Britannia Industries Ltd

Britannia Industries Ltd

₹ 6,209 0.78%
10 Nov 10:06 a.m.
About

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.

Key Points

Part of Wadia Group[1]
Britannia Industries belongs to the Wadia Group, a reputed Indian Business house who has presence in wide range of business segments like Airlines (Go Air), Realty ( Bombay Realty), Textiles ( Bombay Dyeing) and Plantations and other business (Bombay Burmah trading Corporation which is also the Ultimate holding company of Britannia Industries)

  • Market Cap 1,49,544 Cr.
  • Current Price 6,209
  • High / Low 6,337 / 4,506
  • Stock P/E 65.0
  • Book Value 136
  • Dividend Yield 1.21 %
  • ROCE 56.8 %
  • ROE 58.0 %
  • Face Value 1.00

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 62.9%
  • Company has been maintaining a healthy dividend payout of 83.6%

Cons

  • Stock is trading at 45.4 times its book value
  • The company has delivered a poor sales growth of 9.50% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
4,191 4,011 3,895 3,871 4,289 4,102 3,924 4,094 4,501 4,418 4,283 4,453 4,665
3,504 3,221 3,100 3,204 3,448 3,310 3,154 3,366 3,755 3,608 3,504 3,732 3,750
Operating Profit 687 790 795 667 841 793 770 728 746 810 779 721 914
OPM % 16% 20% 20% 17% 20% 19% 20% 18% 17% 18% 18% 16% 20%
66 276 53 52 53 47 55 43 52 60 72 54 110
Interest 51 35 30 48 48 29 26 29 34 44 30 26 34
Depreciation 44 50 58 63 64 71 73 67 69 75 74 75 78
Profit before tax 658 981 761 607 782 740 727 676 695 751 746 674 913
Tax % 25% 22% 27% 27% 27% 27% 27% 26% 26% 26% 25% 26% 24%
493 767 558 443 570 538 530 502 514 557 557 498 690
EPS in Rs 20.45 31.84 23.17 18.39 23.68 22.35 22.01 20.84 21.36 23.13 23.13 20.69 28.64
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
6,307 7,176 7,732 8,414 9,304 10,482 10,987 12,379 13,372 15,618 16,186 17,296 17,818
5,711 6,398 6,608 7,209 7,894 8,820 9,216 10,028 11,282 12,877 13,115 14,232 14,594
Operating Profit 597 778 1,124 1,206 1,410 1,662 1,771 2,351 2,089 2,742 3,071 3,064 3,224
OPM % 9% 11% 15% 14% 15% 16% 16% 19% 16% 18% 19% 18% 18%
15 224 115 143 156 191 354 293 359 448 207 226 296
Interest 5 1 1 1 1 2 65 98 133 155 151 137 134
Depreciation 63 117 88 96 120 135 152 167 170 195 271 285 301
Profit before tax 543 883 1,149 1,251 1,445 1,716 1,908 2,379 2,145 2,840 2,855 2,868 3,084
Tax % 32% 29% 34% 33% 34% 35% 22% 26% 25% 25% 27% 26%
370 622 763 844 948 1,122 1,484 1,760 1,603 2,139 2,082 2,131 2,302
EPS in Rs 15.42 25.94 31.80 35.15 39.48 46.70 61.73 73.07 66.56 88.82 86.44 88.46 95.59
Dividend Payout % 39% 31% 31% 31% 32% 32% 57% 216% 85% 81% 85% 85%
Compounded Sales Growth
10 Years: 9%
5 Years: 10%
3 Years: 9%
TTM: 7%
Compounded Profit Growth
10 Years: 16%
5 Years: 8%
3 Years: 10%
TTM: 9%
Stock Price CAGR
10 Years: 16%
5 Years: 12%
3 Years: 15%
1 Year: 7%
Return on Equity
10 Years: 47%
5 Years: 58%
3 Years: 63%
Last Year: 58%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 24 24 24 24 24 24 24 24 24 24 24 24 24
Reserves 834 1,215 1,992 2,558 3,211 4,015 4,251 3,295 2,378 3,157 3,503 3,862 3,244
0 1 1 1 10 1 1,203 1,798 2,179 2,664 2,040 1,218 2,169
986 1,222 1,083 1,114 1,383 1,613 1,776 2,298 2,434 2,794 2,804 2,915 3,145
Total Liabilities 1,844 2,462 3,100 3,696 4,627 5,653 7,253 7,416 7,015 8,638 8,371 8,020 8,582
546 526 642 839 1,031 1,328 1,461 1,404 1,377 2,293 2,421 2,563 2,549
CWIP 97 48 74 30 200 65 39 112 535 104 187 82 71
Investments 373 661 921 600 1,186 1,646 3,141 2,950 2,024 3,324 2,771 2,872 2,326
829 1,227 1,462 2,227 2,210 2,615 2,613 2,950 3,078 2,917 2,991 2,503 3,636
Total Assets 1,844 2,462 3,100 3,696 4,627 5,653 7,253 7,416 7,015 8,638 8,371 8,020 8,582

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
615 515 878 402 1,183 1,114 1,660 1,792 1,206 2,442 2,234 2,373
-227 -384 -659 -115 -823 -831 -1,568 486 931 -1,386 508 184
-325 -168 -228 -284 -304 -326 -94 -2,222 -2,212 -1,048 -2,510 -2,759
Net Cash Flow 62 -37 -9 3 56 -44 -3 56 -75 8 232 -203

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 3 4 5 5 9 12 8 6 7 7 8 8
Inventory Days 35 29 30 42 38 42 35 49 54 41 42 39
Days Payable 46 52 51 45 55 60 49 59 51 51 59 55
Cash Conversion Cycle -8 -19 -15 3 -8 -6 -6 -4 9 -3 -9 -8
Working Capital Days -18 -18 -1 34 22 30 2 -21 -30 -30 -30 -23
ROCE % 65% 68% 71% 55% 50% 47% 41% 47% 47% 53% 53% 57%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55%
18.46% 19.44% 21.29% 19.66% 18.99% 18.23% 17.41% 17.91% 16.46% 15.72% 15.58% 15.02%
15.08% 14.22% 12.46% 13.84% 14.84% 15.63% 16.69% 16.37% 17.58% 18.26% 18.65% 19.39%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01%
15.90% 15.79% 15.69% 15.94% 15.62% 15.57% 15.36% 15.18% 15.41% 15.48% 15.20% 15.03%
No. of Shareholders 2,60,8362,60,2072,59,9492,84,8922,60,4442,63,6232,54,8152,51,8512,90,3062,92,5042,72,9142,62,139

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

Concalls