Britannia Industries
Britannia Industries
Food Products F&OKey Fundamentals
LargecapPackaged FoodsFood ProductsTapetide Score
Data-driven rating, 0–100. How it works →
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 23.4 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
anthropic claude-opus-4.6 2d agoBritannia Industries, with a market cap of ₹1,19,158 Cr, is a dominant Indian FMCG player in packaged foods trading at a PE of 46.2x and 23.6x book value. The company delivers exceptional return on equity averaging 54% over 3 years with a generous 83.9% dividend payout, but revenue growth has been modest at 7-8% CAGR over 5 years while the stock has declined 21% over the past year.
- Exceptional ROE consistency — 54% over 3 years, 56% over 5 years, and 46% over 10 years, indicating highly efficient capital deployment across market cycles
- Compounded profit growth of 19% TTM significantly outpaces sales growth of 7% TTM, suggesting meaningful margin expansion and operating leverage
- Healthy dividend payout ratio of 83.9% with a current yield of 1.81%, offering tangible cash returns to shareholders in a sector where reinvestment needs are moderate
- Long-term compounded sales CAGR of 9% over 10 years demonstrates steady demand for its product portfolio and brand strength in the Indian packaged foods market
- Compounded profit CAGR of 12% over 10 years comfortably exceeds the 9% sales CAGR over the same period, reflecting a structural trend of profitability improvement
- 10-year stock CAGR of 11% shows the company has delivered consistent long-term wealth creation despite recent underperformance
- Market cap of ₹1,19,158 Cr places Britannia among the largest listed FMCG companies in India, providing liquidity, index inclusion, and institutional ownership advantages
- Stock trades at 23.6x price-to-book, an extremely elevated valuation that leaves little room for error and prices in significant future growth that may not materialize
- PE ratio of 46.2x is steep even by FMCG standards, requiring sustained high earnings growth to justify the current market price
- 5-year compounded sales growth of only 8% and a recent TTM figure of 7% suggest the company is struggling to accelerate top-line momentum in a competitive market
- Stock has declined 21% over the past 1 year, significantly underperforming broader indices and indicating a possible derating in investor sentiment
- 3-year stock CAGR of just 3% and 5-year CAGR of 4% show that shareholder returns have been stagnant over medium-term horizons despite strong profitability
- 5-year compounded profit CAGR of only 6% is modest relative to the current PE of 46.2x, highlighting a disconnect between earnings growth trajectory and valuation
- 3-year compounded profit growth of 8% lags the 10-year average of 12%, pointing to a potential slowdown in the profit growth trend
- The gap between TTM profit growth of 19% and TTM sales growth of 7% raises questions about the sustainability of margin expansion if input cost pressures return
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Five-session losing streak Aug 19
Britannia traded at ₹5,321, down 0.11% on Aug 19, marking a fifth consecutive session of decline. The stock lost ~6.93% over the past month, significantly underperforming the Nifty FMCG index which eased only 1.78% in the same period.
- Below-average trading volume Aug 19
Daily volume stood at just 86,450 shares versus the one-month average of 5.64 lakh shares, suggesting weak buying interest amid the sustained selloff.
- Elevated valuation multiple Aug 19
Britannia's PE ratio stands at 50.06x on TTM earnings ending March 2026, leaving limited margin of safety if earnings disappoint.
- Relative resilience vs FMCG peers Aug 19
Over the past year Britannia declined 3.19%, outperforming the Nifty FMCG index which fell 11.34% over the same period. It also broadly matched the NIFTY's 3.4% decline.
- New CDO appointed from Oct 1 Aug 31
Britannia appointed Rejin Surendran as Chief Digital and Information Officer effective October 1, 2026, succeeding retiring CDIO Susheel Navanale.
- Analyst meet rescheduled to Aug 27 Aug 21
Britannia moved its one-to-one meeting with Motilal Oswal Financial Services from August 25 to August 27 in Mumbai at 2:00 pm.
TL;DR: Britannia is in a near-term downtrend, losing ~6.93% over the past month with five straight sessions of decline and thin volumes signaling weak conviction. On the positive side, the stock has held up better than most FMCG peers over the past year (-3.19% vs Nifty FMCG's -11.34%). Leadership continuity looks stable with a new CDO appointment. The key risk is whether the current selling pressure deepens or if the upcoming analyst meet on Aug 27 provides a catalyst to stabilize sentiment.
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
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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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