3 Footwear Brand Company, Energy and Environment Solutions Maker and Dairy Company Stocks With a Strong Future Roadmap: Bata India, Thermax and Dodla Dairy

Bata India, Thermax and Dodla Dairy: ROE of 10.4% to 15.9% and FY22 to FY26 revenue CAGR of 10.1% to 16.7%. Prices as of 12 Nov 2026.

Updated: 13 Nov 2026 • 10:13 am

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The three footwear, boiler and dairy stocks to watch are Bata India, Thermax and Dodla Dairy. Their return on equity ranges from 10.4% to 15.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 10.1% to 16.7%. Dodla Dairy leads on both return on equity at 15.9% and revenue growth at 16.7% a year. Prices are based on the 12 November 2026 close, and this article is educational, not investment advice.

Footwear, boiler and dairy stocks bring together companies with a visible plan for the years ahead. Bata India, Thermax and Dodla Dairy cover a footwear brand company, an energy and environment solutions maker and a dairy company.

This list covers three footwear, boiler and dairy stocks with complete current figures: Bata India, Thermax and Dodla Dairy. Every figure comes from the latest reported financials and the 12 November 2026 market close. Companies without complete current figures were left out.

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Table of Contents

What Are Footwear, Boiler and Dairy Stocks?

Footwear, boiler and dairy stocks are listed companies that sell footwear through large store networks, build boilers, chillers and pollution control systems for industry, and collect, process and sell milk and dairy products. Their earnings depend on consumer spending, industrial investment and dairy demand.

Footwear, Boiler and Dairy Stocks at a Glance

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E	Industry P/E	ROE (%)	D/E
Bata India	648.6	8,187	56.0	37.0	10.4	0.87
Thermax	2,722.4	38,542	65.2	43.9	13.0	0.42
Dodla Dairy	965.6	6,064	24.8	33.9	15.9	0.03

On valuation, Dodla Dairy trades at a P/E below the industry P/E, while Bata India and Thermax trade above it, which reflects the growth the market already expects. Readers comparing footwear, boiler and dairy stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.

Why Do Footwear, Boiler and Dairy Stocks Have a Strong Roadmap in India?

Footwear, boiler and dairy stocks have a strong roadmap in India because rising demand for branded footwear, heavy investment in clean industrial equipment and growing consumption of packaged dairy keep widening the market for these companies.

Footwear. Shoppers upgrade to branded footwear.
Energy equipment. Factories need efficient heating and cooling.
Dairy. Households buy more packaged dairy.

Why Bata India Features Among These Footwear, Boiler and Dairy Stocks

Among the footwear, boiler and dairy stocks on this list, Bata India is the country's largest footwear retailer, selling under the Bata, Hush Puppies, Power and other brands through a large network of company-owned and franchised stores.

The company has a return on equity of 10.4%, a debt to equity ratio of 0.87 and a market capitalisation of Rs 8,187 crore. The stock trades at a P/E of 56.0, above the industry P/E of 37.0.

Revenue rose from Rs 2,444 crore in FY22 to Rs 3,595 crore in FY26, a compound annual growth rate of 10.1%. Net profit grew from Rs 103 crore in FY22 to Rs 134 crore in FY26, which works out to a compound annual growth rate of 6.8%. In the June 2026 quarter, revenue grew 4.0% year on year to Rs 997 crore, while net profit rose 23.0% to Rs 64.0 crore.

Roadmap: The company is widening its range into sports, casual and premium footwear and adding stores in smaller towns. A trusted brand and deep retail reach support steady demand.

What to watch: Follow store additions, premium product mix and same-store sales.

Why Thermax Features Among These Footwear, Boiler and Dairy Stocks

Among the shoe retailer, heating plant and milk shares on this list, Thermax provides energy and environment solutions, including boilers, cooling systems, air pollution control and water treatment, to industries in India and overseas.

Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%.

In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P/E of 65.2, above the industry P/E of 43.9.

Roadmap: The company benefits from industrial demand for cleaner and more efficient energy systems. Rising focus on emission control and process efficiency supports a healthy pipeline of orders.

What to watch: Track order inflows, industrial capital spending and progress in cleaner energy products.

Why Dodla Dairy Features Among These Footwear, Boiler and Dairy Stocks

Among the three companies on this list, Dodla Dairy, based in Hyderabad, procures milk from farmers and sells milk and value-added products such as curd, ghee and ice creams across South and East India, with operations in Africa.

In the June 2026 quarter, revenue grew 18.3% year on year to Rs 1,212 crore. Revenue rose from Rs 2,257 crore in FY22 to Rs 4,186 crore in FY26, a compound annual growth rate of 16.7%.

Net profit grew from Rs 133 crore in FY22 to Rs 267 crore in FY26, which works out to a compound annual growth rate of 19.1%. The company has a return on equity of 15.9%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 6,064 crore. The stock trades at a P/E of 24.8, below the industry P/E of 33.9.

Roadmap: The company is growing its value-added products, widening its geographic coverage and adding procurement strength. Value-added dairy brings better margins than plain milk, and a bigger farmer base secures supply.

What to watch: Track milk procurement prices and the growth in value-added products.

Bata India vs Thermax vs Dodla Dairy on Key Financials

The table below sets the three footwear, boiler and dairy stocks side by side on revenue, profit and margin, using reported figures.

Company	FY22 Revenue (Rs Cr)	FY26 Revenue (Rs Cr)	Revenue CAGR (FY22-FY26)	FY26 Net Profit (Rs Cr)	FY26 Net Margin
Bata India	2,444	3,595	10.1%	134	3.7%
Thermax	6,255	11,041	15.3%	720	6.5%
Dodla Dairy	2,257	4,186	16.7%	267	6.4%

Dodla Dairy posts the highest return on equity in this group at 15.9%. Thermax has the largest FY26 revenue at Rs 11,041 crore, and Dodla Dairy shows the fastest revenue growth with a 16.7% compound annual rate. A useful habit with footwear, boiler and dairy stocks is to check each new quarterly result against the capacity plans the company described earlier.

The June 2026 quarter, the latest reported, gives a fresh read on momentum:

Company	Q1 FY26 Revenue (Rs Cr)	Q1 FY27 Revenue (Rs Cr)	Year-on-Year Growth
Bata India	959	997	4.0%
Thermax	2,223	2,371	6.6%
Dodla Dairy	1,024	1,212	18.3%

Key Risks to Check Before Investing in Footwear, Boiler and Dairy Stocks

Every theme carries risks that deserve a check before any decision. For these footwear, boiler and dairy stocks, the main points are: Long-term shoe retailer, heating plant and milk shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.

Footfall and spending. Store sales follow consumer mood and seasons.
Capital spending cycles. Customer investment in plants and equipment can vary.
Raw material costs. Ingredient and packaging prices can move margins.

Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.

Use the Univest Stock Screener to filter footwear, boiler and dairy stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on Footwear, Boiler and Dairy Stocks

Footwear, boiler and dairy stocks suit investors who prefer to study business strength before price moves. Bata India, Thermax and Dodla Dairy each have a clear plan to grow. Based on the 12 November 2026 close, Bata India trades at Rs 648.6, Thermax at Rs 2,722.4 and Dodla Dairy at Rs 965.6.

Download the Univest iOS App or Univest Android App to track footwear, boiler and dairy stocks, set price alerts and get research-backed stock ideas.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

What are footwear, boiler and dairy stocks?

Ans. Footwear, boiler and dairy stocks are listed companies that sell footwear through large store networks, build boilers, chillers and pollution control systems for industry, and collect, process and sell milk and dairy products. Their earnings depend on consumer spending, industrial investment and dairy demand. This list looks at three of them, Bata India, Thermax and Dodla Dairy, using reported FY22 to FY26 financials and the 12 November 2026 closing prices.

Which footwear, boiler and dairy stocks are covered in this list?

Ans. This list covers Bata India, Thermax and Dodla Dairy. Based on the 12 November 2026 close, Bata India traded at Rs 648.6, Thermax at Rs 2,722.4 and Dodla Dairy at Rs 965.6. Their return on equity ranges from 10.4% to 15.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 10.1% to 16.7%.

Why do footwear, boiler and dairy stocks have a strong future roadmap in India?

Ans. Footwear, boiler and dairy stocks have a strong roadmap in India because rising demand for branded footwear, heavy investment in clean industrial equipment and growing consumption of packaged dairy keep widening the market for these companies. The main drivers are as follows. Footwear. Shoppers upgrade to branded footwear. Energy equipment. Factories need efficient heating and cooling. Dairy. Households buy more packaged dairy. Together these factors give the companies on this list a visible path for growth over the coming years.

How has Bata India performed financially?

Ans. Revenue rose from Rs 2,444 crore in FY22 to Rs 3,595 crore in FY26, a compound annual growth rate of 10.1%. Net profit grew from Rs 103 crore in FY22 to Rs 134 crore in FY26, which works out to a compound annual growth rate of 6.8%. In the June 2026 quarter, revenue grew 4.0% year on year to Rs 997 crore, while net profit rose 23.0% to Rs 64.0 crore. The company has a return on equity of 10.4%, a debt to equity ratio of 0.87 and a market capitalisation of Rs 8,187 crore. The stock trades at a P/E of 56.0, above the industry P/E of 37.0. Looking ahead, the company is widening its range into sports, casual and premium footwear and adding stores in smaller towns. A trusted brand and deep retail reach support steady demand.

How has Thermax performed financially?

Ans. Revenue rose from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew from Rs 312 crore in FY22 to Rs 720 crore in FY26, which works out to a compound annual growth rate of 23.2%. In the June 2026 quarter, revenue grew 6.6% year on year to Rs 2,371 crore. The company has a return on equity of 13.0%, a debt to equity ratio of 0.42 and a market capitalisation of Rs 38,542 crore. The stock trades at a P/E of 65.2, above the industry P/E of 43.9. Looking ahead, the company benefits from industrial demand for cleaner and more efficient energy systems. Rising focus on emission control and process efficiency supports a healthy pipeline of orders.

How has Dodla Dairy performed financially?

Ans. Revenue rose from Rs 2,257 crore in FY22 to Rs 4,186 crore in FY26, a compound annual growth rate of 16.7%. Net profit grew from Rs 133 crore in FY22 to Rs 267 crore in FY26, which works out to a compound annual growth rate of 19.1%. In the June 2026 quarter, revenue grew 18.3% year on year to Rs 1,212 crore. The company has a return on equity of 15.9%, a debt to equity ratio of 0.03 and a market capitalisation of Rs 6,064 crore. The stock trades at a P/E of 24.8, below the industry P/E of 33.9. Looking ahead, the company is growing its value-added products, widening its geographic coverage and adding procurement strength. Value-added dairy brings better margins than plain milk, and a bigger farmer base secures supply.

What risks should investors check before buying footwear, boiler and dairy stocks?

Ans. Investors should check a few risks before buying footwear, boiler and dairy stocks. Footfall and spending. Store sales follow consumer mood and seasons. Capital spending cycles. Customer investment in plants and equipment can vary. Raw material costs. Ingredient and packaging prices can move margins. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.

Is this list of footwear, boiler and dairy stocks investment advice?

Ans. No. This article is educational and uses publicly available data as of the 12 November 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.