Food Products
Valuation | |
|---|---|
| Market Cap | 1.49 LCr |
| Price/Earnings (Trailing) | 64.3 |
| Price/Sales (Trailing) | 7.96 |
| EV/EBITDA | 42.01 |
| Price/Free Cashflow | 68.97 |
| MarketCap/EBT | 47.6 |
| Enterprise Value | 1.51 LCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | 2.5% |
| Price Change 1M | 5.8% |
| Price Change 6M | 7.4% |
| Price Change 1Y | 28% |
| 3Y Cumulative Return | 12.4% |
| 5Y Cumulative Return | 11.6% |
| 7Y Cumulative Return | 10.4% |
| 10Y Cumulative Return | 15.6% |
| Revenue (TTM) |
| 18.72 kCr |
| Rev. Growth (Yr) | 3.8% |
| Earnings (TTM) | 2.32 kCr |
| Earnings Growth (Yr) | 23.2% |
Profitability | |
|---|---|
| Operating Margin | 17% |
| EBT Margin | 17% |
| Return on Equity | 61.62% |
| Return on Assets | 24.51% |
| Free Cashflow Yield | 1.45% |
| Cash Flow from Investing (TTM) | 84.36 Cr |
| Cash Flow from Operations (TTM) | 2.48 kCr |
| Cash Flow from Financing (TTM) | -2.76 kCr |
| Cash & Equivalents | 77.98 Cr |
| Free Cash Flow (TTM) | 2.11 kCr |
| Free Cash Flow/Share (TTM) | 87.43 |
Balance Sheet | |
|---|---|
| Total Assets | 9.45 kCr |
| Total Liabilities | 5.69 kCr |
| Shareholder Equity | 3.76 kCr |
| Current Assets | 4.63 kCr |
| Current Liabilities | 4.92 kCr |
| Net PPE | 2.75 kCr |
| Inventory | 2.2 kCr |
| Goodwill | 137.43 Cr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.23 |
| Debt/Equity | 0.58 |
| Interest Coverage | 22.01 |
| Interest/Cashflow Ops | 19.24 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 75 |
| Dividend Yield | 1.21% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Balance Sheet: Reasonably good balance sheet.
Smart Money: Smart money has been increasing their position in the stock.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Size: It is among the top 200 market size companies of india.
Profitability: Recent profitability of 12% is a good sign.
Momentum: Stock price has a strong positive momentum. Stock is up 5.8% in last 30 days.
No major cons observed.
Balance Sheet: Reasonably good balance sheet.
Smart Money: Smart money has been increasing their position in the stock.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Size: It is among the top 200 market size companies of india.
Profitability: Recent profitability of 12% is a good sign.
Momentum: Stock price has a strong positive momentum. Stock is up 5.8% in last 30 days.
No major cons observed.
Investor Care | |
|---|---|
| Dividend Yield | 1.21% |
| Dividend/Share (TTM) | 75 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 96.19 |
Financial Health | |
|---|---|
| Current Ratio | 0.94 |
| Debt/Equity | 0.58 |
Technical Indicators | |
|---|---|
| RSI (14d) | 56.77 |
| RSI (5d) | 77.8 |
| RSI (21d) | 59.24 |
| MACD Signal | Sell |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Sell |
| RSI21 Signal | Hold |
| SMA 5 Signal | Buy |
| SMA 10 Signal |
Updated Nov 7, 2025
Despite the positive outlook, the company faces transitional challenges due to the recent GST rate changes.
The market environment remains competitive, and the company will need to navigate these dynamics carefully.
Rural markets are expected to perform better than urban areas, indicating a mixed recovery landscape.
Summary of Britannia Industries's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
The management of Britannia Industries provided an optimistic outlook during the Q2 FY2025-26 earnings conference call. They projected a shift towards aggressive volume-led growth, largely driven by regional consumer-centric products and distribution strategies. The management emphasized that they are now focused on nurturing key core brands and investing in marketing despite some previous setbacks during inflationary periods.
Key highlights include a 4.1% growth in net sales and a 23.1% increase in profit after tax for the quarter. The management also noted that they potentially lost about 2-2.5% in revenue due to disruptions caused by the implementation of revised GST rates, which affected demand temporarily. They anticipate that demand will normalize fully by mid-November, projecting an upward trajectory in sales following adjustments to pricing and grammage across their product lines.
Forward-looking points include:
Overall, the management's outlook reflects strategic optimism and a solid plan for both revenue growth and market share expansion in the coming quarters.
Understand Britannia Industries ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| ASSOCIATED BISCUITS INTERNATIONAL LIMITED | 44.76% |
| QUALIFIED INSTITUTIONAL BUYER | 4.82% |
| LIFE INSURANCE CORPORATION OF INDIA - ULIF00420091 | 2.65% |
| ICICI PRUDENTIAL MUTUAL FUND - ICICI PRUDENTIAL EQ | 2.15% |
| SBI ARBITRAGE OPPORTUNITIES FUND | 1.83% |
| BANNATYNE ENTERPRISES PTE LTD | 1.16% |
Detailed comparison of Britannia Industries against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| HINDUNILVR | Hindustan Unilever | 5.64 LCr | 65.13 kCr | +3.70% | +0.40% | 51.78 | 8.66 | - | - |
| ITC | ITC | 4.27 LCr | 87.61 kCr |
Comprehensive comparison against sector averages
BRITANNIA metrics compared to Food
| Category | BRITANNIA | Food |
|---|---|---|
| PE | 63.72 | 39.50 |
| PS | 7.89 | 4.04 |
| Growth | 7.3 % | 4.9 % |
Britannia Industries is a leading Packaged Foods company based in Bengaluru, India. Trading under the stock ticker BRITANNIA, it boasts a market capitalization of Rs. 130,762.4 Crores.
The company specializes in manufacturing and selling a wide array of food products both in India and internationally. Its offerings include a variety of biscuits, such as:
In addition to biscuits, Britannia also produces cakes, rusks, croissants, wafers, and snacks. Their cake brands include:
The company also offers dairy products like cheese and dairy whitener, alongside gourmet, wheat flour, and white breads under the Britannia brand. Its beverage portfolio features milkshakes, lassi, and flavored milk under the Winkin' Cow brand, while Paneer and Dahi are marketed under the Come Alive brand. They also produce nutritious bars labeled as Be You Protein Bars.
Britannia Industries has a significant international presence, exporting its products to approximately 80 countries worldwide. Founded in 1892, the company has achieved robust financial performance, with a trailing 12-month revenue of Rs. 17,801.2 Crores and a profit of Rs. 2,155.3 Crores over the past four quarters. Over the last three years, they have reported a revenue growth of 27.6%.
Furthermore, Britannia Industries distributes dividends to its investors, with a yield of 1.52% per year. In the past 12 months, it has returned Rs. 73.5 per share as dividend.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Buy |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Buy |
| SMA 100 Signal | Buy |
BRITANNIA vs Food (2021 - 2026)
Britannia's shares rose over 2% after reporting a 23.1% year-on-year increase in net profit to Rs 654 crore for Q2 FY26.
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
Here are the major questions and detailed answers from the Q&A section of the earnings transcript:
Question: "Your statement that it is lull before storm and a very aggressive top-line growth, is it based on the 10% to 13% grammage addition which will happen in the LUP or the compliance levels improving in local players? Which is the bigger reason?" Answer: I believe the gains will largely be due to compliance levels improving among organized players. While the grammage increase will benefit us, the most significant impact will stem from consumers shifting towards compliant brands now that the GST rates have adjusted.
Question: "You mentioned on the Tiger relaunch. It seems necessary to develop a more aggressive product. Can you elaborate?" Answer: With Tiger, we aimed to differentiate our brand, focusing on rural and small-town consumers. The positive early response confirms our strategy, and while we're not targeting a massive share, we aim for broader availability without aggressive pricing wars, maintaining a pragmatic approach.
Question: "About the new CEO, what are the key priorities upon his joining, and what will be the transition?" Answer: Rakshit is a fantastic fit for our firm. As he takes over, my primary role will be to support him as he transitions into the CEO position. There won't be portfolio demarcation; he'll manage all operations while I assist him in settling into the role.
Question: "How is the underlying demand environment, especially considering the GST impact?" Answer: The RSU impact has been minimal. Regarding demand, post GST implementation, we adjusted pricing, and by mid-November, the entire portfolio's grammage will change, which we anticipate will significantly improve demand and sales moving forward.
Question: "Can you provide insights on volume growth for this quarter, and what pricing impact can we expect moving forward?" Answer: Volume growth was impacted, but pricing grew approximately 7% to 8%. With recent GST changes, our pricing will stabilize, and we anticipate both revenue and volume growth to remain positive.
Question: "You mentioned disruptions in Eastern India distributors. Have those issues normalized?" Answer: Distribution efforts in the East have stabilized significantly, up to about 90%. We expect to maintain this momentum and capitalize on compliance-driven market share gains post-GST implementation.
Question: "How do you see margins evolving, given raw material prices are more favorable, and how might incentives affect that?" Answer: While we're happy with current margins, any potential gap from state incentive cuts will require careful evaluation. We might adjust pricing strategies if necessary, but our primary aim is to maintain competitiveness.
Question: "What strategies are you implementing to ensure volume growth and expansion into adjacencies?" Answer: We'll maintain a competitive approach across existing categories and ensure product offerings are tailored to regional needs. We won't enter new categories aggressively but will focus on solidifying our presence in current ones.
These responses highlight the company's strategic outlook and operational considerations while addressing concerns raised by analysts and investors.
| DOWBIGGIN ENTERPRISES PTE LTD | 1.16% |
| NACUPA ENTERPRISES PTE LTD | 1.16% |
| VALLETORT ENTERPRISES PTE LTD | 1.16% |
| SPARGO ENTERPRISES PTE LTD | 1.16% |
Distribution across major stakeholders
Distribution across major institutional holders
| -15.20% |
| -22.60% |
| 12.19 |
| 4.88 |
| - |
| - |
| NESTLEIND | Nestle India | 2.54 LCr | 21.04 kCr | +8.20% | +18.80% | 85.85 | 12.05 | - | - |
| TATACONSUM | TATA CONSUMER PRODUCTS | 1.2 LCr | 18.98 kCr | +5.60% | +26.70% | 87.82 | 6.31 | - | - |
| DABUR | Dabur India | 92.39 kCr | 13.33 kCr | +3.30% | +2.40% | 51.02 | 6.93 | - | - |
| 0.8% |
| 4,006 |
| 3,973 |
| 3,739 |
| 3,875 |
| 3,995 |
| 3,600 |
| Profit Before exceptional items and Tax | 25.7% | 887 | 706 | 757 | 780 | 719 | 706 |
| Exceptional items before tax | - | 0 | 0 | 0 | 0 | -0.15 | -24.64 |
| Total profit before tax | 25.7% | 887 | 706 | 757 | 780 | 719 | 682 |
| Current tax | 26.6% | 234 | 185 | 184 | 193 | 186 | 179 |
| Deferred tax | -7.6% | -4.94 | -4.52 | 8.93 | 3.4 | -2.07 | -3.23 |
| Total tax | 26.7% | 229 | 181 | 193 | 196 | 184 | 176 |
| Total profit (loss) for period | 26% | 655 | 520 | 559 | 582 | 532 | 505 |
| Other comp. income net of taxes | 24400% | 8.29 | 0.97 | -2.83 | 6.25 | 1.46 | 1.38 |
| Total Comprehensive Income | 27.3% | 663 | 521 | 556 | 589 | 533 | 506 |
| Earnings Per Share, Basic | 26.9% | 27.17 | 21.62 | 23.25 | 24.15 | 22.06 | 20.99 |
| Earnings Per Share, Diluted | 26.9% | 27.17 | 21.62 | 23.25 | 24.15 | 22.06 | 20.99 |
| Debt equity ratio | - | - | - | - | - | 0 | - |
| Debt service coverage ratio | - | - | - | - | - | 0 | - |
| -1.8% |
| 555 |
| 565 |
| 521 |
| 414 |
| 403 |
| 369 |
| Finance costs | -9.3% | 137 | 151 | 155 | 133 | 98 | 65 |
| Depreciation and Amortization | 5.2% | 285 | 271 | 195 | 170 | 167 | 152 |
| Other expenses | 0.7% | 3,144 | 3,122 | 2,901 | 2,393 | 2,250 | 2,189 |
| Total Expenses | 8.2% | 14,654 | 13,538 | 13,227 | 11,586 | 10,292 | 9,433 |
| Profit Before exceptional items and Tax | 1.2% | 2,893 | 2,858 | 2,612 | 2,145 | 2,379 | 1,889 |
| Exceptional items before tax | -561.3% | -24.79 | -2.9 | 228 | 0 | 0 | 19 |
| Total profit before tax | 0.5% | 2,868 | 2,855 | 2,840 | 2,145 | 2,379 | 1,908 |
| Current tax | -3.9% | 731 | 761 | 708 | 590 | 623 | 417 |
| Deferred tax | -54.8% | 6.42 | 13 | -7.73 | -48.43 | -3.12 | 7.1 |
| Total tax | -4.7% | 737 | 773 | 701 | 542 | 619 | 424 |
| Total profit (loss) for period | 2.4% | 2,131 | 2,082 | 2,139 | 1,603 | 1,760 | 1,484 |
| Other comp. income net of taxes | 4.9% | -1.31 | -1.43 | 0.22 | 0.49 | 2.42 | -4.59 |
| Total Comprehensive Income | 2.3% | 2,129 | 2,081 | 2,140 | 1,604 | 1,762 | 1,480 |
| Earnings Per Share, Basic | 2.4% | 88.46 | 86.44 | 88.82 | 66.56 | 73.12 | 61.75 |
| Earnings Per Share, Diluted | 2.4% | 88.46 | 86.44 | 88.82 | 66.56 | 73.09 | 61.73 |
| Debt equity ratio | - | - | 058 | 084 | 091 | 054 | 028 |
| Debt service coverage ratio | - | - | - | - | - | 0.0239 | 0.036 |
| -13.6% |
| 71 |
| 82 |
| 54 |
| 187 |
| 80 |
| 104 |
| Investment property | -2.1% | 47 | 48 | 46 | 47 | 47 | 60 |
| Non-current investments | -3.3% | 1,741 | 1,801 | 1,020 | 1,080 | 1,325 | 1,525 |
| Loans, non-current | 29.4% | 45 | 35 | 25 | 0 | 100 | 150 |
| Total non-current financial assets | -2.7% | 1,801 | 1,850 | 1,058 | 1,093 | 1,439 | 1,688 |
| Total non-current assets | -1.8% | 4,502 | 4,583 | 3,858 | 3,851 | 4,060 | 4,218 |
| Total assets | 7% | 8,582 | 8,020 | 8,728 | 8,371 | 8,049 | 8,638 |
| Borrowings, non-current | -13.4% | 617 | 712 | 808 | 904 | 800 | 1,551 |
| Total non-current financial liabilities | -8.9% | 715 | 785 | 888 | 970 | 861 | 1,612 |
| Total non-current liabilities | -8.9% | 715 | 785 | 888 | 970 | 861 | 1,612 |
| Borrowings, current | 208.3% | 1,552 | 504 | 1,913 | 1,133 | 1,701 | 1,111 |
| Total current financial liabilities | 44.2% | 3,563 | 2,471 | 4,108 | 3,085 | 3,821 | 3,113 |
| Provisions, current | 4.4% | 619 | 593 | 589 | 551 | 578 | 509 |
| Current tax liabilities | 105.5% | 225 | 110 | 174 | 88 | 158 | 66 |
| Total current liabilities | 37.4% | 4,599 | 3,348 | 5,066 | 3,873 | 4,728 | 3,845 |
| Total liabilities | 28.6% | 5,314 | 4,133 | 5,954 | 4,843 | 5,589 | 5,457 |
| Equity share capital | 0% | 24 | 24 | 24 | 24 | 24 | 24 |
| Total equity | -15.9% | 3,268 | 3,887 | 2,774 | 3,528 | 2,460 | 3,181 |
| Total equity and liabilities | 7% | 8,582 | 8,020 | 8,728 | 8,371 | 8,049 | 8,638 |
| - |
| 0 |
| 0 |
| 0 |
| -146.33 |
| - |
| - |
| Interest paid | - | 0 | 0 | 0 | -133.46 | - | - |
| Interest received | - | 0 | 0 | 0 | -171.97 | - | - |
| Income taxes paid (refund) | -9.6% | 685 | 758 | 714 | 565 | - | - |
| Other inflows (outflows) of cash | -50.7% | -1.2 | -0.46 | -228.42 | 0 | - | - |
| Net Cashflows From Operating Activities | 6.2% | 2,373 | 2,234 | 2,442 | 1,206 | - | - |
| Proceeds from sales of PPE | -94.5% | 4.54 | 65 | 78 | 0 | - | - |
| Purchase of property, plant and equipment | -37.6% | 341 | 546 | 689 | 542 | - | - |
| Proceeds from sales of investment property | - | 0 | 0 | 0 | 1.7 | - | - |
| Dividends received | - | 35 | 0 | 21 | 140 | - | - |
| Interest received | -13% | 141 | 162 | 159 | 186 | - | - |
| Other inflows (outflows) of cash | -58.4% | 344 | 826 | -1,002.08 | 1,145 | - | - |
| Net Cashflows From Investing Activities | -63.8% | 184 | 507 | -1,386.44 | 931 | - | - |
| Proceeds from issuing debt | - | 0 | 0 | 0 | 699 | - | - |
| Proceeds from borrowings | -87.4% | 26 | 200 | 1,268 | 650 | - | - |
| Repayments of borrowings | -82.2% | 148 | 825 | 773 | 966 | - | - |
| Payments of lease liabilities | 178.6% | 1.44 | 0.44 | 1.48 | 0 | - | - |
| Dividends paid | 2.1% | 1,768 | 1,732 | 1,359 | 2,485 | - | - |
| Interest paid | 11.9% | 170 | 152 | 182 | 108 | - | - |
| Other inflows (outflows) of cash | -6995300% | -698.52 | 1.01 | 0 | 0 | - | - |
| Net Cashflows from Financing Activities | -10% | -2,759.31 | -2,508.73 | -1,047.82 | -2,211.71 | - | - |
| Net change in cash and cash eq. | -188.2% | -202.66 | 232 | 7.79 | -74.99 | - | - |