Britannia Industries Ltd

Britannia Industries Ltd

₹ 5,360 -1.01%
20 May 9:16 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 1,29,105 Cr.
  • Current Price 5,360
  • High / Low 6,337 / 5,280
  • Stock P/E 51.0
  • Book Value 212
  • Dividend Yield 1.69 %
  • 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 25.6 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
4,023 4,011 4,433 4,256 4,069 4,250 4,668 4,593 4,432 4,622 4,841 4,970 4,719
3,222 3,322 3,562 3,437 3,286 3,497 3,888 3,750 3,632 3,870 3,889 3,992 3,885
Operating Profit 801 689 871 820 784 753 780 843 801 752 951 977 834
OPM % 20% 17% 20% 19% 19% 18% 17% 18% 18% 16% 20% 20% 18%
60 57 52 48 57 31 46 62 63 57 52 59 55
Interest 35 53 53 31 26 29 35 45 31 26 35 33 19
Depreciation 65 71 72 78 80 74 76 82 81 82 85 85 85
Profit before tax 761 622 799 758 735 681 715 778 752 701 884 919 785
Tax % 27% 27% 27% 27% 27% 26% 26% 25% 26% 26% 26% 26% 13%
558 455 586 556 537 505 532 582 559 520 655 682 680
EPS in Rs 23.19 19.00 24.39 23.10 22.35 20.99 22.06 24.15 23.25 21.62 27.17 28.23 28.16
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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: 10%
3 Years: 6%
1 Year: 0%
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 2014 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2025
Direct Reach (Number of Outlets)
Lakh Outlets

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Britannia Nutrition Foundation Beneficiaries
Number
Renewable Electricity Share
%
Biscuit Market Share (Value terms)
%
Plastic Waste Processed
Metric Tonnes
Women Factory Workforce
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55% 50.55%
21.29% 19.66% 18.99% 18.23% 17.41% 17.91% 16.46% 15.72% 15.58% 15.02% 14.88% 15.63%
12.46% 13.84% 14.84% 15.63% 16.69% 16.37% 17.58% 18.26% 18.65% 19.39% 19.55% 18.82%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01% 0.03% 0.05%
15.69% 15.94% 15.62% 15.57% 15.36% 15.18% 15.41% 15.48% 15.20% 15.03% 14.97% 14.94%
No. of Shareholders 2,59,9492,84,8922,60,4442,63,6232,54,8152,51,8512,90,3062,92,5042,72,9142,62,1392,55,9392,51,466

* 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.

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