Geojit has given Accumulate recommendation for Bata India with a target price of Rs. 2135 in its research report issued on Feb 23, 2022

Geojit’s research report on Bata India

Q3FY22 revenue grew by 37%YoY (+37%QoQ) on a low base (de-growth of 26% in Q3FY21) and crossed pre-covid level sales first time. EBITDA improved by 44%YoY to Rs. 169cr while PAT grew by 180%YoY to Rs. 72cr. Gross margin/EBITDA margin improved to 52.7%/20.0% from 51.5%/19.1% YoY. BIL’s cost saving measures across rentals, operations & manufacturing will drive sustainable margin expansion in future. Demand outlook is positive given ongoing vaccination, re-opening of markets and GoI’s strong focus to revive the economy. We believe, BIL will be able to revive its revenue growth trajectory as the economy is back to normal given its strong brand recall & reach. We value BIL at 52x on FY24 EPS.


Bata India Ltd (BIL) is the largest retailer and leading manufacturer of footwear in India with ~1,700 retail stores as of Dec 2021. We maintain our Accumulate rating with a revised Target of Rs. 2,135 (Rs. 2,290 earlier) factoring strong sales recovery in the quarter.

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At 12:10 hrs Bata India was quoting at Rs 1,800.50, down Rs 67.30, or 3.60 percent.

It has touched an intraday high of Rs 1,836.65 and an intraday low of Rs 1,795.55.

It was trading with volumes of 10,265 shares, compared to its thirty day average of 36,593 shares, a decrease of -71.95 percent.

In the previous trading session, the share closed down 0.78 percent or Rs 14.60 at Rs 1,867.80.

The share touched its 52-week high Rs 2,261.65 and 52-week low Rs 1,265.00 on 16 November, 2021 and 19 April, 2021, respectively.

Currently, it is trading 20.39 percent below its 52-week high and 42.33 percent above its 52-week low.

Market capitalisation stands at Rs 23,141.38 crore.

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