The buying on the counter came after Metro Brands reported healthy December quarter (Q3FY26) results on Wednesday, after market hours.
Metro Brands reported 15 per cent revenue growth in Q3FY26, driven by strong festive and wedding season demand, supported by a reduction in GST on footwear priced below ₹2,500.
Metro's quarterly revenue grew about 11% to 6.51 billion rupees, helped by e-commerce sales that have grown 39% from a year ago
HDFC Securities, in a note dated September 30, maintained its 'Sell' recommendation, due to expensive valuations at 55x estimated September 2027 P/E.
Channel checks indicated that July-August demand remained steady, in line with H2FY25 run-rate, but September saw moderation as consumers deferred purchases ahead of the GST decision
The GST council in its meeting approved the proposal that footwear items up to ₹2,500 will be taxed at 5% while above ₹2,500 shall be taxed at 18%.
Footwear stocks are under pressure as companies reported disappointing earnings for the quarter ended June 2025