Bata India posts best revenue growth in 12 quarters, but Ebitda slips 15% on ad spend
Q4FY26 revenue rose 5% YoY to ₹827 cr, the strongest print in three years, aided by ZBM rollout across 550 stores and premium push via Hush Puppies (18-20% of mix) and Power. Yet volume growth of 2.8% trailed peers, Ebitda fell 15% to ₹151 cr, and the stock is down 30% YTD on a rich 31x FY28 PE.
What happened
Bata India's Q4FY26 revenue grew 5% YoY to ₹827 cr — best in 12 quarters — but Ebitda fell 15% on higher ad spend. Volume growth of 2.8% lagged peers. ZBM
Key facts
- revenue ₹827 crore
- revenue growth 5% YoY
- Ebitda ₹151 crore down 15% YoY
- volume growth 2.8%
- ZBM scaled to 550 stores
- Hush Puppies 18-20% of revenue
- 52 new franchise stores, total 722
- inventory down 13% YoY
- stock down 30% YTD 2026
- 31x FY28 PE
Why this matters
722-store franchise footprint and premiumization tilt make Bata a credible consolidator or partner in mid-premium footwear, though near-term margin reset may delay any strategic action.