Bata India's (Bata) Q1FY26 result was in-line with our estimates on key parameters. Q1FY26 was relatively tough, showing only flattish growth, though it seemed slightly better than the previous quarter. There is still stress in the mass segment, particularly the middle and mass segments of the consumer base. Consumers in the target middle-class segment have experienced a pinch due to inflation, necessitating a focus on value for money in products. Further, there is a structural shift in consumer behaviour towards online platforms, leading to growth in e-commerce and direct-to-consumer (D2C) brands. The...