Bata India (500043) Q3 25/26 earnings summary

Executive summary

• Turnover grew by 3% year-over-year, marking a return to growth momentum after a period of stagnation.

• Focused on customer experience transformation, inventory decluttering, and network expansion to drive growth.

• Premium product lines and digital channels showed robust growth, with strong traction in volume and ASP.

• Strategic marketing campaigns and product funnel reimagination contributed to improved performance.

• Standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025, were approved and released.

Financial highlights

• Revenue from operations reached INR 9,447 Mn, up 2.9% year-over-year.

• EBITDA margin improved by 200 basis points, with underlying PBT growth of 10%.

• Gross margin improved by 194 bps year-over-year to 53.7%.

• E-commerce contributed mid-double digits to total revenue, growing at 15% last quarter.

• Inventory efficiency improved by 11%, with aged inventory at an all-time low.

Outlook and guidance

• Ambition to expand ZBM to the full network within the next few quarters.

• Continued focus on inventory efficiency, customer experience, and digital expansion expected to support future growth.

• Franchise stores targeted to exceed 1,000 in the next couple of years.

• Hush Puppies EBOs expected to reach 200+ in the next 12 months.

• Exports expected to see significant growth over the next 2-3 years, leveraging new FTA and global Bata network.