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ICICI Securities Report
ICICI Securities has maintained its ‘Add' rating on Metro Brands Ltd. while cutting the target price to Rs 1,100 from Rs 1,150, implying a modest upside from current levels.
The brokerage remains constructive on the company's medium-term outlook, citing strong execution, premiumisation trends and healthy profitability, even as near-term demand remains mixed.
Metro's Q4 FY26 performance reinforces brokerage's view that execution quality within the business remains relatively stronger than the broader discretionary demand environment. While category demand continues to stay mixed, Metro continues to benefit from premiumisation, disciplined store expansion, a healthy own-brand mix, and one of the strongest profitability profiles within organised footwear retail.
Encouragingly, newer growth levers such as Fila, Foot Locker and MetroActiv are scaling gradually, helping diversify the portfolio beyond the core business.
However, BIS-related supply disruptions across select global brands and relatively elevated working capital levels remain nearterm monitorables.
Nevertheless, steady omni-channel scaling, calibrated capital allocation and healthy margin resilience continue to strengthen confidence in Metro's medium-term earnings visibility. Add.
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