Bata India's (Bata) Q3FY26 result was in-line with our estimate on net sales front, while margins were ahead of our expectation. The management indicated gradual improvement in demand momentum post GST-related disruptions, with consumer hesitancy easing across channels. However, recovery remains uneven, especially at lower price points, though mass segments are showing early signs of stabilization Vs the past 78 quarters. Further, competitive intensity across footwear remains high due to fragmentation at both value and premium ends. Management emphasized that the market structure allows multiple players to...