BRITANNIA
Britannia Industries share price & financials
- Price
- ₹5,412.5
- Market cap
- ₹1.4L Cr
- Sector
- Fast Moving Consumer Goods
- Calls analysed
- 8
Britannia Industries Limited Q1 FY27
What went well
- Consolidated revenue from operations of ₹4,964 crores, marking a 9.5% year-on-year growth.
- Profit After Tax (PAT) at 11.9% of revenue, with a 12-month growth of 13.6%.
- Operating profit, PBT, and PAT grew ahead of sales at 12.7%, 13.7%, and 13.6% respectively.
What to watch
- Significant input cost inflation, with LPG/PNG prices 1.5x above February levels, palm oil up 20% to ₹140, and sugar up ₹7/kilo.
- International business experienced mixed performance, with pressures in the Middle East due to geopolitical situations.
What Britannia Industries Limited does
Britannia Industries is one of India's oldest food companies, incorporated in 1918 and part of the Wadia Group. It manufactures and sells biscuits, breads, cakes, rusk, dairy products, cheese, wafers and croissants under brands such as Good Day, Marie Gold, Bourbon, 50-50, Tiger and NutriChoice. Biscuits are the core business, complemented by faster-growing adjacencies (croissant, wafer, cake and dairy) and an International Business serving overseas markets. Products are made at its own manufacturing units plus contract facilities and sold through a direct-reach network spanning millions of retail outlets across India.
Segments
- Biscuits
- Bread, Cake & Rusk
- Dairy
- International Business
- Direct distribution reach
- 29 lakh retail outlets (Mar 2025)
- Product categories
- Biscuits, bread, cake, rusk, dairy, cheese, wafers, croissant
- Own manufacturing units
- 17
- Manufacturing model
- Own units plus contract manufacturing facilities
- Rural preferred dealers
- 31,000 (Mar 2025)
- New greenfield plants
- Ranjangaon (Maharashtra), Barabanki (UP), Bihta (Bihar), Khordha (Odisha), Tirunelveli (Tamil Nadu)
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 5 delivered 5 missed 5 open- Cumulative Price Increase delivered said Q2 FY25 Promised: 4-5% price increase over next 2 quarters Q1 FY27: No further updates required; previously achieved.
- Cost Savings (% of revenue) went quiet said Q3 FY25 Promised: Cost savings of 2.5% of revenue for FY25 and FY26 Q1 FY27: FY26 has concluded with no specific update on the 'over 2.5%' target. The promise remains ghosted.
- E-commerce and Quick Commerce Penetration on track said Q3 FY26 Promised: Reach early teens or twins by FY27 Q1 FY27: E-commerce reported 'strong double-digit growth'. Quick commerce now constitutes 80-85% of this channel, indicating continued momentum towards the FY27 target.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 8.2%, net profit up 14.0% against the same quarter last year.
| Line item | 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% | 4,970 +8% | 4,719 +6% | 5,000 +8% |
| EBITDA | 780 | 843 | 801 | 752 | 951 +22% | 977 +16% | 834 +4% | 838 +11% |
| Net profit | 532 | 582 | 559 | 520 | 655 +23% | 682 +17% | 680 +22% | 593 +14% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −20.0% 1Y
1Y: ₹6,199 on 10 Sept 2025 → ₹4,962. High ₹6,300.5 (11 Sept 2025), low ₹4,962 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.0%
- 7 Aug
- Q4 FY26
- −1.8%
- 11 May
- Q3 FY26
- +2.5%
- 11 Feb
- Q2 FY26
- +2.4%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 5.5% a year over 3 years, FY23 to FY26. Operating margin widened to 18.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹16.3k Cr | ₹16.8k Cr | ₹17.9k Cr | ₹19.2k Cr |
| Operating profit | ₹2.8k Cr | ₹3.2k Cr | ₹3.2k Cr | ₹3.5k Cr |
| Operating margin | 17.4% | 18.9% | 17.7% | 18.3% |
| Interest | ₹169 Cr | ₹163 Cr | ₹140 Cr | ₹113 Cr |
| Depreciation | ₹226 Cr | ₹301 Cr | ₹313 Cr | ₹337 Cr |
| Net profit | ₹2.3k Cr | ₹2.1k Cr | ₹2.2k Cr | ₹2.5k Cr |
| Net margin | 14.2% | 12.7% | 12.1% | 13.2% |
| ROCE | 49.0% | 49.0% | 53.0% | 56.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹24 Cr | ₹24 Cr | ₹24 Cr | ₹24 Cr | ₹24 Cr | ₹24 Cr |
| Reserves | ₹3.5k Cr | ₹2.5k Cr | ₹3.5k Cr | ₹3.9k Cr | ₹3.7k Cr | ₹5.1k Cr |
| Borrowings | ₹2.1k Cr | ₹2.5k Cr | ₹3.0k Cr | ₹2.1k Cr | ₹2.2k Cr | ₹1.4k Cr |
| Other liabilities | ₹2.3k Cr | ₹2.5k Cr | ₹2.8k Cr | ₹3.1k Cr | ₹3.5k Cr | ₹3.2k Cr |
| Total liabilities | ₹8.0k Cr | ₹7.5k Cr | ₹9.4k Cr | ₹9.1k Cr | ₹9.4k Cr | ₹9.7k Cr |
| Fixed assets | ₹1.8k Cr | ₹1.8k Cr | ₹2.7k Cr | ₹2.8k Cr | ₹2.9k Cr | ₹2.9k Cr |
| Capital work in progress | ₹117 Cr | ₹536 Cr | ₹105 Cr | ₹188 Cr | ₹73 Cr | ₹39 Cr |
| Investments | ₹2.8k Cr | ₹1.8k Cr | ₹3.3k Cr | ₹2.8k Cr | ₹2.3k Cr | ₹3.6k Cr |
| Other assets | ₹3.3k Cr | ₹3.5k Cr | ₹3.3k Cr | ₹3.3k Cr | ₹4.2k Cr | ₹3.2k Cr |
| Total assets | ₹8.0k Cr | ₹7.5k Cr | ₹9.4k Cr | ₹9.1k Cr | ₹9.4k Cr | ₹9.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +2.23 pp while FIIs trimmed −2.18 pp. The shareholder count shrank 2% to 2,68,246.
- Promoters
- 50.5%
- FIIs
- 13.4%
- DIIs
- 20.9%
- Government
- 0.1%
- Public
- 15.1%
Since Jun 2025
- DIIs +2.23 pp
- FIIs −2.18 pp
- Public −0.07 pp
How it drifted, 12 quarters
Over this window DIIs went from 13.8% to 20.9% — +7.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 50.5%, FIIs 19.7%, DIIs 13.8%, Public 15.9%.Dec '23: Promoters 50.5%, FIIs 19.0%, DIIs 14.8%, Public 15.6%.Mar '24: Promoters 50.5%, FIIs 18.2%, DIIs 15.6%, Public 15.6%.Jun '24: Promoters 50.5%, FIIs 17.4%, DIIs 16.7%, Public 15.4%.Sep '24: Promoters 50.5%, FIIs 17.9%, DIIs 16.4%, Public 15.2%.Dec '24: Promoters 50.5%, FIIs 16.5%, DIIs 17.6%, Public 15.4%.Mar '25: Promoters 50.5%, FIIs 15.7%, DIIs 18.3%, Public 15.5%.Jun '25: Promoters 50.5%, FIIs 15.6%, DIIs 18.6%, Government 0.0%, Public 15.2%.Sep '25: Promoters 50.5%, FIIs 15.0%, DIIs 19.4%, Government 0.0%, Public 15.0%.Dec '25: Promoters 50.5%, FIIs 14.9%, DIIs 19.6%, Government 0.0%, Public 15.0%.Mar '26: Promoters 50.5%, FIIs 15.6%, DIIs 18.8%, Government 0.1%, Public 14.9%.Jun '26: Promoters 50.5%, FIIs 13.4%, DIIs 20.9%, Government 0.1%, Public 15.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential India Opportunities Fund Mutual fund newly disclosed 4.34% held
- Life Insurance Corporation Of India Insurer newly disclosed 2.71% held
- HDFC Mutual Fund - HDFC Mnc Fund Mutual fund newly disclosed 1.76% held
- SBI Arbitrage Opportunities Fund - 2 Mutual fund newly disclosed 1.13% held
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Britannia Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Associated Biscuits International Limited | 44.76% | unchanged |
| ICICI Prudential India Opportunities Fund Mutual fund | 4.34% | newly disclosed |
| Life Insurance Corporation Of India Insurer | 2.71% | newly disclosed |
| HDFC Mutual Fund - HDFC Mnc Fund Mutual fund | 1.76% | newly disclosed |
| LICI Asm Non Par Insurer | 1.27% | −0.22 pp |
| Spargo Enterprises Pte Ltd | 1.16% | unchanged |
| Valletort Enterprises Pte Ltd | 1.16% | unchanged |
| Dowbiggin Enterprises Pte Ltd | 1.16% | unchanged |
| Nacupa Enterprises Pte Ltd | 1.16% | unchanged |
| Bannatyne Enterprises Pte Ltd | 1.16% | unchanged |
| SBI Arbitrage Opportunities Fund - 2 Mutual fund | 1.13% | newly disclosed |
| Ness Nusli Wadia | 0.01% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in BRITANNIA
Filings to Aug 2026
0 new, 11 added, 14 trimmed, 3 sold out — net −2.13 L shares (−2.7%).
- Held by funds
- ₹4.1k Cr
- 44 schemes
- Biggest holder
- HDFC Flexi Cap Fund
- ₹817 Cr · 0.7% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹817 Cr | held | Apr '26 |
| SBI Large Cap Fund SBI Mutual Fund | ₹456 Cr | held | Aug '21 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹449 Cr | held | Sep '25 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹434 Cr | held | Feb '25 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹388 Cr | held | Apr '26 |
| HDFC ELSS Tax saver HDFC Mutual Fund | ₹284 Cr | held | Dec '25 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹218 Cr | +0.13 L | Mar '25 |
| SBI MNC Fund SBI Mutual Fund | ₹131 Cr | −0.50 L | Jan '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
11 added, 14 trimmed — net −2.13 L shares (−2.7%)
- Funds are sitting on
- +1%
- vs est. average cost
- Held by funds
- ₹4.1k Cr
- 44 schemes · ≈ 3.1% of the company
- Biggest holder
- HDFC Flexi Cap Fund
- ₹817 Cr · 0.7% of that fund
- Longest holder
- Nippon India ETF Nifty India Consumption
- 12y 5m · since Apr '14
Shares held by these funds +42%
Aug '23 79.03 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹4962, this stock must grow earnings at 31% every year for 5 years. Our analysis caps realistic growth at ~7%. At that growth it is worth ₹1771 — downside of 64%.
- Growth the price implies
- 31.4% a year
- for 5 years, fading to 4%
- It has actually compounded at
- 9.2% a year
- net profit, FY23–FY26 · EPS 9.1%
- The gap
- 0.2 pp
- -64% downside if it only repeats history
Why this baseline, and what it is built on
Britannia's recent sales growth has been inconsistent, averaging 5-9% in the last year, while net profit has shown volatility, including an outlier quarter in 2022-Q4. Management's promise track record is mixed, with several 'ghosted' and 'missed' alongside 'achieved' promises, warranting a cautious approach. Latest guidance focuses on market stabilization, calibrated price increases, and operational optimization rather than aggressive growth targets. Given these factors, a conservative initial growth rate of 7% is assigned, reflecting modest market expansion and pricing power, with a moderate discount rate due to stable industry but some earnings unpredictability and mixed management reliability.
- — Sales growth inconsistent, averaging 5-9% in recent quarters.
- — Net profit volatile, with 2022-12-31 quarter being an outlier due to high other income.
- — Promise track record: 3 'achieved', 2 'on_track', 3 'new', 3 'ghosted', 1 'missed'.
- — Latest guidance focuses on 'calibrated price increases', 'domestic market stabilization', and 'normalization of B2B/wholesale/rural channels'.
- — Balance sheet leverage (Borrowings/Reserves) is ~0.27.
Through 2026-03-31
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse Britannia Industries Limited
Guides on how to read this kind of business and the numbers that matter.