New Delhi, Oct. 28 -- Bata India Ltd's September quarter (Q2FY26) proved forgettable, dragging its shares down 4% on Tuesday as results fell short across key metrics. Growth challenges persisted through the quarter, and with no meaningful relief on costs, the footwear maker missed expectations at several levels.

Revenue at Rs.801 crore declined 4% year-on-year, marking the worst performance in the past ten quarters. For perspective, both JM Financial Institutional Securities and Motilal Oswal Financial Services had pegged Bata's revenue at around Rs.860 crore.

Bata attributed the shortfall partly to early transmission of goods and services tax (GST) benefits to consumers, well before the official rate cuts were notified, in an effort to...