Bata India Limited (BATAINDIA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+178.4%

₹1,781.54

vs ₹640.00 price

Levered DCF

₹2,132.05

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	58.19×	47.86×	67.05×	56.44×	244.87×	-202.33×	48.11×	54.19×
P/B	4.89×	10.05×	11.53×	12.68×	13.89×	10.28×	8.35×	10.24×
P/S	2.22×	4.54×	5.06×	5.28×	10.56×	10.58×	5.18×	6.08×
EV / EBITDA	11.81×	22.83×	23.92×	24.37×	62.23×	115.88×	20.38×	37.1×
Gross margin	30.5%	55.9%	56.7%	55.7%	53.9%	50.2%	57.0%	55.6%
Operating margin	8.8%	36.3%	38.4%	37.7%	33.0%	28.0%	41.9%	28.8%
Net margin	3.8%	9.5%	7.5%	9.4%	4.3%	-5.2%	10.8%	11.2%
Current ratio	1.72×	1.84×	2.11×	1.96×	2.45×	2.61×	2.5×	2.92×
Debt / equity	0.87×	0.92×	0.89×	0.87×	0.6×	0.59×	0.66×	0×
Interest coverage	2.29×	9.37×	10.69×	11×	7.93×	4.43×	10.13×	78.77×
Dividend yield	1.5%	1.8%	1.0%	3.8%	0.2%	0.3%	0.6%	0.3%
Payout ratio	86.2%	85.3%	65.9%	216.4%	49.9%	-57.7%	29.5%	15.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.4%	21.0%	17.2%	22.5%	5.7%	-5.1%	17.4%	18.9%
Return on invested capital	7.2%	30.5%	34.6%	36.4%	20.0%	13.1%	27.5%	31.6%
Return on assets	3.6%	8.6%	7.8%	9.9%	2.9%	-2.7%	8.8%	13.3%
Free cash flow yield	7.0%	4.4%	2.0%	2.9%	0.6%	2.3%	3.1%	1.5%
Earnings yield	1.7%	2.1%	1.5%	1.8%	0.4%	-0.5%	2.1%	1.8%
Enterprise value	₹87B	₹170.7B	₹189.1B	₹194B	₹262.9B	₹190.5B	₹170.6B	₹177.7B
Net debt / EBITDA	1.21×	1.66×	1.65×	1.47×	2.55×	5.95×	1.47×	-0.12×
Cash conversion cycle (days)	75	130	147	134	158	102	121	108