Metro Brands cuts e-com mix target, stretches Fila turnaround

Metro Brands' Q4 FY26 concall was unusually candid — and unusually cautious. The company lowered its e-commerce revenue mix target from 15-20% to 12-15% by FY27, citing BIS regulatory delays that are constraining online channel growth. Fila, which was supposed to be a growth engine, now has an extended timeline for repositioning, effectively pushing any meaningful contribution further out. Adding to the noise, an inconsistency in the reported Foot Locker store count was acknowledged, though not explained in detail. For a stock that trades on execution, the guidance revision is the biggest signal: the digital push is taking longer and costing more than expected. The open question is whether the core Metro chain can compensate while Fila and e-commerce lag.