Bata India Ltd. share price target

With a 2% downside from the CMP, we maintain our HOLD rating on the stock

With a 3% downside from the CMP, we maintain our HOLD rating on the stock.

Bata India (BATA) delivered a modest growth recovery with 2% YoY revenue growth. The 10% miss on EBITDA was primarily driven by lower gross margin (-140bp YoY) on account of a shift in the channel mix.

With a 5% downside potential from the CMP, we maintain our HOLD rating on the stock.

Bata India’s (Bata’s) Q1FY2025 numbers were weak, with revenues declining by 1.4% y-o-y, and EBITDA margin falling by 393 bps y-o-y to 21.2%, dragging down adjusted PAT by 27.5% y-o-y.

With an 8% upside potential from the CMP, we maintain our HOLD rating on the stock.

Recommendation: With a 5% upside potential from the CMP, we maintain HOLD

With a 5% upside potential from the CMP, we maintain HOLD

Recommendation With a 8% upside potential from the CMP, we downgrade the stock to HOLD

BATA’s revenue performance has been decent on SSSG front (-9% our estimate vs -12% for Metro) while retail expansion (at 11%) continues to be modest. Revenue growth at 2% YoY is un-exciting. Improvement in ASP (3%YoY) instills confidence in the execution of casualisation and premiumisation initiatives.