Footwear retailer selling Bata, Hush Puppies (HP) and Power brands via ~2,000 owned/franchise stores and pan-India distribution.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 979 | +3.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 21.0 | 0.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 64.0 | +23.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 10.98 | −0.9 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 15.07 | −4.1 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 1.92 | +0.5 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
4 of 11 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| ZBM Rollout (stores) | 20% of network (250 top stores) in the next couple of courses | Q2 FY25 | Remains achieved. The ZBM program now covers 775 stores, well past the original target. | Achieved |
| PUDIP Plant Installation | should get installed by the March quarter | Q2 FY25 | Not mentioned. | Ghosted |
| Revenue Growth Driver Strategy | Volume-driven revenue growth trajectory over the next 2 to 5 years | Q4 FY25 | Management confirmed Q1 growth was 'equally split between volume and value', continuing to execute on the volume-driven strategy. | On Track |
7 of Bata India's 23 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 20 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹1,165.1 on 24 Oct 2025 → ₹662.4. High ₹1,166.2 (27 Oct 2025), low ₹603.35 (8 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
4 of 11 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| ZBM Rollout (stores) | 20% of network (250 top stores) in the next couple of courses | Q2 FY25 | Remains achieved. The ZBM program now covers 775 stores, well past the original target. | Achieved |
| PUDIP Plant Installation | should get installed by the March quarter | Q2 FY25 | Not mentioned. | Ghosted |
| Revenue Growth Driver Strategy | Volume-driven revenue growth trajectory over the next 2 to 5 years | Q4 FY25 | Management confirmed Q1 growth was 'equally split between volume and value', continuing to execute on the volume-driven strategy. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 23 tracked commitments, with each call’s wording and source.
Call summaries
Bata India Q1 FY27
Bata India reported a resilient Q1 FY27 with a 4% increase in turnover to INR 979 crores and a 22% growth in underlying PBT. The company expanded its EBO network past 2,000 stores and maintained high full-price sales. However, raw material cost inflation and channel mix shifts impacted gross margins, though overall profitability remained strong.
Read the full callBata India Q4 FY26
Bata India reported a second consecutive quarter of accelerating growth in Q4 FY26, driven by volume and strong cash flow. While reported PBT saw a significant decline due to exceptional items, adjusted like-to-like PBT grew 11%. The company focused on inventory reduction, e-commerce expansion, and strategic channel growth, with a strong outlook for product innovation and network expansion despite optical gross margin pressures from channel mix.
Read the full callBata India Q3 FY26
Bata India reported a Q3 FY26 with approximately 3% turnover-led growth and a 200 basis points expansion in EBITDA. The company highlighted the positive impact of its Zero-Based Merchandising initiative, which has scaled to 400 stores, and strong growth in its e-commerce and franchise channels. However, management acknowledged the lingering impact of GST disruption on 9-month performance and the challenge of low brand recall among younger demographics, alongside a long period of single-digit growth.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +23% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 837 | 918 | 788 | 942 | 801 | 945 | 828 | 979 |
| Expenses | 663 | 719 | 612 | 743 | 656 | 733 | 677 | 775 |
| Operating profit | 174 | 199 | 175 | 199 | 145 | 212 | 151 | 204 |
| Operating margin | 21.0% | 22.0% | 22.0% | 21.0% | 18.0% | 22.0% | 18.0% | 21.0% |
| Other income | 18 | -1 | 23 | 12 | 13 | 13 | -9 | 18 |
| Interest | 32 | 31 | 35 | 35 | 34 | 32 | 34 | 33 |
| Depreciation | 90 | 90 | 104 | 106 | 105 | 104 | 105 | 103 |
| Profit before tax | 70 | 77 | 60 | 70 | 19 | 89 | 4 | 86 |
| Tax rate | 25.0% | 24.0% | 27.0% | 26.0% | 28.0% | 26.0% | 43.0% | 26.0% |
| Net profit | 52 | 58 | 44 | 52 | 14 | 66 | 2 | 64 |
| EPS (₹ per share) | 4.07 | 4.53 | 3.39 | 4.02 | 1.07 | 5.14 | 0.16 | 4.96 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 3,452 | 3,478 | 3,488 | 3,516 |
| Expenses | 2,658 | 2,695 | 2,754 | 2,809 |
| Operating profit | 794 | 783 | 733 | 707 |
| Other income | 39 | 21 | 190 | 29 |
| Interest | 108 | 116 | 129 | 135 |
| Depreciation | 295 | 339 | 371 | 420 |
| Profit before tax | 430 | 348 | 424 | 182 |
| Net profit | 323 | 259 | 328 | 134 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 64 | 64 | 64 | 64 | 64 | 64 |
| Reserves | 1,750 | 1,370 | 1,456 | 1,502 | 1,460 | 1,522 |
| Borrowings | 1,094 | 1,245 | 1,355 | 1,446 | 1,378 | 1,387 |
| Other liabilities | 616 | 587 | 464 | 801 | 788 | 796 |
| Total liabilities | 3,525 | 3,265 | 3,340 | 3,814 | 3,691 | 3,769 |
| Fixed assets | 1,224 | 1,389 | 1,505 | 1,798 | 1,688 | 1,649 |
| Capital work in progress | 5 | 4 | 4 | 14 | 1 | 4 |
| Investments | 5 | 5 | 5 | 5 | 25 | 40 |
| Other assets | 2,291 | 1,868 | 1,826 | 1,995 | 1,978 | 2,075 |
| Total assets | 3,525 | 3,265 | 3,340 | 3,814 | 3,691 | 3,769 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 458 | 212 | 629 | 459 | 738 | 595 |
| Cash from investing | -50 | 93 | 438 | 33 | 51 | -255 |
| Cash from financing | -369 | -341 | -1,010 | -517 | -638 | -531 |
| Net cash flow | 39 | -37 | 57 | -25 | 151 | -191 |
| Free cash flow | 422 | 164 | 535 | 361 | 667 | 530 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 17 | 11 | 9 | 8 | 12 | 19 |
| Inventory days | 265 | 292 | 218 | 227 | 197 | 164 |
| Days payable | 192 | 153 | 99 | 73 | 84 | 77 |
| Cash conversion cycle | 90 | 150 | 128 | 162 | 124 | 107 |
| Working capital days | 11 | 33 | 28 | 43 | 16 | 17 |
| Return on capital employed | 0.0% | 8.0% | 20.0% | 19.0% | 15.0% | 13.0% |
| Dividend payout | −57.0% | 694.0% | 54.0% | 59.0% | 74.0% | 87.0% |
To justify its price of ₹662, this stock must grow earnings at 36% every year for 7 years. Our analysis caps realistic growth at ~-26%. At that growth it is worth ₹26 — downside of 96%.
Ownership
Promoters hold 50.16% as of Sept 2026; institutions cut 1.68 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Bata India above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 50.16% | unchanged | |
| Insurer | 10.31% | unchanged |
| Mutual fund | 9.90% | +0.21 pp |
| Mutual fund | 1.57% | unchanged |
| Mutual fund | 1.36% | −0.23 pp |
| Mutual fund | — | off the list |
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.
Filings to Sep 2026
0 new, 0 added, 4 trimmed, 0 sold out — net −0.05 L shares (−0.2%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹118 Cr | held | Oct '21 |
| HDFC Large & Mid Cap Fund HDFC Mutual Fund | ₹23 Cr | held | Dec '22 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹6 Cr | −0.03 L | Sep '24 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹3 Cr | −0.02 L | Sep '24 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | −0.01 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | held | May '26 |
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 Sep 2026
0 added, 4 trimmed — net −5,404 shares (−0.2%)
Shares held by these funds +49%
Oct '23 24.38 L shares Sep '26
Your own record
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