Metro Brands Limited has submitted its quarterly compliance certificate for demat/remat of shares to both BSE and NSE, fulfilling regulatory requirements under SEBI (Depositories and Participants) Regulations, 2018. The submission was made on April 09, 2026, covering the quarter ended March 31, 2026.

Regulatory Compliance Details

The compliance certificate was filed under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by MUFG Intime India Private Limited (formerly Link Intime India Private Limited), which serves as the company's Registrar and Share Transfer Agent.

Certificate Confirmation

MUFG Intime India Private Limited confirmed that all securities received from depository participants for dematerialization during the quarter ended March 31, 2026 were properly processed. The registrar confirmed that securities were accepted or rejected to the depositories within prescribed timelines and that all securities comprised in the certificates have been listed on stock exchanges where the earlier issued securities are listed.

Process Verification

The compliance certificate confirms several key aspects of the dematerialization process:

• Security certificates received for dematerialization were confirmed or rejected appropriately
• Security certificates received were mutilated and cancelled after due verification by the depository participant
• Names of the depositories were substituted in the register of members as registered owners within prescribed timelines
• All regulatory requirements under SEBI regulations were met during the quarter

Filing Authority

The compliance certificate was signed by Deepa Sood, Senior Vice President-Legal, Company Secretary & Compliance Officer of Metro Brands Limited, with membership number 16019. The certificate from MUFG Intime India Private Limited was signed by Ashok Shetty, Senior Vice President-Corporate Registry, dated April 3, 2026.

This quarterly filing demonstrates Metro Brands Limited's adherence to regulatory compliance requirements and proper maintenance of shareholder records through its registrar and transfer agent.

Metro Brands has received a credit rating reaffirmation from Care Edge Ratings, with the rating agency maintaining its AA rating for long-term bank facilities and A1+ rating for short-term facilities with a stable outlook. The announcement, made through a regulatory filing dated April 3, 2026, also revealed an enhancement in the company's total bank facilities.

Rating Details and Facility Enhancement

Care Edge Ratings reaffirmed the credit ratings while enhancing Metro Brands' bank facilities limit. The rating details are presented below:

The enhancement represents an increase of ₹10.00 crore in the company's available bank facilities, demonstrating the rating agency's confidence in Metro Brands' financial capabilities.

Strong Operational Performance Drives Rating Rationale

The rating reaffirmation is supported by Metro Brands' robust operational performance and strong market position. The company demonstrated solid growth in FY25 with several key performance indicators showing positive trends:

The growth momentum continued in 9MFY26, with total operating income reaching ₹2,090.62 crore, representing a 12.12% increase compared to the corresponding period of the previous year.

Extensive Retail Network and Brand Portfolio

Metro Brands has established itself as one of India's largest specialty footwear retailers with a comprehensive distribution network. As of December 31, 2025, the company operates 990 stores across 212 cities in 31 states and union territories. The company added 284 stores between FY23 and FY25, with a further net addition of 82 stores in 9MFY26.

The company's brand portfolio includes both in-house brands and strategic partnerships with global brands:

In-house Brands:

• Metro, Mochi, Walkway, Da Vinchi, J. Fontini, and Gen X

Global Brand Partnerships:

• Crocs, FitFlop, FILA, Foot Locker, New Era, Clarks, and HEYDUDE

Notably, 74% of revenue comes from in-house brands while third-party brands contribute 26%, with 54% of revenue generated from premium products priced over ₹3,000.

Asset-Light Business Model and Financial Strength

Metro Brands operates on an asset-light business model by outsourcing manufacturing operations to over 250 vendors across India. This approach enables efficient scaling without high fixed costs while maintaining flexibility and focus on core competencies such as branding and retail operations.

The company maintains a robust financial risk profile with no external long-term debt and nil utilization of working capital borrowings. As of March 31, 2025, Metro Brands held free cash and liquid investments totaling ₹785.29 crore, demonstrating strong liquidity position.

Future Growth Initiatives

Metro Brands has launched MetroActiv, a multi-brand retail format focused on the sports and performance segment, bringing together global brands such as Nike, Adidas, Puma, ASICS, Skechers, New Balance, FILA, and New Era. The company launched three MetroActiv stores and the website metroactive.com in 9MFY26.

The company has also entered an exclusive agreement with Clarks covering India, Bangladesh, Nepal, Bhutan, Maldives, and Sri Lanka, with complete product supply expected by Q2FY27 and EBO launches planned from Q3FY27 onwards.