Metro Brands (METROBRA IN) – Q4FY26 Result Update – Steady demand outlook, cautious on store openings – Accumulate
Published on 21 May 2026
MBL's growth plans remain on track, supported by 1) Entry into new cities. 2) Healthy online/omni-channel contribution, accounting for ~12% of total sales (53% YoY sales growth in Q4. 3) Accelerated store openings in Walkway format (12 in 4Q26) aimed at capturing the value-conscious consumer (Tier-2 cities) and positioning MBL as a comprehensive footwear destination. We see the key growth delta emerging from MetroActiv, Clarks, FILA and Foot Locker as MBL launches new EBO’s and complements its product range. We estimate 15.4% EPS CAGR over FY26-FY28 and assign a DCF based target price of Rs1187 (Rs1156 earlier). We expect back ended returns given rich valuations of 54.9xFY28 EPS. Retain Accumulate.
