Relaxo Footwears Ltd.'s (Relaxo) Q1FY26 result was below our estimates on key parameters. The company had yet another quarter of weak performance as sales volume declined. We believe there is no major uptick in demand environment post muted performance in Q4FY25 as well. The management's prudent cost cutting has been detrimental in operating margin improvement in Q1FY26. We believe Relaxo's earnings may remain under pressure in near term as sales volume may remain muted. However, the management is taking strategic steps such as the Retailer Parivar App, broadening the ecommerce...