BRITANNIA INDUSTRIES LTD

Makes biscuits, dairy and adjacent packaged foods for Indian retail and wholesale consumers, with a smaller international business. FY26 consolidated revenue was ₹19,151.59 crore; Q4 FY26 revenue was ₹4,686 crore (7.1% YoY growth), with the domestic business growing about 9.5% in the quarter. The domestic mix is roughly 75% B2C/retail and 25% B2B/wholesale, and the wholesale leg was under pressure in Q4 from dual pricing on INR 5/10 packs. Biscuits are the core line, with signature brands outpacing overall company growth by 3x and adjacent launches such as the Cheeze Dipped (50-50) sandwich cracker taking the #2 slot in its sub-segment within three months of its IPL launch. Dairy and ghee posted double-digit growth in FY26. Volume grew 5.5% on a gram basis in Q4 FY26. E-commerce contributes 6% of domestic sales (over 12% once the INR 5/10 pack mix in physical retail is excluded), and quick commerce now accounts for 70% of that e-commerce channel and is expected to climb toward 85%, supporting premiumization. Materials — wheat/flour, palm oil, sugar, milk and packaging laminate — are the largest input, making up 54.0% of revenue. The international business was disrupted in Q4 FY26 by the West Asia conflict (Strait of Hormuz vessel unavailability and fuel/freight cost inflation), and manufacturing for North America was relocated from Oman to Mundra, expected to be fully operational by mid-May.