Incorporated in 1979, Mirza International Ltd is a prominent Indian manufacturer and exporter of finished leather, footwear, and allied products. Headquartered in Noida, India, the company was promoted by Irshad Mirza and Rashid A. Mirza. Mirza International Limited (MIL) has established itself as one of India's leading manufacturers and exporters of leather footwear, apparels, and accessories, with a strong presence in both domestic and international markets.
The company was listed on the stock exchanges on September 12, 1996. Mirza International is engaged in the manufacture of finished leather, shoe uppers, shoes, and leather accessories. It has become a preferred supplier of leather footwear to leading international brands and a significant exporter of finished leather to overseas markets. The company tapped the capital market in September 1994.
Mirza International operates through distinct business divisions:
- Tannery Division: Manufacturing Finished Leather from Raw Hides, Wet Blue & Crust.
- Shoe Division: Manufacturing Finished Leather Shoes.
- Garments/Accessories Division: Trading of Garments/Accessories.
The company's business segments include an Export Division and a Domestic Division, with the majority of revenue generated from exports. Geographically, the company derives a substantial portion of its revenue from the United Kingdom. The Export and Domestic Divisions are engaged in the manufacturing of finished footwear, leather, and other related items.
Mirza International manufactures and sells processed leather through its in-house tannery unit. The company has established itself as a high-quality shoe supplier catering to the premium segment of the market.
Mirza International offers a comprehensive product portfolio catering to various market segments. Its export products include tanned leather, white label footwear, and branded footwear. Key brands include:
- Red Tape: The company's flagship brand, Red Tape, has gained significant recognition in the domestic market. It encompasses shoes, apparels (shirts, jackets, denims, tees, pants/shorts), and accessories (belts, socks, wallets).
- Oaktrak: This brand includes formal and urban patterns serving mobile executives and businessmen.
- Thomas Crick: Another brand offered by the company.
- Off The Hook London: A brand catering to specific market segments.
The company has also expanded its product range by launching an 'Athleisure Sports' range using flyknit technology and introducing a new brand called "BOND STREET."
Mirza International has cultivated a strong international presence, exporting its merchandise to countries including Germany, the United Kingdom, the United States, and France. Its Private Label/White Label Business involves the design, development, manufacturing, export, and sale of leather footwear to various private labels across the United Kingdom, the United States, and other European and non-European countries.
The company has built relationships with renowned international brands, having supplied shoes to the Hush Puppies division of British Shoe Corporation and reputable brands like Oliver Timpson of the Oliver Group (UK) and Saxone of Clarks Shoes (Australia). Mirza International has previously received two export awards from the Council for Leather Exports for its outstanding performance and unit value realization among leather footwear exporters.
As of the latest trading data, Mirza International's market capitalization stands at ₹446.81 Cr. The company's shareholding pattern indicates strong promoter confidence, with Promoter Holding at 71.3% (as of Mar 2025, remaining stable from Jun 2024).
Recent Financial Results (Q4 FY25):
- Revenue: ₹121.95 Cr as on March 2025 (Q4 FY25)
- Net Profit: ₹-4.40 Cr as on March 2025 (Q4 FY25)
- Mirza International Ltd's net profit fell -460.66% year-on-year to ₹-4.40 Cr in Q4 FY2024-2025.
Annual Performance (FY24):
- For the year ended 2024, Mirza International Ltd reported a profit of ₹12.04 crore on a total income of ₹630.36 crore.
Key Financial Ratios:
- PE Ratio: 214.40 (current)
- PB Ratio: 0.80 (current)
- Return on Equity: 1.95% (over the last 3 years)
The company has faced some challenges in recent quarters. Mirza International Ltd reported a 43.0% quarter-on-quarter (QoQ) decrease in its consolidated revenues for the quarter ended December 2024 (Q3FY25). On a year-on-year (YoY) basis, it witnessed a decline of 19.8%. The company has delivered a poor sales growth of -14.4% over the past five years.
CRISIL Ratings has revised Mirza International's long-term credit outlook from Stable to Negative while reaffirming its Crisil A- rating. This revision indicates potential challenges and may affect the company's financial strategies and stakeholder confidence.
Mirza International has undertaken several expansion initiatives:
- The Company commenced production at its newly set-up Shoe Factory at Greater Noida (Unit 6) in 2010-11.
- In 2016-17, the Company acquired the entire stake of HI-LIFE FABRICATORS PRIVATE LIMITED, making it a wholly-owned subsidiary.
- In 2018, the Company acquired the entire stake of MIRZA (H.K) Limited in Hong Kong, also making it a wholly-owned subsidiary.
Mirza International's 52-week high is ₹49.7 and its 52-week low is ₹25.03. The stock is traded on both NSE and BSE exchanges under the symbol MIRZAINT. The stock is currently trading at 0.86 times its book value. The company is almost debt-free, which provides financial stability despite operational challenges.
Mirza International continues to navigate market challenges while focusing on its core strengths in leather manufacturing and footwear exports, maintaining its position as a significant player in India's leather industry with an established international market presence.
