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 ₹ 1,24,938 Cr.
- Current Price ₹ 5,187
- High / Low ₹ 6,337 / 5,035
- Stock P/E 48.0
- Book Value ₹ 212
- Dividend Yield 1.74 %
- ROCE 56.0 %
- ROE 53.5 %
- Face Value ₹ 1.00
Pros
- 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%
Cons
- Stock is trading at 24.5 times its book value
- The company has delivered a poor sales growth of 7.83% 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 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 7,858 | 8,397 | 9,054 | 9,914 | 11,055 | 11,600 | 13,136 | 14,136 | 16,301 | 16,769 | 17,943 | 19,152 | 19,529 | |
| 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% |
| 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 |
| Profit before tax | 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% | |
| 689 | 825 | 885 | 1,004 | 1,155 | 1,394 | 1,851 | 1,516 | 2,316 | 2,134 | 2,178 | 2,537 | 2,610 | |
| EPS in Rs | 28.71 | 34.36 | 36.85 | 41.83 | 48.23 | 58.33 | 77.38 | 63.31 | 96.39 | 88.84 | 90.45 | 105.18 | 108.11 |
| Dividend Payout % | 28% | 29% | 30% | 30% | 31% | 60% | 204% | 89% | 75% | 83% | 83% | 86% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | 8% |
| 3 Years: | 6% |
| TTM: | 7% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 6% |
| 3 Years: | 8% |
| TTM: | 19% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 5% |
| 3 Years: | 5% |
| 1 Year: | -11% |
| Return on Equity | |
|---|---|
| 10 Years: | 46% |
| 5 Years: | 56% |
| 3 Years: | 54% |
| Last Year: | 54% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 1,221 | 2,068 | 2,672 | 3,382 | 4,229 | 4,379 | 3,524 | 2,534 | 3,510 | 3,917 | 4,332 | 5,082 |
| 145 | 131 | 125 | 201 | 156 | 1,538 | 2,107 | 2,481 | 2,997 | 2,065 | 1,247 | 1,380 | |
| 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 |
| 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 |
| 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 Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 584 | 959 | 441 | 1,249 | 1,156 | 1,485 | 1,851 | 1,300 | 2,526 | 2,573 | 2,491 | 2,612 | |
| -450 | -705 | -150 | -957 | -852 | -1,526 | 459 | 914 | -1,507 | 485 | 69 | -741 | |
| -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/OP | 102% | 111% | 66% | 116% | 101% | 108% | 99% | 86% | 115% | 105% | 100% | 98% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 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
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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| Rural Preferred Dealers (RPDs) Thousands |
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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)-Change in Management
- CIO Susheel Navanale retires 30 Sept 2026; Rejin Surendran becomes Chief Digital and Information Officer from 1 Oct 2026.
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Disclosure Of Environmental, Social And Governance (''ESG'') Rating Under Regulation 30 Of The SEBI (LODR) Regulations, 2015.
- Crisil assigned Britannia ESG rating 66 (Strong) and core ESG rating 64 for FY2025-26.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- With reference to the subject cited above and our letter dated 11th August, 2026 regarding the Schedule of Analysts/ Institutional Investors Meets, this is to …
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- With reference to the subject cited above and our letter dated 11th August, 2026 regarding the Schedule of Analysts/ Institutional Investors Meets, this is to …
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript
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
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Concalls
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Aug 2026Transcript PPT REC
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May 2026Transcript PPT REC
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT 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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Aug 2024Transcript PPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT
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Feb 2023Transcript PPT
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Nov 2022Transcript PPT
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Aug 2022Transcript PPT
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May 2022Transcript PPT
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Jan 2022TranscriptAI SummaryPPT
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Nov 2021TranscriptAI SummaryPPT
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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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Feb 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 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)