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 ₹ 1,48,315 Cr.
- Current Price ₹ 6,158
- High / Low ₹ 6,337 / 4,506
- Stock P/E 64.0
- Book Value ₹ 155
- Dividend Yield 1.22 %
- ROCE 53.0 %
- ROE 52.9 %
- Face Value ₹ 1.00
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 58.3%
- Company has been maintaining a healthy dividend payout of 80.1%
Cons
- Stock is trading at 39.7 times its book value
- The company has delivered a poor sales growth of 9.12% 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 6,913 | 7,858 | 8,397 | 9,054 | 9,914 | 11,055 | 11,600 | 13,136 | 14,136 | 16,301 | 16,769 | 17,943 | 18,488 | |
| 6,286 | 6,988 | 7,174 | 7,776 | 8,413 | 9,322 | 9,756 | 10,627 | 11,935 | 13,470 | 13,603 | 14,766 | 15,141 | |
| Operating Profit | 627 | 870 | 1,224 | 1,278 | 1,501 | 1,732 | 1,843 | 2,509 | 2,201 | 2,831 | 3,167 | 3,176 | 3,347 |
| OPM % | 9% | 11% | 15% | 14% | 15% | 16% | 16% | 19% | 16% | 17% | 19% | 18% | 18% |
| 34 | 228 | 115 | 151 | 166 | 206 | 263 | 313 | 222 | 597 | 211 | 202 | 235 | |
| Interest | 8 | 4 | 5 | 5 | 8 | 9 | 77 | 111 | 144 | 169 | 164 | 139 | 136 |
| Depreciation | 83 | 144 | 113 | 119 | 142 | 162 | 185 | 198 | 201 | 226 | 300 | 313 | 330 |
| Profit before tax | 569 | 950 | 1,220 | 1,304 | 1,518 | 1,768 | 1,844 | 2,514 | 2,078 | 3,033 | 2,913 | 2,927 | 3,115 |
| Tax % | 30% | 28% | 32% | 32% | 34% | 35% | 24% | 26% | 27% | 24% | 27% | 26% | |
| 395 | 689 | 825 | 885 | 1,004 | 1,155 | 1,394 | 1,851 | 1,516 | 2,316 | 2,134 | 2,178 | 2,317 | |
| EPS in Rs | 16.48 | 28.71 | 34.36 | 36.85 | 41.83 | 48.23 | 58.33 | 77.38 | 63.31 | 96.39 | 88.84 | 90.45 | 96.19 |
| Dividend Payout % | 36% | 28% | 29% | 30% | 30% | 31% | 60% | 204% | 89% | 75% | 83% | 83% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | 9% |
| 3 Years: | 8% |
| TTM: | 7% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 9% |
| 3 Years: | 13% |
| TTM: | 8% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 16% |
| 5 Years: | 12% |
| 3 Years: | 15% |
| 1 Year: | 7% |
| Return on Equity | |
|---|---|
| 10 Years: | 45% |
| 5 Years: | 54% |
| 3 Years: | 58% |
| Last Year: | 53% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 774 | 1,221 | 2,068 | 2,672 | 3,382 | 4,229 | 4,379 | 3,524 | 2,534 | 3,510 | 3,917 | 4,332 | 3,709 |
| 150 | 145 | 131 | 125 | 201 | 156 | 1,538 | 2,122 | 2,481 | 2,997 | 2,065 | 1,247 | 2,196 | |
| 1,159 | 1,403 | 1,271 | 1,288 | 1,581 | 1,829 | 1,889 | 2,331 | 2,487 | 2,819 | 3,065 | 3,235 | 3,520 | |
| Total Liabilities | 2,107 | 2,793 | 3,494 | 4,109 | 5,188 | 6,238 | 7,830 | 8,000 | 7,527 | 9,351 | 9,072 | 8,837 | 9,450 |
| 848 | 844 | 950 | 1,160 | 1,346 | 1,688 | 1,878 | 1,793 | 1,753 | 2,655 | 2,771 | 2,904 | 2,922 | |
| CWIP | 107 | 48 | 90 | 30 | 203 | 101 | 40 | 117 | 536 | 105 | 188 | 89 | 73 |
| Investments | 198 | 518 | 788 | 487 | 1,079 | 1,476 | 2,893 | 2,781 | 1,762 | 3,324 | 2,767 | 2,865 | 2,293 |
| 954 | 1,383 | 1,665 | 2,432 | 2,560 | 2,972 | 3,019 | 3,310 | 3,475 | 3,266 | 3,346 | 2,978 | 4,162 | |
| Total Assets | 2,107 | 2,793 | 3,494 | 4,109 | 5,188 | 6,238 | 7,830 | 8,000 | 7,527 | 9,351 | 9,072 | 8,837 | 9,450 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 671 | 584 | 959 | 441 | 1,249 | 1,156 | 1,485 | 1,876 | 1,300 | 2,526 | 2,573 | 2,481 | |
| -246 | -450 | -705 | -150 | -957 | -852 | -1,526 | 433 | 914 | -1,507 | 485 | 87 | |
| -357 | -181 | -246 | -295 | -232 | -353 | 58 | -2,242 | -2,246 | -1,028 | -2,839 | -2,762 | |
| Net Cash Flow | 68 | -47 | 8 | -4 | 60 | -49 | 17 | 66 | -32 | -9 | 219 | -194 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 6 | 6 | 7 | 7 | 11 | 13 | 10 | 7 | 9 | 7 | 9 | 9 |
| Inventory Days | 37 | 31 | 32 | 43 | 39 | 43 | 39 | 52 | 57 | 45 | 45 | 43 |
| Days Payable | 49 | 55 | 56 | 49 | 59 | 63 | 55 | 63 | 55 | 55 | 63 | 60 |
| Cash Conversion Cycle | -6 | -17 | -16 | 1 | -9 | -7 | -6 | -3 | 10 | -2 | -9 | -9 |
| Working Capital Days | -25 | -22 | -5 | 28 | 17 | 27 | -1 | -22 | -31 | -31 | -30 | -23 |
| ROCE % | 59% | 66% | 68% | 52% | 47% | 44% | 37% | 45% | 41% | 49% | 49% | 53% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
2d - Audio recording link of Britannia's investors/analysts conference call on 7 Nov 2025 for Q2/H1 FY25-26 results.
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Announcement under Regulation 30 (LODR)-Investor Presentation
2d - Read with Clause 15 of Para A or Part A of Schedule III of the SEBI Listing Regulations, 2015, please find enclosed the copy of …
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Disclosure Of Environmental, Social And Governance ('ESG') Rating Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
6 Nov - CFC Finlease assigned Britannia an ESG rating of 77; received November 5, 2025.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
6 Nov - Newspaper Advertisement for the Unaudited Consolidated and Standalone Financial Results for the quarter and half year ended 30th September, 2025
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
5 Nov - Q2 sales Rs4,752cr (+4.1%), net profit Rs655cr (+23%); Rakshit Hargave named CEO effective 15 Dec 2025.
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
from nse
Concalls
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Nov 2025TranscriptNotesPPT REC
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Nov 2023Transcript PPT
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Nov 2022Transcript PPT
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May 2022Transcript PPT
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Jan 2022TranscriptNotesPPT
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Nov 2021TranscriptNotesPPT
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Jul 2021TranscriptPPT
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Apr 2021TranscriptPPT
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Jan 2021TranscriptPPT
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Oct 2020TranscriptPPT
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Jul 2020TranscriptPPT
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Feb 2020TranscriptPPT
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Nov 2019TranscriptPPT
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Aug 2019TranscriptPPT
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Apr 2019TranscriptPPT
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Feb 2019TranscriptPPT
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Nov 2018TranscriptPPT
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May 2018Transcript PPT
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Nov 2017Transcript PPT
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Aug 2017Transcript PPT
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May 2017TranscriptPPT
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Feb 2017Transcript PPT
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Nov 2016Transcript PPT
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Aug 2016TranscriptPPT
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May 2016TranscriptPPT
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)