Britannia Industries (BRITANNIA)

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Britannia Industries (BRITANNIA) · mywealthgrid

About

Britannia Industries is the leader in biscuits and bakery within FMCG, with a market cap of ₹1,33,392 Cr, extending into dairy and adjacent snacking categories. The company operates at 18.51% OPM with exceptional capital returns (ROE 53.55%), supported by conservative leverage (D/E 0.27).

Founded: 1892
Face value: ₹1

Market cap

₹1,14,672 Cr

P/E

44.0×

P/B

22.5×

Dividend yield

3.5%

ROE

53.5%

ROCE

63.7%

Debt / equity

0.27

OPM

18.5%

EPS (TTM)

₹108.1

Book value

₹212.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation risk: PE of 51.22 leaves limited downside cushion; 1y return of 1.49% despite strong ROE suggests market pricing in limited growth—verify whether near-term catalysts exist
Margin erosion: OPM declined 291 basis points from 19.72% (Dec 2025) to 16.81% (Jun 2026)—is this input cost inflation, mix shift to lower-margin snacking/dairy, or competitive pressure?
Revenue stagnation: quarterly revenues have remained in ₹4.6k–₹5k Cr range for eight quarters—what is organic growth rate, and are dairy/snacking extensions gaining traction?
EPS decline: down 16% from ₹28.64 (Sep 2025) to ₹23.93 (Jun 2026)—verify if recovery is expected as margins stabilize or if this reflects structural challenges

Generated analysis · source review pending

Growth drivers

ROE of 53.55% indicates capital reinvestment efficiency; verify if current earnings can fund revenue acceleration through organic growth or acquisitions
Dairy and snacking portfolio extension noted in description; verify if these segments are growing faster than core biscuits and what market share Britannia holds
Revenue flat at ₹4.6k–₹5k Cr range for eight quarters; verify if this reflects sector stagnation or lost share, and whether new category extensions can reignite growth
Annual dividend payouts demonstrate cash generation capacity; verify free cash flow trends and whether dividend growth would signal underlying earnings expansion

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹4,778.0-1.2%1Y

Quick read

rule-based

Pros

+Strong return on equity of 54.4% (3-yr avg)
+High return on capital employed of 61.6%
+Comfortable interest coverage of 30.4×
+Dividend yield of 3.5%

Cons

−Modest revenue growth of 7.8% a year over the last 5 years
−Trading at 22.5× book value

Research score

Structured signal from quality, growth, valuation and momentum.

44/100

Business quality: 86
Growth: 33
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY NEXT 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Hindustan UnileverHINDUNILVRHINDUNILVR	₹4,31,460 Cr	₹4,31,460 Cr	₹66,374 Cr	₹15,305 Cr	23.4%	₹14,957 Cr	23.4%	22.7%	30.6%	-79
ITCITCITC	₹3,19,619 Cr	₹3,21,805 Cr	₹96,307 Cr	₹25,682 Cr	30.4%	₹19,839 Cr	23.4%	37.2%	29%	162
Nestlé IndiaNESTLEINDNESTLEIND	₹2,52,164 Cr	₹2,52,188 Cr	₹24,437 Cr	₹5,748 Cr	22.9%	₹3,811 Cr	15.1%	58.3%	76.3%	-9
Britannia IndustriesBRITANNIABRITANNIA	₹1,14,672 Cr	₹1,16,030 Cr	₹19,529 Cr	₹3,627 Cr	18.5%	₹2,604 Cr	13.3%	63.7%	53.5%	-9
MaricoMARICOMARICO	₹1,01,427 Cr	₹1,01,782 Cr	₹14,309 Cr	₹2,492 Cr	17.1%	₹1,888 Cr	13.3%	39.3%	43.1%	34
Dabur IndiaDABURDABUR	₹66,242 Cr	₹67,305 Cr	₹13,552 Cr	₹2,525 Cr	18.6%	₹1,972 Cr	14.2%	21.4%	17.1%	-14

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	8,626	9,324	9,990	11,055	11,600	13,136	14,136	16,301	16,769	17,943	19,152
COGS	5,013	5,589	6,107	6,561	6,927	7,626	8,760	9,591	9,492	10,604	11,133
Gross profit	3,613	3,735	3,883	4,493	4,672	5,510	5,376	6,709	7,277	7,339	8,019
	2,399	2,457	2,382	2,761	2,828	3,001	3,175	3,873	4,111	4,162	4,504
	1,214	1,278	1,501	1,732	1,844	2,509	2,201	2,836	3,167	3,176	3,514
OPM %	14.1%	13.7%	15%	15.7%	15.9%	19.1%	15.6%	17.4%	18.9%	17.7%	18.4%
Depreciation	113	119	142	162	185	198	201	226	300	313	337
Interest	5	5	8	9	77	111	144	169	164	139	113
	124	151	166	206	262	312	222	591	211	202	224
Profit before tax	1,220	1,304	1,518	1,768	1,844	2,514	2,078	3,033	2,913	2,927	3,289
Tax	396	420	514	612	451	663	562	716	779	749	752
Tax %	32.5%	32.2%	33.9%	34.6%	24.4%	26.4%	27.1%	23.6%	26.8%	25.6%	22.9%
	825	885	1,004	1,155	1,394	1,851	1,516	2,316	2,134	2,178	2,537
PAT margin %	9.6%	9.5%	10.1%	10.5%	12%	14.1%	10.7%	14.2%	12.7%	12.1%	13.3%
EPS (₹)	11,99,66,116	11,99,91,020	83.7	48.3	58.4	—	63.3	96.4	88.8	90.5	105.2
EPS adjusted (₹)	34.4	36.9	41.8	48.2	58.3	76.8	63.3	96.4	88.8	90.4	105.2
	0%	0%	29.9%	31.1%	0%	—	187.2%	0%	163.8%	82.9%	86%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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
Reserves	1,465	2,672	3,382	4,229	4,379	3,524	2,534	3,510	3,917	4,332	5,082
Minority interest	2	3	13	33	36	36	28	30	25	26	29
	131	116	178	138	1,514	2,104	2,466	2,981	2,041	1,225	1,358
	1,187	1,294	1,590	1,818	1,890	2,320	2,476	2,808	3,066	3,232	3,238
Total equity & liabilities	2,810	4,109	5,188	6,242	7,842	8,009	7,527	9,353	9,074	8,839	9,732
	844	1,145	1,331	1,674	1,864	1,779	1,739	2,615	2,744	2,875	2,822
CWIP	48	30	203	101	40	117	536	105	188	89	39
Investments	529	487	1,079	1,476	2,893	2,795	1,776	3,365	2,794	2,894	3,638
	1,388	2,447	2,575	2,991	3,046	3,318	3,476	3,268	3,348	2,980	3,233
Total assets	2,810	4,109	5,188	6,242	7,842	8,009	7,527	9,353	9,074	8,839	9,732

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	40.6%	40.3%	41.9%	38%	41.2%	43.4%	40.9%	41.9%
EBITDA margin %	15.7%	15.9%	19.1%	15.6%	17.4%	18.9%	17.8%	18.5%
EBIT margin %	14.2%	14.3%	17.6%	14.2%	16%	17.1%	16%	16.7%
PAT margin %	10.5%	12%	14.1%	10.7%	14.2%	12.7%	12.1%	13.3%
Working capital
Receivable days	13	10	7	9	7	9	9	9
Inventory days	43	39	52	57	45	45	43	44
Payable days	63	55	63	55	55	63	60	62
NWC days	-7	-6	-3	10	-2	-9	-9	-9
Leverage
Current ratio	1.9	1.43	1.22	0.96	1.14	1.19	1.08	1.12
Debt to EBITDA	0.08	0.82	0.84	1.12	1.05	0.64	0.38	0.38
Debt to equity	0.03	0.34	0.59	0.96	0.84	0.52	0.28	0.27
Interest coverage	195.6	25.2	23.7	15.4	16.7	18.8	22.3	30.4
Asset turnover	1.77	1.48	1.64	1.88	1.74	1.85	2.03	1.97
Return ratios
Return on assets %	18.5%	17.8%	23.1%	20.1%	24.8%	23.5%	24.6%	26.1%
Return on capital employed %	44.8%	40.1%	54.3%	57.2%	65.6%	60.4%	60.7%	63.7%
Return on equity %	27.2%	31.7%	52.2%	59.3%	65.5%	54.1%	50%	49.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	50.55%	50.55%	50.55%	50%	50.45%	50.79%	50.48%	50.28%	50.55%	50.55%	50.55%	50.55%
	19.66%	18.99%	18.23%	15.21%	14.73%	15.34%	15.09%	14.81%	15.02%	14.88%	15.63%	13.4%
	13.98%	14.97%	15.77%	14.18%	14.31%	14.66%	15.09%	15.24%	19.38%	19.57%	18.82%	20.88%
	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0.03%	0.05%	0.05%
	15.81%	15.49%	15.45%	20.6%	20.51%	19.21%	19.34%	19.67%	15.04%	14.97%	14.95%	15.12%
No. of shareholders	—	—	—	—	—	—	—	—	2,62,139	2,55,939	2,51,466	2,68,246

Promoter holding up 0 percentage points since Sep 2023.

38 deals · 23 Sept 2021 – 14 Jul 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	32,422	₹5,758.00	₹18.67 Cr
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVERNMENT PENSION INVESTMENT FUND MTBJ400045849	Block	NSE	Buy	32,422	₹5,758.00	₹18.67 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	1,69,925	₹4,098.65	₹69.65 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	1,69,925	₹4,098.65	₹69.65 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	1,69,925	₹3,723.95	₹63.28 Cr
3 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	1,69,925	₹3,723.95	₹63.28 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	91,419	₹3,802.90	₹34.77 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	91,419	₹3,802.90	₹34.77 Cr
17 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	1,43,664	₹3,796.25	₹54.54 Cr
17 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	1,43,664	₹3,796.25	₹54.54 Cr

1–10 of 38

1 / 4

Mr. Nusli Neville WadiaNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Rakshit HargaveExecutive Director-CEO-MD
Mr. Natarajan VenkataramanExecutive Director
Mr. Ness Nusli WadiaNon-Executive - Non Independent Director
Mr. Jehangir Nusli WadiaNon-Executive - Non Independent Director
Mr. Ajay Narottam ShahNon-Executive - Independent Director
Mr. Y S ThoratNon-Executive - Independent Director
Ms. Tanya DubashNon-Executive - Independent Director
Mr. Pradip Manilal KanakiaNon-Executive - Independent Director
Mr. Sunil Siddharth LalbhaiNon-Executive - Independent Director
Mr. Rajesh Kumar BatraNon-Executive - Independent Director

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹4,830.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹4,810.5	-18	-0.4%	₹4,810.5	20,229	+171	3,007	125
23 Nov 2026	₹4,839.0	-14.5	-0.3%	₹4,839.0	257	+20	33	125
29 Dec 2026	₹4,863.0	-44	-0.9%	₹4,863.0	10	+10	11	125

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

173

across 17 fund houses

Held by these funds

6.29%

of the company's equity

All mutual funds

12.25%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

173 schemes · 17 fund houses

		Shares
India Opportunities Fund	ICICI Prudential Mutual Fund	14.91 L	782.58	2.04%	0.621%	+2.23 L
Large Cap Fund	ICICI Prudential Mutual Fund	13.95 L	732.53	0.91%	0.581%	-22,875
Focused FundNEW	ICICI Prudential Mutual Fund	11.64 L	611.25	3.41%	0.485%	—
Large Cap Fund	SBI Mutual Fund	8.69 L	456.29	0.83%	0.362%	-0
ELSS Tax Saver Fund	SBI Mutual Fund	7.39 L	387.75	1.22%	0.308%	-0
Franklin India Flexi Cap Fund ( Formerly known as Franklin India Equity Fund) ^NEW	Franklin Templeton Mutual Fund	5.78 L	303.37	1.57%	0.241%	—
Large Cap Fund	Axis Mutual Fund	5.65 L	296.57	0.95%	0.235%	-0
Nifty Next 50 Index Fund	ICICI Prudential Mutual Fund	4.69 L	246.17	2.43%	0.195%	+7,478

1–8 of 173

1 / 22

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

32 announcementsExport CSV

29 Sept 2026, 6:54 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

29 Sept 2026, 6:46 pmCompany Update

Outcome Of The Board Meeting Held On 29 September 2026

General PDF

28 Sept 2026, 8:22 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

18 Sept 2026, 6:29 pmCompany Update

Disclosure Of Environmental, Social And Governance (''ESG'') Rating Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

18 Sept 2026, 4:45 pmInsider Trading / SAST

Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011 PDF

16 Sept 2026, 7:55 pmCompany Update

Update On Analyst/Institutional Investor Meet (Group Meet) Scheduled To Be Held On Thursday, 17Th September, 2026

General PDF

10 Sept 2026, 7:16 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

31 Aug 2026, 11:00 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

Date	Category	Subject	Filing
29 Sept 2026, 6:54 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
29 Sept 2026, 6:46 pm	Company Update General	Outcome Of The Board Meeting Held On 29 September 2026

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	40.6%	40.3%	41.9%	38%	41.2%	43.4%	40.9%	41.9%
EBITDA margin %	15.7%	15.9%	19.1%	15.6%	17.4%	18.9%	17.8%	18.5%
EBIT margin %	14.2%	14.3%	17.6%	14.2%	16%	17.1%	16%	16.7%
PAT margin %	10.5%	12%	14.1%	10.7%	14.2%	12.7%	12.1%	13.3%
Working capital
Receivable days	13	10	7	9	7	9	9	9
Inventory days	43	39	52	57	45	45	43	44
Payable days	63	55	63	55	55	63	60	62
NWC days	-7	-6	-3	10	-2	-9	-9	-9
Leverage
Current ratio	1.9	1.43	1.22	0.96	1.14	1.19	1.08	1.12
Debt to EBITDA	0.08	0.82	0.84	1.12	1.05	0.64	0.38	0.38
Debt to equity	0.03	0.34	0.59	0.96	0.84	0.52	0.28	0.27
Interest coverage	195.6	25.2	23.7	15.4	16.7	18.8	22.3	30.4
Asset turnover	1.77	1.48	1.64	1.88	1.74	1.85	2.03	1.97
Return ratios
Return on assets %	18.5%	17.8%	23.1%	20.1%	24.8%	23.5%	24.6%	26.1%
Return on capital employed %	44.8%	40.1%	54.3%	57.2%	65.6%	60.4%	60.7%	63.7%
Return on equity %	27.2%	31.7%	52.2%	59.3%	65.5%	54.1%	50%	49.7%

32

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	4,550	₹0.0	0	0	0
0	0	0	₹0.0	4,600	₹52.0	1	+1	1
0	0	0	₹0.0	4,650	₹0.0	0	0	0
0	0	0	₹0.0	4,700	₹0.0	0	0	0
0	0	0	₹0.0	4,750	₹0.0	0	0	0
0	0	0	₹0.0	4,800	₹0.0	0	0	0
0	0	0	₹0.0	4,850	₹0.0	0	0	0
0	0	0	₹0.0	4,900	₹0.0	0	0	0

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	959	441	1,249	1,156	1,485	1,876	1,300	2,526	2,573	2,481	2,612
	-705	-150	-956	-856	-1,532	436	911	-1,517	476	84	-757
	-246	-295	-232	-353	58	-2,243	-2,246	-1,028	-2,830	-2,762	-1,783
Net cash flow	8	-4	61	-52	11	69	-35	-19	218	-197	72
Free cash flow	708	82	826	755	1,240	1,635	749	1,815	2,011	2,106	2,406
CFO / Operating profit %	79%	34.5%	83.2%	66.7%	80.5%	74.7%	59%	89.2%	81.2%	77.8%	73.7%

Britannia Industries

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

Credit ratings

Investor Presentation and earnings call

22

1

2

32

Compounded sales growth

Compounded profit growth

Return on equity

Britannia Industries

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Futures3

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends22

Board meetings1

Stock splits2

Option chain32

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

3

22

1

2

32