Buy Bata India target of Rs 1905: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Bata India

Bata India’s (Bata) Q4FY2021 business recovered to ~95% of pre-COVID levels, better than a 74% revival in Q3FY2021. Due to the quarter’s seasonality, revenue declined by 4% q-o-q. Gross margins stood at 53.1% versus 58.8% in Q4FY2020 affected by an unfavourable mix as formals and fashion categories are yet to revive. OPM stood at 19.0% versus 22.4% in Q4FY2020. Bata continued investing on brand-building (appointed Kartik Aryan as brand ambassador) and network expansion (opened 10 new stores and expanded its reach in the e-commerce and omni-channels).

Outlook

We maintain a Buy rating on stock with a revised PT of Rs. 1,905. Stock is currently trading at 46x its FY2023E EPS and 19.8x its FY2023 EV/EBIDTA.

For all recommendations report, click here

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