Bata India is a major player in the Indian footwear market with a presence across men’s, women’s and kid’s footwear segment. It has a pan-India presence with the largest network of retail stores having 1700+ stores. Bata has a vision to open 500 franchise stores over the next few years (current: 300). It has a robust balance sheet with healthy cash and bank balance worth Rs 946+ crore, negative working capital cycle and generating RoCE of 20%+.
OutlookWe maintain BUY recommendation on the stock and value Bata at Rs 2225 i.e. 51x FY24E EPS.
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