Mirza International ltd.
Introduction
Mirza International limited founded in 1979 in Kanpur, is a company who manufactures, markets and exports leather footwear, garments and accessories. It supplies various global brands to 28 countries, 6 continents.
Company Overview
The company has introduced and operates the major brands like Red Tape, Oaktrak, and Thomas Crick in the footwear industry. It has an in-house manufacturing capacity for both leather processed and finished shoes.
The company utilises an omni-channel approach involving third-party outlets, online platforms and in-house retail stores.
Promotor and Founder Introduction
Mirza International was founded by Mr. Irshad Mirza and Rashid Ahmed mira in 1979. Irshad Mirza was awarded a Padma shirt in 2010 for the contributions he made in the leather industry.
Rashid Mirza has been successively pushing the brand RedTape to the multinational level.
They made several strategic decisions which made the company the most leading one among the leather and footwear industry.
The key promoter of the company is Tasneef Ahmed Mirza.
The company holds massive holdings of shares, making it a phenomenal company.
Tasneef Ahmed Mirza Irshad Mirza
Irshad Mirza
Rasheed Mirza
Financial statement analysis
Income statement
Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Sales | 653 | 630 | 581 |
Expenses | 590 | 582 | 546 |
Operating Profit | 63 | 49 | 35 |
OPM % | 10% | 8% | 6% |
Net Profit | 26 | 12 | -3 |
EPS in Rs | 1.91 | 0.87 | -0.24 |
Balance Sheet
Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Equity Capital | 28 | 28 | 28 |
Reserves | 506 | 525 | 537 |
Borrowings | 45 | 35 | 48 |
Other Liabilities | 151 | 131 | 122 |
Total Liabilities / Assets | 729 | 719 | 734 |
Fixed Assets | 399 | 392 | 415 |
CWIP | 1 | 11 | 2 |
Investments | 7 | 8 | 9 |
Other Assets | 322 | 308 | 308 |
Cash Flow
Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Cash from Operating Activity | 47 | 50 | 28 |
Cash from Investing Activity | -53 | -25 | -29 |
Cash from Financing Activity | -32 | -22 | 1 |
Net Cash Flow | -39 | 3 | 1 |
Key Interpretations and Insights
Strengths
It has a strong brand portfolio. It has a debt-to-equity ratio, which indicates a solid financial performance.
Weakness
The company hasn't used the capital efficiency that is why it has a low performance, profitability and declining returns.
Conclusion
Mirza International is a reputable, well-established brand in the footwear space, but recent financial results (Q3 FY26) indicate it is facing severe margin pressure and a volatile, declining, or weak earnings environment, making it a high-risk, high-reward stock for investors, needing careful monitoring of its quarterly performance. The company has a good financial position. It is almost a debt-free company. The stock describes a high volatility and has underperformed the Indian market.
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