Britannia Industries
Britannia Industries
Food Products F&OKey Fundamentals
LargecapPackaged FoodsFood ProductsTapetide Score
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Key Insights
Strengths
2- Company has a good return on equity (ROE) track record: 3 Years ROE 54.4%
- Company has been maintaining a healthy dividend payout of 83.9%
Weaknesses
2- Stock is trading at 22.5 times its book value
- The company has delivered a poor sales growth of 7.83% over past five years.
Growth Rate
AI Analysis — Bull vs Bear
Britannia Industries is a Food Products company with a market capitalisation of about ₹1,17,869 Cr. It trades at a P/E of 45.5x and a P/B of 23.25x, has a 3-year ROE of about 54% and pays out 83.9% of its profit as dividends. TTM profit grew 19% on 7% sales growth, while 5-year sales and profit CAGRs were a more modest 8% and 6%. The stock returned -17% over the past year and 4% annualised over five years, trailing its 10-year CAGR of 11%.
- ROE has stayed high over several periods: 54% last year, 54% over 3 years, 56% over 5 years and 46% over 10 years. That points to a strong franchise that needs little capital.
- TTM profit grew 19%, well ahead of 7% TTM sales growth. This suggests margins are recovering or expanding in the latest period, compared with the 3-year profit CAGR of 8%.
- The company pays out 83.9% of its profit as dividends, giving a dividend yield of 1.85%. That is a meaningful cash return for a consumer staples company of this size.
- Over 10 years, profit compounded at 12% and sales at 9%. Profit growing faster than revenue over a full decade reflects sustained operating leverage and pricing power.
- The stock fell 17% over the past year and has returned only 2% annualised over 3 years, while profit grew at an 8% CAGR over the same period. The valuation has compressed relative to earnings compared with earlier years.
- With a market cap of about ₹1,17,869 Cr, Britannia is one of the largest listed Indian food companies. Its scale supports distribution reach and bargaining power in procurement.
- Paying out 83.9% of profit while keeping ROE above 50% implies the business funds its growth needs from a small share of retained earnings. That indicates high cash generation.
- At a P/B of 23.25x, the stock trades at a very large premium to book value. There is little valuation cushion if returns or growth disappoint.
- A P/E of 45.5x implies an earnings yield of about 2.2%. That valuation requires earnings growth well above the 5-year profit CAGR of 6% to be justified.
- Sales growth has been slow: 7.83% over 5 years, 6% over 3 years and 7% TTM. Top-line growth has not accelerated beyond high single digits.
- Profit grew at only 6% a year over 5 years, below the 8% sales CAGR over the same period. This indicates margin pressure over that period, likely from input costs such as wheat, sugar, palm oil and packaging.
- Shareholder returns have been weak: -17% over 1 year, 2% annualised over 3 years and 4% annualised over 5 years. These are well below the 10-year CAGR of 11% and suggest the stock is steadily losing its valuation premium.
- The 19% TTM profit growth is running far above the 3-year profit CAGR of 8%. It may reflect easier comparisons or a temporary benefit from input costs rather than a sustainable trend.
- The high 83.9% payout leaves limited retained earnings for reinvestment. Any large capacity expansion or acquisition may require external funding or a lower dividend.
- ROE has averaged 46% over 10 years, below the recent 54-56%. Part of the elevated ROE comes from a small equity base caused by high payouts (book value is about ₹5,070 Cr, implied from a P/B of 23.25x) rather than purely from operating improvement.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- LIC crosses 5% stake Sep 18
LIC bought 53,260 Britannia shares in the open market on September 16, 2026. That takes its total holding to 1,20,59,614 shares, or a 5.006% stake, which suggests steady institutional buying.
- ESG 'Leader' rating from Niche99 Sep 18
SEBI-registered Niche99 rated Britannia an ESG 'Leader' with a score of 69.03 for FY25 and FY26, based on public disclosures. This may make the stock more attractive to ESG-focused funds.
- Jefferies analyst meet cancelled Sep 16
Britannia cancelled its September 17, 2026 group meeting with analysts and institutional investors at the Jefferies 5th India Forum, citing unavoidable circumstances. The company gave no further reason, so investor engagement may be briefly limited, but nothing points to a basic problem.
TL;DR: Recent news on Britannia is mildly positive. LIC has pushed its stake above 5%, and the company received an ESG 'Leader' rating of 69.03, both pointing to institutional confidence and good governance. The cancelled Jefferies analyst meet with an unexplained reason is a small transparency concern, not a fundamental risk. None of these items covers earnings, demand or input costs, so watch the upcoming quarterly results and commodity price trends for a clearer sense of direction.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,011 | 4,433 | 4,256 | 4,069 | 4,250 | 4,668 | 4,593 | 4,432 | 4,622 | 4,841 | 4,970 | 4,719 | 5,000 |
| Expenses | 3,322 | 3,562 | 3,437 | 3,286 | 3,497 | 3,888 | 3,750 | 3,632 | 3,870 | 3,889 | 3,992 | 3,885 | 4,162 |
| Operating Profit | 689 | 871 | 820 | 784 | 753 | 780 | 843 | 801 | 752 | 951 | 977 | 834 | 838 |
| OPM % | 17% | 20% | 19% | 19% | 18% | 17% | 18% | 18% | 16% | 20% | 20% | 18% | 17% |
| Other Income | 57 | 52 | 48 | 57 | 31 | 46 | 62 | 63 | 57 | 52 | 59 | 55 | 61 |
| Interest | 53 | 53 | 31 | 26 | 29 | 35 | 45 | 31 | 26 | 35 | 33 | 19 | 23 |
| Depreciation | 71 | 72 | 78 | 80 | 74 | 76 | 82 | 81 | 82 | 85 | 85 | 85 | 80 |
| PBT | 622 | 799 | 758 | 735 | 681 | 715 | 778 | 752 | 701 | 884 | 919 | 785 | 797 |
| Tax % | 27% | 27% | 27% | 27% | 26% | 26% | 25% | 26% | 26% | 26% | 26% | 13% | 26% |
| Net Profit | 455 | 586 | 556 | 537 | 505 | 532 | 582 | 559 | 520 | 655 | 682 | 680 | 593 |
| EPS in Rs | 19 | 24.39 | 23.1 | 22.35 | 20.99 | 22.06 | 24.15 | 23.25 | 21.62 | 27.17 | 28.23 | 28.16 | 24.55 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 7,858 | 8,397 | 9,054 | 9,914 | 11,055 | 11,600 | 13,136 | 14,136 | 16,301 | 16,769 | 17,943 | 19,152 | 19,529 |
| Expenses | 6,988 | 7,174 | 7,776 | 8,413 | 9,322 | 9,756 | 10,627 | 11,935 | 13,470 | 13,603 | 14,766 | 15,637 | 15,929 |
| Operating Profit | 870 | 1,224 | 1,278 | 1,501 | 1,732 | 1,843 | 2,509 | 2,201 | 2,831 | 3,167 | 3,176 | 3,514 | 3,600 |
| OPM % | 11% | 15% | 14% | 15% | 16% | 16% | 19% | 16% | 17% | 19% | 18% | 18% | 18% |
| Other Income | 228 | 115 | 151 | 166 | 206 | 263 | 313 | 222 | 597 | 211 | 202 | 224 | 228 |
| Interest | 4 | 5 | 5 | 8 | 9 | 77 | 111 | 144 | 169 | 164 | 139 | 113 | 109 |
| Depreciation | 144 | 113 | 119 | 142 | 162 | 185 | 198 | 201 | 226 | 300 | 313 | 337 | 334 |
| PBT | 950 | 1,220 | 1,304 | 1,518 | 1,768 | 1,844 | 2,514 | 2,078 | 3,033 | 2,913 | 2,927 | 3,289 | 3,385 |
| Tax % | 28% | 32% | 32% | 34% | 35% | 24% | 26% | 27% | 24% | 27% | 26% | 23% | — |
| Net Profit | 689 | 825 | 885 | 1,004 | 1,155 | 1,394 | 1,851 | 1,516 | 2,316 | 2,134 | 2,178 | 2,537 | 2,610 |
| EPS in Rs | 28.71 | 34.36 | 36.85 | 41.83 | 48.23 | 58.33 | 77.38 | 63.31 | 96.39 | 88.84 | 90.45 | 105 | 108 |
| Div. Payout % | 28% | 29% | 30% | 30% | 31% | 60% | 204% | 89% | 75% | 83% | 83% | 86% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | 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 | 24 | 24 |
| Reserves | 1,221 | 2,068 | 2,672 | 3,382 | 4,229 | 4,379 | 3,524 | 2,534 | 3,510 | 3,917 | 4,332 | 5,082 |
| Borrowings | 145 | 131 | 125 | 201 | 156 | 1,538 | 2,107 | 2,481 | 2,997 | 2,065 | 1,247 | 1,380 |
| Other Liabilities | 1,403 | 1,271 | 1,288 | 1,581 | 1,829 | 1,889 | 2,345 | 2,487 | 2,819 | 3,065 | 3,235 | 3,243 |
| Total Liabilities | 2,793 | 3,494 | 4,109 | 5,188 | 6,238 | 7,830 | 8,000 | 7,527 | 9,351 | 9,072 | 8,837 | 9,730 |
| Fixed Assets | 844 | 950 | 1,160 | 1,346 | 1,688 | 1,878 | 1,793 | 1,753 | 2,655 | 2,771 | 2,904 | 2,850 |
| CWIP | 48 | 90 | 30 | 203 | 101 | 40 | 117 | 536 | 105 | 188 | 89 | 39 |
| Investments | 518 | 788 | 487 | 1,079 | 1,476 | 2,893 | 2,781 | 1,762 | 3,324 | 2,767 | 2,865 | 3,610 |
| Other Assets | 1,383 | 1,665 | 2,432 | 2,560 | 2,972 | 3,019 | 3,310 | 3,475 | 3,266 | 3,346 | 2,978 | 3,232 |
| Total Assets | 2,793 | 3,494 | 4,109 | 5,188 | 6,238 | 7,830 | 8,000 | 7,527 | 9,351 | 9,072 | 8,837 | 9,730 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 584 | 959 | 441 | 1,249 | 1,156 | 1,485 | 1,851 | 1,300 | 2,526 | 2,573 | 2,491 | 2,612 |
| Investing | -450 | -705 | -150 | -957 | -852 | -1,526 | 459 | 914 | -1,507 | 485 | 69 | -741 |
| Financing | -181 | -246 | -295 | -232 | -353 | 58 | -2,244 | -2,246 | -1,028 | -2,839 | -2,754 | -1,783 |
| Net Cash Flow | -47 | 8 | -4 | 60 | -49 | 17 | 66 | -32 | -9 | 219 | -194 | 88 |
| Free Cash Flow | 631 | 710 | 89 | 828 | 756 | 1,241 | 1,611 | 752 | 1,893 | 2,085 | 2,120 | 2,408 |
| CFO/OP | 102 | 111 | 66 | 116 | 101 | 108 | 99 | 86 | 115 | 105 | 100 | 98 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 6 | 7 | 7 | 11 | 13 | 10 | 7 | 9 | 7 | 9 | 9 | 9 |
| Inventory Days | 31 | 32 | 43 | 39 | 43 | 39 | 52 | 57 | 45 | 45 | 43 | 44 |
| Days Payable | 55 | 56 | 49 | 59 | 63 | 55 | 63 | 55 | 55 | 63 | 60 | 62 |
| Cash Conversion Cycle | -17 | -16 | 1 | -9 | -7 | -6 | -4 | 10 | -2 | -9 | -9 | -9 |
| Working Capital Days | -22 | -5 | 28 | 17 | 27 | -1 | -22 | -31 | -31 | -30 | -23 | -28 |
| ROCE % | 66% | 68% | 52% | 47% | 44% | 37% | 45% | 41% | 49% | 49% | 53% | 56% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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72 extracted metrics + investor summaries across FY12–FY27.
Documents
Frequently Asked Questions about Britannia Industries
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Company Information
Britannia Industries is one of Indias leading food companies with a 100 year legacy and annual revenues in excess of Rs. 16000 Cr. Britannia is among the most trusted food brands, and manufactures Indias favorite brands like Good Day, Tiger, NutriChoice, Milk Bikis and Marie Gold which are household names in India. Britannias product portfolio includes Biscuits, Bread, Cakes, Rusk, and Dairy products including Cheese, Beverages, Milk and Yoghurt.
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