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REDTAPE INVESTOR PRESENTATION AUGUST 2026 REOTAPE OZARK REDTAPE MODE NSE : REDTAPE | BSE : 543957 LONDON B BOND STREET Sprandi
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This presentation was prepared by REDTAPE LIMITED with its registered office in Noida, Uttar Pradesh, India under its brand name REDTAPE'. Its purpose is to present selected data concerning the brand, RedTape. The presentation is for information purposes only and does not constitute a complete analysis of the financial situation of the Group. The data contained in the Presentation are valid as at the date of its preparation, so the Presentation will not be subject to change, update or modification in order to present changes occurring after that date. The Presentation should not be treated as investment advice, recommendation, offer to buy or sell any securities or financial instruments or participation in any commercial undertaking of RedTape. The Presentation was prepared with due diligence, however, the Brand does not guarantee the accuracy and completeness of the information contained therein, | particular in the event that the materials on which it was based turn out to be incomplete or do not fully reflect the actual state of affairs. RedTape recommends that any person intending to make an investment decision regarding any financial instruments of the Brand should rely on the information disclosed in official reports of REDTAPE LIMITED prepared and published in accordance with the applicable laws, which are a reliable source of data concerning the Group. RedTape and members of its bodies, as well as employees and associates and advisors participating in the preparation of the Presentation or any entity of the Group are not responsible for the consequences of decisions taken on the basis of or based on the information contained in the Presentation or resulting from its content or for its any use. Moreover, the Presentation does not constitute any statement of any of the above mentioned persons. The Presentation and descriptions contained therein may contain forward- looking statements, including statements regarding expected financial results, but they cannot be treated as forecasts of financial results. The forward-looking statements contained in the Presentation are burdened with a number of known and unknown risks, uncertainties and other factors (also beyond the control of RedTape), which may cause the actual results, level of activity or achievements of the Group significantly differ from the statements indicated in the Presentation, including the expected financial results described in the Presentation. SAFE HARBOR STATEMENT R E D T A P E L I M I T E D2
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Since 1996 30 years in India ₹ 2,415 Cr Revenue scale FY26 5 brands One shared platform 10+ countries International reach ~16.6 lakh sq ft Retail footprint #2 Footwear brand on Flipkart & Myntra ABOUT REDTAPE RedTape was conceptualised in London in 1994, rooted in a leather heritage that traces back to Mirza Tanners, founded in 1979. The brand was launched in India in 1996 and in over three decades, it made a deliberate pivot: away from leather footwear and toward a branded, non-leather lifestyle business built for the Indian consumer. That strategic choice has since been validated by the market. In August 2023, RedTape completed its demerger from Mirza International and listed independently on BSE and NSE, with the branded business now generating ₹2,000+ Cr in revenue. Today, RedTape operates five brands across three categories – footwear, apparel and accessories – sold across 330 Indian cities, presence in over 10 international markets, and on India’s leading online marketplaces, all on a single shared sourcing and distribution platform. R E D T A P E L I M I T E D3
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REDTAPE BUILDING BLOCKS OF THE BUSINESS Three categories, five brands, multi-channel — one shared sourcing and distribution platform. CATEGORIES – Q1 FY27 BRANDS 56% Footwear Casuals, formals, semi-formals, sports, outdoor. 30+ year heritage. 39% Apparel T-shirts, shirts, denim, joggers, activewear. ~20-year build. 5% Accessories Backpacks, sunglasses, luggage, grooming. Emerging segment. CHANNELS Exclusive Showroom (Offline) Exclusive Mega Showroom (Online) Shop-in-Shop Factory Shop Sports Outlet E-commerce Marketplaces & Own Website RedTape Core mainstream lifestyle Mode Premium men's & women's Bond Street Heritage casual Ozark Outdoor & adventure R E D T A P E L I M I T E D4 Sprandi Sportswear
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Each brand has a defined role in the portfolio; all sit on a single operating platform. RedTape Core mainstream lifestyle Price band Mid-premium Category Footwear + Apparel Portfolio role Anchor brand Mode Premium men's & women’s apparel Price band Mid-premium Category Apparel Portfolio role Emerging Bond Street Casual Price band Mid-premium Category Footwear Portfolio role Scaling The shared platform New brands are launched as additional badges on the same operating system, rather than as standalone businesses. Common sourcing Common merchandising Common distribution Ozark Outdoor & adventure Price band Mid-premium Category Footwear (Outdoor & Trekking) Portfolio role Scaling THE BRAND PORTFOLIO R E D T A P E L I M I T E D5 Sprandi Sportswear Price band Mid-premium Category Sports and Casual Portfolio role Proposed to be launched in September end
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1994 1996 Brand first launched in London RedTape brand launched in India 1st store in Pitampura, Delhi, India Launched Apparel and Accessories 2001 2006 2012 Best Partner Casual Footwear - recognised by Myntra • 2015: Bond Street brand launched • Men's Athleisure launched • Best Men's Lifestyle Footwear Brand – recognised by Myntra • Brand's First Exclusive store outside India - Nepal 2025 Brand’s first exclusive store in Dubai, Ibn Battuta 2015-16 • Brand’s first store in Sri Lanka • Listed amongst top footwear brands as per market reports • Biggest store in Zirakpur, Punjab with retail area of 10,100 sq.ft. • RedTape Limited incorporated 2020 • Awarded Top FlipStar – By Flipkart • Awarded Top New Amazon Seller - By Amazon • Demerger appointed date 2026 NCLT sanction (Allahabad) 2022 480+ stores with revenue of INR 2,000+ Cr 2021 • Poised to become a disruptor in the lifestyle industry • Acquisition of Sprandi What the demerger separated The branded consumer business was carved into RedTape Limited; the leather exports business was retained at Mirza International. Both companies are listed and operate independently. What RedTapeis today A consumer-facing branded lifestyle business — footwear-led, multi-category, sold across an owned and franchise-managed retail network of 702 stores, complemented by e-commerce that contributes around 22% of revenue in Q1 FY27. 2023 KEY MILESTONES R E D T A P E L I M I T E D6
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Mr. Rashid Ahmed Mirza Chairman Mr. Subhash Sapra Independent Director Mr. Shuja Mirza Managing Director Mr. Sanjay Bhalla Independent Director Mr. Arvind Verma Whole Time Director Dr. Yashvir Singh Independent Director Ms. Sunanda Whole Time Director Dr. Rajshree Saxena Independent Director Mr. Vivek Agnihotri Chief Financial Officer Akhilendra B Singh Company Secretary & Compliance Officer BOARD OF DIRECTORS AND KMPs R E D T A P E L I M I T E D7
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Mid-priced lifestyle for the Indian aspirational consumer — across men, women and kids, weighted toward Tier-1 and Tier-2 with active Tier-3 expansion. DEMOGRAPHIC Men Primary segment — anchor of footwear and apparel ranges Women Active expansion through Mode, sunglasses, and women's footwear and apparel Kids Selective range — extends the family-fashion footprint GEOGRAPHY Tier-1 Metros and large cities — flagship store density Tier-2 Active expansion in newer state capitals and emerging cities Tier-3 Reached through exclusive brand outlets PRICE BAND Footwear entry ₹500–₹1,500: flip-flops, casuals, basics Footwear core ₹1,500–₹3,000: casuals, sneakers, sports Apparel core ₹500–₹2,500: T-shirts, denim, sweatshirts, occasion wear Wardrobe occasion served Casual everyday Athleisure Semi-formal Outdoor performance Occasion-wear (selected) WHO THE CONSUMER IS R E D T A P E L I M I T E D8
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REACHING THE CONSUMER — MULTI-CHANNEL, ONE BRAND Channel Count / Mix Role Exclusive Showroom (Offline) Network of EBOs across Tier-1, 2 and 3 cities, around 1500- 2000 sq. ft. Primary brand-experience anchor; majority franchise- managed (FOFO) Exclusive Mega Showroom (Online) Large outlets around 4400 sq. ft. Full-assortment store; hero- category windows Shop-in-Shop Shelves in larger stores to primarily test markets prior to opening EBOs Catchment extension at lower fixed cost Factory Shop Limited count; sharp value-led format Carry-forward stock at value pricing; protects full-price channels Sports Outlet Performance-led format Showcase for selected footwear range E-commerce ~22% of revenue IN Q1 FY27 Marketplaces (Flipkart, Myntra, Ajio, Nykaa Fashion, Tata CLiQ) plus own website redtape.com, and quick commerce like Zepto R E D T A P E L I M I T E D9
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EXPANDING GLOBAL FOOTPRINT: 1994-2026 • Since inception in 1994, RedTape has grown from a single-store presence to a global network of stores by 2026. • Our footprint now spans across the UK, UAE, Bangladesh, Bhutan, Sri Lanka, Maldives, Singapore, Australia, Seychelles, Turkiye, among others 702 Total Stores in India 330 Cities 20+4 States + Union Territories Store formats Exclusive Mega Showroom (Online) Exclusive Showroom (Offline) Sports Outlet Factory Shop Shop in Shop (SIS) Total Store count # 297 256 06 11 132 702 Cities # 161 193 03 9 61 Average area (lakhs sq. ft.) 12.8 3.5 0.04 0.3 - 16.6 A balanced mix of owned retail, franchise-managed retail, and digital 10+ Export Markets R E D T A P E L I M I T E D10
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SEGMENTAL AND CHANNEL-LEVEL PERFORMANCE Performance was broad-based — across categories, channels and brands. CATEGORY MIX — Q1 FY27 (%) 56% 39% 5% Footwear Apparel Accessories 74% 22% 4% Retail EBO E-commerce* Others** CHANNEL MIX — Q1 FY27 (%) 95% 1% 3% 1% RedTape Mode + Bond Street Ozark Other BRAND MIX — Q1 FY27 (%) Footwear-led, apparel scaling Footwear leads the category mix at 56% of Q1 FY27 revenue, while apparel contributes 39%; accessories make up the remaining 5%. Digital mix reflects a one-off E-commerce contributed 22% of Q1 FY27 revenue versus ~30% in FY26. The moderation reflects a one-off impact and is not indicative of a broader trend. Brand mix remains RedTape-led RedTape contributed 95% of Q1 FY27 revenue; Mode + Bond Street 1%, Ozark 3%, and other brands 1%. Sprandi to be launched in September-end.Footwear Apparel Accessories Total Revenue Q1 FY27 (INR Cr.) 268.78 189.64 21.92 480.34 R E D T A P E L I M I T E D11 *E-commerce in channel mix includes B2C and a portion of B2B sales to marketplaces | **Others includes revenue from distributionchannels Note: Category revenue figures may not sum to the displayed total due to rounding.
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UNIT ECONOMICS Capital-light retail model, vendor-partner sourcing, improving sales density. Capital-light retail • Approximately two-thirds of the store network is franchise-managed (FOFO) on a fixed margin to the franchisee, with the company retaining inventory ownership and GST billing. • New store additions are weighted toward this model — capex is meaningfully lower than a pure COCO build-out at the same pace of expansion. OPERATING MODEL — THREE BUILDING BLOCKS Vendor-partner sourcing • Footwear and apparel are sourced primarily through vendor partners, with the company controlling design, merchandising and brand standards. • This compresses working-capital intensity, accelerates time-to-market and keeps fixed-asset intensity low relative to a vertically integrated manufacturer. Gross-margin discipline • Gross margin over the last three years has been in the 45% range • The margins are supported by a mix of brand-led pricing and disciplined markdown control through the factory-shop channel. R E D T A P E L I M I T E D12
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1,838 2,018 2,415 480 17.3 17.5 19.0 20.4 9.2 8.5 9.6 9.5 0 5 10 15 20 25 0 500 1000 1500 2000 FY24 FY25 FY26 Q1 FY27 EBITDA Margin % PAT Margin % Revenue (₹ Cr) Overall Business Momentum • FY26 revenue grew 19.6% to ₹2,415 Cr; EBITDA margin expanded 150 bps to 19.0%, and PAT margin rose 110 bps to 9.6%. • Q1 FY27 revenue was ₹480 Cr, with EBITDA and PAT margins at 20.4% and 9.5%. Quarter Dynamics • Q1 FY27 was the company's best-performing Q1 since listing, with revenue of ₹480 Cr. • EBITDA margin reached 20.4%, while PAT margin stood at 9.5%. FINANCIAL PERFORMANCE Multi-year revenue, EBITDA and PAT trajectory R E D T A P E L I M I T E D13
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CORE GROWTH ENABLERS Diversified Product Portfolio Catering to diverse needs across footwear (formal, casual, sports) and apparel. This ensures market relevance and reduces reliance on any single category, driving market share growth. Innovative Designs & Tech Product innovation, direct acquisition, onboarding of new design trends. Utilizing cutting- edge materials and footwear technology (e.g., eTPU outsoles, Dial Lace-up Technology) to offer superior comfort and style. Visionary Leadership Family-led business by visionary management ensuring a unified approach and quick execution of strategic goals. Omni-Channel Reach Penetration through a strategic mix of retail outlets, and a strong e-commerce presence. Ensuring maximum accessibility to our diverse customer base. Brand Trust & Legacy Access to millions of customers built upon a legacy of quality, style, and affordability. Leveraging our established reputation to foster deep customer loyalty and drive repeat purchases. 4 1 2 3 5 One Experience R E D T A P E L I M I T E D14
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WHY LOOK AT REDTAPE NOW Independent listed lifestyle business with a clean structure1 Demerged from Mirza International and listed on BSE and NSE since August 2023, the business operates with its own retail footprint, brand house, capital structure and forward agenda. Multi-year revenue & operating leverage now visible2 Revenue grew at almost 20% with EBITDA & PAT margins showing traction. Three-year revenue CAGR for FY 26 is at 18.3%. Momentum expected to continue in the future. Distribution and brand house with measurable runway3 Operates 702 stores in 330 cities, with active Tier-2 and Tier-3 build-out. Five brands on a single operating platform — RedTape, Mode, Bond Street, Ozark, with newer labels still in early innings. Conservative capital structure with promoter alignment4 Promoter holding ~72% with active involvement in the business, ably supported by a professional management team. Growth funded primarily through internal accruals. Dividend track record maintained since listing. An independent, listed, branded lifestyle business with a national retail footprint and operating leverage now visible in the numbers. R E D T A P E L I M I T E D15
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Q1 FY27 Update
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KEY HIGHLIGHTS – Q1 FY 27 ₹ 480 Cr Revenue Growth of 3.7 % YoY ₹ 47 Cr PAT PAT Margin 9.5% 47.5% Gross Margin Growth of 213 bps ₹ 0.85 EPS 20.4% EBITDA Margin Growth of 323 bps 33 New stores addition R E D T A P E L I M I T E D17 Q1 FY27 All figures Ind AS basis. EBITDA includes other income
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R E D T A P E L I M I T E D18 The first quarter of FY2027 reinforced the importance of remaining disciplined in a volatile demand and cost environment. While branded footwear and apparel continue to benefit from structural tailwinds, near-term consumption trends were uneven and the business faced pressure across key operating costs. Against this backdrop, our priority was to protect the customer proposition and preserve the strength of the RedTape brand. We chose not to pass cost pressure to consumers through MRP increases and remained selective in our approach to discounting-led growth. Reported revenue grew during the quarter, while moderated e-commerce turnover reflected our decision to avoid excessive discounting. These decisions were consistent with our focus on margin protection, brand discipline and sustainable growth. The strength of the quarter was the Company’s ability to deliver a stronger profit outcome despite these near-term pressures. Our core India retail business remained healthy, and demand trends improved as the quarter progressed. We will continue to focus on execution, efficiency and profitable growth across retail, e-commerce and supply chain, while keeping the consumer at the centre of the business. MANAGEMENT COMMENTARY Mr. Shuja Mirza Managing Director
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• Strategic portfolio expansion: In April 2026, RedTape acquired the rights to the globally recognised sports footwear brand Sprandi for India, Bangladesh, Nepal, Bhutan, and Sri Lanka, strengthening its sports and athleisure portfolio. The brand is expected to be launched in India through online and retail channels. • E-commerce discipline: The Company consciously avoided excessive marketplace-led discounting, prioritising brand integrity and healthy margins over short-term turnover growth. • India retail resilience: The core India retail business remained healthy, with demand improving as the quarter progressed after a softer start. • Improved selling mix: Average selling prices improved sequentially across footwear and apparel, driven by product and category mix rather than MRP increases. KEY BUSINESS HIGHLIGHTS – Q1 FY 27 R E D T A P E L I M I T E D19
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STANDALONE RESULTS Quarterly performance versus Q1 FY26 and versus Q4 FY26. ₹ Cr Q1 FY27 Q1 FY26 Growth Q4 FY26 Growth Revenue from Operations 480 463 3.7% 674 -28.7% Gross Profit 228 210 8.6% 292 -21.9% Gross Margin 47.5% 45.4% 213 bps 43.4% 415 bps EBITDA 101 87 16.4% 135 -25.1% EBITDA Margin (%) 20.4% 17.1% 323 bps 19.4% 102 bps PAT 47 39 19.4% 71 -34.1% PAT Margin (%) 9.5% 7.8% 170 bps 10.2% -75 bps All figures Ind AS basis. EBITDA includes other income COMMENTARY • Standalone revenue grew by 3.7% year-on-year, reflecting the resilience of the core India business despite uneven demand in the early part of the quarter. • Growth was delivered while absorbing key operating cost headwinds; margins increased on the back of operational efficiencies and disciplined channel management. • Standalone performance is the more relevant indicator of underlying strength, capturing the primary business across retail and domestic channels. R E D T A P E L I M I T E D20
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Revenue for Q1FY27 (in INR Cr.) • For Q1FY27 Volume growth of ~4% (5.9 Mn to 6.1 Mn) • Gross addition of 58k sq. ft. CHANNEL PERFORMANCE RetailE-commerceOthers 303 356 Q1FY26 Q1FY27 17% 139 103 Q1FY26 Q1FY27 -26% 20 21 Q1FY26 Q1FY27 4% • Others now contributes 4% of the total revenue • E-commerce now contributes ~22% of the total revenue • #2 footwear brand on R E D T A P E L I M I T E D21
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OUTLOOK R E D T A P E L I M I T E D22 • RedTape remains focused on disciplined growth, supported by stronger execution across its retail and digital channels. • The Company will continue to drive operating efficiency, align e-commerce growth with profitability, and protect its consumer value proposition. • RedTape believes it is well positioned to navigate near-term demand volatility while continuing to strengthen its brand and operating model through FY27.
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DETAILED STANDALONE P&L Particulars (₹ Cr) Q1 FY27 Q1 FY26 Q4 FY26 Revenue from Operations 480 463 674 Other Income 15 43 23 Total Income 496 506 697 Cost of Materials / Goods 252 253 382 Gross Profit 228 210 292 Gross Margin (%) 47.5% 45.4% 43.4% Employee Benefits Expense 32 29 31 Other Expenses 111 137 150 EBITDA 101 87 135 EBITDA Margin (%) 20.4% 17.1% 19.4% Depreciation 24 21 22 Finance Costs 15 16 15 Profit Before Tax 63 49 98 Tax Expense 16 10 26 Profit After Tax 47 39 71 PAT Margin (%) 9.5% 7.8% 10.2% EPS (Basic, ₹) 0.85 0.71 1.29 R E D T A P E L I M I T E D24 Note : Financial numbers are rounded off
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DEMERGER SCHEME MECHANICS Demerging Company Mirza International Limited Resulting Company RedTape Limited Appointed Date 1 January 2022 NCLT Order 21 February 2023 — Allahabad Bench Effective Date On filing of certified order with ROC Listing Date 11 August 2023 — BSE & NSE Share Exchange Ratio 1 : 1 — every Mirza shareholder received 1 RedTape equity share for every 1 Mirza share held Equity Allotted by RedTape 13.82 crore equity shares of ₹2 face value (subject to subsequent corporate actions, including 3:1 bonus in FY25) Cost of Acquisition Split 41.47% allocated to RedTape | 58.53% retained in Mirza International Outcome Mirza International retained the leather exports business; RedTape Limited received the branded consumer business and operates as an independent listed entity from August 2023 Full scheme document Available on the company's website: about.redtape.com Reference disclosure on the scheme of arrangement between RedTape Limited and Mirza International Limited. R E D T A P E L I M I T E D25
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CONTACT INVESTOR RELATIONS CONTACT Kasturi K Sharma | Nikita Atri Ernst & Young LLP E: Kasturi.Sharma@in.ey.com| Nikita.Atri@in.ey.com REDTAPE LIMITED Plot No. 8, Sector 90 Noida, Gautam Buddha Nagar Uttar Pradesh 201305, India Tel: +91 120 6994444 Web: www.redtape.com | IR: about.redtape.com