Britannia Industries Ltd(BRITANNIA)

NSE: BRITANNIABSE: 500825

₹ 4,559.75-0.22%refreshed 27 Oct, 11:58 am ISTMarket cap: ₹ 1.10 L crNext results: 5 Nov 2026Website: www.britannia.co.inUpdated: 27 Oct 2026

About

Britannia Industries is India's leading packaged foods company, operating in a single Foods segment with bakery products (biscuits, cakes, rusks, bread, snacks) accounting for ~97% of turnover and dairy products ~3%. In FY26 the company posted consolidated revenue of ₹18,858 crore, growing 7.5% year-on-year. It sells across all Indian states and exports to more than 80 countries, with international business contributing ~6% of consolidated turnover in FY26.^[1][2][3]

Business segments

Bakery products (biscuits, cakes, rusks, bread, other bakery products, salted snacks) contributed ~97% of turnover in FY26.^[2]
Dairy products (milk powder, butter, cheese, ghee, flavoured milk and other dairy products) contributed ~3% of turnover in FY26.^[2]
International business contributed ~6% of consolidated turnover in FY26, spanning the Middle East, Americas, Africa, Europe and Asia Pacific.^[2]

Brands and products

Key biscuit and snack brands include Good Day, NutriChoice, Bourbon, Tiger, Marie Gold, 50-50, Pure Magic, Treat, Milk Bikis, and Jim Jam.^[2]
Dairy portfolio marketed under The Laughing Cow licence; the Ranjangaon facility produces Cheese, Flavoured Milk, Skimmed Milk Powder, Butter, Ghee, Dairy Whitener, Greek Yogurt and Curd.^[2]
Milk Bikis SMART, launched in FY26, is described as India's first DHA-enriched biscuit with 16 micronutrients targeting children's cognitive development.^[2]
50-50 Cheeze Dipped and Caramel Dipped variants reached the second-largest position in the sandwich cracker segment within 3 months of launch in Q4 FY26.^[1]
Croissant reached an annualised run rate of ~₹200 crore in Q1 FY27, growing at 30%+, with margins equal to or slightly accretive to company-level margins.^[4]
Signature brands Treat, Little Hearts and Jim Jam grew at approximately 3x the overall company growth rate in FY26.^[1]

Manufacturing and operations

Britannia operates 20 national manufacturing plants and 4 international plants as of FY26.^[2]
Dairy facility at Ranjangaon, Maharashtra has a milk processing capacity of ~5 lakh litres per day.^[2]
Rooftop solar systems are operational across ten manufacturing units with total installed capacity of 10.4 MW as of FY26.^[2]
Renewable electricity accounted for ~45% of power consumed in Q2 FY26, up 13% year-on-year.^[5]
All existing manufacturing units are FSSC/ISO-22000 compliant; export units comply with USFDA regulations.^[2]
The R&D Centre holds NABL accreditation; the CRM system is certified to ISO 10002:2018.^[2]

Key operating numbers

Volume growth was ~9% in Q1 FY27, with pricing contribution of ~1% through grammage adjustment; a further 1.5 - 2% pricing action was planned for Q2 FY27.^[4]
Consolidated revenue grew 9.5% YoY to ₹4,964 crore in Q1 FY27, with the exit month of June reaching mid-teens growth.^[4]
FY26 operating profit was ₹3,208 crore (+11.6% YoY); profit from operations margin was 17.0% vs 16.4% in FY25.^[1]
Industrial fuel cost rose +69% YoY and +67% versus Q4 FY26 in Q1 FY27, the main cost headwind in the quarter.^[4]
~97.8% of procurement was sourced locally in FY26.^[2]
Volume growth in Q4 FY26 was ~5.5%+; full-year FY26 volume growth benefited from GST-driven grammage increases passed to consumers on ~85% of the portfolio.^[1][5]

Distribution and channels

Britannia distributes across all Indian states through an extensive urban and rural network; products are exported to more than 80 countries.^[2]
E-commerce salience reached 6% of domestic sales in FY26, up from 4% in FY25 and 2% in FY22.^[1]
Quick commerce represented 80 - 85% of Britannia's total e-commerce revenue in Q1 FY27, up from ~70% in FY26.^[4][1]
General Trade grew 1.5x the FY26 full-year growth rate in Q1 FY27; key states (>50% of domestic revenue) grew at 1.8x the FY26 rate.^[4]
International business operates largely through a national distributor-led model; manufacturing for North America shifted back to the Mundra export-oriented unit in mid-2026 after Hormuz Strait disruptions.^[2][1]

Adjacency categories

Cake, rusk and wafers delivered strong double-digit growth in Q1 FY27, led by portfolio innovation; the dairy portfolio (ghee, cheese) also grew double digits.^[4]
Wafers recorded five consecutive quarters of healthy double-digit growth through Q2 FY26, aided by additional capacity commissioned in North India.^[5]
E-commerce contribution to adjacency categories was approximately 3x that of biscuits in Q3 FY26.^[6]

Expansion and strategic priorities

A health/protein platform is being developed as a platform-level launch (not a single SKU); no target date disclosed as of Q1 FY27.^[4]
Inorganic acquisitions in the food space are under evaluation, focused on acquiring brand strength, speed, or capability not easily built organically.^[4]
Quick-commerce-exclusive products are being developed for launch in the near future, targeting the channel's premium and impulse-led consumption.^[4]
A 'Many Indias' regionalisation strategy is deploying region-specific products, media, local influencers, and sales empowerment across 6+ states.^[4]
Alternate energy sources are being evaluated as a long-term solution to mitigate fuel supply disruptions and reduce dependence on conventional fuels.^[1]

Recent developments

New CEO Rakshit Hargave took full operational charge in December 2025.^[5]
A new head of international business joined approximately two months before the Q1 FY27 call (around April 2026); international revenue was flat in Q1 FY27 amid West Asia and North America headwinds.^[4]
A new dairy business head was appointed in December 2025 to lead a structured revival of the cheese portfolio in collaboration with JV partner Bel.^[6]
Vessel unavailability caused by the Strait of Hormuz lockdown disrupted international business revenues and profitability in Q4 FY26; manufacturing in Oman and Dubai was unaffected but dispatches were blocked.^[1]
North America-bound manufacturing was rerouted from Oman back to the Mundra EOU, targeted as fully operational by mid-May 2026, to address both Hormuz disruption and US tariff constraints.^[1]

Market Cap

₹1,09,830 Cr

High / Low

₹6,270 / 4,514

Stock P/E

42.1

Price / Book

21.4

Book Value

₹212

EPS

₹105.2

No. of Shares

24.09 Cr

ROCE

55.4%

ROE

53.5%

OPM

17.7%

Debt / Equity

0.27

Sales

₹19,152 Cr

Net Profit

₹2,537 Cr

Promoter holding

50.5%

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