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Britannia Industries

BRITANNIA NSE
₹4,946.30 No trade today
P/E
45.75
View as Markdown
MCP
Close 4 Nov 2026 ₹4,946.30 −1,067.20 −17.7% 1Y
Start ₹6,013.50

Key Fundamentals

LargecapFood ProductsFMCG

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
56.00%
Debt to Equity
0.27
EPS (TTM)
₹108.11
Book Value
₹212.01
Market Cap
—
P/E (TTM)
45.75
P/B
23.33
ROE
53.50%
Dividend Yield
1.84%
EBITDA
₹3,769 Cr
52W High
₹6,271.00
52W Low
₹4,499.90
Volume
0

Peer Comparison

Fast Moving Consumer Goods › Food Products › Packaged Foods

Britannia Industries peer comparison
Nestle
₹1,248.0058.21₹2,42,042 Cr41.661.12%73.20%84.10%₹25,581 Cr₹4,134 Cr
Britannia Industries (this company)
₹4,946.3045.75₹1,19,473 Cr23.331.84%53.50%56.00%₹19,529 Cr₹2,610 Cr
Zydus Wellness
₹488.8082.57₹15,590 Cr2.630.24%3.98%4.91%₹4,537 Cr₹188 Cr
Bikaji Foods International
₹472.9043.79₹11,876 Cr7.380.27%17.80%22.00%₹2,872 Cr₹272 Cr
Bombay Burmah Trading
₹1,274.206.89₹8,824 Cr1.261.36%18.70%33.00%₹19,915 Cr₹2,585 Cr
Mrs. Bectors Food
₹208.1643.01₹6,436 Cr5.030.62%11.40%14.10%₹2,119 Cr₹149 Cr
Gopal Snacks
₹246.8836.68₹3,136 Cr5.730.20%4.72%11.70%₹1,608 Cr₹84 Cr
Median 7 companies₹488.8043.79₹11,876 Cr5.730.62%17.80%22.00%₹4,537 Cr₹272 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

56 Good

Data confidence 100/100

Category scores

Quality
86
Strong
Returns, margins, earnings quality 22% weight
Valuation
33
Poor
Cheap vs sector & own history 24% weight
Growth
46
Average
Sales & profit trajectory 9% weight
Financial Health
85
Strong
Solvency, leverage, coverage 9% weight
Momentum
40
Weak
Trend strength, vol-adjusted 12% weight
Ownership
53
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 21.4 times its book value
  • The company has delivered a poor sales growth of 7.83% over past five years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish739
OscillatorsNeutral333
Moving AveragesStrong Bullish406

Key readings

RSI (14)
60.01
Neutral
MACD (12,26,9)
−42.93
Bullish
SMA (50)
4,915.50
Bullish
SMA (200)
5,418.23
Bearish

As of

Analyst Rating

Based on 33 analysts
BUY70%

23 of 33 analysts rate Buy, 8 Hold, 2 Sell.

As of

BUY
23
70%
HOLD
8
24%
SELL
2
6%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+8.59%
5Y+7.83%
3Y+5.52%
1Y+6.74%
TTM+6.63%

Net profit

Net profit growth by window
10Y+11.89%
5Y+6.51%
3Y+3.08%
1Y+16.48%
TTM+19.02%

Operating cash flow

Operating cash flow growth by window
10Y+10.54%
5Y+7.13%
3Y+1.12%
1Y+4.86%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+3.77 pp
5Y−0.75 pp
3Y+0.98 pp
1Y+0.65 pp
TTM+1.09 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹9,054 Cr
Mar 2018₹9,914 Cr
Mar 2019₹11,055 Cr
Mar 2020₹11,600 Cr
Mar 2021₹13,136 Cr
Mar 2022₹14,136 Cr
Mar 2023₹16,301 Cr
Mar 2024₹16,769 Cr
Mar 2025₹17,943 Cr
Mar 2026₹19,152 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹885 Cr
Mar 2018₹1,004 Cr
Mar 2019₹1,155 Cr
Mar 2020₹1,394 Cr
Mar 2021₹1,851 Cr
Mar 2022₹1,516 Cr
Mar 2023₹2,316 Cr
Mar 2024₹2,134 Cr
Mar 2025₹2,178 Cr
Mar 2026₹2,537 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹1,023 Cr +18.4% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

Britannia Industries trades at ₹4,930 as of 2026-11-03 with a market cap of ₹1,15,299 crore, a trailing PE of 45.6x, and ROE of 49.4%. The stock sits 21.4% below its 52-week high of ₹6,271 while profit growth has accelerated to 19% on a TTM basis, though longer-term sales growth has been modest at around 8% over five years.

Bull Case 7
  • Exceptional return on equity of 49.4% (current) with a 3-year average ROE of 54% and a 10-year average of 46%, indicating consistently superior capital efficiency versus most FMCG peers
  • Conservative balance sheet with a debt-to-equity ratio of just 0.27, providing financial flexibility for capacity expansion and acquisitions without over-leveraging
  • TTM profit growth has accelerated to 19%, significantly above the 3-year compounded profit growth of 8% and 5-year rate of 6%, suggesting improving profitability momentum
  • Healthy dividend payout ratio of 83.9% with a current dividend yield of 1.95%, offering meaningful shareholder returns in an FMCG stock
  • ROCE stands at 61.27%, reflecting the company's ability to generate strong returns on total capital employed, well above typical cost of capital
  • 10-year compounded profit growth of 12% and 10-year compounded sales growth of 9% demonstrate a long track record of steady earnings compounding
  • TTM sales growth of 7% indicates continued top-line expansion even in a period of moderating volume growth across the packaged foods industry
Bear Case 6
  • 5-year compounded sales growth of only 8% is modest for a stock commanding a 45x earnings multiple, raising questions about top-line scalability
  • The stock has delivered a 1-year return of -25% and a 3-year CAGR of 0%, indicating prolonged underperformance and potential de-rating by the market
  • 5-year compounded profit growth of just 6% trails the 10-year rate of 12%, suggesting a deceleration in the medium-term earnings trajectory
  • 5-year stock CAGR of only 4% significantly lags the 10-year CAGR of 11%, reflecting diminishing investor returns as the business matures
  • EPS of ₹108.11 relative to the ₹4,930 share price implies investors are paying a steep premium per rupee of current earnings in a staples business with inherently limited pricing power
  • With a market cap of ₹1,15,299 crore and single-digit sales growth, the law of large numbers makes it progressively harder to sustain the growth rates needed to justify the current valuation

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

AI News Digest

9h ago

TL;DR: A quiet news cycle for Britannia with no material headwinds or bullish catalysts. Recent updates are limited to routine governance and ESG disclosures. The ESG rating held broadly steady at 66-67, and a new independent director appointment is underway. In the absence of operational or earnings-related news, the near-term outlook hinges on upcoming quarterly results and broader FMCG sector trends.

Neutral 3
  • FY26 ESG rating at 67 Oct 16

    Britannia disclosed an ESG rating of 67 for FY26, while its FY25 rating was revised down to 66 from 67 due to data updates.

  • Shareholder vote for new director Oct 6

    Britannia initiated a postal ballot to appoint Sonny Iqbal as Non-Executive Independent Director, with e-voting open Oct 8 through Nov 6, 2026.

  • Registrar office relocation Nov 4

    KFin Technologies, registrar for listed companies, is relocating its office to South Tower, Rajapushpa West Avenue, Kokapet, Hyderabad effective Dec 1, 2026.

Quarterly Results

₹ Cr
BRITANNIA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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 (₹)
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

₹ Cr
BRITANNIA profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
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

₹ Cr
BRITANNIA balance sheet, annual, ₹ crore
Particulars 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
3,243
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

₹ Cr
BRITANNIA cash flow, annual, ₹ crore
Particulars 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
2,491
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/EBITDA
102
111
66
116
101
108
99
86
115
105
100
98

Ratios

BRITANNIA financial ratios, annual
Particulars 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
−28
ROCE %
66%
68%
52%
47%
44%
37%
45%
41%
49%
49%
53%
56%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Britannia Industries insights

72 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 50.55%
  • DIIs 21.47%
  • FIIs 12.94%
  • Public 12.25%
  • Others 2.79%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Britannia Industries

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…
Where is Britannia Industries Ltd (BRITANNIA) listed?
Britannia Industries Ltd trades as BRITANNIA on the NSE and under code 500825 on the BSE.
Which sector does Britannia Industries Ltd belong to?
Britannia Industries Ltd is classified under the Food Products sector, in the Packaged Foods industry.
What is the PE ratio of Britannia Industries Ltd?
Britannia Industries Ltd trades at a PE ratio of 45.75 as of 4 Nov 2026, on earnings per share of ₹108.11, against a book value of ₹212.01 per share.
What is the 52-week high and low of Britannia Industries Ltd?
Over the last 52 weeks Britannia Industries Ltd has traded between ₹4,499.9 and ₹6,271 as of 4 Nov 2026.
Does Britannia Industries Ltd pay dividends?
Britannia Industries Ltd has a dividend yield of 1.84%.
What is the Return on Equity (ROE) of Britannia Industries Ltd?
Britannia Industries Ltd reported a return on equity of 53.50%. Its debt-to-equity ratio is 0.27.

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 5 Nov 1998
Face Value ₹1

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