Bata India is primarily engaged in the business of manufacturing and trading of footwear and accessories through its retail and wholesale network. After making high near 2,250 levels the stock has continuously fallen and touched low of 1230 level and bounced and now looks to reverse its fall and grow above 1,500 level on back of following points • Portfolio casualisation strategy continues to work well. • Sales through digitally enabled channels continued its momentum for Bata. • Add 100 plus stores every year including own stores, Franchise & Store in Store (SIS). • Company continue to renovate 150 stores per annum. • Premium Segments driving growth - Red Label, Comfit, Power contribution up by 4%. • Q3 numbers fell short of expectations amid the ongoing discretionary slowdown. • Company reported modest volume growth across business channels. • We expect earnings to grow by 17.4% in FY26E & grow by 10.5% in FY27E. • Stock is currently trading at valuation of 41.8x P/E FY27E EPS.

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