Mirza International Limited (MIRZAINT) AI Stock Analysis

Mirza International Limited

(NSE:MIRZAINT)

Select Model

Rating:47Neutral

Price Target:INR 27.00▲(3.65% Upside)

Action:reiterated

Date:10/02/26

The score is held back primarily by deteriorated profitability and multi-year revenue/margin pressure, reinforced by bearish technicals (below key moving averages and negative MACD). Low leverage and improved FY2026 free cash flow provide some support, but the negative P/E and lack of dividend data limit valuation comfort.

Positive Factors

Low LeverageDebt-to-equity of about 0.03 in FY2026, down from roughly 0.41–0.47 in FY2021–FY2022, indicates limited leverage and a meaningful equity cushion. This supports resilience and preserves capacity to fund operations or respond to demand weakness.

Negative Factors

Persistent Revenue DeclineRevenue declined in every year from FY2023 through FY2026, indicating a persistent top-line contraction rather than a single weak period. Continued shrinking sales can reduce scale benefits, limit reinvestment, and make recovery in operating profit more difficult over the next several quarters.

Mirza International Limited (MIRZAINT) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 3.81B
Dividend Yield: ―
Average Volume (3M): 9,548
Price to Earnings (P/E): -16.0
Beta (1Y): 1.53
Revenue Growth: -11.43%
EPS Growth: -264.80%
Country: India
Employees: 1,288
Sector: General
Sector Strength: 55
Industry: Apparel - Footwear & Accessories

Mirza International Limited Business Overview & Revenue Model

Company Description

Mirza International Limited, originally established in 1979 as Mirza Tanners Limited and based in Kanpur, India, is a key player in the manufacturing and worldwide distribution of leather footwear and other finished leather goods. The company's busin...

How the Company Makes Money

Mirza International Limited primarily makes money by selling footwear and related products through a mix of (1) branded consumer sales and (2) manufacturing/supplying products to other businesses. Revenue is generated when the company sells finished...

Mirza International Limited Financial Statement Overview

Summary

Financials are mixed but tilted negative: the income statement is weak (multi-year revenue declines, sharp gross margin compression, and losses in FY2025–FY2026), partially offset by a conservative balance sheet with very low leverage and improving FY2026 free cash flow after prior volatility.

Income Statement

38Negative

Balance Sheet

72Positive

Cash Flow

64Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	5.14B	5.27B	5.83B	6.30B	6.53B	13.99B
Gross Profit	1.04B	944.45M	2.40B	2.52B	2.75B	7.34B
EBITDA	100.40M	387.80M	376.64M	567.30M	713.20M	1.92B
Net Income	-224.50M	-5.71M	-35.44M	120.40M	264.40M	864.50M
Balance Sheet
Total Assets	0	6.92B	7.34B	7.19B	7.60B	14.23B
Cash, Cash Equivalents and Short-Term Investments	324.60M	324.40M	198.30M	192.00M	157.50M	547.10M
Total Debt	0	209.10M	537.80M	420.90M	542.60M	2.08B
Total Liabilities	-5.63B	1.29B	1.70B	1.66B	2.26B	6.63B
Stockholders Equity	5.63B	5.63B	5.64B	5.53B	5.33B	5.05B
Cash Flow
Free Cash Flow	36.40M	198.30M	-183.50M	159.10M	-70.50M	1.08B
Operating Cash Flow	116.50M	365.50M	282.40M	496.50M	469.10M	1.93B
Investing Cash Flow	104.10M	93.80M	-288.70M	-294.30M	-534.80M	-807.20M
Financing Cash Flow	-297.50M	-333.20M	12.60M	-167.70M	-323.70M	-1.02B

Mirza International Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price26.05

Price Trends

50DMA29.08Negative

100DMA31.63Negative

200DMA32.23Negative

Market Momentum

MACD-0.79Negative

RSI32.65Neutral

STOCH40.98Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MIRZAINT, the sentiment is Negative. The current price of 26.05 is below the 20-day moving average (MA) of 27.17, below the 50-day MA of 29.08, and below the 200-day MA of 32.23, indicating a bearish trend. The MACD of -0.79 indicates Negative momentum. The RSI at 32.65 is Neutral, neither overbought nor oversold. The STOCH value of 40.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MIRZAINT.

Mirza International Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:MIRZAINT against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:BATAINDIA	60Neutral	INR 80.79B	55.26	―	5.41%	1.91%	-29.92%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:BIL	54Neutral	INR 13.62B	52.70	―	―	34.34%	-10.31%
IN:CAMPUS	51Neutral	INR 58.32B	37.92	―	0.79%	13.71%	30.46%
IN:MIRZAINT	47Neutral	INR 3.60B	-15.97	―	―	-11.43%	-264.80%
IN:RELAXO	45Neutral	INR 67.91B	36.53	―	1.29%	2.11%	5.98%
IN:LIBERTSHOE	42Neutral	INR 3.21B	37.10	―	―	6.46%	-30.10%

* General Sector Average

Performance Comparison

IN:MIRZAINT and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:MIRZAINT	Mirza International Limited	26.05	-11.12	-29.92%
IN:BATAINDIA	Bata India Ltd	628.55	-393.95	-38.53%
IN:BIL	Bhartiya International Limited	1015.85	204.55	25.21%
IN:CAMPUS	Campus Activewear Ltd.	190.80	-87.49	-31.44%
IN:LIBERTSHOE	Liberty Shoes Limited	188.20	-129.40	-40.74%
IN:RELAXO	Relaxo Footwears Limited	272.80	-156.91	-36.51%

Mirza International Limited Corporate Events

Mirza International Schedules 47th AGM, Releases 2025-26 Annual Report

Jul 3, 2026

Mirza International Limited has released its Annual Report for the financial year 2025-26 and issued notice for its 47th Annual General Meeting, which will be held on August 1, 2026 at 11:30 a.m. via video conferencing and other audio-visual means. T...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 02, 2026

Mirza International Limited AI Stock Analysis