Mirza International Limited, at its Board Meeting held on April 25, 2026, has in-principally approved a proposal for corporate restructuring. The meeting, which concluded at 4:15 p.m., focused on evaluating the segregation of the company’s distinct business verticals into separate entities. This announcement follows a prior intimation made on April 17, 2026, regarding the company’s strategic organizational changes.

The proposed restructuring is designed to separate and potentially optimize the company’s core operational arms: manufacturing, branded retail/e-commerce, and leather processing operations. By transitioning these business segments into one or more separate entities, the Board aims to evaluate the unique potential of each vertical independently. Detailed terms and financial implications of this scheme will be finalized and disclosed in accordance with regulatory requirements as the planning progresses.

Founded in 1979, Mirza International is a leading Indian manufacturer, marketer, and exporter of leather footwear and accessories. The company operates a robust integrated infrastructure, including one of India’s largest tanneries and six manufacturing units across Noida, Greater Noida, and Unnao. Throughout 2025, the company focused on expanding its domestic reach through an omni-channel retail strategy and maintaining its international presence via brands like Thomas Crick and Off The Hook. In late 2025, prominent promoter activity was noted with Tasneef Ahmad Mirza and persons acting in concert (PACs) increasing their substantial acquisition disclosures in December 2025.

The last reported quarterly financial results (December 2025) showed that the company faced significant headwinds. Revenue for the December quarter stood at ₹118.21 Crores, a decline of approximately 28% compared to the September 2025 quarter. The company reported a net loss of ₹7.31 Crores for the period. While the company is closely held by its promoters, who increased their stake to 72.99% by December 2025, institutional presence remains minimal, with mutual fund holdings recorded at 0.00% across two schemes during the same period.