Mirza International Ltd (MIRZAINT)

Consumer Durables · Leather · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹32.1 ↓ 1.17% (1Y)

🎯 Key Takeaways

Mirza International Ltd is navigating a turnaround phase marked by persistent losses, modest revenue recovery, and structural challenges in profitability. Despite stable promoter holding, the company faces declining margins, negative returns, and a recent credit rating downgrade, indicating heightened financial and operational risk.
Revenue grew 25.2% QoQ to ₹128 in Q1FY27.
⚠️ Persistent net losses and negative operating margins despite revenue recovery, with profitability not yet restored.

Market Cap

₹444

P/B Ratio

0.79

ROE

-4.0%

ROCE

-3.4%

Debt/Equity

0.03

Promoter

73.0%

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📖 The Story

Mirza International Ltd is navigating a turnaround phase marked by persistent losses, modest revenue recovery, and structural challenges in profitability. Despite stable promoter holding, the company faces declining margins, negative returns, and a recent credit rating downgrade, indicating heightened financial and operational risk. Management is focusing on leadership changes and operational adjustments to stabilize performance, but execution remains in early stages.

📰 What's Happening

In Q1 FY2026 (June 2026), Mirza International reported consolidated revenue of ₹12,903.27 lakhs with a net loss of ₹444.07 lakhs before tax, narrowing from prior quarters due to accounting adjustments under Ind AS 116. The board appointed Nirmal Sahijwani as President of the Men's Shoe Division on August 6, 2026, to drive growth in that segment. The 47th AGM on August 1, 2026, passed all resolutions, including director reappointments, affirming shareholder confidence in current leadership. Additionally, ICRA downgraded the company's credit ratings to BBB+(Stable) and A2, triggering a one-year surveillance window and raising concerns about financing costs.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	164	118	103	128
Operating Profit	5	-9	-14	-4
OPM %	2.9%	-7.6%	-13.9%	-3.3%
Net Profit	2	-7	-13	-4
EPS	₹0.16	₹-0.53	₹-0.96	₹-0.29

Revenue has shown sequential improvement, rising from ₹118 lakhs (Dec 2025) to ₹164 lakhs (Sep 2025), then stabilizing around ₹128-129 lakhs in the latest quarter, indicating partial recovery. However, operating performance remains weak, with operating profit turning negative again in June 2026 at ₹-4 lakhs, reversing from ₹5 lakhs profit in September 2025. Net loss narrowed to ₹4 lakhs in June 2026 from ₹13 lakhs in March 2026, but this was aided by accounting adjustments rather than operational improvement. Margins remain under pressure, with OPM declining from 2.9% in September 2025 to -3.3% in June 2026, suggesting ongoing profitability challenges despite revenue stabilization.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance in the reviewed filings, but actions suggest a focus on operational restructuring and leadership realignment. The appointment of a new President for the Men's Shoe Division signals an intent to revitalize a key growth segment. The board continues to emphasize compliance and transparency, as seen in adherence to SEBI regulations and auditor review processes. However, with no disclosed strategic roadmap or revenue growth targets, management's near-term priorities appear to be stabilization and credit profile management rather than aggressive expansion.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	28	28	28	28
Reserves	525	537	549	535
Borrowings	39	48	23	15
Total Liabilities	731	734	750	692
Fixed Assets	381	409	396	389
Investments	8	9	9	9
Total Assets	731	734	750	692

The balance sheet shows stable equity of ₹28 lakhs but rising reserves and declining net borrowings, indicating limited capital base growth and reduced reliance on debt. Total assets increased to ₹750 lakhs in March 2026 from ₹734 lakhs in March 2025, driven by asset accumulation despite flat equity. Borrowings decreased to ₹23 lakhs from ₹48 lakhs, suggesting ongoing deleveraging. However, asset growth without corresponding equity expansion raises concerns about capital efficiency and potential underinvestment in operations.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+44
Investing	+10
Financing	-41
Net Cash Flow	+13

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	71.4%	73.0%	73.0%	73.0%
FII	0.1%	0.2%	0.2%	0.1%
DII	0.0%	0.0%	0.0%	0.0%
Public	25.9%	24.2%	24.1%	24.3%
# Shareholders	83,053	78,777	77,176	75,840

Promoter holding remains stable at 72.99% over recent quarters, signaling continued confidence from the founding family. Institutional ownership (FII/DII) remains minimal, collectively under 0.2%, with a slight decline in FII share from 0.24% to 0.14% and DII flat at 0.01%. Public shareholding has gradually increased, while the number of shareholders has grown, suggesting retail participation is rising. No significant selling by promoters or institutions is evident, but low institutional interest may reflect skepticism about near-term recovery.

⚖️ Peer Comparison — Leather

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
METROBRAND	25,047	61.6	38.9%	24.1%	0.00
RELAXO	8,903	48.0	13.0%	8.8%	0.00
BATAINDIA	8,771	60.0	20.7%	9.2%	0.00
CAMPUS	6,902	54.7	32.5%	29.2%	0.41
MAYURUNIQ	3,277	15.8	29.0%	21.7%	0.01
BIL	1,154	44.6	10.2%	5.8%	1.07
SREEL	567	17.3	9.5%	7.1%	0.00
MIRZAINT	444	—	-3.4%	-4.0%	0.03
LIBERTSHOE	414	50.9	8.9%	9.2%	0.84
KHADIM	214	77.2	8.3%	1.1%	0.45

🔗 Peer Stock Analyses

METROBRAND RELAXO BATAINDIA CAMPUS MAYURUNIQ

⚠️ Risk Factors

1. Persistent net losses and negative operating margins despite revenue recovery, with profitability not yet restored. 2. Credit rating downgrade and surveillance by ICRA could increase borrowing costs and limit access to capital. 3. High shareholder dispersion (75,840 shareholders) and low institutional interest may reduce liquidity and increase volatility. 4. Dependence on the men's shoe segment for growth without clear execution milestones introduces strategic uncertainty.

📋 Recent Filings

🧠 Analyst's Read

Mirza International remains in a fragile recovery phase, with modest financial improvements not yet translating into sustainable profitability. Investors should monitor management's ability to stabilize operations, execute the new leadership strategy in the men's shoe division, and navigate credit rating surveillance. The lack of forward guidance and weak margins are key concerns, making near-term recovery uncertain.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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