diff --git a/changelog/unreleased/4938 b/changelog/unreleased/4938
new file mode 100644
index 00000000000..ce917d70c73
--- /dev/null
+++ b/changelog/unreleased/4938
@@ -0,0 +1,6 @@
+Bugfix: Refresh share badges when the folder etag is unchanged
+
+Share badges have been refreshed on pull-to-refresh when a folder etag is unchanged
+after the folder is shared or unshared on ownCloud 10.
+
+https://github.com/owncloud/android/issues/4938
diff --git a/owncloudData/src/main/java/com/owncloud/android/data/files/repository/OCFileRepository.kt b/owncloudData/src/main/java/com/owncloud/android/data/files/repository/OCFileRepository.kt
index e272d465cfc..60f7280b4b3 100644
--- a/owncloudData/src/main/java/com/owncloud/android/data/files/repository/OCFileRepository.kt
+++ b/owncloudData/src/main/java/com/owncloud/android/data/files/repository/OCFileRepository.kt
@@ -404,6 +404,9 @@ class OCFileRepository(
                             }
                             // Fix: What about renames? Need to fix storage path
                         })
+                } else if (shareMetadataChanged(localChildToSync, remoteChild)) {
+                    // oC10 does not change the etag when only share metadata changes.
+                    folderContentUpdated.add(childWithRefreshedShareMetadata(remoteChild, localChildToSync, remoteFolder))
                 }
             }
 
@@ -609,6 +612,26 @@ class OCFileRepository(
         deleteOrResetFileFromDatabase(ocFile, onlyFromLocalStorage)
     }
 
+    private fun shareMetadataChanged(localChild: OCFile, remoteChild: OCFile): Boolean =
+        localChild.sharedByLink != remoteChild.sharedByLink ||
+            (localChild.sharedWithSharee == true) != (remoteChild.sharedWithSharee == true) ||
+            localChild.permissions != remoteChild.permissions
+
+    private fun childWithRefreshedShareMetadata(
+        remoteChild: OCFile,
+        localChild: OCFile,
+        remoteFolder: OCFile,
+    ): OCFile =
+        remoteChild.apply {
+            copyLocalPropertiesFrom(localChild)
+            // DO NOT update etag till contents are synced. Share fields stay on the remote child.
+            etag = localChild.etag
+            needsToUpdateThumbnail = localChild.needsToUpdateThumbnail
+            if (remoteFolder.isAvailableOffline) {
+                availableOfflineStatus = AVAILABLE_OFFLINE_PARENT
+            }
+        }
+
     private fun deleteOrResetFileFromDatabase(ocFile: OCFile, onlyFromLocalStorage: Boolean) {
         if (onlyFromLocalStorage) {
             localFileDataSource.saveFile(ocFile.copy(storagePath = null, etagInConflict = null, lastUsage = null, etag = null))
diff --git a/owncloudData/src/test/java/com/owncloud/android/data/files/repository/OCFileRepositoryTest.kt b/owncloudData/src/test/java/com/owncloud/android/data/files/repository/OCFileRepositoryTest.kt
index 70929cc9cb6..fc57d5cf5a1 100644
--- a/owncloudData/src/test/java/com/owncloud/android/data/files/repository/OCFileRepositoryTest.kt
+++ b/owncloudData/src/test/java/com/owncloud/android/data/files/repository/OCFileRepositoryTest.kt
@@ -1685,6 +1685,71 @@ class OCFileRepositoryTest {
         }
     }
 
+    @Suppress("MaxLineLength")
+    @Test
+    fun `refreshFolder saves a folder child when the etag matches but share badges changed`() {
+        val ocParentFolderWithoutSpaceId = OC_PARENT_FOLDER_WITH_SPACE_ID.copy(spaceId = null)
+        val remoteFolderChild = OC_FOLDER_WITH_SPACE_ID.copy(spaceId = null, sharedByLink = true)
+        val expectedFolderChild = OC_FOLDER_WITH_SPACE_ID.copy(sharedByLink = true)
+        every {
+            remoteFileDataSource.refreshFolder(
+                remotePath = OC_PARENT_FOLDER_WITH_SPACE_ID.remotePath,
+                accountName = OC_PARENT_FOLDER_WITH_SPACE_ID.owner,
+                spaceWebDavUrl = OC_SPACE_PERSONAL.root.webDavUrl
+            )
+        } returns listOf(ocParentFolderWithoutSpaceId, remoteFolderChild)
+        every {
+            localFileDataSource.getFileByRemotePath(
+                remotePath = OC_PARENT_FOLDER_WITH_SPACE_ID.remotePath,
+                owner = OC_PARENT_FOLDER_WITH_SPACE_ID.owner,
+                spaceId = OC_PARENT_FOLDER_WITH_SPACE_ID.spaceId
+            )
+        } returns OC_PARENT_FOLDER_WITH_SPACE_ID
+        every {
+            localFileDataSource.getFolderContent(
+                folderId = OC_PARENT_FOLDER_WITH_SPACE_ID.id!!
+            )
+        } returns listOf(OC_FOLDER_WITH_SPACE_ID)
+        every {
+            localFileDataSource.saveFilesInFolderAndReturnTheFilesThatChanged(
+                listOfFiles = listOf(expectedFolderChild),
+                folder = OC_PARENT_FOLDER_WITH_SPACE_ID,
+            )
+        } returns listOf(expectedFolderChild)
+
+        val listOfFiles = ocFileRepository.refreshFolder(
+            OC_PARENT_FOLDER_WITH_SPACE_ID.remotePath,
+            OC_PARENT_FOLDER_WITH_SPACE_ID.owner,
+            OC_PARENT_FOLDER_WITH_SPACE_ID.spaceId,
+            false
+        )
+        assertEquals(listOf(expectedFolderChild), listOfFiles)
+
+        verify(exactly = 1) {
+            localSpacesDataSource.getWebDavUrlForSpace(
+                spaceId = OC_PARENT_FOLDER_WITH_SPACE_ID.spaceId,
+                accountName = OC_PARENT_FOLDER_WITH_SPACE_ID.owner
+            )
+            remoteFileDataSource.refreshFolder(
+                remotePath = OC_PARENT_FOLDER_WITH_SPACE_ID.remotePath,
+                accountName = OC_PARENT_FOLDER_WITH_SPACE_ID.owner,
+                spaceWebDavUrl = OC_SPACE_PERSONAL.root.webDavUrl
+            )
+            localFileDataSource.getFileByRemotePath(
+                remotePath = OC_PARENT_FOLDER_WITH_SPACE_ID.remotePath,
+                owner = OC_PARENT_FOLDER_WITH_SPACE_ID.owner,
+                spaceId = OC_PARENT_FOLDER_WITH_SPACE_ID.spaceId
+            )
+            localFileDataSource.getFolderContent(
+                folderId = OC_PARENT_FOLDER_WITH_SPACE_ID.id!!
+            )
+            localFileDataSource.saveFilesInFolderAndReturnTheFilesThatChanged(
+                listOfFiles = listOf(expectedFolderChild),
+                folder = OC_PARENT_FOLDER_WITH_SPACE_ID,
+            )
+        }
+    }
+
     @Suppress("MaxLineLength")
     @Test
     fun `refreshFolder returns an empty list of OCFiles when folder and its content already exists in database but there are additional files in conflict in local to be removed`() {