Bata India Q1 FY27 Results (NSE: BATAINDIA)
Signal: Steady quarter
The read
The quarter shows a sequential operating recovery rather than a clean YoY acceleration: revenue rose 3.94% YoY to ₹9789.47 million and EBITDA margin recovered 262bps QoQ to 20.84%, but remained 27bps below Q1FY26; PAT growth of 23.05% was supported by higher operating profit and no current-quarter exceptional charge, while revenue growth remains modest against the recent 3-year sales CAGR of 0.77%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹978.95 Cr | +3.94% | +18.29% |
| EBIT | ₹100.57 Cr | +8.46% | |
| Net profit | ₹63.98 Cr | +23.05% | |
| EPS | ₹4.98 | +22.96% | |
| EBIT margin | 20.84% |
P&L walk
Revenue was ₹9789.47 million, +3.94% YoY and +18.29% QoQ, while EBITDA margin was 20.84%, down 27bps YoY but up 262bps QoQ; PAT rose 23.05% YoY to ₹639.84 million with no current-quarter exceptional charge disclosed.
Segments
The Group operates in a single business segment, Footwear and Accessories; the ₹1.91 million gap between consolidated PAT of ₹639.84 million and standalone PAT of ₹637.93 million shows subsidiaries were immaterial to the quarter.
Key positives
- Consolidated PAT increased 23.05% YoY to ₹639.84 million and EPS rose 22.96% to ₹4.98, broadly tracking earnings without dilution.
- EBITDA margin recovered 262bps QoQ from 18.21% to 20.84%, reversing the sharp Q4FY26 sequential weakness.
- Gross margin expanded 129bps YoY to 54.75% as raw materials and components declined to 6.26% of revenue from 6.69%.
Key concerns
- Revenue growth was only 3.94% YoY to ₹9789.47 million, with the filing providing no evidence of volume growth or pricing-led expansion.
- EBITDA grew approximately 2.58% YoY while revenue grew 3.94%, leaving operating margin 27bps below Q1FY26 at 20.84%.
- Other expenses rose 15.80% YoY to ₹2184.68 million and included a ₹27.73 million foreign-exchange loss linked to the license-rights liability.
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