Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,444.80 last close on 16 Oct 2026 −0.25%
Research updated
Bata India Ltd.
NSE: BATAINDIAConsumer CyclicalFootwear & Accessories
- Last close
- ₹638.65
- Day change
- +₹22.60 (+3.67%)vs
- Market cap
- ₹8,208 crIndian rupees
- Research updated
- 1 report
About Bata India
Bata India Ltd. is a renowned footwear manufacturer and retailer, serving as the Indian arm of the globally recognized Bata Shoe Organization. The company specializes in designing, producing, and marketing a wide array of footwear ranging from formal shoes, casual wear, sports shoes to school shoes, catering to the diverse needs of men, women, and children. With an extensive network of retail stores and a robust online presence, Bata India has established a strong distribution framework across the country, making their products accessible to both urban and rural consumers. The brand is synonymous with quality and affordability, appealing to a broad demographic spectrum. Bata India's significance in the Indian market is underscored by its long-standing heritage and adaptability to changing fashion trends and consumer preferences, contributing to its reputation as a household name in the footwear industry.
- Sector
- Consumer Cyclical
- Industry
- Footwear & Accessories
- Listing
- NSE: BATAINDIA
- Chief executive
- Mr. Gunjan Dinesh Kumar Shah
- Employees
- 3,961
- Headquarters
- Gurugram, India
- ISIN
- INE176A01028
- Website
- bata.in
Public research · Report of
Business model & financial foundation
Bata India (NSE: BATAINDIA), Footwear manufacturing and retail: revenue of ₹3,515 crore in FY26 (+0.8% on FY25), an EBITDA margin of 20.1%, net profit of ₹134.2 crore and net debt of ₹983.7 crore.
- Revenue, FY26 (₹ crore)
- 3,515
- consolidated
- Revenue growth, FY26
- +0.8%
- on FY25
- EBITDA margin, FY26
- 20.1%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 134.2
- to owners
- Return on equity, FY26
- 8.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 983.7
- Lease and licence financing less unrestricted liquidity
- Market capitalisation (₹ crore)
- 8,106
- at the close of 18 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Bata India Limited |
| Exchange and ticker | NSE: BATAINDIA; BSE: 500043 |
| ISIN | INE176A01028 |
| Sector | Consumer Cyclical |
| Industry | Footwear manufacturing and retail |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP (since 2022) |
| Market capitalisation | ₹8,106 crore (18 Oct 2026) |
| Shares outstanding | 12.85 crore shares (FY26) |
| Price | ₹638.7 (close, 18 Oct 2026) |
| 52-week range | ₹599.6 - ₹1,195 (to 18 Oct 2026) |
| Website | https://www.bata.com/in/ |
Corporate structure and shareholding
Parent: Bata (BN) B.V..
| Entity | Holding | Business |
|---|---|---|
| Bata Properties Limited | 100% | Property management |
| Way Finders Brands Limited | 100% | Footwear and accessories |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 50.16% | 50.16% | 50.16% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 6.18% | 6.43% | 6.38% | |
| Domestic institutions | 29.31% | 28.39% | 27.22% | |
| of which mutual funds | 17.34% | 16.63% | 15.68% | |
| Retail | 12.09% | 12.56% | 13.59% | |
| Other | 2.26% | 2.46% | 2.65% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Bata India (NSE: BATAINDIA, BSE 500043) makes, sources and retails family footwear (Bata, Power, North Star, Hush Puppies, Floatz). It sells through about 2,000 exclusive stores: about 1,250 company-owned and 750 franchise at Q1 FY27. Other channels are multi-brand outlets (about 1,660 towns), e-commerce and quick commerce. It reports one statutory segment, Footwear & Accessories. Revenue was flat over FY24-26 (Rs3,478.6/3,488.8/3,515.5cr) while operating EBITDA, excluding other income, fell from Rs785.9cr to Rs706.5cr. The promoter, Bata (BN) B.V., holds 50.16%. A group company receives technical fees of Rs73.6cr, and Bata Brands receives a royalty of Rs11.6cr (FY26).
| Peer | Why the dossier compares them |
|---|---|
| Metro Brands (METROBRAND) | Branded footwear retail; premium positioning and leased-store economics. |
| Relaxo Footwears (RELAXO) | Mass-market footwear manufacturing and distribution. |
| Campus Activewear (CAMPUS) | Sports and athleisure footwear exposure. |
| Liberty Shoes (LIBERTSHOE) | Family footwear manufacturing and retail. |
| Khadim India (KHADIM) | Value footwear retail, with demerger comparability caveat. |
| Red Tape (REDTAPE) | Lifestyle footwear and apparel retail. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,387 | 3,451 | 3,479 | 3,489 | 3,515 |
| Cost of revenue (vendor classification) * | 1,134 | 1,593 | 1,575 | 1,599 | 1,616 |
| Other operating costs (vendor classification) * | 387.0 | 517.2 | 560.1 | 529.9 | 565.3 |
| EBITDA (vendor classification) * | 473.6 | 831.4 | 841.9 | 803.7 | 773.6 |
| Operating EBIT excluding other income and exceptional items | 232.5 | 537.7 | 446.8 | 364.2 | 286.5 |
| Finance costs | 92.8 | 107.9 | 117.0 | 128.5 | 134.6 |
| Profit before tax | 139.7 | 429.8 | 350.6 | 426.4 | 182.0 |
| Total tax expense | 36.7 | 106.8 | 88.1 | 95.7 | 47.8 |
| Profit after tax | 103.0 | 323.0 | 262.5 | 330.7 | 134.2 |
| Diluted EPS (₹) | 8.01 | 25.13 | 20.42 | 25.73 | 10.44 |
| Materials, purchases and inventory change | 1,492 | 1,508 | 1,572 | ||
| Employee benefits expense | 420.0 | 462.4 | 452.2 | ||
| Other expenses | 780.5 | 782.9 | 785.0 | ||
| Operating EBITDA excluding other income | 785.9 | 735.5 | 706.5 | ||
| Other income | 61.7 | 67.5 | 79.2 | ||
| Depreciation and amortisation | 339.1 | 371.3 | 420.1 | ||
| Exceptional gain / (expense) | -40.9 | 123.2 | -49.0 | ||
| Profit attributable to owners | 262.5 | 330.7 | 134.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,815 | 1,438 | 1,527 | 1,575 | 1,596 |
| Bank borrowings only; excludes leases and licence financing | 1,094 | 1,246 | 0.00 | n.r. | 0.00 |
| Cash and cash equivalents | 17.8 | 74.6 | 50.1 | 202.9 | 9.29 |
| Trade receivables net | 71.7 | 82.6 | 80.1 | 111.8 | 184.1 |
| Inventories | 870.9 | 904.6 | 929.6 | 814.7 | 707.6 |
| Total trade payables | 456.2 | 409.4 | 299.7 | 349.5 | 330.6 |
| Net property plant and equipment excluding ROU and intangibles | 920.7 | 1,056 | 327.9 | 321.1 | 306.9 |
| Capital work in progress excluding intangible development | 3.72 | 1.61 | 1.57 | 14.5 | 4.37 |
| Total assets * | 3,525 | 3,272 | 3,350 | 3,823 | 3,778 |
| Other current bank balances including restricted balances | 357.9 | 431.5 | 487.2 | ||
| Current investments | 0.00 | 0.00 | 34.6 | ||
| Lease liabilities current plus noncurrent | 1,357 | 1,446 | 1,387 | ||
| License-rights financing liability current plus noncurrent | 16.0 | 276.1 | 263.9 | ||
| Net intangible assets | 26.9 | 267.5 | 210.8 | ||
| Right of use assets | 1,154 | 1,211 | 1,133 | ||
| Noncurrent bank deposits including lien balances | 5.02 | 1.83 | 141.4 | ||
| Lease and licence financing less unrestricted liquidity | 969.1 | 1,092 | 983.7 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -40.6 | 473.7 | 453.1 | 737.8 | 594.9 |
| Free cash flow (vendor definition) * | 162.9 | 533.4 | 352.2 | 665.2 | 529.1 |
| Dividends paid positive cash outflow | -51.4 | -698.9 | 173.1 | 281.9 | 115.7 |
| Cash purchases of PPE and intangibles positive outflow | -47.7 | -89.7 | 100.9 | 72.6 | 65.8 |
| Lease principal paid positive cash outflow | 229.1 | 230.7 | 246.8 | ||
| Lease interest paid positive cash outflow | 114.2 | 122.7 | 117.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual and diluted weighted average equity shares | 12.85 | 12.85 | 12.85 | 12.85 | 12.85 |
| Current earmarked and lien bank balances | 3.86 | 4.68 | 4.67 | ||
| Noncurrent bank deposits held under lien | 5.02 | 0.95 | 1.08 | ||
| Unrestricted current and noncurrent bank deposits | 354.0 | 427.7 | 622.9 | ||
| Cash paid separately for capital advances not retrieved | n.d. | n.d. | n.d. |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 837.1 | 918.8 | 788.2 | 941.9 | 801.3 | 944.7 | 827.6 | 978.9 |
| Cost of revenue (vendor classification) * | 438.1 | 415.6 | 360.6 | 442.9 | ||||
| Other operating costs (vendor classification) * | 188.7 | 205.6 | 203.1 | 218.5 | ||||
| EBITDA (vendor classification) * | 215.8 | 233.1 | 170.5 | 222.0 | ||||
| EBIT * | 104.9 | 121.2 | 37.4 | 118.6 | ||||
| Finance costs | 31.8 | 31.1 | 34.8 | 34.9 | 33.8 | 32.3 | 33.6 | 32.7 |
| Profit before tax | 69.8 | 77.3 | 62.2 | 70.1 | 19.3 | 88.9 | 3.81 | 85.9 |
| Total tax expense | 17.8 | 18.6 | 16.3 | 18.1 | 5.40 | 22.8 | 1.60 | 21.9 |
| Profit for the period | 52.0 | 58.7 | 45.9 | 52.0 | 13.9 | 66.1 | 2.21 | 64.0 |
| Diluted EPS (₹) | 4.04 | 4.57 | 3.57 | 4.05 | 1.08 | 5.14 | 0.17 | 4.98 |
| Other income | 17.7 | 10.4 | 22.8 | 17.0 | 21.4 | 21.0 | 19.8 | 18.0 |
| Cost of goods sold | 360.0 | 396.6 | 324.8 | 438.1 | 357.4 | 415.6 | 360.6 | 442.9 |
| Employee benefits expense | 113.8 | 103.4 | 124.3 | 116.3 | 111.4 | 111.4 | 113.2 | 113.6 |
| Other expenses | 189.3 | 219.8 | 161.3 | 188.7 | 187.6 | 205.6 | 203.1 | 218.5 |
| EBITDA excluding other income and exceptional items | 174.1 | 199.0 | 177.8 | 198.8 | 144.9 | 212.0 | 150.7 | 204.0 |
| Depreciation and amortisation expense | 90.2 | 90.2 | 103.7 | 106.1 | 105.0 | 104.0 | 105.0 | 103.4 |
| Exceptional items: gains positive, expenses negative | 0.00 | -10.8 | 0.00 | -4.78 | -8.27 | -7.93 | -28.1 | 0.00 |
| Profit attributable to owners | 52.0 | 58.7 | 45.9 | 52.0 | 13.9 | 66.1 | 2.21 | 64.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 39.8% | 44.6% | 0.8% | 0.3% | 0.8% |
| EBITDA margin | 22.6% | 21.1% | 20.1% | ||
| Net margin | 7.5% | 9.5% | 3.8% | ||
| Return on equity | 17.7% | 21.3% | 8.5% | ||
| Return on capital employed | 8.2% | 19.2% | 21.2% | 18.0% | |
| Return on assets | 7.9% | 9.2% | 3.5% | ||
| Net debt (₹ crore) | 969.1 | 1,092 | 983.7 | ||
| Net debt / EBITDA | 1.23x | 1.48x | 1.39x | ||
| Interest cover | 2.51x | 4.99x | 3.82x | 2.83x | 2.13x |
| Asset turnover | 0.70x | 1.02x | 1.05x | 0.97x | 0.92x |
| Receivable days | 11 | 9 | 8 | 12 | 19 |
| Inventory days (on revenue) | 133 | 96 | 98 | 85 | 73 |
| Payable days (on revenue) | 70 | 43 | 31 | 37 | 34 |
| Cash conversion | 1.73x | 2.23x | 4.43x | ||
| Capex intensity | 2.0% | 2.6% | 2.9% | 2.1% | 1.9% |
| Free cash flow (₹ crore) | -88.4 | 384.0 | 352.2 | 665.2 | 529.1 |
| Dividend payout | 65.9% | 85.3% | 86.2% | ||
| EPS, diluted (₹) | 8.01 | 25.13 | 20.42 | 25.73 | 10.44 |
| Book value per share (₹) | 141.2 | 111.9 | 118.8 | 122.5 | 124.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Lease and licence financing less unrestricted liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Bata India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Bata India
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 18 Oct 2026; page updated 19 Oct 2026.
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