Bata Pakistan Limited (BATA) financial ratios

Bata Pakistan Limited earned a net margin of -13.4% in FY2025 against a five-year average of 1.0% (Leather & Tanneries median -1.8%). Return on equity was -54.7%, compared with a sector median of 24.8%. The current ratio stood at 0.89× and debt was 141.4% of equity. Cash took about 38 days to cycle through receivables, inventory and payables.

FY2025 vs the Leather & Tanneries median

Gross margin: 39.5%; Sector median 17.2%
Operating margin: -6.4%; Sector median -23.9%
Net margin: -13.4%; Sector median -1.8%
Return on equity (ROE): -54.7%; Sector median 24.8%
Return on assets (ROA): -16.8%; Sector median 1.1%
Current ratio: 0.89×; Sector median 0.97×
Debt to equity: 141.4%; Sector median 99.7%
Asset turnover: 1.25×; Sector median 0.73×

Median of the 6 companies in the sector with the figure for their latest fiscal year.

BATA financial ratios (annual) (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 Jan – Dec 2012	FY2011 * Jan – Dec 2011	FY2010 * Jan – Dec 2010	FY2009 * Jan – Dec 2009	FY2008 * Jan – Dec 2008	FY2007 * Jan – Dec 2007	FY2006 Jan – Dec 2006
Profitability
Gross margin	39.5%	49.2%	42.2%	42.9%	40.8%	34.9%	39.9%	40.9%	41.3%	39.6%	39.1%	37.3%	37.3%	35.4%	34.3%	39.9%	39.5%	42.3%	41.3%	37.2%
EBITDA margin	2.6%	18.3%	17.5%	20.1%	21.3%	22.8%	21.2%	15.1%	15.4%	15.1%	15.9%	14.8%	21.4%	20.1%	19.1%	15.2%	14.3%	15.6%	14.7%	7.8%
Operating margin	(6.4%)	10.0%	9.6%	11.9%	11.1%	(0.8%)	13.3%	13.7%	14.0%	13.7%	14.5%	13.5%	13.8%	12.4%	11.0%	14.1%	13.1%	14.3%	13.4%	6.5%
Pre-tax margin	(15.5%)	7.6%	7.0%	8.0%	5.8%	(7.8%)	8.6%	13.5%	14.1%	13.9%	14.2%	13.7%	13.4%	12.1%	10.4%	14.3%	12.7%	13.0%	12.7%	5.6%
Net margin	(13.4%)	4.6%	4.8%	4.9%	3.9%	(5.4%)	6.2%	8.9%	9.8%	9.6%	9.8%	9.7%	9.6%	8.9%	7.6%	14.3%	12.7%	13.0%	12.7%	5.6%
Effective tax rate	—	38.5%	31.8%	38.0%	32.4%	—	27.6%	33.7%	30.1%	31.4%	31.2%	29.1%	28.1%	26.3%	27.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Returns
Return on equity (ROE)	(54.7%)	15.2%	16.1%	14.8%	8.7%	(9.1%)	14.6%	20.5%	22.1%	22.7%	25.6%	27.5%	29.2%	28.3%	24.9%	50.6%	47.9%	55.1%	60.3%	25.4%
Return on assets (ROA)	(16.8%)	5.4%	5.6%	5.5%	3.7%	(4.2%)	8.2%	14.9%	16.4%	16.6%	18.5%	19.4%	20.5%	19.9%	17.0%	32.1%	29.5%	31.7%	30.3%	12.0%
Return on invested capital (ROIC)	—	13.0%	14.0%	12.3%	9.3%	—	16.3%	20.5%	22.1%	22.7%	25.6%	27.5%	29.2%	28.3%	24.9%	50.6%	50.3%	58.2%	64.2%	30.2%
Liquidity
Current ratio	0.89×	1.33×	1.27×	1.43×	1.64×	1.96×	2.14×	2.94×	3.55×	3.35×	3.30×	2.99×	2.98×	3.04×	3.18×	2.66×	2.26×	2.26×	1.74×	1.61×
Quick ratio	0.32×	0.42×	0.59×	0.71×	0.95×	1.23×	1.20×	1.64×	1.99×	2.07×	1.83×	1.61×	1.63×	1.63×	1.31×	1.48×	1.14×	0.53×	0.78×	0.45×
Leverage
Debt to equity	141.4%	74.0%	65.4%	80.3%	72.5%	71.2%	67.0%	0.0%	0.0%	0.0%	—	0.0%	—	—	—	0.0%	—	—	—	0.0%
Debt to capital	58.6%	42.5%	39.5%	44.5%	42.0%	41.6%	40.1%	0.0%	0.0%	0.0%	—	0.0%	—	—	—	0.0%	—	—	—	0.0%
Debt to assets	33.0%	27.6%	22.5%	27.9%	28.6%	32.4%	31.4%	0.0%	0.0%	0.0%	—	0.0%	—	—	—	0.0%	—	—	—	0.0%
Assets to equity	3.27×	2.80×	2.90×	2.70×	2.36×	2.16×	1.78×	1.38×	1.35×	1.36×	1.38×	1.41×	1.43×	1.42×	1.46×	1.58×	1.62×	1.74×	1.99×	2.11×
Efficiency
Asset turnover	1.25×	1.17×	1.17×	1.11×	0.94×	0.78×	1.31×	1.66×	1.67×	1.74×	1.89×	2.00×	2.12×	2.24×	2.23×	2.25×	2.33×	2.44×	2.39×	2.15×
Receivable days days	28	36	33	35	49	88	71	65	62	52	42	38	37	35	34	29	18	20	24	31
Inventory days days	170	224	168	159	146	163	138	135	127	117	115	107	104	109	107	103	120	127	118	133
Payable days days	159	200	168	135	114	100	61	44	35	31	31	33	33	33	—	—	48	49	62	65
Cash conversion cycle days	38	59	32	58	81	150	148	156	154	138	126	112	107	111	141	131	91	98	79	100
Dividends
Dividend payout ratio	—	115.5%	99.0%	155.6%	138.4%	—	104.1%	75.5%	69.4%	65.5%	50.2%	76.3%	61.3%	39.2%	20.2%	0.0%	7.4%	2.3%	12.0%	22.7%
Earnings retention rate	—	(0.16×)	0.01×	(0.56×)	(0.38×)	—	(0.04×)	0.24×	0.31×	0.34×	0.50×	0.24×	0.39×	0.61×	0.80×	1.00×	0.93×	0.98×	0.88×	0.77×

Ratios as reported for each fiscal year; returns are on average equity / assets. Debt ratios are percentages; turnover in times; working-capital measures in days.

BATA: frequently asked questions

What is BATA's EPS?

Bata Pakistan Limited reported basic earnings per share of Rs -315.48 for FY2025 (Jan – Dec 2025).

Does BATA pay dividends?

Bata Pakistan Limited did not declare a cash dividend for FY2025.

What was BATA's revenue and profit in FY2025?

Bata Pakistan Limited reported revenue of Rs 17.8 bn and profit attributable to shareholders of -Rs 2.4 bn for FY2025 (Jan – Dec 2025).

What is BATA's book value per share?

Bata Pakistan Limited's book value per share was Rs 419.03 at the end of FY2025. The shares trade at 2.16× book value.

Information only, not investment advice.