Synopsis: Lehar Footwears has secured its largest-ever OEM order worth Rs. 39.70 crore for supply of approximately 18 lakh pairs of footwear, executable within 60 days. The win adds meaningful FY27 revenue visibility to a company that just delivered 92% TTM profit growth and is quietly building one of India’s most efficient mass-footwear operations.
Lehar Footwears Limited filed a regulatory disclosure on June 22, 2026, announcing it has received an OEM footwear supply order worth Rs. 39.70 crore from a domestic entity whose name has been withheld due to confidentiality obligations. The order covers the supply of approximately 18 lakh pairs of footwear and is to be executed within 60 days from acceptance of the purchase order. It will be fulfilled through Lehar’s manufacturing facilities in Rajasthan and Haryana.
The company itself has flagged this as its largest-ever OEM order a label that immediately puts it in context. For a company whose quarterly revenue in its best recent quarter was Rs. 142 crore, an order of Rs. 39.70 crore to be executed in just two months represents a substantial and concentrated burst of near-term revenue. It also comes at a moment when the company’s FY27 trajectory was already expected to be strong, following a record FY26 performance.
Why OEM Orders Matter for Lehar’s Business Model
To appreciate why this order is significant, it helps to understand how Lehar’s business is structured. Most footwear companies at Lehar’s stage operate through two channels: their own branded distribution network, and OEM manufacturing for other brands or retailers who use Lehar’s production capacity to fulfil their own supply needs. OEM business is typically lower-margin than branded business but generates high volumes, utilises factory capacity efficiently, and provides predictable short-cycle revenue. For Lehar, which operates four manufacturing plants in Jaipur and a newly commissioned sports shoe facility in Kundli, Haryana, keeping those lines busy is a genuine operational imperative.
The confidentiality around the buyer’s identity is common in OEM arrangements large retail chains, FMCG companies with footwear verticals, or government procurement bodies often require suppliers to keep their vendor relationships private. What matters for investors is the size and the execution timeline: Rs. 39.70 crore in 60 days is a demanding but achievable delivery window for a company with Lehar’s manufacturing scale, and successful delivery would strengthen its track record for future large-volume OEM wins.
Chairman Raj Kumar Agarwal described the order as a strong endorsement of the company’s manufacturing scale, quality credentials, and ability to execute high-volume supplies reliably, adding that OEM partnerships are an important growth pillar that Lehar intends to expand across categories.
FY26 Was Lehar’s Best Year Yet — By a Wide Margin
The OEM win arrives at the back of what was genuinely Lehar’s strongest financial year on record. For FY26, the company reported revenue of Rs. 431 crore a 56% jump from Rs. 277 crore in FY25 and a continuation of the 29% three-year compounded sales growth trend.
More impressively, net profit nearly doubled to Rs. 21 crore from Rs. 11 crore, delivering a 92% year-on-year growth at the bottom line. ROCE improved sharply to 18% in FY26 from 12% the previous year, and ROE reached 17% both meaningful improvements for a capital-employed business like footwear manufacturing.
Q4 FY26 showed some moderation revenue of Rs. 91.26 crore was down 16.6% year-on-year, and net profit of Rs. 4.14 crore was 17.9% lower but this needs to be read in the context of the extraordinary Rs. 109 crore Q4 FY25 quarter, which was an unusually high base. The sequential recovery from Q3 FY26’s Rs. 57 crore to Q4’s Rs. 91 crore is actually the more relevant trend, showing that demand is picking back up heading into FY27.
On the balance sheet, things have improved meaningfully. Debtor days have fallen from 121 in FY25 to 66 in FY26 almost halved indicating that collections are becoming faster and working capital management is tightening. Inventory days have similarly contracted from 125 to 89, and working capital days have shrunk from 46 to 41. Operating cash flow turned strongly positive at Rs. 25 crore in FY26 from Rs. 20 crore in FY25, and free cash flow stands at Rs. 12 crore for the second consecutive year of positive FCF generation. Borrowings have declined to Rs. 58 crore from Rs. 66 crore, with debt-to-equity at a manageable 0.44 and interest coverage at 6.35 times comfortable headroom.
The Broader Context — India’s Mass Footwear Opportunity
Lehar sits in an interesting sweet spot of the Indian footwear market. It is not a premium brand competing with Metro Brands or Bata it is a mass-market, non-leather manufacturer serving the volume end of the market, where India’s demographic profile is most compelling.
India has one of the world’s youngest and fastest-growing consumer populations, and rubber, EVA, and PU footwear Lehar’s core product categories are the daily consumption choices for hundreds of millions of Indians across income brackets. The company’s 520+ distributor network and 1,300 active SKUs give it both geographic reach and product diversity that most peers of its size cannot match.
The addition of the Kundli, Haryana sports shoe facility and the PM Vishwakarma Scheme toolkit supply business show that management is actively diversifying beyond its traditional slipper-and-sandal base, which is encouraging for long-term category expansion.
Share Price and Valuation
Lehar Footwears Limited shares were trading at Rs. 265.50, up 3.09% intraday on June 22, 2026, after the company announced its largest-ever Rs. 39.70 crore OEM order. The stock touched a high of Rs. 278.45, with a market cap of Rs. 469 crore, while trading at a relatively attractive P/E of 22.52x, keeping investor sentiment positive around its FY27 growth outlook.
Lehar Footwears Limited, incorporated in 1994 and headquartered in Jaipur, Rajasthan, is a mass-footwear manufacturer specialising in non-leather footwear including slippers, sandals, school shoes, sports shoes, and casual wear for men, women, and children. The company manufactures products using EVA, PVC, PU, and TPR materials across four plants in Jaipur and a newly commissioned sports shoe plant in Kundli, Haryana, and exports to over 20 countries under its own brand Rannr.
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