow From Investing Activity + -36-59-67-63-4155-53-25-2910
Capex -33-60-69-63-4255-54-32-4411
Net Investments -300-1000-1-0-1
Others 0021100816-1
Cash Flow From Financing Activity + -828926-157-201-12-32-221-41
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -13111-5-130-5-17-013
Interest Paid -26-25-34-35-31-23-10-12-11-8
Dividend Paid -6-11-11-210-0-0-0-0-0
Others -3712461-96-15611-17712-47
Net Cash Flow -56-68-339-393113
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)22.6314.618.257.71.3215.135.092.22-0.59-0.1
ROCE (%)29.4318.8712.111.686.2520.368.054.871.181.29
Asset Turnover Ratio1.751.11.091.060.861.470.890.870.80.74
PAT to CFO Conversion(x)1.58-0.310.714.7529.75-0.051.814.17N/AN/A
Working Capital Days
Receivable Days19.1037.4045.7042.9038.301840.604845.8047.10
Inventory Days69.10121.20129.40122.50146.1076.2089.1091.3099.10105.60
Payable Days25.3053.8051.2050.2067.8051.80105.5095.1086.8081.20

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Announcements

Mirza International Ltd FAQs

The current trading price of Mirza International on 11-Sep-2026 16:59 is ₹30.83.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Mirza International stood at ₹426.1 Cr

The latest P/E ratio of Mirza International as of 10-Sep-2026 is 0.00.

The latest P/B ratio of Mirza International as of 10-Sep-2026 is 0.92.

The 52-week high of Mirza International is ₹43.84 and the 52-week low is ₹24.78.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Mirza International is ₹498 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Mirza International Ltd is a average quality company.

The key valuation ratios of Mirza International Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Mirza International Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Mirza International Ltd

Mirza International Limited was incorporated on September 5, 1979 with a small tannery for manufacturing finished leather at Magarwara near Kanpur. The company, established by Irshad Mirza and Rashid Mirza, was then called ‘Mirza Tanners Private Limited’.

The company focused on supplying high quality leather and leather products to the overseas markets and gradually became one of the largest exporters of finished leather in the country.

During this phase, Mirza took a significant leap, by venturing into newer areas which were extensions of its existing competencies. The global shoe market was then looking upon outsourcing of leather footwear in a big way. To take advantage of this opportunity, Mirza diversified into manufacturing of shoes. Very swiftly, four state-of-the-art manufacturing units were setup at Unnao and Noida.

Having gained a foothold in the footwear business, Mirza quickly reorganized itself by setting up in-house design and development studios, marketing offices and a strong distribution and logistics network. After successfully reorganizing itself, Mirza moved a step ahead of others by launching its own brands ‘Red Tape’ and ‘Oaktrak’.

Having firmly established its product line and market geographies, the company spread its wings to several other countries through its marketing companies and networking associates. Some of countries where Mirza has a significant presence are UK, Portugal, South Africa, USA, Germany, France, Scandinavian countries and UAE. 80% of company’s sales being contributed by overseas sales to 24 countries.

Today, the company has emerged as a frontrunner in the manufacturing and marketing of leather and leather footwear. The company is listed on the NSE, BSE and UP Stock exchanges and is ISO 9001, 9002 and 14000 certified.

The company has four fully integrated in-house shoe production facilities with an installed production capacity of 3.35 mn pairs of shoes per annum. The manufacturing plants are located at Magarwara and Sahjani in Unnao, and in Noida. The tannery is located at Magarwara in Unnao. These facilities are backed by a state-of-the-art double density direct injection polyurethane plant, a tannery with a capacity of 20 million sq ft per annum & its own effluent treatment plant and 25 dedicated ancillary units. Shoes are produced at these facilities using latest methods like Stuck on, Double Density Direct Injection & Moccassins

The company sources its cowhides from Europe and manufactures leather in stringent adherence to international norms, ensuring that no banned chemicals are used in the production process.

In addition to direct sales to leading global footwear retailers, the company also has a strong presence in the branded segment through three brands: Red Tape, Oak Trak, Red Tape Gal.

Mirza International Limited’s focus on design is a key differentiator for its shoes. The company invests considerable resources on research and development on an ongoing basis, in order to introduce new designs, styles and product lines into the market.

Product range of the company include:

Red Tape- The flagship brand of Mirza International Limited, was launched in the year 1996. The brand has today become synonymous with hi-fashion & lifestyle, owing to its unmatched quality, skilled craftsmanship and trendy products. Endorsed by the style icon Salman Khan, Red Tape has become India’s most loved premium lifestyle brand.

Red Tape Gal- It is a stylish footwear range for women that bring in a fresh, energetic and youthful appeal through its trendy designs. Introduced in March 2007, the brand is Mirza International Limited’s first step towards tapping the immense opportunity available in the women footwear segment. The range is available in a variety of styles and shapes and has already become a preferred brand of the Indian women. It is endorsed by the critically acclaimed actress Kangana Ranaut.

Oaktrak- It is a niche brand of formal footwear, designed exclusively for the upwardly mobile executives and businessmen. The range is both casual and urban, with the emphasis on comfort with style. Oaktrak is sold through independents, small retailers and multiples.  Primary markets for the brand are UK and South Africa

Subsidiary

MTL Trading (Pty) Ltd., South Africa is the only subsidiary of the company.

Awards/Achievements

  • 2009 - Award for Oustanding Export Performance From Government of U.P.
  • 2007: Shopper’s Stop Pinnacle Awarded by best brand- footwear
  • 2007: BVMSR-III Consumer Award in fashion and specialty shoes.
  • 2007: Export award for overall Export & Plaque (first prize) for footwear export by council of Leather Exports.
  • 2006: Dun & Bradstreet American Express Corporate Award
  • 2005: Excellence Award for Innovative Export Marketing by Merchant’s Chamber U.P.
  • 2004: Certificate of merit by National Praductivity Council
  • 2004: IFCOMA Excellence Award for greatest contribution towards Indian Footwear Industry.
  • 1999: Samman/Award by Central Excise & Customs, Govt. of India
  • 1998: Best export performance in Finished Leather by council of leather export
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