Britannia Industries Ltd
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.
- Market Cap ₹ 1,15,135 Cr.
- Current Price ₹ 4,780
- High / Low ₹ 6,271 / 4,734
- Stock P/E 43.6
- Book Value ₹ 193
- Dividend Yield 1.89 %
- ROCE 61.4 %
- ROE 60.1 %
- Face Value ₹ 1.00
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 60.0%
- Company has been maintaining a healthy dividend payout of 85.0%
Cons
- Stock is trading at 24.8 times its book value
- The company has delivered a poor sales growth of 8.30% 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.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 7,176 | 7,732 | 8,414 | 9,304 | 10,482 | 10,987 | 12,379 | 13,372 | 15,618 | 16,186 | 17,296 | 18,446 | 18,827 | |
| 6,398 | 6,608 | 7,209 | 7,894 | 8,820 | 9,216 | 10,028 | 11,282 | 12,877 | 13,115 | 14,232 | 15,055 | 15,343 | |
| Operating Profit | 778 | 1,124 | 1,206 | 1,410 | 1,662 | 1,771 | 2,351 | 2,089 | 2,742 | 3,071 | 3,064 | 3,391 | 3,483 |
| OPM % | 11% | 15% | 14% | 15% | 16% | 16% | 19% | 16% | 18% | 19% | 18% | 18% | 18% |
| 224 | 115 | 143 | 156 | 191 | 354 | 293 | 359 | 448 | 207 | 226 | 318 | 324 | |
| Interest | 1 | 1 | 1 | 1 | 2 | 65 | 98 | 133 | 155 | 151 | 137 | 111 | 107 |
| Depreciation | 117 | 88 | 96 | 120 | 135 | 152 | 167 | 170 | 195 | 271 | 285 | 305 | 301 |
| Profit before tax | 883 | 1,149 | 1,251 | 1,445 | 1,716 | 1,908 | 2,379 | 2,145 | 2,840 | 2,855 | 2,868 | 3,293 | 3,398 |
| Tax % | 29% | 34% | 33% | 34% | 35% | 22% | 26% | 25% | 25% | 27% | 26% | 22% | |
| 622 | 763 | 844 | 948 | 1,122 | 1,484 | 1,760 | 1,603 | 2,139 | 2,082 | 2,131 | 2,562 | 2,640 | |
| EPS in Rs | 25.94 | 31.80 | 35.15 | 39.48 | 46.70 | 61.73 | 73.07 | 66.56 | 88.82 | 86.44 | 88.46 | 106.35 | 109.59 |
| Dividend Payout % | 31% | 31% | 31% | 32% | 32% | 57% | 216% | 85% | 81% | 85% | 85% | 85% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | 8% |
| 3 Years: | 6% |
| TTM: | 7% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 8% |
| 3 Years: | 9% |
| TTM: | 24% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 4% |
| 3 Years: | 2% |
| 1 Year: | -18% |
| Return on Equity | |
|---|---|
| 10 Years: | 49% |
| 5 Years: | 61% |
| 3 Years: | 60% |
| Last Year: | 60% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 1,215 | 1,992 | 2,558 | 3,211 | 4,015 | 4,251 | 3,295 | 2,378 | 3,157 | 3,503 | 3,862 | 4,617 |
| 1 | 1 | 1 | 10 | 1 | 1,203 | 1,798 | 2,179 | 2,664 | 2,040 | 1,218 | 1,348 | |
| 1,222 | 1,083 | 1,114 | 1,383 | 1,613 | 1,776 | 2,298 | 2,434 | 2,794 | 2,804 | 2,915 | 2,951 | |
| Total Liabilities | 2,462 | 3,100 | 3,696 | 4,627 | 5,653 | 7,253 | 7,416 | 7,015 | 8,638 | 8,371 | 8,020 | 8,940 |
| 526 | 642 | 839 | 1,031 | 1,328 | 1,461 | 1,404 | 1,377 | 2,293 | 2,421 | 2,563 | 2,476 | |
| CWIP | 48 | 74 | 30 | 200 | 65 | 39 | 112 | 535 | 104 | 187 | 82 | 38 |
| Investments | 661 | 921 | 600 | 1,186 | 1,646 | 3,141 | 2,950 | 2,024 | 3,324 | 2,771 | 2,872 | 3,684 |
| 1,227 | 1,462 | 2,227 | 2,210 | 2,615 | 2,613 | 2,950 | 3,078 | 2,917 | 2,991 | 2,503 | 2,743 | |
| Total Assets | 2,462 | 3,100 | 3,696 | 4,627 | 5,653 | 7,253 | 7,416 | 7,015 | 8,638 | 8,371 | 8,020 | 8,940 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 515 | 878 | 402 | 1,183 | 1,114 | 1,660 | 1,792 | 1,206 | 2,442 | 2,234 | 2,366 | 2,547 | |
| -384 | -659 | -115 | -823 | -831 | -1,568 | 486 | 931 | -1,386 | 508 | 183 | -782 | |
| -168 | -228 | -284 | -304 | -326 | -94 | -2,222 | -2,212 | -1,048 | -2,510 | -2,751 | -1,782 | |
| Net Cash Flow | -37 | -9 | 3 | 56 | -44 | -3 | 56 | -75 | 8 | 232 | -203 | -17 |
| Free Cash Flow | 590 | 658 | 59 | 793 | 801 | 1,435 | 1,563 | 666 | 1,830 | 1,753 | 2,029 | 2,373 |
| CFO/OP | 104% | 113% | 65% | 118% | 102% | 120% | 102% | 85% | 115% | 97% | 100% | 99% |
Ratios
Standalone / View Consolidated
| 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 | 4 | 5 | 5 | 9 | 12 | 8 | 6 | 7 | 7 | 8 | 8 | 8 |
| Inventory Days | 29 | 30 | 42 | 38 | 42 | 35 | 49 | 54 | 41 | 42 | 39 | 40 |
| Days Payable | 52 | 51 | 45 | 55 | 60 | 49 | 59 | 51 | 51 | 59 | 55 | 59 |
| Cash Conversion Cycle | -19 | -15 | 3 | -8 | -6 | -6 | -4 | 9 | -3 | -9 | -8 | -11 |
| Working Capital Days | -18 | -1 | 34 | 22 | 30 | 2 | -21 | -30 | -30 | -30 | -23 | -29 |
| ROCE % | 68% | 71% | 55% | 50% | 47% | 41% | 47% | 47% | 53% | 53% | 57% | 61% |
Insights
In beta| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Direct Reach (No. of Outlets) Lakhs |
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| Biscuit Market Share % |
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| Cost Efficiency Program (Indexed vs 2013-14) x |
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| E-commerce Salience % of domestic sales |
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| Consolidated Volume Growth % YoY |
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| Own Manufacturing Share % of total capacity |
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| Premium Products Salience (Bps increase since FY22) Bps |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
- Newspaper Advertisement confirming the completion of dispatch of the Postal Ballot Notice
- Shareholder Meeting / Postal Ballot-Notice of Postal Ballot
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Announcement under Regulation 30 (LODR)-Change in Management
- Britannia appoints N. Venkataraman Deputy MD and Ramamurthy Jayaraman CFO from 1 Oct 2026.
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Outcome Of The Board Meeting Held On 29 September 2026
- Board approved N. Venkataraman as Deputy Managing Director and Ramamurthy Jayaraman as CFO from 1 October 2026.
- Closure of Trading Window
Annual reports
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Annual Report 2026
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Annual Report 2025
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Annual Report 2024
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Annual Report 2023
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Annual Report 2022
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Annual Report 2021
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Annual Report 2020
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Annual Report 2019
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Annual Report 2018
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Annual Report 2017
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Annual Report 2016
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Annual Report 2015
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Annual Report 2014
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Annual Report 2013
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Annual Report 2012
from bse
Concalls
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Aug 2026Transcript PPT REC
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May 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Nov 2022Transcript PPT
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May 2022Transcript PPT
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Jan 2022PPT
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Nov 2021PPT
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Jul 2021Transcript
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Apr 2021Transcript
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Jan 2021Transcript
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Oct 2020Transcript
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Jul 2020Transcript
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Feb 2020Transcript
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Nov 2019Transcript
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Aug 2019Transcript
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Apr 2019Transcript
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Feb 2019Transcript
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Nov 2018Transcript
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May 2018Transcript PPT
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Feb 2018Transcript PPT
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Nov 2017Transcript PPT
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Aug 2017Transcript PPT
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May 2017Transcript
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Feb 2017Transcript PPT
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Nov 2016Transcript PPT
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Aug 2016Transcript
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May 2016Transcript
Part of Wadia Group:[1]
Britannia Industries belongs to the Wadia
Group, a reputed Indian Business house
who has presence in a 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)