Britannia Industries Ltd logo

Britannia Industries Ltd

BRITANNIA NSE

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.

AI Verdict: HOLD Confidence: 6%

Britannia Industries is a high-quality FMCG compounder with exceptional ROE of 54% and strong profit growth of 15% TTM, but the stock's premium valuation at 49.8x PE and 24.7x PB limits near-term upside given modest single-digit sales growth of 7% TTM. With 67.6% analyst buy ratings but a -7% one-year stock return, risk-reward is balanced at current levels.

Key Fundamentals

Volatility
Moderate
P/E Ratio
49.79
EBITDA
₹3,221 Cr
Return on Equity
53.81%
Debt to Equity
0.4
EPS
₹91.68
52W High
₹6,336
52W Low
₹5,035

Technical Indicators

Key Insights

Strengths

2
  • Company has a good return on equity (ROE) track record: 3 Years ROE 54.5%
  • Company has been maintaining a healthy dividend payout of 83.9%

Weaknesses

2
  • Stock is trading at 24.8 times its book value
  • The company has delivered a poor sales growth of 7.83% over past five years.

Growth Rate

Revenue Growth
3.79% ↗
Net Income Growth
16.19% ↗
Cash Flow Change
-3.59% ↘
ROE
-7.62% ↘
ROCE
-4.80% ↗
EBITDA Margin (Avg.)
-10.16% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk medium

Britannia Industries is a high-quality FMCG compounder with exceptional ROE of 54% and strong profit growth of 15% TTM, but the stock's premium valuation at 49.8x PE and 24.7x PB limits near-term upside given modest single-digit sales growth of 7% TTM. With 67.6% analyst buy ratings but a -7% one-year stock return, risk-reward is balanced at current levels.

Bull Case 7
  • Exceptional return on equity of 54% over the last 3 years, indicating highly efficient capital allocation and strong competitive moats in the biscuits and bakery segment
  • Robust profit compounding at 15% TTM significantly outpacing sales growth of 7% TTM, demonstrating margin expansion and operating leverage
  • Strong analyst consensus with 67.6% buy ratings (23 out of 34 analysts recommending buy), reflecting institutional confidence in the business model
  • Healthy dividend payout ratio of 83.9% with a current dividend yield of 1.73%, providing tangible shareholder returns even in a slow growth environment
  • Long-term wealth compounder with 10-year stock CAGR of 15% and 10-year profit CAGR of 12%, demonstrating consistent value creation over multiple cycles
  • Market cap of Rs 1,25,601 crore provides significant scale advantages in distribution, procurement, and brand spending versus smaller FMCG peers
  • 10-year sales CAGR of 9% with improving profitability trajectory suggests the company can sustain mid-to-high single digit topline growth while expanding margins further
Bear Case 8
  • Stock trades at 49.8x PE, a steep premium even for quality FMCG names, leaving little margin of safety if growth disappoints
  • Price-to-book of 24.74x is extremely elevated and reflects near-perfect execution being priced in, with limited room for re-rating
  • Poor sales growth of just 7.83% over 5 years indicates volume and pricing power constraints in a competitive FMCG market
  • Negative 1-year stock return of -7% and anemic 3-year CAGR of just 1% suggest the market is already pricing in a deceleration in fundamentals
  • 5-year stock CAGR of only 7% barely matches a fixed deposit return, indicating prolonged underperformance relative to broader indices
  • Only 5.88% sell ratings but 26.47% hold ratings (9 analysts) suggest even bulls are cautious about further upside from current levels
  • Compounded sales growth declining from 9% over 10 years to 6% over 3 years signals a structural slowdown in topline momentum
  • At 49.8x PE with 7% TTM revenue growth, the PEG ratio exceeds 7x on sales growth basis, implying significant overvaluation on growth-adjusted metrics

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 3
  • Five-session losing streak May 26

    Stock fell for fifth consecutive session to ₹5,321, down 6.93% over the past month, significantly underperforming the Nifty FMCG index which declined only 1.78% in the same period.

  • Elevated valuation at 50x PE May 26

    TTM PE ratio stands at 50.06 with below-average trading volume of 86,450 shares versus the one-month daily average of 5.64 lakh shares, suggesting weak conviction.

  • VP Consumer Insight resigns Jun 11

    Manjunath Desai, VP of Consumer Insight, Media and Competitive Intelligence, resigned effective July 3, 2026 to pursue an external opportunity.

Positives 2
  • Sustained institutional block deal activity Jun 9

    Two block trades recorded — ₹65.57 crore (128,837 shares at ₹5,089) on Jun 9 and ₹43.98 crore (83,653 shares at ₹5,258) on May 29 — indicating institutional interest at current levels.

  • Outperforming FMCG sector peers May 26

    Stock declined 3.19% over one year versus the Nifty FMCG index falling 11.34%, showing relative resilience within the sector.

Neutral 1
  • Institutional investor engagement events Jun 8

    Britannia scheduled a one-to-one investor meet on June 12 and participated in J.P. Morgan India Consumer CEO Fireside Chat on May 29; no UPSI shared at either event.

TL;DR: Britannia is showing relative strength versus FMCG peers over one year but faced notable short-term selling pressure with a five-session decline and 6.93% monthly drop in late May. Institutional block deals totalling ~₹109 crore in two weeks suggest large investors are active at current price levels. The stock trades at a rich 50x PE, leaving limited margin for error if earnings growth falters. Near-term direction depends on whether institutional accumulation stabilises the price or if the broader FMCG sector weakness continues to weigh on sentiment.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
4,023
4,011
4,433
4,256
4,069
4,250
4,668
4,593
4,432
4,622
4,841
4,970
4,719
Expenses
3,222
3,322
3,562
3,437
3,286
3,497
3,888
3,750
3,632
3,870
3,889
3,992
3,885
Operating Profit
801
689
871
820
784
753
780
843
801
752
951
977
834
OPM %
20%
17%
20%
19%
19%
18%
17%
18%
18%
16%
20%
20%
18%
Other Income
60
57
52
48
57
31
46
62
63
57
52
59
55
Interest
35
53
53
31
26
29
35
45
31
26
35
33
19
Depreciation
65
71
72
78
80
74
76
82
81
82
85
85
85
PBT
761
622
799
758
735
681
715
778
752
701
884
919
785
Tax %
27%
27%
27%
27%
27%
26%
26%
25%
26%
26%
26%
26%
13%
Net Profit
558
455
586
556
537
505
532
582
559
520
655
682
680
EPS in Rs
23.19
19
24.39
23.1
22.35
20.99
22.06
24.15
23.25
21.62
27.17
28.23
28.16
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
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
OPM %
11%
15%
14%
15%
16%
16%
19%
16%
17%
19%
18%
18%
Other Income
228
115
151
166
206
263
313
222
597
211
202
224
Interest
4
5
5
8
9
77
111
144
169
164
139
113
Depreciation
144
113
119
142
162
185
198
201
226
300
313
337
PBT
950
1,220
1,304
1,518
1,768
1,844
2,514
2,078
3,033
2,913
2,927
3,289
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
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
Div. Payout %
28%
29%
30%
30%
31%
60%
204%
89%
75%
83%
83%
86%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
3,245
Total Liabilities
2,793
3,494
4,109
5,188
6,238
7,830
8,000
7,527
9,351
9,072
8,837
9,732
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
3,233
Total Assets
2,793
3,494
4,109
5,188
6,238
7,830
8,000
7,527
9,351
9,072
8,837
9,732
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
584
959
441
1,249
1,156
1,485
1,851
1,300
2,526
2,573
2,481
2,612
Investing
-450
-705
-150
-957
-852
-1,526
459
914
-1,507
485
87
-757
Financing
-181
-246
-295
-232
-353
58
-2,244
-2,246
-1,028
-2,839
-2,762
-1,783
Net Cash Flow
-47
8
-4
60
-49
17
66
-32
-9
219
-194
72
Free Cash Flow
631
710
89
828
756
1,241
1,611
752
1,893
2,085
2,110
2,408
CFO/OP
102
111
66
116
101
108
99
86
115
105
100
98
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
3
ROCE %
66%
68%
52%
47%
44%
37%
45%
41%
49%
49%
53%
56%

Shareholding Pattern

As of Mar 2026
Promoters 50.55%
DIIs 18.82%
FIIs 15.63%
Public 14.94%
Government 0.05%
Total 99.99%
  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
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
21.29%
19.66%
18.99%
18.23%
17.41%
17.91%
16.46%
15.72%
15.58%
15.02%
14.88%
15.63%
DIIs
12.46%
13.84%
14.84%
15.63%
16.69%
16.37%
17.58%
18.26%
18.65%
19.39%
19.55%
18.82%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
0.03%
0.05%
Public
15.69%
15.94%
15.62%
15.57%
15.36%
15.18%
15.41%
15.48%
15.20%
15.03%
14.97%
14.94%
No. of Shareholders
2,59,949
2,84,892
2,60,444
2,63,623
2,54,815
2,51,851
2,90,306
2,92,504
2,72,914
2,62,139
2,55,939
2,51,466

Documents

Frequently Asked Questions about Britannia Industries Ltd

What does Britannia Industries Ltd do?
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 househ...
Where is Britannia Industries Ltd (BRITANNIA) listed?
Britannia Industries Ltd is listed on the Indian stock exchanges. It is listed on NSE: BRITANNIA and BSE: 500825. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Britannia Industries Ltd belong to?
Britannia Industries Ltd operates in the Fast Moving Consumer Goods sector within the Food Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the PE ratio of Britannia Industries Ltd?
The Price-to-Earnings (PE) ratio of Britannia Industries Ltd is 49.79. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Britannia Industries Ltd?
Over the past 52 weeks, Britannia Industries Ltd has traded between a low of ₹5,035 and a high of ₹6,336. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Britannia Industries Ltd?
Britannia Industries Ltd has a Return on Equity (ROE) of 53.81%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Britannia Industries Ltd on Tapetide?
On Tapetide, you can view Britannia Industries Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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.

Website britannia.co.in
CEO Mr. Natarajan Venkataraman
Employees 5,792
Listed 1998-11-05
Face Value ₹ 1
Issued Size 24,08,68,296

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