WEBSITE BSE:523283 NSE: SUPER HOUSE Inc. Year: 1980 Industry: Footwear My Bucket: Add Stock
Last updated: 15:54
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1. Business Overview
Superhouse Ltd. is an Indian manufacturer and exporter of a diverse range of leather and leather products. Its core business revolves around the production of footwear (primarily safety footwear, but also fashion footwear), finished leather, leather garments, and leather accessories (such as bags, wallets, and belts). The company operates on an integrated business model, encompassing tanning of raw hides to the manufacturing of finished products. It serves both domestic and international markets, with a significant portion of its revenue derived from exports to over 35 countries.
2. Key Segments / Revenue Mix
While specific percentage breakdowns can fluctuate and are not publicly detailed consistently, Superhouse's revenue streams primarily originate from:
Footwear: This is the largest segment, with a strong focus on industrial safety footwear, but also includes fashion and military footwear.
Leather Garments: Production and sale of various leather apparel.
Leather Accessories: Manufacturing and sale of products like belts, wallets, and bags.
Finished Leather: Sale of processed leather to other manufacturers.
The company also has a domestic retail presence for its fashion brands like Allen Cooper and Leeford.
3. Industry & Positioning
Superhouse operates within the fragmented but growing Indian footwear and leather industry. It is positioned as one of the larger, organized players, particularly recognized for its integrated manufacturing capabilities and significant export orientation. In the safety footwear segment, it holds a prominent position due to its quality standards and international certifications. Domestically, it competes with both organized brands and a vast unorganized sector across its product categories. Globally, it competes with manufacturers from other cost-effective countries.
4. Competitive Advantage (Moat)
Integrated Manufacturing: Superhouse possesses end-to-end manufacturing capabilities, from leather tanning to finished product manufacturing, which offers better quality control, cost efficiency, and reduced reliance on external suppliers.
Export Focus & International Standards: Its long-standing presence in international markets and adherence to global quality and safety standards (especially for safety footwear) provide a strong reputation and client relationships.
Diversified Product Portfolio: A broad range of products (safety footwear, fashion footwear, garments, accessories, finished leather) helps mitigate risks associated with reliance on a single product line or market segment.
Brand Portfolio: Ownership of established domestic brands like Allen Cooper and Leeford provides a foothold in the Indian consumer market.
5. Growth Drivers
Increasing Demand for Safety Footwear: Growing industrialization, infrastructure development, and stricter safety regulations globally and within India are expected to drive demand for safety footwear.
Rising Disposable Income & Urbanization: The growth of India's middle class and urbanization trends will likely fuel demand for fashion footwear, leather garments, and accessories.
Export Opportunities: Depreciation of the Indian Rupee and global demand for quality leather products from cost-effective manufacturing hubs like India can boost export volumes.
Government Initiatives: Schemes and policies promoting "Make in India" and supporting the leather and footwear sector can provide impetus for growth and exports.
Expansion into new markets/channels: Potential for expanding its retail footprint or tapping into new international markets.
6. Risks
Raw Material Price Volatility: Leather prices are subject to fluctuations based on global supply/demand, livestock diseases, and environmental factors, impacting production costs.
Currency Fluctuations: As a significant exporter, Superhouse is exposed to currency exchange rate risks, which can affect profitability.
Global Economic Slowdown: A downturn in key export markets could lead to reduced demand for its products.
Intense Competition: The industry faces competition from both domestic and international players, particularly from other Asian manufacturing hubs.
Fashion & Consumer Preferences: Rapidly changing fashion trends can impact demand for its fashion footwear and garment segments.
Regulatory & Environmental Compliance: Increasing environmental regulations related to leather tanning and manufacturing can lead to higher compliance costs.
7. Management & Ownership
Superhouse Ltd. is primarily promoter-driven, with the Mirza family holding a significant stake and active roles in management. Mr. Mukhtarul Amin serves as the Chairman & Managing Director, a position he has held for many years, indicating experienced and long-standing leadership. The management team generally comprises professionals with deep industry knowledge, particularly in leather manufacturing and exports.
8. Outlook
Superhouse Ltd. is well-positioned in the Indian leather and footwear industry, leveraging its integrated operations and strong export focus. The company's emphasis on safety footwear provides a stable demand base driven by industrial growth, while its fashion segment caters to evolving consumer trends. The long-term outlook for the Indian leather industry remains positive due to domestic consumption growth and global market opportunities. However, the company faces inherent risks from raw material price volatility, currency movements, and global economic uncertainties. Its ability to manage these risks while capitalizing on its manufacturing strengths and market diversification will be key to its sustained performance.
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Market Cap ₹164 Cr.
Stock P/E 21.4
P/B 0.4
Current Price ₹148.6
Book Value ₹ 419.4
Face Value 10
52W High ₹201.5
Dividend Yield 0.54%
52W Low ₹ 127.8
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 191 | 145 | 165 | 143 | 182 | 164 | 176 | 163 | 190 | 169 |
| Other Income | 2 | 4 | 4 | 2 | 2 | 6 | 2 | 4 | 3 | 2 |
| Total Income | 193 | 149 | 169 | 145 | 185 | 170 | 178 | 167 | 193 | 171 |
| Total Expenditure | 178 | 138 | 157 | 136 | 172 | 160 | 166 | 156 | 178 | 160 |
| Operating Profit | 15 | 11 | 12 | 10 | 13 | 10 | 11 | 11 | 15 | 12 |
| Interest | 4 | 3 | 4 | 4 | 5 | 5 | 7 | 6 | 6 | 4 |
| Depreciation | 4 | 4 | 5 | 5 | 5 | 4 | 5 | 5 | 5 | 5 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 7 | 3 | 3 | 7 | 3 | 2 | -1 | 1 | 5 | 3 |
| Provision for Tax | 1 | 1 | 0 | 2 | 1 | 1 | -0 | 2 | 2 | 2 |
| Profit After Tax | 5 | 2 | 3 | 5 | 2 | 0 | -0 | -1 | 3 | 1 |
| Adjustments | 1 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Profit After Adjustments | 6 | 2 | 4 | 5 | 2 | 1 | 1 | -0 | 4 | 1 |
| Adjusted Earnings Per Share | 5.4 | 2 | 3.4 | 5 | 1.8 | 0.5 | 0.6 | -0.3 | 4 | 1.2 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 800 | 710 | 663 | 649 | 694 | 609 | 537 | 650 | 766 | 665 | 665 | 698 |
| Other Income | 9 | 12 | 11 | 16 | 7 | 13 | 8 | 13 | 11 | 12 | 12 | 11 |
| Total Income | 809 | 722 | 674 | 665 | 702 | 622 | 545 | 663 | 777 | 677 | 677 | 709 |
| Total Expenditure | 719 | 640 | 622 | 604 | 635 | 563 | 488 | 593 | 709 | 628 | 633 | 660 |
| Operating Profit | 90 | 82 | 52 | 61 | 66 | 58 | 57 | 70 | 67 | 49 | 45 | 49 |
| Interest | 21 | 22 | 21 | 20 | 19 | 17 | 11 | 10 | 14 | 15 | 21 | 23 |
| Depreciation | 14 | 15 | 16 | 16 | 15 | 15 | 15 | 14 | 16 | 18 | 18 | 20 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4 | 0 | 0 | 6 | 0 |
| Profit Before Tax | 55 | 45 | 16 | 25 | 32 | 27 | 30 | 42 | 37 | 15 | 12 | 8 |
| Provision for Tax | 19 | 17 | 7 | 7 | 11 | 1 | 6 | 11 | 9 | 4 | 4 | 6 |
| Profit After Tax | 36 | 28 | 8 | 18 | 21 | 26 | 24 | 31 | 28 | 12 | 8 | 3 |
| Adjustments | 2 | 1 | 2 | 2 | 3 | 6 | 4 | 4 | -1 | 1 | 1 | 3 |
| Profit After Adjustments | 37 | 29 | 10 | 20 | 24 | 32 | 28 | 36 | 27 | 12 | 9 | 6 |
| Adjusted Earnings Per Share | 33.8 | 26.5 | 9 | 17.7 | 21.6 | 28.9 | 25.4 | 32.2 | 24 | 11.6 | 8.5 | 5.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 1% | 2% | -2% |
| Operating Profit CAGR | -8% | -14% | -5% | -7% |
| PAT CAGR | -33% | -36% | -21% | -14% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -13% | -16% | 3% | -1% |
| ROE Average | 2% | 4% | 5% | 7% |
| ROCE Average | 5% | 6% | 7% | 9% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 246 | 274 | 283 | 301 | 323 | 353 | 381 | 415 | 438 | 449 | 457 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 15 | 23 | 23 |
| Borrowings | 47 | 52 | 41 | 42 | 37 | 20 | 24 | 11 | 17 | 23 | 19 |
| Other Non-Current Liabilities | 8 | 66 | 15 | 16 | 16 | 10 | 11 | 12 | 12 | 13 | 11 |
| Total Current Liabilities | 397 | 331 | 316 | 346 | 330 | 297 | 255 | 339 | 352 | 320 | 346 |
| Total Liabilities | 698 | 723 | 656 | 705 | 707 | 680 | 671 | 786 | 833 | 828 | 856 |
| Fixed Assets | 193 | 223 | 227 | 222 | 220 | 214 | 207 | 217 | 244 | 263 | 256 |
| Other Non-Current Assets | 35 | 92 | 36 | 34 | 35 | 42 | 47 | 49 | 53 | 47 | 48 |
| Total Current Assets | 470 | 409 | 393 | 449 | 451 | 424 | 417 | 520 | 537 | 518 | 552 |
| Total Assets | 698 | 723 | 656 | 705 | 707 | 680 | 671 | 786 | 833 | 828 | 856 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 12 | 17 | 13 | 19 | 11 | 13 | 12 | 34 | 26 | 24 | 18 |
| Cash Flow from Operating Activities | 38 | 58 | 60 | 21 | 41 | 56 | 84 | -1 | 27 | 21 | 17 |
| Cash Flow from Investing Activities | -51 | -38 | -22 | -6 | -9 | -10 | -14 | -11 | -46 | -22 | -7 |
| Cash Flow from Financing Activities | 18 | -24 | -33 | -23 | -31 | -47 | -48 | 4 | 17 | -4 | -14 |
| Net Cash Inflow / Outflow | 5 | -3 | 5 | -8 | 2 | -1 | 23 | -9 | -2 | -6 | -4 |
| Closing Cash & Cash Equivalent | 17 | 13 | 19 | 11 | 13 | 12 | 34 | 26 | 24 | 18 | 14 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 33.77 | 26.47 | 9.01 | 17.72 | 21.55 | 28.93 | 25.38 | 32.25 | 24.04 | 11.61 | 8.48 |
| CEPS(Rs) | 45.18 | 38.92 | 21.68 | 30.11 | 32.91 | 37.21 | 36.03 | 41.66 | 39.85 | 27.78 | 23.95 |
| DPS(Rs) | 1.5 | 1.5 | 1 | 1 | 1 | 0.8 | 1 | 1 | 1 | 0.8 | 0.8 |
| Book NAV/Share(Rs) | 219.28 | 244.24 | 256.75 | 272.43 | 292.71 | 320.41 | 345.4 | 376.67 | 397.3 | 417.36 | 424.71 |
| Core EBITDA Margin(%) | 10.11 | 9.89 | 6.18 | 6.9 | 8.49 | 7.48 | 9.01 | 8.88 | 7.41 | 5.55 | 4.85 |
| EBIT Margin(%) | 9.42 | 9.43 | 5.45 | 6.92 | 7.35 | 7.18 | 7.72 | 8.01 | 6.7 | 4.63 | 4.91 |
| Pre Tax Margin(%) | 6.86 | 6.31 | 2.36 | 3.83 | 4.57 | 4.4 | 5.61 | 6.53 | 4.85 | 2.3 | 1.75 |
| PAT Margin (%) | 4.44 | 3.91 | 1.26 | 2.71 | 3.01 | 4.31 | 4.55 | 4.83 | 3.65 | 1.76 | 1.15 |
| Cash Profit Margin (%) | 6.2 | 6.02 | 3.59 | 5.11 | 5.23 | 6.74 | 7.4 | 7.06 | 5.74 | 4.49 | 3.87 |
| ROA(%) | 5.4 | 3.93 | 1.21 | 2.59 | 2.96 | 3.78 | 3.61 | 4.31 | 3.45 | 1.41 | 0.91 |
| ROE(%) | 15.88 | 10.93 | 3.03 | 6.04 | 6.71 | 7.76 | 6.65 | 7.9 | 6.54 | 2.64 | 1.69 |
| ROCE(%) | 17.31 | 13.79 | 7.23 | 8.78 | 9.7 | 8.2 | 7.83 | 9.47 | 8.52 | 4.8 | 4.95 |
| Receivable days | 61.67 | 67.2 | 67.17 | 73.83 | 79.57 | 85.04 | 91.84 | 80.43 | 79.23 | 94.72 | 89.47 |
| Inventory Days | 90.34 | 109.12 | 114.97 | 115.19 | 107.11 | 119.89 | 126.7 | 121.13 | 123.22 | 137.89 | 139.9 |
| Payable days | 111.91 | 121.35 | 127.39 | 150.23 | 160.89 | 169 | 164.55 | 185.43 | 167.02 | 163.05 | 156.28 |
| PER(x) | 6.17 | 5.23 | 15.95 | 7.21 | 5.66 | 2.11 | 4.85 | 5.04 | 9.8 | 16.98 | 16.2 |
| Price/Book(x) | 0.95 | 0.57 | 0.56 | 0.47 | 0.42 | 0.19 | 0.36 | 0.43 | 0.59 | 0.47 | 0.32 |
| Dividend Yield(%) | 0.72 | 1.08 | 0.7 | 0.78 | 0.82 | 1.31 | 0.81 | 0.62 | 0.42 | 0.41 | 0.58 |
| EV/Net Sales(x) | 0.53 | 0.49 | 0.5 | 0.49 | 0.43 | 0.33 | 0.38 | 0.42 | 0.5 | 0.52 | 0.43 |
| EV/Core EBITDA(x) | 4.76 | 4.26 | 6.41 | 5.26 | 4.53 | 3.48 | 3.62 | 3.88 | 5.67 | 7.13 | 6.45 |
| Net Sales Growth(%) | 6.26 | -11.25 | -6.66 | -2.07 | 6.98 | -12.35 | -11.82 | 21.19 | 17.76 | -13.14 | -0.05 |
| EBIT Growth(%) | -3.92 | -11.15 | -45.93 | 23.72 | 13.51 | -14.39 | -5.16 | 25.74 | -1.53 | -40.02 | 6.06 |
| PAT Growth(%) | -3.74 | -21.77 | -70.01 | 110.6 | 18.55 | 25.55 | -7.04 | 28.84 | -11.16 | -58.01 | -34.71 |
| EPS Growth(%) | -1.68 | -21.62 | -65.97 | 96.71 | 21.63 | 34.25 | -12.28 | 27.06 | -25.45 | -51.7 | -27 |
| Debt/Equity(x) | 0.96 | 0.86 | 0.78 | 0.73 | 0.65 | 0.51 | 0.38 | 0.38 | 0.44 | 0.45 | 0.46 |
| Current Ratio(x) | 1.18 | 1.23 | 1.24 | 1.3 | 1.37 | 1.43 | 1.63 | 1.53 | 1.53 | 1.62 | 1.6 |
| Quick Ratio(x) | 0.65 | 0.58 | 0.6 | 0.71 | 0.76 | 0.79 | 0.95 | 0.79 | 0.79 | 0.87 | 0.82 |
| Interest Cover(x) | 3.68 | 3.03 | 1.76 | 2.24 | 2.64 | 2.58 | 3.66 | 5.39 | 3.62 | 1.99 | 1.56 |
| Total Debt/Mcap(x) | 1.01 | 1.52 | 1.4 | 1.56 | 1.56 | 2.68 | 1.07 | 0.89 | 0.74 | 0.94 | 1.39 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 54.88 | 54.88 | 54.88 | 54.88 | 54.88 | 54.88 | 54.88 | 54.88 | 54.88 | 54.88 |
| FII | 0.77 | 0.72 | 0.72 | 0.78 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 |
| DII | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 44.33 | 44.38 | 44.39 | 44.33 | 44.39 | 44.39 | 44.39 | 44.39 | 44.39 | 44.39 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 |
| FII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 | 0.49 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 |
* The pros and cons are machine generated.
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