Bata India Ltd (BATAINDIA)
🎯 Key Takeaways
- Bata India is transitioning from a mature consumer durables player into a growth-oriented phase driven by premiumisation and operational improvements, evidenced by consistent revenue and profit growth in Q1 FY27. Despite a 37.
- Revenue grew 18.3% QoQ to ₹979 in Q1FY27.
- ⚠️ Foreign exchange volatility is highlighted as a material risk due to import dependencies, which could pressure input costs and margins. Additionally,
📖 The Story
Bata India is transitioning from a mature consumer durables player into a growth-oriented phase driven by premiumisation and operational improvements, evidenced by consistent revenue and profit growth in Q1 FY27. Despite a 37.89% one-year return decline, recent financials show margin expansion and profitability recovery, supported by strategic leadership changes and strong cash returns via dividends.
📰 What's Happening
In Q1 FY27, Bata India reported 4% YoY revenue growth to ₹9,789 million and a 23% YoY PAT increase to ₹637 million, with an interim dividend of ₹25 per share declared. The 93rd AGM approved the financials, reappointed key directors, and appointed Sanjay S. Rao as Managing Director effective October 1, 2026, with a term until 2031. Management highlighted optimism around momentum in the September quarter, driven by premiumisation, volume expansion, and operational excellence.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 801 | 945 | 828 | 979 |
| Operating Profit | 40 | 108 | 46 | 101 |
| OPM % | 5.0% | 11.4% | 5.5% | 10.3% |
| Net Profit | 14 | 66 | 2 | 64 |
| EPS | ₹1.08 | ₹5.14 | ₹0.17 | ₹4.98 |
Revenue has shown sequential improvement, rising from ₹801 million in September 2025 to ₹979 million in June 2026, while operating margins expanded from 5.0% to 10.3%, indicating operational efficiency gains. Net profit and EPS also rose significantly, with ₹64 million in Q1 FY27 up from ₹2 million in March 2026, reflecting improved profitability. Despite a dip in December 2025, recent quarters show a clear upward trend aligned with management’s focus on margin expansion and volume growth.
🔮 Management Outlook & What's Next
Management expressed optimism about sustaining momentum into the September quarter, citing progress in premiumisation, volume expansion, and operational excellence. They emphasized confidence in continuing growth, supported by the new leadership under Sanjay S. Rao and the positive shareholder endorsement at the AGM. No formal long-term guidance was provided, but near-term optimism is tied to execution of current strategies.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 64 | 64 | 64 | 64 |
| Reserves | 1,405 | 1,511 | 1,460 | 1,531 |
| Borrowings | 1,438 | 1,446 | 1,378 | 0 |
| Total Liabilities | 3,487 | 3,823 | 3,691 | 3,778 |
| Fixed Assets | 1,543 | 1,532 | 1,449 | 1,651 |
| Investments | 1 | 1 | 25 | 36 |
| Total Assets | 3,487 | 3,823 | 3,691 | 3,778 |
The balance sheet shows a strong equity base with ₹64 million in equity and ₹1,531 million in reserves as of March 2026, while borrowings remain minimal at ₹0. Total assets have slightly declined, but the capital structure remains conservative with no net debt. This suggests a focus on financial stability and organic growth funding rather than aggressive leverage.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +595 |
| Investing | -257 |
| Financing | -531 |
| Net Cash Flow | -194 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 50.2% | 50.2% | 50.2% | 50.2% |
| FII | 6.9% | 6.2% | 6.4% | 6.4% |
| DII | 29.4% | 29.3% | 28.4% | 27.2% |
| Public | 11.8% | 12.4% | 12.9% | 14.0% |
| # Shareholders | 2,36,169 | 2,39,885 | 2,41,836 | 2,45,930 |
FII holdings have remained relatively stable around 6.38% in Q1FY27, while DII participation has increased from 27.23% to 28.39% over the last four quarters, indicating growing institutional confidence. Promoter holding is stable at 50.16%, and the number of shareholders has gradually increased, reflecting broadening retail interest. No signs of significant promoter selling or large-scale institutional exits.
⚖️ Peer Comparison — Leather
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| METROBRAND | 25,543 | 62.8 | 38.9% | 24.1% | 0.00 |
| RELAXO | 8,886 | 47.9 | 13.0% | 8.8% | 0.00 |
| BATAINDIA | 8,760 | 60.0 | 20.7% | 9.2% | 0.00 |
| CAMPUS | 6,925 | 54.9 | 32.5% | 29.2% | 0.41 |
| MAYURUNIQ | 3,328 | 16.1 | 29.0% | 21.7% | 0.01 |
| BIL | 1,155 | 44.6 | 10.2% | 5.8% | 1.07 |
| SREEL | 580 | 17.7 | 9.5% | 7.1% | 0.00 |
| MIRZAINT | 440 | — | -3.4% | -4.0% | 0.03 |
| LIBERTSHOE | 418 | 51.4 | 8.9% | 9.2% | 0.84 |
| KHADIM | 218 | 78.7 | 8.3% | 1.1% | 0.45 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
Foreign exchange volatility is highlighted as a material risk due to import dependencies, which could pressure input costs and margins. Additionally, changes in labour laws affecting employee liabilities have been disclosed as a concern, potentially increasing operational costs. These macro and regulatory risks could impact profitability if not managed effectively.
📋 Recent Filings
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Announcement 24 August 2026Bata India Limited updated its Key Managerial Personnel contact details in a regulatory filing submitted to BSE, NSE, and CSE on August 24, 2026, prov...
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Announcement 17 August 2026Bata India reported 4% YoY revenue growth to INR979 crores in Q1 FY27, driven by volume and price growth, with PBT up 22%. The company crossed 2,000 E...
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Announcement 13 August 2026Bata India Limited announced that the audio recording of its post-earnings conference call held on August 13, 2026, is now available on its investor r...
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Announcement 12 August 2026Bata India reported Q1 FY27 revenue of ₹9,789 million, up 3.9% YoY, driven by volume and ASP growth, with underlying PBT rising 22% and gross margin e...
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🟡 Board Meeting 12 August 2026Bata India Limited announced voting results from its 93rd Annual General Meeting held on August 12, 2026, where shareholders approved the adoption of ...
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🟡 Board Meeting 12 August 2026Bata India announced the appointment of Sanjay S. Rao as a director, whole-time director, and managing director following shareholder approval at the ...
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Announcement 11 August 2026Bata India announced unaudited standalone and consolidated financial results for Q1 June 2026, showing revenue of ₹9,789 million and profit of ₹639.84...
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🔴 Corporate Action 11 August 2026Bata India announced an interim dividend of Rs. 25 per share (500% on a Rs. 5 face value) for the financial year ending March 31, 2027, with the recor...
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Financial Results 11 August 2026Bata India reported Q1 FY27 revenue of **₹9,789 million**, up ~4% YoY, with PAT rising 23% to **₹637 million** and interim dividend announced at **₹25...
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🟡 Board Meeting 11 August 2026Bata India Limited announced the outcome of its August 11, 2026 board meeting, approving unaudited standalone and consolidated financial results for t...
🧠 Analyst's Read
Bata India is showing signs of a turnaround with improving margins and profitability, supported by strategic leadership changes and shareholder confidence. Investors should monitor execution of premiumisation and volume growth strategies in upcoming quarters, as well as any margin pressure from foreign exchange or labour cost increases.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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