Britannia Industries Ltd

BRITANNIA

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Market Cap

₹ 1,45,482 Cr

P/E

62.79

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

LOW RISK

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Price

PE Ratio

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Overview

Detailed Summary

Britannia Industries Limited is a leading FMCG company in India known for its extensive range of biscuits, bread, cakes, and dairy products, including popular brands like Tiger, Marie Gold, and Good Day.

For Q2 FY25-26, Britannia reported a 4.1% growth in net sales and a significant 23.1% increase in Profit After Tax, showcasing a robust improvement in profitability driven by operational efficiencies and cost-saving initiatives.

Despite challenges from GST rate changes affecting 85% of its business, Britannia successfully navigated the transition with strategic pricing adjustments and expects the impact to normalize in the upcoming quarter.

The company continues to innovate with new launches in its product lines, including NutriChoice 100% Millet Cookies and Milk Bikis Wafer Roll, targeting consumer preferences for health and indulgence.

Britannia is expanding aggressively into adjacent categories, with products like Croissant and Rusk showing strong double-digit growth, supported by increased capacities and a focus on e-commerce channels.

Sector

FMCG

Industry

Food And Dairy Products - Multinational

Market Cap

1,45,482 Cr

Volatility

Low Risk

P/E Ratio

62.8

Industry P/E

73.1

PEG Ratio

5.7

P/B Ratio

39.0

52W High

6,336.95

52W Low

4,506.50

Sales CAGR

7.00%

8.96%

9.50%

10Y

9.00%

Profit CAGR

2.04%

9.95%

7.50%

10Y

12.08%

ROE

TTM

62.05%

55.75%

55.47%

10Y

43.70%

ROCE

TTM

53.93%

60.57%

61.15%

10Y

53.11%

Technicals

‌

Forecasts

No. of Analysts

38

1Y Price Target

6562.83 ▲ 8.45%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
VBL	477.50	1,61,490 Cr	54.38	8.79	0.21	15.51	19.85	12.13
BRITANNIA	6037.50	1,45,482 Cr	62.79	38.97	1.24	62.05	53.93	24.51
GODREJCP	1165.65	1,19,275 Cr	63.35	9.81	2.14	14.98	17.80	9.16
MARICO	736.90	95,753 Cr	57.49	23.63	1.41	41.12	37.43	19.54
DABUR	497.25	88,197 Cr	48.75	8.05	1.61	16.51	20.08	10.68
LENSKART	405.10	70,280 Cr	285.28	8.50	0.00	8.58	10.40	2.09
COLPAL	2165.90	58,863 Cr	44.39	37.20	2.36	83.79	108.80	41.73

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	4,011	4,433	4,256	4,069	4,250	4,668	4,593	4,432	4,622	4,841
Expenses	3,322	3,560	3,435	3,282	3,497	3,884	3,748	3,627	3,865	3,886
Operating Profit	689	872	821	787	754	783	845	805	757	955
OPM %	17.18	19.68	19.29	19.35	17.73	16.78	18.40	18.17	16.38	19.72
Other Income	57	51	46	54	30	42	60	58	52	49
Interest	53	53	31	26	29	35	45	31	26	35
Depreciation	71	72	78	80	74	76	82	81	82	85
Profit Before Tax	622	799	758	735	681	715	778	752	701	884
Tax %	26.78	26.56	26.72	26.95	25.87	25.67	25.19	25.64	25.80	25.87
Net Profit	455	587	556	537	505	532	582	559	520	655
EPS in Rs	19.00	24.41	23.11	22.35	20.99	22.06	24.15	23.25	21.62	27.17

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	9,324	9,990	11,055	11,600	13,136	14,136	16,301	16,769	17,943	18,315
Expenses	7,776	8,412	9,321	9,756	10,627	11,935	13,470	13,599	14,756	15,124
Operating Profit	1,548	1,578	1,733	1,843	2,509	2,202	2,831	3,170	3,187	3,191
OPM %	16.60	15.79	15.68	15.89	19.10	15.57	17.37	18.90	17.76	17.42
Other Income	151	166	205	263	313	222	597	208	192	213
Interest	5.45	7.59	9.09	77	111	144	169	164	139	136
Depreciation	119	142	162	185	198	201	226	300	313	321
Profit Before Tax	1,304	1,518	1,768	1,844	2,514	2,078	3,033	2,913	2,927	2,946
Tax %	32.18	33.87	34.64	24.44	26.38	27.06	23.62	26.75	25.58	25.57
Net Profit	885	1,004	1,155	1,394	1,851	1,516	2,316	2,134	2,178	2,193
EPS in Rs	36.71	36.21	36.46	58.24	77.37	63.30	96.39	88.87	90.45	96.19
Dividend Payout %	29.85	59.79	31.11	59.99	203.49	89.24	74.70	82.73	82.92	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	24	24	24	24	24	24	24	24	24	24
Reserves	2,068	2,672	3,382	4,229	4,379	3,524	2,534	3,510	3,917	4,332
Borrowings	124	116	178	138	1,514	2,104	2,481	2,997	2,065	1,247
Other Liabilities	1,278	1,297	1,603	1,851	1,925	2,357	2,488	2,821	3,067	3,236
Total Liabilities	3,494	4,109	5,188	6,242	7,842	8,009	7,527	9,353	9,074	8,839
Fixed Assets	950	1,145	1,331	1,674	1,864	1,779	1,739	2,615	2,744	2,875
CWIP	90	30	203	101	40	117	536	105	188	89
Investments	788	502	1,094	1,491	2,908	2,795	1,776	3,365	2,794	2,894
Other Assets	1,665	2,432	2,560	2,976	3,031	3,318	3,476	3,268	3,348	2,980
Total Assets	3,494	4,109	5,188	6,242	7,842	8,009	7,527	9,353	9,074	8,839

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	959	441	1,249	1,156	1,485	1,876	1,300	2,526	2,573	2,481
Cash from Investing Activity	-705	-150	-956	-856	-1,532	436	911	-1,517	476	84
Cash from Financing Activity	-246	-295	-232	-353	58	-2,243	-2,246	-1,028	-2,830	-2,762
Net Cash Flow	7.85	-3.65	61	-52	11	69	-35	-19	218	-197

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	50.55%	50.55%	50.55%	50.55%	50.55%	50.55%	50.55%	50.55%	50.55%	50.55%	50.55%	50.55%
FIIs	18.46%	19.44%	21.29%	19.66%	18.99%	18.23%	17.41%	17.90%	16.46%	15.72%	15.58%	15.02%
DIIs	15.21%	14.35%	12.59%	13.98%	14.97%	15.77%	16.82%	16.37%	17.58%	18.26%	18.67%	19.39%
Public	15.78%	15.66%	15.57%	15.82%	15.49%	15.45%	15.23%	15.18%	15.41%	15.47%	15.21%	15.04%
Total Shareholders	2,60,836	2,60,207	2,59,949	2,83,892	2,60,443	2,63,623	2,54,815	2,51,851	2,90,306	2,92,504	2,72,914	2,62,139

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Change in Directors/KMP

23 hours ago

Change in Management at Britannia

The Board of Directors has approved the appointment of Mr. Abhishek Sinha as Chief Sales Transformation Officer and Mr. Subhashis Basu as Chief Business Officer - Dairy, effective December 15, 2025.

Change in Directors/KMP

1 day ago

Appointment of New CEO

Mr. Rakshit Hargave has officially assumed the role of Chief Executive Officer and Managing Director of Britannia Industries with effect from December 15, 2025.

Regulatory Filing

6 days ago

ESG Rating Disclosure for FY 2024-25

Britannia Industries Limited received an ESG Rating of 67 for FY 2024-25, an improvement from 66 for FY 2023-24, as reported by NSE Sustainability Ratings and Analytics Limited.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	4,011	4,433	4,256	4,069	4,250	4,668	4,593	4,432	4,622	4,841
Expenses	3,322	3,560	3,435	3,282	3,497	3,884	3,748	3,627	3,865	3,886
Operating Profit	689	872	821	787	754	783	845	805	757	955
OPM %	17.18	19.68	19.29	19.35	17.73	16.78	18.40	18.17	16.38	19.72
Other Income	57	51	46	54	30	42	60	58	52	49
Interest	53	53	31	26	29	35	45	31	26	35
Depreciation	71	72	78	80	74	76	82	81	82	85
Profit Before Tax	622	799	758	735	681	715	778	752	701	884
Tax %	26.78	26.56	26.72	26.95	25.87	25.67	25.19	25.64	25.80	25.87
Net Profit	455	587	556	537	505	532	582	559	520	655
EPS in Rs	19.00	24.41	23.11	22.35	20.99	22.06	24.15	23.25	21.62	27.17

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	9,324	9,990	11,055	11,600	13,136	14,136	16,301	16,769	17,943	18,315
Expenses	7,776	8,412	9,321	9,756	10,627	11,935	13,470	13,599	14,756	15,124
Operating Profit	1,548	1,578	1,733	1,843	2,509	2,202	2,831	3,170	3,187	3,191
OPM %	16.60	15.79	15.68	15.89	19.10	15.57	17.37	18.90	17.76	17.42
Other Income	151	166	205	263	313	222	597	208	192	213
Interest	5.45	7.59	9.09	77	111	144	169	164	139	136
Depreciation	119	142	162	185	198	201	226	300	313	321
Profit Before Tax	1,304	1,518	1,768	1,844	2,514	2,078	3,033	2,913	2,927	2,946
Tax %	32.18	33.87	34.64	24.44	26.38	27.06	23.62	26.75	25.58	25.57
Net Profit	885	1,004	1,155	1,394	1,851	1,516	2,316	2,134	2,178	2,193
EPS in Rs	36.71	36.21	36.46	58.24	77.37	63.30	96.39	88.87	90.45	96.19
Dividend Payout %	29.85	59.79	31.11	59.99	203.49	89.24	74.70	82.73	82.92	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	24	24	24	24	24	24	24	24	24	24
Reserves	2,068	2,672	3,382	4,229	4,379	3,524	2,534	3,510	3,917	4,332
Borrowings	124	116	178	138	1,514	2,104	2,481	2,997	2,065	1,247
Other Liabilities	1,278	1,297	1,603	1,851	1,925	2,357	2,488	2,821	3,067	3,236
Total Liabilities	3,494	4,109	5,188	6,242	7,842	8,009	7,527	9,353	9,074	8,839
Fixed Assets	950	1,145	1,331	1,674	1,864	1,779	1,739	2,615	2,744	2,875
CWIP	90	30	203	101	40	117	536	105	188	89
Investments	788	502	1,094	1,491	2,908	2,795	1,776	3,365	2,794	2,894
Other Assets	1,665	2,432	2,560	2,976	3,031	3,318	3,476	3,268	3,348	2,980
Total Assets	3,494	4,109	5,188	6,242	7,842	8,009	7,527	9,353	9,074	8,839

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	959	441	1,249	1,156	1,485	1,876	1,300	2,526	2,573	2,481
Cash from Investing Activity	-705	-150	-956	-856	-1,532	436	911	-1,517	476	84
Cash from Financing Activity	-246	-295	-232	-353	58	-2,243	-2,246	-1,028	-2,830	-2,762
Net Cash Flow	7.85	-3.65	61	-52	11	69	-35	-19	218	-197

Overview

Detailed Summary

Sector

FMCG

Industry

Food And Dairy Products - Multinational

Market Cap

1,45,482 Cr

Volatility

Low Risk

P/E Ratio

62.8

Industry P/E

73.1

PEG Ratio

5.7

P/B Ratio

39.0

52W High

6,336.95

52W Low

4,506.50

Sales CAGR

7.00%

8.96%

9.50%

10Y

9.00%

Profit CAGR

2.04%

9.95%

7.50%

10Y

12.08%

ROE

TTM

62.05%

55.75%

55.47%

10Y

43.70%

ROCE

TTM

53.93%

60.57%

61.15%

10Y

53.11%