3 Fashion and Footwear Retail Stocks With a Strong Future Roadmap: Metro Brands, Arvind Fashions and V2 Retail

Fashion and footwear retail stocks give investors exposure to branded apparel, footwear and value fashion sold through stores and online. Results depend on same-store sales, store additions and inventory control, which is why margins and cash flow matter as much as headline growth.

This list covers three branded fashion stocks: Metro Brands for footwear retail through Metro, Mochi, Walkway and other store formats, Arvind Fashions for branded apparel such as U.S. Polo Assn., Arrow and Tommy Hilfiger and V2 Retail for value fashion stores in smaller Indian cities. Every figure comes from the latest reported financials and the 6 October 2026 market close. Companies without complete current figures were left out.

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What Are Fashion and Footwear Retail Stocks?

Fashion and footwear retail stocks are shares of companies that sell branded apparel and footwear through their own stores, malls and online channels. Results depend on same-store sales, store additions, brand strength, discounts and inventory control, so a clear brand position and tidy working capital separate the stronger names.

Fashion and Footwear Retail Stocks at a Glance

The table compares size, valuation, return on equity and debt for the three fashion and footwear retail stocks as of the 6 October 2026 close.

Among branded fashion stocks, Arvind Fashions and V2 Retail trade below the industry P/E, while Metro Brands trades at a premium to the industry multiple.

Why Do Fashion and Footwear Retail Stocks Have a Strong Roadmap in India?

Fashion and footwear retail stocks have a strong roadmap in India because incomes are rising, organised retail is taking share and smaller cities are adding mall and high-street stores. Three drivers stand out.

• Rising incomes: Households spend more on branded clothes and shoes.
• Organised retail: Chains win share from unbranded local shops.
• Smaller cities: New stores in tier-2 and tier-3 towns widen the customer base.

Metro Brands: Footwear Stores and Premium Products Anchor the Roadmap

Metro Brands' roadmap rests on footwear retail through Metro, Mochi, Walkway and other store formats, with new stores and premium products lifting sales.

Revenue grew from Rs 1,401.57 crore in FY22 to Rs 2,967.85 crore in FY26, a 111.8% rise, and FY26 revenue was 14.1% higher than FY25. FY26 net profit rose 17.3% to Rs 415.89 crore. Over four years, net profit rose from Rs 212.95 crore in FY22 to Rs 415.89 crore. In Q1 FY27, revenue grew 13.7% to Rs 746.67 crore, and net profit fell 3.6% to Rs 95.26 crore. Operating margin was 33.98% in FY26 and 33.50% in Q1 FY27 against 35.55% a year earlier.

Debt to equity is 0.79 and return on equity is 20.63%. FY26 operating cash flow was Rs 473.79 crore against capital expenditure of Rs 139.11 crore. Metro Brands paid a dividend of Rs 6 per share for FY26, a yield of 0.73%. At a P/E of 54.17 against an industry P/E of 35.52, the stock trades above its industry multiple.

What to watch: The Q1 FY27 operating margin of 33.50% was below the 35.55% of a year earlier, and FY25 net profit of Rs 354.46 Cr was lower than the Rs 415.47 Cr of FY24. Q1 FY27 net profit was 3.6% lower than a year earlier; the P/E of 54.17 sits above the industry P/E of 35.52, so earnings delivery matters for the valuation.

Arvind Fashions: Licensed Fashion Brands Drive the Pipeline

Arvind Fashions' roadmap rests on branded apparel such as U.S. Polo Assn., Arrow and Tommy Hilfiger, with a growing store and online network supporting sales.

Revenue grew from Rs 3,122.92 crore in FY22 to Rs 5,306.98 crore in FY26, a 69.9% rise, and FY26 revenue was 14.0% higher than FY25. FY26 net profit rose 437.4% to Rs 184.87 crore. In Q1 FY27, revenue grew 14.6% to Rs 1,285.51 crore, and net profit rose 11.1% to Rs 27.61 crore. Operating margin was 13.96% in FY26 and 12.99% in Q1 FY27 against 13.33% a year earlier.

Debt to equity is 1.42 and return on equity is 12.99%. FY26 operating cash flow was Rs 404.31 crore against capital expenditure of Rs 108.95 crore. Arvind Fashions paid a dividend of Rs 1.6 per share for FY26, a yield of 0.39%. At a P/E of 29.14 against an industry P/E of 55.48, the stock trades below its industry multiple.

What to watch: Return on equity of 12.99% is modest, and net profit margin is only 3.5%, so small cost changes move earnings. Debt to equity of 1.42 deserves tracking.

V2 Retail: Value Fashion in Smaller Cities Builds the Next Leg

V2 Retail's roadmap rests on value fashion stores in smaller Indian cities, with a fast store rollout driving revenue.

Revenue grew from Rs 645.11 crore in FY22 to Rs 3,077.42 crore in FY26, a 377.0% rise, and FY26 revenue was 62.7% higher than FY25. FY26 net profit rose 125.0% to Rs 162.06 crore. In Q1 FY27, revenue grew 57.7% to Rs 998.19 crore, and net profit rose 69.7% to Rs 41.85 crore. Operating margin was 16.21% in FY26 and 14.08% in Q1 FY27 against 13.94% a year earlier.

Debt to equity is 1.10 and return on equity is 15.68%. FY26 operating cash flow was negative at Rs 103.43 crore against capital expenditure of Rs 0.00 crore. At a P/E of 35.03 against an industry P/E of 63.74, the stock trades below its industry multiple.

What to watch: Net profit margin is only 5.3%, so small cost changes move earnings. Operating cash flow was negative in FY26; debt to equity of 1.10 deserves tracking.

Best Fashion and Footwear Retail Stocks in India: Metro Brands vs Arvind Fashions vs V2 Retail on Key Financials

Among the best fashion and footwear retail stocks in India, Metro Brands leads on FY26 operating margin and return on equity; V2 Retail leads on Q1 FY27 revenue growth and five-year revenue growth; Arvind Fashions leads on the lowest P/E. The table puts the numbers side by side.

Retail earnings follow store growth and same-store sales, so full-year numbers and quarterly trends together give a better view.

How to Evaluate Apparel and Footwear Retailer Stocks to Buy Before You Invest

A short checklist keeps the research consistent when you screen fashion and footwear retail stocks and shortlist apparel and footwear retailer stocks to buy.

1. Compare each stock's P/E with its industry P/E, which differs by stock.
2. Track operating margin across several quarters, because input costs can move faster than prices.
3. Check whether revenue growth is turning into profit growth, not only sales.
4. Read operating cash flow against capital expenditure to see how growth is funded.
5. Watch debt to equity and interest cover before sizing a position.
6. Spread exposure across companies and business lines instead of one demand cycle.

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Risks to Consider Before Investing in Fashion and Footwear Retail Stocks

• Discretionary spending: Fashion sales slow when household budgets tighten.
• Debt: Arvind Fashions has debt to equity of 1.42 and V2 Retail 1.10.
• Cash flow: V2 Retail had negative operating cash flow in FY26.
• Valuation: Metro Brands trades at 54.17 times earnings against an industry multiple of 35.52.

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Final Take: Which Stock Has the Strongest Roadmap?

These three apparel and footwear retailer stocks cover footwear retail, licensed fashion brands, and value fashion. Metro Brands leads on FY26 operating margin and return on equity; V2 Retail leads on Q1 FY27 revenue growth and five-year revenue growth; Arvind Fashions leads on the lowest P/E.

Across branded fashion stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the apparel and footwear retailer stocks to buy discussed here.

FAQs on Fashion and Footwear Retail Stocks

Which are the best fashion and footwear retail stocks in India with a strong roadmap?

Ans. Metro Brands, Arvind Fashions and V2 Retail stand out for their roadmaps in branded footwear and apparel retail. FY26 revenue growth was 14.1% at Metro Brands, 14.0% at Arvind Fashions and 62.7% at V2 Retail, and return on equity ranges from 12.99% to 20.63%.

Is Metro Brands a good stock to buy now?

Ans. Metro Brands has a debt to equity ratio of 0.79, a return on equity of 20.63% and a P/E of 54.17 against an industry P/E of 35.52. Discretionary spending, debt and cash flow move results. This article is not investment advice, so consult a SEBI-registered advisor before deciding.

What is the P/E ratio of Metro Brands, Arvind Fashions and V2 Retail?

Ans. The P/E ratio is 54.17 for Metro Brands (industry 35.52), 29.14 for Arvind Fashions (industry 55.48) and 35.03 for V2 Retail (industry 63.74). Only Metro Brands trades at or above the industry multiple.

Which of these fashion and footwear retail stocks has the highest return on equity?

Ans. Metro Brands has the highest return on equity at 20.63%, followed by V2 Retail at 15.68% and Arvind Fashions at 12.99%.

What are the risks of investing in fashion and footwear retail stocks?

Ans. The main risks are weaker discretionary spending, high debt at two companies, negative operating cash flow at one and a high valuation at another. Metro Brands trades at 54.17 times earnings against an industry multiple of 35.52.

How did Metro Brands, Arvind Fashions and V2 Retail perform in Q1 FY27?

Ans. Metro Brands reported revenue of Rs 746.67 crore, up 13.7% year on year, and net profit fell 3.6% to Rs 95.26 crore. Arvind Fashions reported revenue of Rs 1,285.51 crore, up 14.6% year on year, and net profit rose 11.1% to Rs 27.61 crore. V2 Retail reported revenue of Rs 998.19 crore, up 57.7% year on year, and net profit rose 69.7% to Rs 41.85 crore.

Do fashion and footwear retail stocks pay dividends?

Ans. Dividend payouts differ across the three companies. The dividend yield is 0.73% for Metro Brands, 0.39% for Arvind Fashions and 0.00% for V2 Retail, based on dividends declared for FY26.

How can I invest in fashion and footwear retail stocks in India?

Ans. You can buy fashion and footwear retail stocks through a demat and trading account on NSE or BSE after checking each company's financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.