Brandman Retail Ltd
Introduction
Brandman retail limited is a company founded in 2021, in New Delhi. The company is specialised in distributing branded, high-quality international footwear, apparel and accessories. It features brands like New Balance, Puma.
Company Overview
Brandman retail ltd. is a company that is rapidly expanding, asset-light, multi-channel retailer, and distributor of international brands.
The company operates under the model of retailing over manufacturing.
It operates on 11 EBOs and 2 MBOs. EBOs stands for Exclusive Brand Outlets and MBOs for Multi-brand outlets. The company has an omnichannel pathway. They provide retail not only through physical stores but also on various E-commerce platforms like Ajio, Flipkart, and Tata Cliq as well as D2C channel.
Promoter and founder introduction
The Brandman Retail ltd. was founded by Arun Malhotra and Kavya Malhotra. The Malhotra family adjoined for the successful performance of the company.
Arun Malhotra is the managing director of the company and Kavya Malhotra is the whole-time director of the company. In 2024, Kashika Malhotra joined the company as a promoter for the retail innovation and brand expansion.
The company, based in Delhi, focuses on brand licensing and operating EBOs.
ARUN MALHOTRA
Financial statement analysis
Income statement
Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Sales | 46 | 123 | 135 |
Expenses | 45 | 111 | 104 |
Operating Profit | 1 | 12 | 31 |
OPM % | 2% | 10% | 23% |
Other Income | 0 | -0 | 1 |
Interest | 0 | 0 | 3 |
Depreciation | 0 | 1 | 1 |
Profit before tax | 1 | 11 | 28 |
Tax % | 32% | 26% | 26% |
Net Profit | 0 | 8 | 21 |
Balance sheet
Category | Mar 2023 | Mar 2024 | Mar 2025 |
Equity Capital | 0.25 | 0.25 | 13 |
Reserves | 0 | 9 | 17 |
Borrowings | 2 | 4 | 12 |
Other Liabilities | 36 | 28 | 43 |
Total Liabilities | 38 | 40 | 85 |
Fixed Assets | 3 | 6 | 7 |
CWIP / Investments | 0 | 0 | 0 |
Other Assets | 35 | 34 | 77 |
Total Assets | 38 | 40 | 85 |
Cash flows
Activity | Mar 2023 | Mar 2024 | Mar 2025 |
Cash from Operating Activity | -1 | 2 | -1 |
Cash from Investing Activity | -0 | -3 | -3 |
Cash from Financing Activity | 2 | 2 | 7 |
Net Cash Flow | -0 | 0 | 4 |
Key Financial Ratios
Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Debtor Days | 38 | 15 | 101 |
Inventory Days | 288 | 122 | 158 |
Days Payable | 203 | 117 | 216 |
Cash Conversion Cycle | 123 | 19 | 43 |
Working Capital Days | -48 | -2 | 43 |
ROCE % | — | 155% | 116% |
Key interpretation and insights
Strength
The company is maintaining a high sales profit and EBITDA of almost 23 to 24%.
Weakness
The partnership with all of the brands are exclusive hence the brands can outsource other companies for heirs.
Risk factor
The expansion plan demands high working capital requirements and operational efficiency.
Future outlook
The premium footwear sector in India is growing, offering significant room for growth, provided they can manage brand reliance risks and execute their expansion plans efficiently.
Conclusion
Based on the information available as of early 2026, the conclusion regarding Brandman Retail Limited (BRL) focuses on its status as a high-growth, yet aggressively priced, SME retail player following its February 2026 IPO.
Sources
India ipo
Brandman retail
Screener
Businessline