Britannia Q1 FY27: Growth Rebounds as Costs Turn Up

Consolidated net sales for Q1 FY27 were Rs 4,964 crore, up 9.5% year on year.

Profit after tax (owner’s share) was Rs 591 crore and profit after tax margin (owner’s share) was 11.9%.

Management stated volume growth was close to 9% and clarified it was total tonnage growth.

Management said much of pricing is via shrinkflation in Rs 5 and Rs 10 packs and that in Q1 they could mitigate about half the inflation through pricing actions.

Management highlighted sharp inflation in industrial fuel (linked to LPG and PNG), higher laminate costs, and rising palm oil and sugar as key watch-outs.

Management indicated the Croissant business is about double a previously cited 100 crore annual run rate and is growing at 30% plus; margins are said to be equal to or slightly accretive versus company margin.

No. The CFO stated no PLI incentive was booked in FY25-26 or in Q1 FY27 because the threshold growth under the scheme was not achieved.