NSE: BATAINDIA · BSE: 500043
BATA INDIA LTD
Sells footwear and related products in India through a network of roughly 2,000 retail stores, with footwear contributing about 93% of FY26 revenue. Operates three manufacturing plants, six offices and employed 7,583 people as of FY26. FY26 revenue was Rs 3,515.495 crore with an EBITDA margin of 20.96%. Employee costs at 12.9% of revenue and other operating expenses at 22.3% are the largest cost lines, while materials made up 6.6% and depreciation 11.9%. Capital expenditure was 1.9% of revenue in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Footwear (93%), Non-footwear categories. Consumer-facing footwear retail with own manufacturing, asset-heavy store and plant network
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,388 | 3,452 | 3,479 | 3,489 | 3,515 |
| EBITDA (ex other income) | 418 | 794 | 745 | 861 | 658 |
| margin % | 17.5 | 23.0 | 21.4 | 24.7 | 18.7 |
| Owners' profit | 0 | 323 | 263 | 331 | 134 |
| EPS, as reported (₹) | 8.01 | 25.13 | 20.42 | 25.73 | 10.44 |
| ROE % · ROCE % | 5.7 · 8.6 | 22.5 · 22.0 | 17.2 · 17.9 | 21.0 · 19.2 | 8.4 · 11.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 212 | 629 | 453 | 738 | 595 |
| Capex | (49) | (95) | (101) | (73) | (66) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 837 | 919 | 788 | 942 | 801 | 945 | 828 | 979 |
| Profit before tax | 70 | 77 | 62 | 70 | 19 | 89 | 4 | 86 |
| Net profit | 52 | 59 | 46 | 52 | 14 | 66 | 2 | 64 |
| EPS (₹) | 4.04 | 4.57 | 3.57 | 4.05 | 1.08 | 5.14 | 0.17 | 4.98 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| METRO BRANDS LIMITED | 22,486 | 55.3 | 11.09 | 23.1 | 20.5 | 16.3 | — | 33.4 |
| BATA INDIA LTD ◆ | 8,554 | 58.5 | 5.36 | 11.6 | 8.4 | 6.5 | 15.5 | 22.7 |
| RELAXO FOOT LTD. | 6,977 | 37.6 | 3.16 | — | 8.1 | 9.9 | — | 17.2 |
| REDTAPE LIMITED | 5,788 | 23.5 | 5.67 | 12.8 | 23.6 | 24.3 | — | 20.5 |
| CAMPUS ACTIVEWEAR LIMITED | 5,765 | 111.6 | 13.48 | 24.4 | 25.2 | 29.5 | — | 18.4 |
| SREELEATHERS LIMITED | 602 | 18.4 | 1.21 | — | 5.8 | 7.5 | — | 16.3 |
| LIBERTY SHOES LTD | 331 | 38.5 | 1.41 | — | 4.8 | 4.3 | — | 7.9 |
| LEHAR FOOTWEARS LIMITED | 316 | 15.2 | 2.39 | — | 15.7 | 19.3 | — | 8.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 58.5 | 46.9 | 7 of 10 | 33% |
| P/B | 5.4 | 3.2 | 6 of 9 | 38% |
| ROCE | 6.5 | 7.5 | 8 of 11 | 30% |
| ROE | 8.4 | 8.4 | 5 of 9 | 50% |
| Debt / Equity | 0.0 | 0.3 | 1 of 9 | 63% |
| EBITDA margin | 22.7 | 17.4 | 2 of 10 | 89% |
| Revenue growth | 3.9 | 3.6 | 4 of 9 | 63% |
| Profit growth | 23.1 | (3.6) | 2 of 9 | 88% |
| Market cap | 8554 | 3183 | 2 of 10 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Bata India schedules Q2 FY27 results call for November 4 | board shareholder meetings | low | — | — |
| 20 Oct 2026 · Bata India board meeting on Nov 3 to consider Q2FY27 results | results | low | — | — |
| 12 Oct 2026 · Bata India files quarterly RTA certificate under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 9 Oct 2026 · Bata India VP Ashish Arora resigns, effective Oct 16, 2026 | management changes | medium | — | — |
| 30 Sept 2026 · Bata India updates contact details of Key Managerial Personnel | compliance | minimal | — | — |
| 30 Sept 2026 · Bata India MD and CEO Gunjan Shah ends 5-year tenure; Sanjay Rao takes over | management changes | medium | — | — |
| 24 Sept 2026 · Trading Window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Bata India announces three internal senior management appointments | management changes | medium | — | — |
| 23 Sept 2026 · Bata India announces three internal Senior Management role changes | management changes | medium | — | — |
| 23 Sept 2026 · Bata India announces internal changes in three senior management roles | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.