ICICI Direct has given Buy recommendation for Bata India with a target price of Rs. 2380 in its research report issued on Nov 08, 2021

ICICI Direct’s research report on Bata India

Bata India is a major player in the Indian footwear market with a presence across men’s, women’s and kid’s footwear segment. It has a pan-India presence with the largest network of retail stores in the footwear industry with 1500+ stores. Bata has a vision to open 500 franchise stores by 2023. It has a robust b/s with healthy cash and bank balance worth rS 865+ crore (as on H1FY22), negative working capital cycle, generating RoCE of 23%


We maintain BUY recommendation on the stock and value Bata at rS 2380 i.e. 50x FY24E EPS


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