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Superhouse Overview

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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Superhouse Key Financials

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

Superhouse Share Price

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Volume
Price

Superhouse Quarterly Price

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Superhouse Peer Comparison

Superhouse Quarterly Results

#(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

Superhouse Profit & Loss

#(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

Growth Rates

# 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%

Superhouse Balance Sheet

#(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

Superhouse Cash Flow

#(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

Superhouse Ratios

# 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

Superhouse Shareholding Pattern

# 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

Superhouse News

Superhouse Pros & Cons

Pros

  • Stock is trading at 0.4 times its book value
  • Debtor days have improved from 163.05 to 156.28days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 4% over the last 3 years.
  • The company has delivered a poor profit growth of -21% over past five years.
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