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Model Note · BATA INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BATA INDIA LTD Discounted cash flow · base FY26
BATA INDIA LTD
Value per share, this model₹176
CMP 2026-09-10₹649.95
Difference(72.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BATA INDIA LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
1% a year
FY26 0.8% · 5-yr CAGR 15.5%
EBITDA margin
18.7%
FY26 18.7% · 5-yr average 21.1%
Depreciation · capex, % of revenue
11.9% · 1.9%, fading to 1.2× depreciation
FY26 11.9% · 1.9%
Working capital, % of added revenue · tax
15.9% · 26.3%
58 working-capital days · effective 26.3%
Discount rate
11.00%
1-yr beta 1.07
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(9) · ₹0 · ₹0 cr
FY26 net debt ₹(9) cr
Shares
12.85 crore
12.85 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
3,515
3,551
3,586
3,622
3,658
3,695
growth %
0.8
1.0
1.0
1.0
1.0
1.0
EBITDA
658
664
671
677
684
691
Depreciation
(420)
(423)
(427)
(431)
(435)
(440)
NOPAT
175
178
180
182
183
185
less capex
(66)
(67)
(179)
(293)
(409)
(528)
less working-capital build
—
(6)
(6)
(6)
(6)
(6)
Free cash flow to firm
—
527
422
314
204
91
Present value
501
361
242
141
57
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · BATA INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,302
PV of the terminal value (42% of EV)
949
Enterprise value
2,251
less net debt
9
less non-controlling interest
0
add non-operating investments
0
Equity value
2,260
÷ 12.85 crore shares
₹176
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
180
187
196
207
221
10.5%
172
178
185
194
204
11.0%
165
170
176
183
191
11.5%
158
163
168
174
181
12.0%
153
157
161
166
172
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
