Outgoing MD & CEO Gunjan Shah says improving discretionary demand, store expansion and premiumisation will support the footwear maker’s long-term growth strategy
Bata India is confident of sustaining growth in the coming years as improving consumer demand, continued premiumisation, an expanding retail footprint and stronger digital capabilities position the company to capitalise on India’s evolving footwear market, according to its FY26 Annual Report.
The footwear retailer said it is pursuing a strategy that balances higher sales volumes with improved realisations through a richer product mix, while expanding its presence across emerging markets. The company also expects India’s favourable demographic trends, rising disposable incomes and growing digital adoption to underpin long-term demand for discretionary products.
Chairman Ashwani Windlass said Bata India remains focused on reinforcing its market leadership while building capabilities that will support future growth.
“Our ambition is to accelerate revenue through a balanced combination of higher volumes and improved average selling prices, supported by a more premium product mix, stronger brand equity and superior execution,” he said.
Managing Director and Chief Executive Officer Gunjan Shah said the structural drivers of the Indian economy remain intact despite a prolonged slowdown in discretionary spending. “The fundamentals of the Indian economy remain strong, supported by a growing middle class, increasingly discerning consumers, rapid digital adoption and a youthful demography,” Shah said.
“We remain confident that in the near-term and long-term there exists huge potential in the Indian discretionary spending market,” Shah said, adding that the company was “optimistic to maintain momentum, gain market share and create value for our stakeholders.”
According to Shah, discretionary demand, which had remained subdued since March 2023, began recovering after the implementation of GST 2.0 in September 2025. The recovery was particularly visible in premium footwear during the festive, wedding and winter seasons, supported by higher online sales.
“With the roll-out of GST 2.0, premium brands like Floatz, Power, Hush Puppies saw a healthy revival in demand during the festive, wedding and winter seasons, backed by growth in e-commerce sales,” he said.
For FY26, Bata India reported revenue from operations of Rs 3,515.5 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at Rs 706.3 crore, while profit after tax was Rs 133.6 crore after accounting for one-time voluntary retirement scheme (VRS) expenses, non-cash foreign exchange losses arising from currency devaluation and the impact of the new labour code.
“Despite the market headwinds, further accentuated by inflationary pressures, currency devaluation and geopolitical uncertainties, leading to flattening of growth in real wages, we managed to defend Ebitda (excluding exceptional items) margin through strong resilience and disciplined execution of the key strategic levers,” Shah said.
Looking ahead, Shah said expanding Bata India’s store network, particularly in smaller towns and semi-urban markets, alongside improving same-store sales, will remain central to the company’s growth strategy.
“Footprint expansion shall continue, driven by addition of stores with focus on towns/semi-urban markets under the Bata and Hush Puppies concepts,” he said.
Bata India operates nearly 2,000 stores across the country, including more than 1,100 company-owned outlets, over 700 franchise stores and more than 125 Hush Puppies stores.
The company also expects product innovation and premiumisation to remain key growth drivers, with brands such as Floatz, Power and Hush Puppies benefiting from consumers’ increasing preference for casual and premium footwear.
