Leather
Footwear
from 729 today
Bata India delivered 4% revenue growth in 1QFY27, while underlying PBT grew 23% YoY, reflecting better merchandise productivity and cost efficiency. While operational initiatives are gaining traction, a sustained growth recovery will depend on the new product cycle translating into stronger consumer traction, leading us to reiterate our Neutral rating.
While operational initiatives are gaining traction, a sustained growth recovery will depend on the new product cycle translating into stronger consumer traction. We, therefore, retain a measured earnings recovery, forecasting FY26-28E revenue/pre-IND AS EBITDA/adj. PAT CAGR of 6%/13%/13% on a low base and reiterate Neutral with a TP of INR645.
Bata India reported continuous growth momentum in Q1FY27 driven by premiumisation, volume growth, and network expansion, but management adopts a wait-and-watch approach regarding the sustainability of the turnaround, leading to a maintained HOLD rating.
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