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Dossier · BRITANNIA INDUSTRIES LTD · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
BRITANNIA INDUSTRIES LTD NSE: BRITANNIA · BSE: 500825
Fast Moving Consumer Goods › Fast Moving Consumer Goods › Food Products › Packaged Foods
BRITANNIA INDUSTRIES LTD
StateQ1 FY27 filed
Last close · 28 Oct 2026₹4,584.00
Market cap₹110.4k cr
TTM P/E · P/B · EV/EBITDA42.4 · 21.50 · 28.9
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.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ 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)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · BRITANNIA INDUSTRIES LTD · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ 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
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
NESTLE INDIA LIMITED
2,25,418
59.2
43.71
41.0
67.9
54.7
—
24.4
BRITANNIA INDUSTRIES LTD ◆
1,10,429
42.4
21.50
29.6
49.4
59.8
7.8
18.0
ZYDUS WELLNESS LIMITED
14,793
78.6
2.54
37.6
3.4
2.4
16.2
17.1
BIKAJI FOODS INTERN LTD
11,603
44.9
6.80
25.7
14.9
18.3
—
15.3
BOMBAY BURMAH TRADING COR
8,286
6.4
0.86
2.4
26.0
33.5
7.8
17.7
MRS BECTORS FOOD SPE LTD
5,577
18.9
4.39
19.6
11.1
13.1
18.3
14.7
GOPAL SNACKS LIMITED
3,057
36.4
6.38
—
15.4
19.4
—
7.6
ADF FOODS LIMITED
2,635
28.6
4.61
17.9
15.7
18.8
13.1
18.4
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
42.4
29.5
25 of 38
35%
P/B
21.5
2.6
33 of 34
3%
ROCE
59.8
7.4
1 of 40
100%
ROE
49.4
7.7
2 of 34
97%
Debt / Equity
0.3
0.1
24 of 33
28%
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
110429
96
2 of 43
98%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · BRITANNIA INDUSTRIES LTD · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
27 Oct 2026 · Analyst call set for 6 November 2026 results discussion
board shareholder meetings
low
—
—
23 Oct 2026 · Board to approve quarter and half-year results on 5 November 2026
results
low
—
—
16 Oct 2026 · Britannia gets ESG rating of 67 for FY26 under Aspiring category
business updates
low
—
—
13 Oct 2026 · Routine compliance certificate for demat requests, Q2 FY27
compliance
minimal
—
—
8 Oct 2026 · Britannia receives ESG score of 65 for FY26, up from 64.2 in FY25
business updates
medium
—
—
7 Oct 2026 · Britannia: Postal Ballot Notice dispatch confirmed via newspaper ad
compliance
minimal
—
—
6 Oct 2026 · Britannia seeks shareholder approval to appoint Sonny Iqbal as Independent Director
management changes
medium
—
—
29 Sept 2026 · Britannia elevates Venkataraman to Deputy MD, appoints Jayaraman as CFO
management changes
high
—
—
29 Sept 2026 · Britannia rejigs top management; Venkataraman becomes Deputy MD, Jayaraman new CFO
management changes
high
—
—
28 Sept 2026 · Britannia trading window to close from Oct 1 for Q2 results
compliance
minimal
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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Sources, method and disclosures
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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
