BATAINDIA

Bata India share price & financials

Price
₹747.7
Market cap
₹9.7k Cr
Sector
Consumer Durables
Calls analysed
8
Latest concall · Q1 FY27 · call held 13 Aug 2026

Bata India Q1 FY27

Turnover ₹979 cr +4%Underlying PBT Growth 22% +22%Ad Spend Growth 25% +25%Gross Margin Improvement 130 bps

What went well

  • Turnover of INR 979 crores, up ~4% YoY, backed by both volume and value growth.
  • Underlying PBT grew by approximately 22%.
  • The company expanded its EBO network past 2,000 stores, including 750 franchise stores.

What to watch

  • Raw material prices, particularly for synthetics and crude oil derivatives, led to a cost push of 5-6%.
  • Gross margin was diluted by approximately 100 basis points due to a shift in channel mix.
Read the full call →

What Bata India does

Bata India designs, sources/manufactures and retails footwear and allied products across price points through company-owned (COCO), franchise and Hush Puppies (HP) branded stores, shop-in-shop (SIS) counters, and wholesale distribution to multi-brand outlets (MBOs) via distributors. It also sells through e-commerce (bata.com, marketplaces) and a mobile app, with a large share of its physical store network enabled to fulfil online orders and offer hyperlocal home delivery.

Segments

  • Retail (COCO/Franchise/HP stores)
  • Shop-in-Shop (SIS)
  • Institutional & Distribution (I&D) / Wholesale-MBO
  • Digital & e-Commerce
Total retail store network
~2,000 stores (COCO ~1,150, Franchise ~720, HP ~130)
Franchise doors
722 (as of Mar'26)
Towns covered via Institutional & Distribution (I&D) channel
1,660 towns
Multi-brand outlets (MBOs) served
15,000+ MBOs via ~300 distributors
KRO (retail outlet) count in distribution network
2,674 (Mar'26)
Zero Base Merchandising (ZBM) format stores
700+ stores (up from 400 in Dec'25)
Founded 1931Headquarters Kolkata, West Bengal (registered office); Corporate office in Gurugram, Haryana Company website

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 4 delivered 7 missed 12 open
  • ZBM Rollout (stores) delivered said Q2 FY25 Promised: 20% of network (250 top stores) in the next couple of courses Q1 FY27: Remains achieved. The ZBM program now covers 775 stores, well past the original target.
  • PUDIP Plant Installation went quiet said Q2 FY25 Promised: should get installed by the March quarter Q1 FY27: Not mentioned.
  • Revenue Growth Driver Strategy on track said Q4 FY25 Promised: Volume-driven revenue growth trajectory over the next 2 to 5 years Q1 FY27: Management confirmed Q1 growth was 'equally split between volume and value', continuing to execute on the volume-driven strategy.

All 23 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 3.9%, net profit up 23.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue837 919 788 942 801 −4%945 +3%828 +5%979 +4%
EBITDA174 200 178 199 145 −17%212 +6%151 −15%204 +3%
Net profit52 59 46 52 14 −73%66 +12%2 −96%64 +23%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −47.7% 1Y

₹0.6k₹0.8k₹1.0k₹1.2kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 30 Oct 2025Q3 FY26 — 13 Feb 2026Q4 FY26 — 3 Jun 2026Q1 FY27 — 13 Aug 2026

1Y: ₹1,239.7 on 10 Sept 2025 → ₹648.65. High ₹1,274 (16 Sept 2025), low ₹607.5 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+1.7%
13 Aug
Q4 FY26
−0.7%
3 Jun
Q3 FY26
−3.6%
13 Feb
Q2 FY26
−0.5%
30 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 0.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 20.1%.

Year endingFY23FY24FY25FY26
Revenue₹3.5k Cr₹3.5k Cr₹3.5k Cr₹3.5k Cr
Operating profit₹794 Cr₹786 Cr₹737 Cr₹707 Cr
Operating margin23.0%22.6%21.1%20.1%
Interest₹108 Cr₹116 Cr₹129 Cr₹135 Cr
Depreciation₹295 Cr₹339 Cr₹371 Cr₹420 Cr
Net profit₹323 Cr₹263 Cr₹331 Cr₹134 Cr
Net margin9.3%7.6%9.5%3.8%
Cash from operations₹629 Cr₹453 Cr₹738 Cr₹595 Cr
Free cash flow₹539 Cr₹355 Cr₹670 Cr₹530 Cr
ROCE20.0%19.0%15.0%13.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹64 Cr₹64 Cr₹64 Cr₹64 Cr₹64 Cr₹64 Cr
Reserves₹1.7k Cr₹1.8k Cr₹1.4k Cr₹1.5k Cr₹1.5k Cr₹1.5k Cr
Borrowings₹1.0k Cr₹1.1k Cr₹1.2k Cr₹1.4k Cr₹1.4k Cr₹1.4k Cr
Other liabilities₹542 Cr₹616 Cr₹587 Cr₹466 Cr₹788 Cr₹796 Cr
Total liabilities₹3.3k Cr₹3.5k Cr₹3.3k Cr₹3.4k Cr₹3.7k Cr₹3.8k Cr
Fixed assets₹1.1k Cr₹1.2k Cr₹1.4k Cr₹1.5k Cr₹1.7k Cr₹1.7k Cr
Capital work in progress₹34 Cr₹5 Cr₹4 Cr₹4 Cr₹1 Cr₹4 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹25 Cr₹36 Cr
Other assets₹2.2k Cr₹2.3k Cr₹1.9k Cr₹1.8k Cr₹2.0k Cr₹2.1k Cr
Total assets₹3.3k Cr₹3.5k Cr₹3.3k Cr₹3.4k Cr₹3.7k Cr₹3.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +2.63 pp while DIIs trimmed −2.13 pp. The shareholder count grew 5% to 2,45,930.

Promoters
50.2%
FIIs
6.4%
DIIs
27.2%
Public
16.2%

Since Jun 2025

  • Public +2.63 pp
  • DIIs −2.13 pp
  • FIIs −0.51 pp

How it drifted, 12 quarters

Over this window the public went from 12.4% to 16.2% — +3.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 50.2%, FIIs 7.5%, DIIs 30.0%, Public 12.4%.Dec '23: Promoters 50.2%, FIIs 7.9%, DIIs 29.7%, Public 12.3%.Mar '24: Promoters 50.2%, FIIs 8.2%, DIIs 28.3%, Public 13.3%.Jun '24: Promoters 50.2%, FIIs 7.6%, DIIs 27.5%, Public 14.7%.Sep '24: Promoters 50.2%, FIIs 8.8%, DIIs 27.1%, Public 13.9%.Dec '24: Promoters 50.2%, FIIs 7.5%, DIIs 29.1%, Public 13.2%.Mar '25: Promoters 50.2%, FIIs 6.9%, DIIs 29.5%, Public 13.4%.Jun '25: Promoters 50.2%, FIIs 6.9%, DIIs 29.4%, Public 13.6%.Sep '25: Promoters 50.2%, FIIs 6.9%, DIIs 29.4%, Public 13.6%.Dec '25: Promoters 50.2%, FIIs 6.2%, DIIs 29.3%, Public 14.3%.Mar '26: Promoters 50.2%, FIIs 6.4%, DIIs 28.4%, Public 15.0%.Jun '26: Promoters 50.2%, FIIs 6.4%, DIIs 27.2%, Public 16.2%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Bata India above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Bata (BN) B. V. 50.16%unchanged
Life Insurance Corporation Of India Insurer10.31%unchanged
Mirae Asset Mutual Fund - through various schemes Mutual fund9.69%−0.22 pp
Canara Robeco Mutual Fund through various schemes Mutual fund1.59%unchanged
Nippon Life India Trustee Ltd - under various schemes Mutual fund1.57%−0.40 pp
ICICI Prudential Mutual Fund through various schemes Mutual fund1.16%−0.08 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in BATAINDIA

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.02 L shares (+0.1%).

Held by funds
₹167 Cr
7 schemes
Biggest holder
Nippon India Growth Mid Cap Fund
₹130 Cr · 0.3% of that fund
SchemeHoldingLast month
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹130 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹26 Crheld
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹7 Cr+0.01 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹4 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +1,827 shares (+0.1%)

Funds are sitting on
-54%
vs est. average cost
Held by funds
₹167 Cr
7 schemes · ≈ 1.9% of the company
Biggest holder
Nippon India Growth Mid Cap Fund
₹130 Cr · 0.3% of that fund

Shares held by these funds +15%

Aug '23 24.42 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹649, this stock must grow earnings at 35% every year for 7 years. Our analysis caps realistic growth at ~-25%. At that growth it is worth ₹26 — downside of 96%.

Growth the price implies
35.3% a year
for 7 years, fading to 4%
It has actually compounded at
-25.4% a year
net profit, FY23–FY26 · EPS -25.4%
The gap
0.6 pp
-96% downside if it only repeats history
Price today ₹648.65 Value at the reference growth ₹26.36

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse Bata India

Guides on how to read this kind of business and the numbers that matter.