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Shareholding Info
  • Promoters
    71.76 %
  • Foreign institutions-FII
    1.35 %
  • Other domestic institutions
    0.03 %
  • Retail and other
    26.85 %

Mirza International Limited overview

Mirza International Limited is an Indian leather footwear manufacturer, marketer, and exporter. The company's registered office is located in Kanpur, Uttar Pradesh. It was founded in 1979 by Irshad Mirza and Rashid Mirza as Mirza Tanners Private Limited. The name was later changed to Mirza International Private Limited. It became a publicly listed company in 1994.

Mirza International Limited has a well-established portfolio of footwear, garments, and accessories. Its main brands include Redtape, Mode, Bond Street, etc. Further, the extensive network of retail outlets is spread across India and the globe.

It also has arrangements tied up with various retail chains in the UK, US, France, Germany, and UAE for the sale of its products. The separate direct e-commerce division in Noida, Uttar Pradesh, and two warehouses cater to the growing online demand.

The company has 2 design studios comprising 40 designers who work in 6 production facilities with an annual manufacturing capacity of 54 million pairs of footwear.

The company’s tannery, one of the largest in India, provides a steady supply of quality leather.

Mirza International Limited - Journey

The key milestones of Mirza International Ltd since its inception are as follows:
  • 1979 – Mirza Tanners started operations with a small tannery near Kanpur, Uttar Pradesh. The company supplied finished leather in the initial years.
  • 1988 – The company diversified into making shoe uppers.
  • 1994 –The company came out with an IPO and got listed on the exchanges.
  • 1995 – Announcement of setting up of a new factory at Shahjani - Unnao, Uttar Pradesh to increase the production of shoes and shoe uppers.
  • 1996 – Launch of Redtape brand.
  • 2000 – Allotment of Bonus shares. Issue of Non-convertible Debentures. Won 3 awards for exports from the council for leather exports
  • 2001 – Addition of a new plant at the Noida factory to increase the capacity. Introduced a new range of sports collections.
  • 2007 – Redtape introduced a range of products for women to tap the lucrative and expanding women’s footwear and accessories market.
  • 2009 – Won an award from Uttar Pradesh Government for outstanding export performance
  • 2011 – Started production at a newly set-up unit in Greater Noida.
  • 2015 – Genesis Footwear Enterprises Private Limited amalgamated with the company.
  • 2017 – A subsidiary – Mirza (HK) Limited was established in Hong Kong. The amalgamation of Hi-Life Fabricators Private Limited.
  • 2018 – Establishment of a subsidiary in Bangladesh – Mirza Bangla Limited
  • 2019 – Acquisition of a UK Footwear Brand – Thomas Crick
  • 2021 – Announcement of demerger of Indian operations into a separate subsidiary – Redtape Limited. Launch of Thomas Crick Brand which was acquired in 2019.

Mirza International Limited - Initial Public Offer (IPO)

As per BSE’s records, Mirza International Limited came out with its Initial Public Offer in the year 1994. The shares were listed on the exchange for the first time on 1st December 1994.

Mirza International products

Mirza International Limited’s product portfolio includes brands like Redtape, Mode, Oaktrak, Bond Street, etc. The following are some of its leading products:


Redtape is the flagship footwear brand of the company. It is currently being sold through more than 300 stores across India. Redtape is also one of the first Indian brands to enter international markets like the United Kingdom (UK). The brand portfolio includes both casual and semi-formal apparel. Further, it also features a women’s collection.


This brand caters to young Indians who are always on the move. It includes a range of affordable sports shoes that are meant to appeal to sports and fitness enthusiasts.

Bond Street

This brand covers fashionable footwear for men in formal, semi-formal, and casual options.


Exclusive women’s wear brand with a wide range of products from footwear to clothing.


High-fashion leather footwear meant for senior professionals.

Mirza International Limited stock price return in 5 years – 51%

Mirza International Limited business highlights

The company’s key verticals are:

Mirza International Limited

key verticals

Revenue Break-up (%)




Garments and Accessories






Mirza International Limited performance highlights

3-year CAGR (revenue)


EBITDA (FY2021-22)

₹236 Crore

Profit  (FY2021-22)

₹110 Crore

Share price return in last 3 years


ROCE (FY2021-22)


ROE (FY2021-22)


Mirza International Limited management

  • Chairman & Managing Director: Rashid Ahmed Mirza
  • Executive Director: Shahid Ahmad Mirza
  • Chief Finance Officer (CFO): V T Cherian
  • Investor Relations: Harshita Nagar

Leather industry overview

The following are the key players in the Leather industry:


Key Players

Market Capitalisation

 December 2022

 (in Crore)


Relaxo Footwear



Metro Brands



Bata India



Campus Active



Mirza International


Size of the Indian leather industry

The Indian leather industry is one of the oldest globally. It is a very labour-intensive industry that has been in operation since the 19th century. Today, India employs 4.42 million people in the leather and footwear industry. In addition, the country produces 13% of the world’s total leather output. Hence, a large number of leather products are exported to countries across the world.

Industry growth prospects

India is expected to produce 2 billion units of footwear annually by 2024, recording a growth of 10%. The footwear sector has the potential to grow up to $80 billion by 2030. The Government is also supporting this industry through various schemes and incentives. For instance, 100% Foreign Direct Investment (FDI) is allowed by the Government for this industry.

Mirza International Limited’s growth prospects

Mirza International Limited has a distribution channel – exclusive brand outlets - both offline and online as well as an e-commerce channel. With the launch of the Thomas Crick Brand in the UK, it is expected to increase its revenue. With the young population’s rising taste in branded products, the company is well poised to increase its sales in India as well as overseas.

Risks and concerns

  • Increasing material costs and operational costs can pressure the margin which may ultimately influence its profitability.
  • Rising interest rates will hurt the company’s margins as well as Mirza International Limited's stock price.
  • Slowdown and rising inflation in the United States of America (USA), Europe, and the United Kingdom (UK) can pose challenges to the company, affecting its sales volume and profits. This may further hurt the Mirza International Limited share price.
  • Increasing competition can affect its sales volume and profitability.


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