Accumulate Bata India; target of Rs 824: Dolat Capital

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26 Aug, 2025 12:21

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Dolat Capital's research report on Bata India

Bata’s Q4FY18 results came broadly in line with our estimates. We anticipated lower revenue growth for Bata compared to Relaxo (+18%)and Khadim (+31%) based on our recent channel checks. In addition, margin improvement benefiting from implementation of GST, was in line with our anticipation. Going ahead, we believe that Bata sales growth would remain lower vs peers, mainly due to increased competition, better and economic offerings by peers.

Outlook

Further, premiumization, implementation and cost saving would continue which would accelerate profitability ahead of the sales. We have revised FY19E and FY20E estimates to ` 20.5 and ` 24.2. Valuing Bata at 35x FY20E EPS to arrive at a TP of ` 824. Maintain Accumulate.

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