Cash flow Redtape Limited

Equities

REDTAPE

INE0LXT01019

Apparel & Accessories Retailers

End-of-day quote NSE India S.E. Other stock markets 2026-03-10			5-day change	1st Jan Change
116.20 ^INR	+1.33%		-0.12%	-6.23%

Feb. 12	Redtape Dec-quarter consol profit 1.05 billion rupees	RE
Feb. 12	REDTAPE Limited Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2025	CI

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Published financial data: REDTAPE LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022	2023	2024	2025
Revenues	9.1B	14.68B	18.43B	20.21B
Total Revenues	9.1B	14.68B	18.43B	20.21B
Cost of Goods Sold, Total	4.52B	7.86B	9.6B	10.9B
Gross Profit	4.58B	6.82B	8.83B	9.31B
Selling General & Admin Expenses, Total	356M	542M	983M	1.23B
Depreciation & Amortization - (IS)	72.9M	444M	592M	834M
Other Operating Expenses	2.8B	3.83B	4.69B	4.52B
Other Operating Expenses, Total	3.23B	4.82B	6.26B	6.58B
Operating Income	1.35B	2B	2.57B	2.72B
Interest Expense, Total	-120M	-175M	-325M	-509M
Interest And Investment Income	-	-	8.7M	9.9M
Net Interest Expenses	-120M	-175M	-316M	-500M
Income (Loss) On Equity Invest.	-	-1.1M	-1M	-
Currency Exchange Gains (Loss)	-	-	-	51.7M
Other Non Operating Income (Expenses)	1.8M	53.3M	96.2M	-
EBT, Excl. Unusual Items	1.23B	1.88B	2.35B	2.28B
Gain (Loss) On Sale Of Assets	-9.3M	1.3M	-1.4M	10.3M
Other Unusual Items	-	11.9M	13.7M	43.9M
EBT, Incl. Unusual Items	1.22B	1.89B	2.36B	2.33B
Income Tax Expense	353M	470M	600M	629M
Earnings From Continuing Operations	871M	1.42B	1.76B	1.7B
Net Income to Company	871M	1.42B	1.76B	1.7B
Net Income - (IS)	871M	1.42B	1.76B	1.7B
Net Income to Common Incl Extra Items	871M	1.42B	1.76B	1.7B
Net Income to Common Excl. Extra Items	871M	1.42B	1.76B	1.7B
Per Share Items
Net EPS - Basic	1.58	2.57	3.19	3.08
Basic EPS - Continuing Operations	1.58	2.57	3.19	3.08
Basic Weighted Average Shares Outstanding	553M	553M	553M	553M
Net EPS - Diluted	1.58	2.57	3.19	3.08
Diluted EPS - Continuing Operations	1.58	2.57	3.19	3.08
Diluted Weighted Average Shares Outstanding	553M	553M	553M	553M
Normalized Basic EPS	1.39	2.12	2.66	2.57
Normalized Diluted EPS	1.39	2.12	2.66	2.57
Dividend Per Share	-	-	-	0.75
Payout Ratio	-	-	-	16.22
Supplemental Items
EBITDA	1.42B	2.22B	2.81B	3.05B
EBITA	1.35B	2B	2.57B	2.72B
EBIT	1.35B	2B	2.57B	2.72B
EBITDAR	-	2.27B	2.87B	3.08B
Total Revenues (As Reported)	9.1B	14.75B	18.56B	20.53B
Effective Tax Rate - (Ratio)	28.82	24.83	25.4	27.01
Total Current Taxes	347M	479M	613M	620M
Total Deferred Taxes	6M	-9.6M	-13M	-5.4M
Normalized Net Income	771M	1.17B	1.47B	1.42B
Interest Capitalized	-	-	26.7M	3.1M
Interest on Long-Term Debt	-	-	211M	294M
Non-Cash Pension Expense	-900K	2.4M	2.6M	2.8M
Supplemental Operating Expense Items
Net Rental Expense, Total	-	43.2M	56M	22.8M
Imputed Operating Lease Interest Expense	-	26.98M	42.59M	15.53M
Imputed Operating Lease Depreciation	-	16.22M	13.41M	7.27M
Maintenance & Repair Expenses, Total	-	-	111M	103M

Fiscal Period: March	2022	2023	2024	2025
Assets
Cash And Equivalents	143M	262M	210M	146M
Total Cash And Short Term Investments	143M	262M	210M	146M
Accounts Receivable, Total	562M	841M	908M	1.12B
Other Receivables	200K	300K	-	-
Total Receivables	562M	841M	908M	1.12B
Inventory	3.97B	6.43B	7.64B	12.21B
Prepaid Expenses	11.8M	9.9M	17.8M	28.7M
Other Current Assets, Total	190M	290M	365M	978M
Total Current Assets	4.87B	7.83B	9.14B	14.48B
Gross Property Plant And Equipment	-	5.45B	8.71B	10.28B
Accumulated Depreciation	-	-1.12B	-2.15B	-2.75B
Net Property Plant And Equipment	3.16B	4.33B	6.56B	7.54B
Long-term Investments	6.6M	5.6M	-	-
Other Intangibles, Total	48.3M	60.2M	81.9M	94.6M
Deferred Tax Assets Long-Term	-	-	-	1.1M
Other Long-Term Assets, Total	167M	155M	103M	123M
Total Assets	8.26B	12.39B	15.88B	22.24B
Liabilities
Accounts Payable, Total	1.68B	3.44B	2.76B	5.04B
Accrued Expenses, Total	230M	260M	270M	287M
Short-term Borrowings	114M	336M	1.09B	3.18B
Current Portion of Long-Term Debt	55.4M	164M	268M	329M
Current Portion of Leases	279M	192M	284M	338M
Current Income Taxes Payable	-	-	22.7M	21M
Other Current Liabilities	57M	49.9M	1.49B	1.72B
Total Current Liabilities	2.41B	4.44B	6.18B	10.92B
Long-Term Debt	115M	307M	249M	147M
Long-Term Leases	1.31B	1.6B	2.91B	3.24B
Pension & Other Post Retirement Benefits	31.3M	35M	38.1M	41.5M
Deferred Tax Liability Non Current	31.9M	22.4M	7.4M	-
Other Non Current Liabilities	996M	1.22B	11M	6.5M
Total Liabilities	4.9B	7.62B	9.4B	14.35B
Common Stock, Total	276M	276M	276M	1.11B
Retained Earnings	290M	1.71B	3.47B	4.06B
Comprehensive Income and Other	2.79B	2.78B	2.74B	2.72B
Total Common Equity	3.36B	4.77B	6.48B	7.89B
Total Equity	3.36B	4.77B	6.48B	7.89B
Total Liabilities And Equity	8.26B	12.39B	15.88B	22.24B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	553M	553M	553M	553M
ECS Total Common Shares Outstanding	553M	553M	553M	553M
Book Value / Share	6.08	8.62	11.73	14.27
Tangible Book Value	3.31B	4.71B	6.4B	7.79B
Tangible Book Value Per Share	5.99	8.52	11.58	14.1
Total Debt	1.87B	2.6B	4.8B	7.24B
Net Debt	1.73B	2.34B	4.59B	7.09B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	36.7M	40.5M	43.5M
Debt Equivalent Oper. Leases	-	346M	448M	182M
Equity Method Investments, Total	6.6M	5.6M	-	-
Account Code - Inventory Valuation	-	6	6	6
Inventories - Raw Materials, Total	249M	132M	116M	150M
Inventories - Work In Process, Total	49.6M	15.8M	14.1M	27.3M
Inventories - Finished Goods, Total	3.66B	6.28B	7.51B	12.03B
Inventories - Others	3.6M	3M	3.1M	4.5M
Land - (BS)	-	18.7M	18.7M	18.7M
Buildings, Total	-	800M	1.73B	1.85B
Machinery, Total	-	2.29B	2.97B	3.44B
Full Time Employees	-	803	867	734
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	11.9M

Fiscal Period: March	2022	2023	2024	2025
Net Income	871M	1.42B	1.76B	1.7B
Depreciation & Amortization - CF	72.9M	444M	592M	816M
Depreciation & Amortization, Total	72.9M	444M	592M	816M
Amortization of Deferred Charges, Total - (CF)	-	-	-	17.8M
(Gain) Loss From Sale Of Asset	9.3M	-1.3M	1.4M	-10.3M
(Gain) Loss on Sale of Investments - (CF)	-	-	1M	-
Other Operating Activities, Total	818M	1.04B	250M	397M
Change In Accounts Receivable	-216M	-377M	-26.7M	-228M
Change In Inventories	-1.93B	-2.46B	-1.21B	-4.57B
Change In Accounts Payable	572M	1.71B	-674M	2.33B
Change in Other Net Operating Assets	1.13B	-535M	149M	-417M
Cash from Operations	1.33B	1.24B	844M	42.4M
Capital Expenditure	-1.48B	-1.63B	-1.2B	-1.71B
Sale of Property, Plant, and Equipment	-	131M	33.5M	623M
Investment in Marketable and Equity Securities, Total	-	-23.9M	4.4M	-
Other Investing Activities, Total	1.8M	53.3M	1.1M	-6.2M
Cash from Investing	-1.48B	-1.47B	-1.16B	-1.09B
Short Term Debt Issued, Total	-	330M	856M	2.16B
Long-Term Debt Issued, Total	-	192M	-	-
Total Debt Issued	-	522M	856M	2.16B
Short Term Debt Repaid, Total	-114M	-	-	-
Long-Term Debt Repaid, Total	-18.8M	-	-454M	-678M
Total Debt Repaid	-397M	-	-454M	-678M
Common Dividends Paid	-	-	-	-276M
Common & Preferred Stock Dividends Paid	-	-	-	-276M
Other Financing Activities, Total	-120M	-175M	-141M	-216M
Cash from Financing	-517M	347M	261M	987M
Foreign Exchange Rate Adjustments	-	-	-	-10.4M
Net Change in Cash	-664M	119M	-51.4M	-73.5M
Supplemental Items
Cash Interest Paid	120M	175M	141M	216M
Cash Income Tax Paid (Refund)	-347M	-460M	628M	636M
Levered Free Cash Flow	-	-1.1B	-973M	-2.37B
Unlevered Free Cash Flow	-	-995M	-769M	-2.05B
Change In Net Working Capital	-	1.06B	1.77B	2.88B
Net Debt Issued / Repaid	-397M	522M	402M	1.48B

Fiscal Period: March	2022	2023	2024	2025
Profitability
Return on Assets	-	12.11	11.37	8.93
Return on Total Capital	-	19.84	17.23	12.89
Return On Equity %	-	34.98	31.33	23.66
Return on Common Equity	-	34.98	31.33	23.66
Margin Analysis
Gross Profit Margin %	50.35	46.44	47.93	46.05
SG&A Margin	3.91	3.69	5.33	6.06
EBITDA Margin %	15.66	15.14	15.25	15.11
EBITA Margin %	14.85	13.62	13.95	13.47
EBIT Margin %	14.85	13.62	13.95	13.47
Income From Continuing Operations Margin %	9.58	9.68	9.56	8.41
Net Income Margin %	9.58	9.68	9.56	8.41
Net Avail. For Common Margin %	9.58	9.68	9.56	8.41
Normalized Net Income Margin	8.47	7.99	7.97	7.04
Levered Free Cash Flow Margin	-	-7.52	-5.28	-11.74
Unlevered Free Cash Flow Margin	-	-6.78	-4.17	-10.16
Asset Turnover
Asset Turnover	-	1.42	1.3	1.06
Fixed Assets Turnover	-	3.92	3.38	2.87
Receivables Turnover (Average Receivables)	-	20.93	21.08	19.89
Inventory Turnover (Average Inventory)	-	1.51	1.36	1.1
Short Term Liquidity
Current Ratio	2.02	1.77	1.48	1.33
Quick Ratio	0.29	0.25	0.18	0.12
Operating Cash Flow to Current Liabilities	0.55	0.28	0.14	0
Days Sales Outstanding (Average Receivables)	-	17.44	17.36	18.35
Days Outstanding Inventory (Average Inventory)	-	241.26	268.35	332.24
Average Days Payable Outstanding	-	90.35	104.93	92.07
Cash Conversion Cycle (Average Days)	-	168.34	180.78	258.51
Long Term Solvency
Total Debt/Equity	55.77	54.53	74.03	91.74
Total Debt / Total Capital	35.8	35.29	42.54	47.85
LT Debt/Equity	42.42	40.02	48.73	42.93
Long-Term Debt / Total Capital	27.23	25.9	28	22.39
Total Liabilities / Total Assets	59.31	61.51	59.18	64.53
EBIT / Interest Expense	11.29	11.46	7.91	5.35
EBITDA / Interest Expense	11.9	14	9.73	6.95
(EBITDA - Capex) / Interest Expense	-0.44	4.66	6.06	3.59
Total Debt / EBITDA	1.32	1.06	1.52	2.04
Net Debt / EBITDA	1.22	0.96	1.45	2
Total Debt / (EBITDA - Capex)	-35.48	3.19	2.44	3.95
Net Debt / (EBITDA - Capex)	-32.78	2.87	2.33	3.88
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	61.41	25.51	9.66
Gross Profit, 1 Yr. Growth %	-	48.87	30.86	5.35
EBITDA, 1 Yr. Growth %	-	56.1	28.19	5.05
EBITA, 1 Yr. Growth %	-	48.03	30.51	2.07
EBIT, 1 Yr. Growth %	-	48.03	30.51	2.07
Earnings From Cont. Operations, 1 Yr. Growth %	-	63.17	23.98	-3.54
Net Income, 1 Yr. Growth %	-	63.17	23.98	-3.54
Normalized Net Income, 1 Yr. Growth %	-	52.26	25.15	-3.2
Diluted EPS Before Extra, 1 Yr. Growth %	-	63.26	23.96	-3.54
Accounts Receivable, 1 Yr. Growth %	-	49.74	7.91	23.84
Inventory, 1 Yr. Growth %	-	62.11	18.85	59.76
Net Property, Plant and Equip., 1 Yr. Growth %	-	37.14	51.3	14.99
Total Assets, 1 Yr. Growth %	-	50.05	28.19	40.03
Tangible Book Value, 1 Yr. Growth %	-	42.2	36.03	21.73
Common Equity, 1 Yr. Growth %	-	41.94	36.01	21.65
Cash From Operations, 1 Yr. Growth %	-	-6.43	-33.54	-94.97
Capital Expenditures, 1 Yr. Growth %	-	10.37	-18.06	43.03
Levered Free Cash Flow, 1 Yr. Growth %	-	-	-452.24	159.99
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	-309.93	189.58
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	42.34	17.32
Gross Profit, 2 Yr. CAGR %	-	-	38.87	17.41
EBITDA, 2 Yr. CAGR %	-	-	40.5	18.01
EBITA, 2 Yr. CAGR %	-	-	37.95	17.56
EBIT, 2 Yr. CAGR %	-	-	37.95	17.56
Earnings From Cont. Operations, 2 Yr. CAGR %	-	-	42.23	9.36
Net Income, 2 Yr. CAGR %	-	-	42.23	9.36
Normalized Net Income, 2 Yr. CAGR %	-	-	38.04	10.07
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	42.26	9.36
Accounts Receivable, 2 Yr. CAGR %	-	-	27.11	15.6
Inventory, 2 Yr. CAGR %	-	-	38.8	37.79
Net Property, Plant and Equip., 2 Yr. CAGR %	-	-	44.03	31.9
Total Assets, 2 Yr. CAGR %	-	-	38.71	33.98
Tangible Book Value, 2 Yr. CAGR %	-	-	39.07	28.68
Common Equity, 2 Yr. CAGR %	-	-	38.94	28.63
Cash From Operations, 2 Yr. CAGR %	-	-	-20.27	-81.72
Capital Expenditures, 2 Yr. CAGR %	-	-	-10.04	8.26
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-	193.11
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-	136.73
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	-	30.48
Gross Profit, 3 Yr. CAGR %	-	-	-	26.65
EBITDA, 3 Yr. CAGR %	-	-	-	28.96
EBITA, 3 Yr. CAGR %	-	-	-	26.31
EBIT, 3 Yr. CAGR %	-	-	-	26.31
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	-	24.96
Net Income, 3 Yr. CAGR %	-	-	-	24.96
Normalized Net Income, 3 Yr. CAGR %	-	-	-	22.64
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-	24.99
Accounts Receivable, 3 Yr. CAGR %	-	-	-	26.01
Inventory, 3 Yr. CAGR %	-	-	-	45.46
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	-	33.62
Total Assets, 3 Yr. CAGR %	-	-	-	39.15
Tangible Book Value, 3 Yr. CAGR %	-	-	-	33.03
Common Equity, 3 Yr. CAGR %	-	-	-	32.92
Cash From Operations, 3 Yr. CAGR %	-	-	-	-68.27
Capital Expenditures, 3 Yr. CAGR %	-	-	-	4.99