Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Aug - Pursuant to Regulation 30 read with Clause 15 of Para A of Part A of Schedule III of the SEBI Listing Regulations, 2015, this is …
Source: Bse
Britannia Industries Limited (BRITANNIA)
Large CapFMCG stocks · Large cap · NSE
Britannia Industries Limited is an Indian consumer goods company primarily engaged in the manufacture and sale of biscuits, bread, cakes, and dairy products. The company's Q4 FY26 and full-year FY26 results highlight its performance, strategic priorities, and financial health.
₹4,683.6
-21.40 · -0.45%
Market cap ₹1,18,252 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result07 Aug, 12:33 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
20Bearishfull bear SMA stack · SMA20 -5.9% / mo · MACD + · near 52W low · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 14
Sector 3M: -11.3% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BRITANNIAD candles · FIT view-18.1%Latest close ₹4683.60 on 2026-10-21
Bar
+0.2%
RSI
36
MACD hist
3.64
52W pos
2%
2026-10-21O ₹4675.00H ₹4730.00L ₹4649.70C ₹4683.60Vol 2.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BRITANNIANifty FMCGNifty 500
- BRITANNIA
- -14.6%
- Nifty 500
- -6.5%
- Nifty FMCG
- -10.7%
- Vs Nifty 500
- -8.1 pp
Chart stats
21 Oct 2026- From 52W high
- -25.3%
- 52W range position
- 2%
- ATR (14)
- 2.1%
- Volume vs 20D
- 1.12x
- Avg traded value
- ₹115 Cr
- 20D price channel
- ₹4,649.7 - ₹5,030
₹6,271
₹4,649.7 - ₹6,271
₹97.4
Latest completed session
20-session average
22.0% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE48
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +8.2% · PAT +14.0% YoY
Technical
Bearish20
Price trend and sector-relative-strength timing.
Valuation
Legacy model-207.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 70/100Rev +8% YoY · PAT +14% YoY · margin expansion · +6% QoQ · operating leverage
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,000 Cr | +8.2% | +6.0% |
| EBITDA | ₹838 Cr | +11.4% | +0.5% |
| Operating margin | 17.0% | +100 bps | -100 bps |
| PAT | ₹593 Cr | +14.0% | -12.8% |
| PAT margin | 11.9% | +61 bps | -255 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 45.40
- P/B
- 23.16
- EV/EBITDA
- 30.41
- Market Cap
- 118252.00Cr
Profitability
- ROE
- 53.50%
- ROCE
- 56.00%
- ROA
- 26.82%
- Dividend Y
- 1.85%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 6.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 0.27
- Interest Coverage
- 33.03×
- Altman Z
- 10.15
- Book Value
- 212.00
Cash Flow
- FCF Yield
- 1.58%
- FCF Positive Y
- 11/5
- OCF
- 2612.00 Cr
- EPS TTM
- 108.11
Shareholding
- Promoter Hold
- 50.55%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 11%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 5,000+6.0% vs prev
Net Profit
₹ CrLatest: 593-12.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~6.2% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
28
RS percentile
Stage 4 Downtrend
1M return
-6.8%
3M return
-14.6%
6M return
-17.4%
1Y return
-20.0%
RS 1D
+2
RS 20D
+8
Sector rank
#13
Industry rank
#18
Stage evidence
- Price is 11.8% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.7%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 82.25+0.46%
RS vs Nifty 50082
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth7/25
Quality20/20
Balance Sheet10/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
48
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
48/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -207.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 7/25; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
45.4
PB
23.2
EV/EBITDA
30.4
ROE
53.5%
ROCE
56.0%
FCF Yield
1.6%
Debt/Equity
0.3
MoS
-207.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
48
Previous: 48
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-207.4%
Previous: -208.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
48
48
48
48
48
48
48
48
48
48
48
48
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹718.11
-552.2% MoS
Growth-justified P/E
14.1
Growth-justified Value
₹1,523.27
-207.4% MoS
PEG
6.68
Comparable companies
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VBL
Large
Varun Beverages Limited
FMCG
match 138
49
42.9
16.2%
+7%
FAIR VALUE
TATACONSUM
Large
TATA CONSUMER PRODUCTS LIMITED
FMCG
match 137
32
58.7
7.3%
-30%
WATCHLIST
BIKAJI
Large
Bikaji Foods International Limited
FMCG
match 131
47
45.5
17.5%
-1%
FAIR VALUE
MARICO
Mid
Marico Limited
FMCG
match 128
50
53.6
42.8%
-122%
FAIR VALUE
HONASA
Large
Honasa Consumer Limited
FMCG
match 127
43
59.0
15.7%
-28%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-11T21:52:51.155Z
Management commentary snapshot
Britannia reports 7.1% YoY revenue growth in Q4 FY26 to Rs 4,686 Crore, with PAT up 21.1% YoY. Full-year FY26 revenue grew 7.5% to Rs 18,858 Crore, and PAT increased 16.3% YoY.
Britannia delivered solid FY26 results with 7.5% revenue growth and 16.3% PAT growth, driven by strategic focus on e-commerce and adjacency businesses. Q4 FY26 saw strong PAT growth of 21.1% YoY. While international business faced headwinds from the West Asia conflict and rising freight costs, management is implementing mitigation strategies including calibrated price increases and sourcing optimization. Input costs show mixed trends, requiring careful monitoring.
Growth engines
E-commerce Channel
Fueling the fastest growing channel through exclusive launches and premium offerings; salience grew from 3% in FY22 to 6% of domestic revenue in FY26.
Adjacency Businesses
Wafers continued healthy double-digit growth. Cake & Rusk e-commerce driving growth at ~1.4x of Biscuits. Dairy business saw double-digit growth, fueled by Ghee.
Innovations
50-50 Cheeze & Caramel Dipped became the 2nd biggest player in the Sandwich Cracker category within 3 months of launch.
Signature Brands
Outpaced growth versus other products by ~3x in FY26.
Tailwinds
Strategic Input Covers
Strategic covers enabled input costs being lower than market prices for certain commodities.
Disciplined Cost Efficiency
Achieved highest cost reduction across verticals in FY26 through packaging re-engineering, logistics optimization, and wastage reduction.
Headwinds
West Asia Conflict Impact
International Business revenues and profitability impacted during Q4 FY26 due to vessel unavailability and slowdown in demand.
Increased Fuel & Freight Costs
Significant increase in fuel costs and ocean freight rates, impacting profitability.
Risk radar
General Economic Conditions
Future results could differ materially due to factors such as general economic conditions.
Commodities and Currency Fluctuations
Future results could differ materially due to factors such as commodities and currency fluctuations.
Competitive Pressures
Future results could differ materially due to factors such as competitive product and pricing pressures.
Regulatory Developments
Future results could differ materially due to factors such as industrial relations and regulatory developments.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The document provides both quarterly (Q4) and annual (FY) results with year-on-year comparisons. Q4 results indicate recent momentum and trends, while full-year results offer a comprehensive view of annual performance. Both are relevant for assessing a consumer business with some seasonality and ongoing strategic shifts.
Sector KPIs management disclosed
Revenue from Operations (Q4 FY26)
Rs 4,686 Crore, +7.1% YoY growth.
Revenue from Operations (FY26)
Rs 18,858 Crore, +7.5% YoY growth.
Profit after Tax (Owner's Share) (Q4 FY26)
+21.1% YoY growth.
Profit after Tax (Owner's Share) (FY26)
+16.3% YoY growth.
Management forward view
Calibrated Price Increases
Initiating calibrated price increases from Q1 FY27 to mitigate cost pressures.
Sourcing Optimization
Optimizing sourcing between India and International manufacturing facilities for key geographies, expected to be fully operational by mid-May.
Accelerated Cost Efficiency
Accelerating cost optimization and efficiency initiatives across the business.
Alternate Energy Sources
Evaluating alternate energy sources as a long-term solution to mitigate fuel supply-led disruptions.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| International Business Performance | Impacted by West Asia conflict, vessel unavailability, and demand slowdown in Q4 FY26. | Recovery in international revenues and profitability, and effectiveness of sourcing optimization efforts. |
| Input Cost Trends | Mixed trends in Q4 FY26; Milk and Refined Palm Oil up QoQ, others down or stable. | Stability or further moderation in key commodity prices, especially milk and refined palm oil, and impact on gross margins. |
| E-commerce Growth & Salience | 6% of domestic revenue in FY26, identified as the fastest growing channel. | Continued exponential growth and increasing contribution to overall revenue. |
| Profitability Margins | Operating Profit % at 16.4% in Q4 FY26 and 17.0% for FY26. | Impact of calibrated price increases and cost efficiencies on sustaining or improving operating and PAT margins. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
margin outlooknot yet verifiable
Margins will be sustained, enabled by cost saving initiatives, provided commodity prices remain stable and rangebound.
Timeframe: MEDIUM TERMDirection: stableConfidence: conditional
"Sustain margins enabled by cost saving initiatives - subject to commodity prices"
margin outlookdelivered
Margins will be sustained, enabled by cost saving initiatives, provided commodity prices remain stable and rangebound.
Timeframe: MEDIUM TERMDirection: stableConfidence: conditional
"Sustain margins enabled by cost saving initiatives - subject to commodity prices"
Outcome check: OPM moved from 20.0% to average 19.0% (-1.0 pp).
market share expansionnot yet verifiable
The company will invest behind key core Brands through Product Restage, Media and Consumer awareness interventions to strengthen its leadership.
Timeframe: MEDIUM TERMDirection: strengthen leadershipConfidence: high
"Invest behind key core Brands through Product Restage, Media and Consumer awareness"
market share expansionnot yet verifiable
The company will invest behind key core Brands through Product Restage, Media and Consumer awareness interventions to strengthen its leadership.
Timeframe: MEDIUM TERMDirection: strengthen leadershipConfidence: high
"Invest behind key core Brands through Product Restage, Media and Consumer awareness"
operational efficiencynot yet verifiable
The transitionary impact from GST rate rationalization is expected to normalize progressively in the ongoing quarter.
Timeframe: ongoing quarterDirection: normalizedConfidence: moderate
"Transitionary impact expected to get normalized progressively in ongoing quarter"
operational efficiencynot yet verifiable
The transitionary impact from GST rate rationalization is expected to normalize progressively in the ongoing quarter.
Timeframe: ongoing quarterDirection: normalizedConfidence: moderate
"Transitionary impact expected to get normalized progressively in ongoing quarter"
revenue outlooknot yet verifiable
The company will drive healthy volume-led growth through region-consumer centric products, distribution, and price competitiveness.
Timeframe: MEDIUM TERMDirection: growthConfidence: high
"Drive healthy volume-led growth through region-consumer centric products, distribution"
revenue outlookpartially delivered
The company will drive healthy volume-led growth through region-consumer centric products, distribution, and price competitiveness.
Timeframe: MEDIUM TERMDirection: growthConfidence: high
"Drive healthy volume-led growth through region-consumer centric products, distribution"
Outcome check: Revenue YoY averaged 7.3% across 2 later quarter(s).
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 98th percentile of the scored universe and 91st percentile within FMCG. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
94 docs text-extracted · 34 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · FMCG: 91st pctile, median 79 · Large: 94th pctile, median 73
Evidence depth
Financial-only
94 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
2/4 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.6%.
- ▸11 years of positive FCF.
- ▸ROCE is 56%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Britannia Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Reg. 34 (1) Annual Report. 16 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Jul - Newspaper Advertisement regarding the 107th Annual General Meeting of Britannia Industries Limited.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Jul - Newspaper Advertisement confirming the completion of dispatch of Postal Ballot Notice.
Source: Bse
Announcement
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.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.