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 ₹ 1,29,443 Cr.
- Current Price ₹ 5,374
- High / Low ₹ 6,337 / 5,035
- Stock P/E 51.1
- Book Value ₹ 212
- Dividend Yield 1.68 %
- ROCE 56.0 %
- ROE 53.6 %
- Face Value ₹ 1.00
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 54.5%
- Company has been maintaining a healthy dividend payout of 83.9%
Cons
- Stock is trading at 25.4 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 7,858 | 8,397 | 9,054 | 9,914 | 11,055 | 11,600 | 13,136 | 14,136 | 16,301 | 16,769 | 17,943 | 19,152 | |
| 6,988 | 7,174 | 7,776 | 8,413 | 9,322 | 9,756 | 10,627 | 11,935 | 13,470 | 13,603 | 14,766 | 15,637 | |
| 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 |
| OPM % | 11% | 15% | 14% | 15% | 16% | 16% | 19% | 16% | 17% | 19% | 18% | 18% |
| 228 | 115 | 151 | 166 | 206 | 263 | 313 | 222 | 597 | 211 | 202 | 224 | |
| Interest | 4 | 5 | 5 | 8 | 9 | 77 | 111 | 144 | 169 | 164 | 139 | 113 |
| Depreciation | 144 | 113 | 119 | 142 | 162 | 185 | 198 | 201 | 226 | 300 | 313 | 337 |
| 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 |
| 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 | |
| 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 |
| 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: | 15% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 9% |
| 3 Years: | 2% |
| 1 Year: | -7% |
| 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 | 3,245 | |
| Total Liabilities | 2,793 | 3,494 | 4,109 | 5,188 | 6,238 | 7,830 | 8,000 | 7,527 | 9,351 | 9,072 | 8,837 | 9,732 |
| 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 | 3,233 | |
| Total Assets | 2,793 | 3,494 | 4,109 | 5,188 | 6,238 | 7,830 | 8,000 | 7,527 | 9,351 | 9,072 | 8,837 | 9,732 |
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 | 2,481 | 2,612 | |
| -450 | -705 | -150 | -957 | -852 | -1,526 | 459 | 914 | -1,507 | 485 | 87 | -757 | |
| -181 | -246 | -295 | -232 | -353 | 58 | -2,244 | -2,246 | -1,028 | -2,839 | -2,762 | -1,783 | |
| Net Cash Flow | -47 | 8 | -4 | 60 | -49 | 17 | 66 | -32 | -9 | 219 | -194 | 72 |
| Free Cash Flow | 631 | 710 | 89 | 828 | 756 | 1,241 | 1,611 | 752 | 1,893 | 2,085 | 2,110 | 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 | 3 |
| 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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| 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
1d - Newspaper Advertisement confirming the completion of dispatch of Postal Ballot Notice.
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Shareholder Meeting / Postal Ballot-Notice of Postal Ballot
2d - Postal ballot seeks reappointment of N. Venkataraman as Executive Director/CFO for four years from 30 July 2026.
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Announcement under Regulation 30 (LODR)-Change in Management
2d - Britannia elevates Shailesh Kumar to Vice President-Procurement effective 1 April 2026.
- Closure of Trading Window 26 Jun
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Announcement under Regulation 30 (LODR)-Newspaper Publication
14 Jun - Newspaper Advertisement regarding the transfer of Equity Shares of the Company to the demat account of IEPF Authority.
Annual reports
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Financial Year 2025
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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
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Concalls
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May 2026Transcript PPT REC
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Jan 2022TranscriptAI SummaryPPT
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Nov 2021TranscriptAI SummaryPPT
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Jul 2021TranscriptPPT
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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)