AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 30 Sep - Gunjan Shah exits Sept 30, 2026; Sanjay Rao appointed MD & CEO from Aug 24/Oct 1, 2026.
Source: Bse
Bata India Limited (BATAINDIA)
Large CapConsumer stocks · Large cap · NSE
Bata India Limited is a leading footwear retailer in India, operating ~2000 stores nationwide, alongside a vast MBO network across 1,660 towns. The company is expanding its digital and distribution channels, focusing on premium products and customer-driven, profitable growth.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result11 Aug, 07:53 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
38BearishSMA20 -6.8% / mo · MACD + · near 52W low · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 40
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BATAINDIAD candles · FIT view-13.8%Latest close ₹635.55 on 2026-10-19
Bar
-0.8%
RSI
52
MACD hist
4.76
52W pos
6%
2026-10-19O ₹640.95H ₹644.90L ₹631.00C ₹635.55Vol 1.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BATAINDIANifty Consumer DurablesNifty 500
- BATAINDIA
- -9.3%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -3.7 pp
Chart stats
19 Oct 2026- From 52W high
- -46.8%
- 52W range position
- 6%
- ATR (14)
- 2.3%
- Volume vs 20D
- 0.83x
- Avg traded value
- ₹7.6 Cr
- 20D price channel
- ₹599.6 - ₹644.9
₹1,195
₹599.6 - ₹1,195
₹14.7
Latest completed session
20-session average
20.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST44
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average47
Revenue +3.9% · PAT +23.1% YoY
Technical
Bearish38
Price trend and sector-relative-strength timing.
Valuation
Legacy model-67.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 47/100margin compression · Rev +4% YoY · PAT +23% YoY · +18% QoQ · operating leverage
Filed 11 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹979 Cr | +3.9% | +18.2% |
| EBITDA | ₹204 Cr | +2.5% | +35.1% |
| Operating margin | 21.0% | +0 bps | +300 bps |
| PAT | ₹64 Cr | +23.1% | +3100.0% |
| PAT margin | 6.5% | +102 bps | +630 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 45.80
- P/B
- 4.99
- EV/EBITDA
- 8.28
- Market Cap
- 7961.00Cr
Profitability
- ROE
- 10.60%
- ROCE
- 12.70%
- ROA
- 3.86%
- Dividend Y
- 4.04%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 32.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- -19.00%
Balance Sheet
- Debt/Equity
- 0.87
- Interest Coverage
- 5.39×
- Altman Z
- 4.47
- Book Value
- 124.00
Cash Flow
- FCF Yield
- 4.25%
- FCF Positive Y
- 12/5
- OCF
- 595.00 Cr
- EPS TTM
- 11.37
Shareholding
- Promoter Hold
- 50.16%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3,516+0.8% vs prev
Net Profit
₹ CrLatest: 134-59.5% vs prev
Return on Equity
%Latest: 8.4-60.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 52. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.3% over last month) — short-term momentum negative.
- RSI(14) at 52 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 47% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
7
RS percentile
Stage 4 Downtrend
1M return
-0.4%
3M return
-9.3%
6M return
-17.9%
1Y return
-42.3%
RS 1D
+2
RS 20D
+3
Sector rank
#8
Industry rank
#21
Stage evidence
- Price is 7.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.3%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 56.07+0.56%
RS vs Nifty 50056
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation1/30
Growth19/25
Quality3/20
Balance Sheet8/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
44
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
44/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 4.3%.
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
Main drags
- Fair-value margin of safety is negative at -67.9%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Quality is weaker at 3/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
45.8
PB
5.0
EV/EBITDA
8.3
ROE
10.6%
ROCE
12.7%
FCF Yield
4.3%
Debt/Equity
0.9
MoS
-67.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
44
Previous: 44
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-67.9%
Previous: -67.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
44
44
44
44
44
44
44
44
44
44
44
44
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹178.11
-256.8% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹378.62
-67.9% MoS
PEG
1.43
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
REDTAPE
Micro
Redtape Limited
Retail
match 81
54
25.4
26.6%
+25%
FAIR VALUE
CAMPUS
Micro
Campus Activewear Limited
Retail
match 81
57
45.5
29.5%
-68%
FAIR VALUE
SREEL
Small
Sreeleathers Limited
Retail
match 75
45
20.6
4.7%
+41%
WATCHLIST
KHADIM
Small
Khadim India Limited
Retail
match 73
23
47.5
2.1%
-142%
OVERVALUED
METROBRAND
Small
Metro Brands Limited
Retail
match 65
51
59.2
22.1%
-76%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T16:28:11.675Z
Management commentary snapshot
Q4 FY26 saw modest 5.1% YoY revenue growth and 2.8% volume growth, with cash from operations up 18.3%. However, gross margin declined by 242 bps and PBT by 103 bps, impacted by higher ad spends and VRS costs.
The thesis is under stress due to significant margin and PBT contraction despite revenue growth and strong operational improvements in inventory and digital channels. While distribution expansion and premiumization are positive, the profitability erosion needs close monitoring.
Growth engines
Digital & E-commerce
E.Com grew by mid-twenties and Bata.com surged 81% vs LY, with 700+ stores fulfilling online orders.
Distribution & Reach
Scaled to 1,660 towns via 15,000+ MBOs, with I&D channel growing in double digits.
Premium Portfolio
Premium portfolio brands like HP and Power are outpacing overall growth, showing traction in volume and ASP.
Franchise and SIS Channels
Franchise and SIS channels are delivering high double-digit growth and strengthening overall profitability.
Capacity and execution
Retail Presence
Expanded retail presence nationwide to ~2000 stores.
Franchise Doors
Expanded to +700 Franchise doors.
SIS Doors
SIS expanded to ~350 doors.
ZBM Doors
Zero Base Merchandising (ZBM) expanded from 550 doors in Mar'26 to 700+ doors in May'26.
Tailwinds
Brand Investment
Amplified brand investment 1.5x vs LY, leading to brand consideration rising to 66.
Inventory Management
Inventory reduced by 28%, availability improved +950 bps, and full price sales are up with controlled markdowns.
Digital Adoption
700+ stores now fulfilling online orders, with the Bata Mobile App achieving 240k+ downloads.
Headwinds
Gross Margin Contraction
Gross Margin declined by 242 bps YoY in Q4 FY26.
PBT Decline
PBT decreased by 103 bps in Q4 FY26.
Exceptional Costs
Q4 FY26 included a VRS impact cost of INR 281 Mio as an exceptional item.
Risk radar
General Economic Conditions
The future involves risks and uncertainties that could cause actual results to differ materially, such as general economic conditions.
Raw Material Prices
Potential risks and uncertainties include various internal and external factors such as raw material prices.
Regulatory Developments
Potential risks and uncertainties include various internal and external factors such as regulatory developments.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Consumer businesses like footwear often exhibit seasonality, making year-over-year comparisons more indicative of underlying performance trends and growth drivers.
Sector KPIs management disclosed
Volume Growth
Volume growth of +2.8% in Q4 FY26.
Gross Margin
Gross Margin declined by 242 bps YoY in Q4 FY26.
Premiumization
Premium portfolio (HP and Power) outpacing overall growth, seeing traction in Volume & ASP growth.
Distribution Expansion
Scaled to 1,660 towns via 15,000+ MBOs; I&D channel grew in double digits.
Management forward view
Strategic Commitment
Management is strategically committed to customer-driven, profitable growth.
Product Funnel Reimagined
Actions for Q2-Q3 FY27 include investing in new standardized kits, standardized interiors, and improving kits-to-colour ratio, aiming for ~30% less kits, ~25% less styles, and ~20% less lines.
Inventory Agility
Inventory efficiencies in terms of quantity and quality continued to show strong progress, with improved demand planning.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross Margin | -242 bps YoY | Stabilization or improvement in gross margin trends. |
| Volume Growth | +2.8% YoY | Acceleration in volume growth, particularly from premium segments. |
| Digital Sales Contribution | E.Com ~10% of BIL turnover | Continued expansion and increasing contribution of digital channels to overall sales. |
| Inventory Turns | Improved ~22% YoY | Sustained improvement in inventory turns and availability metrics. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 67th percentile within Consumer. Main check: financial discipline is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
83 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Consumer: 67th pctile, median 66 · Large: 40th pctile, median 73
Evidence depth
Financial-only
83 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
61
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.3%.
- ▸12 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bata India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 21 Sep - Bata India appoints Siddarth Madhavan as Product and Consumer Lead – North Star, effective September 21, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 9 Sep - Bata India’s Chief Strategy & Business Development Officer Badri Beriwal resigns; cessation effective September 14, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Sep - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, Bata India Limited has informed about Newspaper Publications
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Aug - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, Bata India Limited has informed about Newspaper Publications
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Jul - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, Bata India Limited has informed about Newspaper Publications
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Jul - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, Bata India Limited has informed about Newspaper Advertisements
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, Bata India Limited has informed about Newspaper Publications
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jul - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, Bata India Limited has informed about Newspaper Advertisements
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Jun - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, Bata India Limited has informed about Newspaper Publications
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.