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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic biscuits (core), Domestic dairy and ghee, Adjacent packaged foods, International business. Branded FMCG packaged foods, biscuits-led with growing dairy/ghee and adjacent categories.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 14,136 | 16,301 | 16,769 | 17,943 | 19,152 |
| EBITDA (ex other income) | 2,201 | 3,207 | 3,167 | 3,162 | 3,544 |
| margin % | 15.6 | 19.7 | 18.9 | 17.6 | 18.5 |
| Owners' profit | 1,525 | 2,322 | 2,140 | 2,179 | 2,533 |
| EPS, as reported (₹) | 63.31 | 96.39 | 88.84 | 90.45 | 105.18 |
| ROE % · ROCE % | 58.6 · 66.2 | 65.0 · 61.3 | 53.8 · 61.7 | 49.7 · 58.9 | 49.4 · 61.8 |
| Debt / equity (x) | 0.96 | 0.84 | 0.51 | 0.28 | 0.26 |
| Cash from operations | 1,300 | 2,526 | 2,573 | 2,481 | 2,612 |
| Capex | (550) | (711) | (562) | (375) | (206) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,668 | 4,593 | 4,432 | 4,622 | 4,841 | 4,970 | 4,719 | 5,000 |
| Profit before tax | 719 | 780 | 757 | 706 | 887 | 922 | 804 | 799 |
| Net profit | 532 | 582 | 559 | 520 | 655 | 682 | 680 | 593 |
| EPS (₹) | 22.06 | 24.15 | 23.25 | 21.62 | 27.17 | 28.23 | 28.16 | 24.55 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NESTLE INDIA LIMITED | 2,66,742 | 70.0 | 51.72 | 48.5 | 67.9 | 54.7 | — | 24.4 |
| BRITANNIA INDUSTRIES LTD ◆ | 1,19,535 | 45.9 | 23.27 | 32.0 | 49.4 | 59.8 | 7.8 | 18.0 |
| ZYDUS WELLNESS LIMITED | 17,452 | 92.7 | 3.00 | 43.2 | 3.4 | 2.4 | 16.2 | 17.1 |
| BIKAJI FOODS INTERN LTD | 13,784 | 53.3 | 8.07 | 30.5 | 14.9 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Management to attend two investor meets in September | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Britannia management to meet analysts at Jefferies and JP Morgan conferences | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Britannia: CIO Susheel Navanale to retire, Rejin Surendran appointed as new CDIO | management changes | medium | — | — |
| 27 Aug 2026 · Britannia gets Crisil ESG rating of 66, classified as Strong | credit debt | medium | — | — |
| 21 Aug 2026 · Britannia reschedules Motilal Oswal analyst meet to 27 August | investor communications | low | — | — |
| 14 Aug 2026 · Britannia updates analyst meeting time with Enam AMC to 1 PM on 17 Aug | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Britannia Q1 FY27: 9.5 percent revenue growth, margin pressure from inputs | investor communications | medium | — | — |
| 11 Aug 2026 · Britannia mgmt to meet analysts and investors between Aug 14 and 25 | investor communications | low | — | — |
| 7 Aug 2026 · Britannia Industries 107th AGM Proceedings Summary, Key Resolutions Passed | board shareholder meetings | low | — | — |
| 7 Aug 2026 · Britannia 107th AGM: All 4 resolutions passed; final dividend approved | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|
| 18.3 |
| — |
| 15.3 |
| BOMBAY BURMAH TRADING COR | 9,974 | 7.7 | 1.04 | 2.8 | 26.0 | 33.5 | 7.8 | 17.7 |
| MRS BECTORS FOOD SPE LTD | 7,452 | 25.3 | 5.86 | 26.1 | 11.1 | 13.1 | 18.3 | 14.7 |
| GOPAL SNACKS LIMITED | 3,225 | 38.4 | 6.74 | — | 15.4 | 19.4 | — | 7.6 |
| ADF FOODS LIMITED | 2,968 | 32.3 | 5.19 | 20.2 | 15.7 | 18.8 | 13.1 | 18.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 45.9 | 31.1 | 28 of 40 | 31% |
| P/B | 23.3 | 3.0 | 33 of 34 | 3% |
| ROCE | 59.8 | 7.0 | 1 of 41 | 100% |
| ROE | 49.4 | 7.7 | 2 of 36 | 97% |
| Debt / Equity | 0.3 | 0.1 | 27 of 36 | 26% |
| EBITDA margin | 18.0 | 9.9 | 5 of 33 | 88% |
| Revenue growth | 8.2 | 14.1 | 21 of 36 | 43% |
| Profit growth | 14.1 | 14.1 | 17 of 33 | 50% |
| Market cap | 119535 | 91 | 2 of 43 | 98% |
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
