Whalesbook
Relaxo Footwears Limited has appointed Amit Roy as its new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective April 1, 2026. The Board of Directors approved the elevation on March 26, 2026. Mr. Roy brings over 30 years of extensive experience in finance, treasury, and taxation, having served as the head of the company's Taxation Department for the past 13 years. This appointment follows the resignation of former CFO Prince Jain, which was effective March 11, 2026.
The appointment comes as Relaxo, known for brands like Sparx and Flite, navigates a challenging market. The footwear company has seen declining revenues, with Q1 FY26 revenue at Rs 654 crore compared to Rs 748 crore in Q1 FY25. This decline is attributed to muted consumer sentiment and intense competition. Profitability has also faced pressure from rising raw material costs and difficulties in passing on price increases to consumers. The company's stock has recently hit 52-week lows, reflecting investor concerns about revenue contraction and profitability.
In this context, the Chief Financial Officer role is critical for steering financial strategy, managing capital, and ensuring fiscal discipline. Shareholders will look to Mr. Roy's leadership to strengthen financial management and strategy. His deep internal knowledge of Relaxo's operations is expected to ensure continuity and a well-informed approach to current financial challenges, as the company aims to revive growth and improve profitability.
Relaxo faces ongoing market pressures. These include continued competitive pressure from both organized and unorganized players in the cost-sensitive mass-market segment, volatility in raw material prices, and sustained muted consumer demand. In the broader sector, competitors like Bata India have reported revenue growth, such as a 2.9% increase in Q3 FY26, highlighting varied sector performance.