Mirza International Limited (MIRZAINT) AI Stock Analysis

• Market Cap: ₹4.47B
• Dividend Yield: N/A
• Average Volume (3M): 74.57K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.40
• Revenue Growth: -15.05%
• EPS Growth: -18.55%
• Country: IN
• Employees: 1,662
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Footwear & Accessories
• EPS (TTM): -0.53
• Shares Outstanding: 138,201,900
• 10 Day Avg. Volume: 39,630
• 30 Day Avg. Volume: 74,567
• PEG Ratio: 0.84
• Price to Book (P/B): 0.68
• Price to Sales (P/S): 0.66
• P/FCF Ratio: -21.05
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: ₹34.00 ▼(-8.70% Downside)
• Action: Upgraded Date: 01/29/26
• Date: Action: Upgraded 01/29/26

The score is primarily held back by weakening financial performance (steep revenue decline, net loss, and negative recent free cash flow), partially offset by a comparatively stable balance sheet. Technicals are supportive with price above major moving averages, but momentum signals are mixed. Valuation is a clear negative due to the high P/E and lack of dividend yield data.

Positive Factors

Healthy equity & improved debt position

A strong equity base and improved debt-to-equity indicate durable financial flexibility. Over the next 2–6 months this reduces refinancing and solvency risk, supports working capital and capex funding, and gives management room to execute restructuring or growth without immediate external financing.

Integrated manufacturing and diversified channels

Owning manufacturing plus exposure to exports, domestic wholesale and branded retail provides structural diversification. This mix supports stable revenue sources, bargaining power with buyers, and the ability to shift production or focus by channel if regional demand cycles diverge, improving resilience long-term.

Stable gross margins & positive operating cash flow

Relatively stable gross margins combined with continued positive operating cash flow imply underlying cost control and core product profitability. This supports near-term liquidity and the ability to service operations while management addresses top-line decline, preserving operational continuity over coming months.

Negative Factors

Steep revenue decline and net loss

A sustained drop in revenue and a reported net loss signal structural demand, pricing or distribution problems. Loss of scale impairs fixed-cost absorption and bargaining power with suppliers, making margin recovery and profitable growth more difficult without clear market-share or product strategy shifts.

Negative recent free cash flow

Negative free cash flow undermines the firm's ability to invest, reduce debt, or return capital without external financing. Over several months this constrains strategic flexibility, may force asset sales or higher-cost funding, and increases execution risk for turnaround plans or working-capital needs.

Declining total assets and utilization risk

A shrinking asset base can reflect asset sales, impairments, or underinvestment in capacity. This threatens long-term production capability and supply reliability for manufacturing-centric operations, reducing ability to scale with demand recoveries and potentially harming competitiveness in export and branded channels.

Mirza International Limited Business Overview & Revenue Model

Company Description

Mirza International Limited manufactures and markets leather footwear and finished leather products in India and internationally. It operates through three segments: Tannery Division, Shoe Division, and Garments/Accessories Division. The company offers men's and women's footwear; and formal, semi-formal, and casual footwear. It also provides men's casual and semi-formal wear, including shirts, T-shirts, trousers, denims, sweaters, and jackets, as well as belts, socks, handkerchiefs, and wallets; and women's clothing. The company sells its products under the REDTAPE, REDTAPE Athleisure, Bond Street, Oaktrak, YEZDI, and MODE brands through multi-brand outlets, chain stores, exclusive brand outlets, and e-commerce platforms, as well as online stores. It operates through a network of 276 retail stores. The company was formerly known as Mirza Tanners Limited. Mirza International Limited was incorporated in 1979 and is headquartered in Kanpur, India.

How the Company Makes Money

Mirza International Limited generates revenue primarily through the sale of its leather products, which include a wide range of footwear and accessories. The company operates a multi-channel revenue model, selling directly to consumers through retail outlets, online platforms, and also through wholesale distribution to various retailers. Key revenue streams include exports of leather goods to international markets, which are a significant portion of their business, and domestic sales through branded stores. Additionally, partnerships with global fashion brands and participation in trade fairs enhance their market presence and contribute to revenue growth. The company's focus on innovation and quality has led to strong customer loyalty, further driving sales.

Mirza International Limited Financial Statement Overview

Summary

Financials are mixed: revenues have fallen sharply (16.79B in 2022 to 5.83B in 2025) and the company reported a net loss in 2025. Offsetting this, the balance sheet remains relatively solid with improved debt management and a strong equity position, but cash flow has weakened with negative recent free cash flow.

Income Statement

Mirza International Limited has experienced a declining revenue trend over the past few years, with a notable drop from 16.79 billion in 2022 to 5.83 billion in 2025. Gross profit margins have been relatively stable, although there was a decrease in EBIT and EBITDA margins in 2025 compared to previous years. The company reported a net loss in 2025, which raises concerns about profitability. Despite these challenges, the company has maintained a reasonable gross profit margin, indicating some resilience in cost management.

Balance Sheet

The company maintains a healthy equity position with a substantial stockholders' equity base. The debt-to-equity ratio has improved, reflecting effective debt management. However, the total assets have been decreasing over time, which could indicate potential risks in asset utilization. The equity ratio remains strong, suggesting solid financial stability.

Cash Flow

Mirza International Limited has shown significant fluctuations in free cash flow, with negative figures in the most recent year. The operating cash flow has decreased, and the free cash flow to net income ratio is concerning due to the net loss. Despite these challenges, the company has managed to maintain positive operating cash flow, which is a positive sign for liquidity.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Jun 2021
Income Statement
Total Revenue	5.80B	5.83B	6.30B	6.53B	13.99B	10.49B
Gross Profit	2.11B	2.40B	2.52B	2.75B	7.34B	4.60B
EBITDA	587.90M	376.64M	567.30M	713.20M	1.94B	1.19B
Net Income	136.23M	-35.44M	120.40M	264.40M	864.50M	83.40M
Balance Sheet
Total Assets	0.00	7.34B	7.19B	7.60B	14.23B	11.70B
Cash, Cash Equivalents and Short-Term Investments	198.50M	198.30M	192.00M	157.50M	547.10M	124.40M
Total Debt	0.00	537.80M	420.90M	542.60M	2.08B	2.99B
Total Liabilities	-5.64B	1.70B	1.66B	2.26B	6.63B	5.32B
Stockholders Equity	5.64B	5.64B	5.53B	5.33B	5.05B	6.38B
Cash Flow
Free Cash Flow	0.00	-183.50M	159.10M	-70.50M	1.08B	1.89B
Operating Cash Flow	0.00	282.40M	496.50M	469.10M	1.93B	2.38B
Investing Cash Flow	0.00	-288.70M	-294.30M	-534.80M	-807.20M	-406.70M
Financing Cash Flow	0.00	12.60M	-167.70M	-323.70M	-1.02B	-2.01B

Mirza International Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 37.24
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MIRZAINT, the sentiment is Negative. The current price of 37.24 is above the 20-day moving average (MA) of 35.24, above the 50-day MA of 35.79, and above the 200-day MA of 35.55, indicating a bearish trend. The MACD of -1.02 indicates Positive momentum. The RSI at 34.36 is Neutral, neither overbought nor oversold. The STOCH value of 47.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MIRZAINT.

Mirza International Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MIRZAINT	62 Neutral	₹4.47B	-17.45	―	―	-15.05%	-18.55%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
KITEX	59 Neutral	₹33.84B	-96.49	―	0.27%	20.41%	-6.50%
MUNJALAU	56 Neutral	₹7.62B	14.78	―	1.24%	13.34%	-26.93%
LIBERTSHOE	53 Neutral	₹3.82B	200.89	―	―	―	―

Mirza International Limited Corporate Events

Mirza International Gets NSE, BSE Nod for Employee Stock Option Share Issue

Mirza International Limited has received in-principle approvals from both the National Stock Exchange of India and BSE to issue and list up to 2.5 million new equity shares of face value Rs 2 each under its MIL Employees Stock Option Scheme 2025. The clearance paves the way for the company to implement a fresh stock option plan for employees, which, once the options are exercised and shares allotted subject to regulatory and statutory compliances, will marginally expand its equity base and is aimed at strengthening employee alignment and retention, potentially enhancing long-term shareholder value.