Britannia Industries Ltd.
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ABOUT
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company has a good return on equity (ROE) track record: 3 Years ROE 59.9%
- Company has a healthy return on capital (ROCE) of 56.8%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.05x)
- Company has a consistent dividend-paying track record
- Company comfortably covers its interest (30.7x coverage)
- Company generates healthy free cash flow
CONS
- Stock is trading at 28.2x its book value
- Company has delivered a poor profit growth of 7.8% over past five years
- Recurring exceptional / one-off items are inflating headline profit
- Expensive relative to growth - PEG of 7.3
- Rich enterprise valuation - EV/EBITDA of 35.6x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NESTLEIND | 1384.00 | 70.03 | 266878.70 | 0.87 | 9586.80 | 1382.67 | 63781.80 | 1157.04 | 98.35 | 23.86 |
| VBL | 416.25 | 41.58 | 140795.10 | 0.36 | 1525.36 | 15.08 | 8650.57 | 20.77 | 20.73 | 27.04 |
| BRITANNIA | 4970.00 | 45.97 | 119711.54 | 1.82 | 593.38 | 14.08 | 4999.97 | 10.26 | 56.48 | 16.77 |
| JUBLFOOD | 470.40 | 71.52 | 31039.12 | 0.26 | 100.03 | 6.03 | 2569.65 | 13.66 | 25.56 | 19.77 |
| HATSUN | 1222.80 | 78.20 | 27237.66 | 0.49 | 60.58 | — | 2363.72 | 17.61 | 17.40 | 10.81 |
| MILKYMIST | 293.30 | 177.78 | 22579.51 | 0.00 | 646.79 | — | 9734.46 | — | 13.79 | 14.77 |
| ZYDUSWELL | 552.65 | 93.43 | 17583.15 | 0.22 | 118.90 | -7.04 | 1437.00 | 67.54 | 4.42 | 16.82 |
| DEVYANI | 137.95 | 0.00 | 17008.40 | 0.00 | 171.04 | 7576.84 | 15805.16 | 1064.74 | 8.98 | 16.09 |
| LTFOODS | 437.85 | 23.74 | 15204.47 | 0.69 | 183.45 | 8.87 | 3151.83 | 27.92 | 19.77 | 11.26 |
| BIKAJI | 548.50 | 53.20 | 13752.89 | 0.23 | 59.47 | 1.62 | 734.26 | 15.26 | 21.65 | 13.48 |
| MANORAMA | 2063.45 | 52.81 | 13024.99 | 0.04 | 78.66 | 67.55 | 404.01 | 39.53 | 35.00 | 26.29 |
| KWIL | 43.05 | 0.00 | 10114.99 | 0.00 | 50.70 | 354.77 | 878.30 | 99.34 | — | 11.77 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,824 | 4,220 | 4,031 | 3,863 | 3,967 | 4,392 | 4,281 | 4,219 | 4,358 | 4,568 | 4,682 | 4,512 | 4,834 | |
| 3,204 | 3,448 | 3,310 | 3,154 | 3,366 | 3,755 | 3,608 | 3,504 | 3,732 | 3,750 | 3,841 | 3,732 | 4,114 | |
| Operating Profit | 620 | 772 | 722 | 709 | 601 | 637 | 673 | 715 | 626 | 818 | 841 | 781 | 720 |
| OPM % | 16.22% | 18.30% | 17.91% | 18.36% | 15.15% | 14.51% | 15.73% | 16.95% | 14.36% | 17.90% | 17.96% | 17.30% | 14.89% |
| 52 | 53 | 47 | 55 | 43 | 52 | 60 | 72 | 54 | 110 | 93 | 61 | 59 | |
| Interest | 48 | 48 | 29 | 26 | 29 | 34 | 44 | 30 | 26 | 34 | 33 | 18 | 22 |
| Depreciation | 63 | 64 | 71 | 73 | 67 | 69 | 75 | 74 | 75 | 78 | 76 | 77 | 71 |
| Profit before Tax | 607 | 782 | 740 | 727 | 676 | 695 | 751 | 746 | 674 | 913 | 919 | 788 | 779 |
| Tax % | 27.02% | 27.02% | 27.21% | 27.08% | 25.69% | 25.97% | 25.81% | 25.36% | 26.09% | 24.41% | 25.12% | 12.97% | 26.00% |
| Net Profit | 443 | 570 | 538 | 530 | 502 | 514 | 557 | 557 | 498 | 690 | 688 | 685 | 576 |
| 18.39 | 23.68 | 22.35 | 22.01 | 20.84 | 21.36 | 23.13 | 23.13 | 20.69 | 28.64 | 28.57 | 28.45 | 23.93 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,414 | 9,304 | 10,482 | 10,987 | 12,379 | 13,372 | 15,618 | 16,186 | 17,296 | 18,446 | 18,595 | |
| 7,210 | 7,894 | 8,847 | 9,221 | 10,028 | 11,282 | 12,918 | 13,115 | 14,232 | 15,055 | 15,437 | |
| Operating Profit | 1,204 | 1,410 | 1,635 | 1,766 | 2,351 | 2,089 | 2,700 | 3,071 | 3,064 | 3,391 | 3,159 |
| OPM % | 14.31% | 15.16% | 15.60% | 16.07% | 18.99% | 15.62% | 17.29% | 18.97% | 17.71% | 18.38% | 16.99% |
| 145 | 156 | 217 | 360 | 293 | 359 | 490 | 207 | 226 | 318 | 324 | |
| Interest | 1 | 1 | 2 | 65 | 98 | 133 | 155 | 151 | 137 | 111 | 107 |
| Depreciation | 96 | 120 | 135 | 152 | 167 | 170 | 195 | 271 | 285 | 305 | 301 |
| Profit before Tax | 1,251 | 1,445 | 1,716 | 1,908 | 2,379 | 2,145 | 2,840 | 2,855 | 2,868 | 3,293 | 3,398 |
| Tax % | 32.57% | 34.41% | 34.61% | 22.22% | 26.03% | 25.26% | 24.67% | 27.08% | 25.70% | 22.22% | 22.31% |
| Net Profit | 844 | 948 | 1,122 | 1,484 | 1,760 | 1,603 | 2,139 | 2,082 | 2,131 | 2,562 | 2,640 |
| EPS | 70.30 | 39.46 | 46.68 | 61.73 | 73.09 | 66.56 | 88.82 | 86.43 | 88.45 | 106.34 | — |
| Dividend Payout % | 31.29% | 31.66% | 32.12% | 56.71% | 215.57% | 84.90% | 81.08% | 85.04% | 84.80% | 85.10% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 8%
- 3 Years:
- 6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 13%
- 5 Years:
- 8%
- 3 Years:
- 6%
STOCK PRICE CAGR
- 10 Years:
- 11%
- 5 Years:
- 4%
- 3 Years:
- 3%
- 1 Year:
- -21%
RETURN ON EQUITY
- 10 Years:
- 50%
- 5 Years:
- 63%
- 3 Years:
- 60%
- Last Year:
- 60%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
| 2,552 | 3,200 | 3,995 | 4,216 | 3,267 | 2,378 | 3,157 | 3,503 | 3,862 | 4,617 | |
| 35 | 48 | 29 | 1,233 | 1,842 | 1,510 | 2,618 | 1,955 | 1,097 | 993 | |
| Trade Payables | 644 | 866 | 1,033 | 887 | 1,190 | 1,194 | 1,309 | 1,513 | 1,592 | 1,782 |
| 435 | 480 | 572 | 894 | 1,093 | 1,868 | 1,483 | 1,340 | 1,414 | 1,489 | |
| Total Liabilities | 3,690 | 4,619 | 5,653 | 7,253 | 7,416 | 6,974 | 8,590 | 8,335 | 7,991 | 8,905 |
| 824 | 1,016 | 1,291 | 1,424 | 1,369 | 1,343 | 2,233 | 2,374 | 2,515 | 2,430 | |
| Capital Work in Progress | 30 | 200 | 65 | 39 | 112 | 535 | 104 | 187 | 82 | 38 |
| 600 | 1,186 | 1,646 | 3,141 | 2,950 | 2,024 | 3,324 | 2,771 | 2,872 | 3,684 | |
| 603 | 595 | 719 | 634 | 991 | 1,252 | 1,075 | 1,075 | 1,129 | 1,220 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 347 | 380 | 405 | |
| Cash & Bank | 54 | 97 | 40 | 39 | 111 | 52 | 64 | 298 | 106 | 91 |
| 1,580 | 1,524 | 1,892 | 1,976 | 1,883 | 1,768 | 1,791 | 1,283 | 907 | 1,037 | |
| Total Assets | 3,690 | 4,619 | 5,653 | 7,253 | 7,416 | 6,974 | 8,590 | 8,335 | 7,991 | 8,905 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 787 | 1,667 | 1,693 | 2,132 | 2,393 | 1,771 | 3,156 | 2,234 | 2,366 | 2,547 | |
| Cash from Investing | -115 | -823 | -831 | -1,568 | 486 | 931 | -1,386 | 508 | 183 | -782 |
| Cash from Financing | -284 | -304 | -326 | -94 | -2,222 | -2,212 | -1,048 | -2,510 | -2,751 | -1,782 |
| 3 | 56 | -44 | -3 | 56 | -75 | 8 | 232 | -203 | -17 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Pursuant to Regulation 30 read with Clause 15 of Para A of Part A of Schedule III of the SEBI Listing Regulations, 2015, this is to inform you that the Management of the Company will participate in the Analysts/Institutional Investors Meets as enclosed.
2026-08-31 - Pursuant to Regulation 30 read with Clause 7 of Para A of Part A of Schedule III of the SEBI Listing Regulations, 2015, this is to inform you that Mr. Susheel Navanale, Chief Information Officer of the Company will retire from the services of the Company with effect from close of business hours on 30th September, 2026. In this regard, the Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, vide their Circular Resolution passed today i.e. 31st August, 2026, at 10:35 P.M. IST, have approved the appointment of Mr. Rejin Surendran as the Chief Digital and Information Officer (Designate) of the Company with effect from 1st September, 2026. Mr. Rejin shall assume the office of Chief Digital and Information Officer of the Company with effect from 1st October, 2026.
2026-08-27 - Pursuant to Regulation 30 read with Clause 3 of Para A of Part A of Schedule III of the SEBI Listing Regulations, 2015, this is to inform you that Crisil ESG Ratings & Analytics Limited, a SEBI Registered Category - I ESG Rating Provider, has independently assigned Crisil ESG Rating of 66 under the category Strong and Crisil Core ESG Rating of 64 to the Company vide its Report dated 26th August, 2026, on the basis of publicly available information disclosed by the Company pertaining to FY 2025-26.
2026-08-21 - With reference to the subject cited above and our letter dated 11th August, 2026 regarding the Schedule of Analysts/Institutional Investors Meets, this is to inform you that the one-to-one Meeting with Motilal Oswal Financial Services Limited, which was scheduled to be held on Tuesday, 25th August, 2026 at 12:15 P.M. IST at Bengaluru, has been rescheduled to Thursday, 27th August, 2026 at 2:00 P.M. IST at Mumbai.
2026-08-14 - With reference to the subject cited above and our letter dated 11th August, 2026 regarding the Schedule of Analysts/Institutional Investors Meets, this is to inform you that the one-to-one Meeting with Enam Asset Management Company Private Limited, which was scheduled to be held on Monday, 17th August, 2026 at 12:00 P.M. IST through Video Conference, has been rescheduled at 1:00 P.M. IST.
2026-08-12 - Pursuant to Regulation 30 read with Clause 15 of Para A of Part A of Schedule III of the SEBI Listing Regulations, 2015, please find enclosed the Transcript of Investors/Analysts Conference Call held on 7th August, 2026, pertaining to the financial results and operations of the Company for the quarter ended 30th June, 2026.
2026-08-11 - Pursuant to Regulation 30 read with Clause 15 of Para A of Part A of Schedule III of the SEBI Listing Regulations, 2015, this is to inform you that the Management of the Company will participate in the Analysts/Institutional Investors Meets as enclosed.
2026-08-07 - Pursuant to Regulation 30 read with Clause 13 of Para A of Part A of Schedule III of the SEBI Listing Regulations, 2015, please find enclosed the summary of proceedings of the 107th Annual General Meeting of the Company held today i.e., Friday, 7th August, 2026 through Video Conferencing/Other Audio Visual Means.
2026-08-07 - Britannia Industries Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 07, 2026. Further, the company has informed the Exchange regarding voting results.
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