Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,856.70 last close on 9 Oct 2026 +0.66%
Research updated
Bombay Burmah Trading Corporation Limited
NSE: BBTCConsumer DefensivePackaged Foods
- Last close
- ₹1,222.10
- Day change
- −₹2.50 (−0.20%)vs
- Market cap
- ₹8,689 crIndian rupees
- Research updated
- 1 report
About Bombay Burmah Trading Corporation
Bombay Burmah Trading Corporation Limited is a multifaceted conglomerate with interests in a diverse range of industries. Initially established in the 19th century, the company's primary focus was on farming and trading items like tea, coffee, and timber. Over the years, it has evolved, expanding its operations into multiple sectors, including healthcare, horticulture, and dental products, as well as auto electric components. Bombay Burmah’s diversification is reflected in its influence across various significant economic sectors, impacting both domestic and global markets. The healthcare division, for instance, plays a vital role in the group's portfolio, catering to a broad spectrum of needs. Moreover, its position in the plantation industry remains substantial, signifying its longstanding legacy. The company operates under the larger Wadia Group, a prominent Indian conglomerate, underscoring its strategic importance in the broader industrial landscape. As a publicly traded entity, Bombay Burmah serves as an essential link between traditional trade and modern industrial interests, maintaining its historical roots while steering forward with innovation and expansion into new markets.
- Sector
- Consumer Defensive
- Industry
- Packaged Foods
- Listing
- NSE: BBTC
- Employees
- 1,794
- Headquarters
- Mumbai, India
- ISIN
- INE050A01025
- Website
- bbtcl.com
Public research · Report of
Business model & financial foundation
Bombay Burmah (BBTC) (NSE: BBTC), Holding company: packaged foods (Britannia) plus plantations, auto electricals, dental, horticulture: revenue of ₹19,539 crore in FY26 (+6.8% on FY25), an EBITDA margin of 17.6% and net profit of ₹1,243 crore.
- Revenue, FY26 (₹ crore)
- 19,539
- consolidated
- Revenue growth, FY26
- +6.8%
- on FY25
- EBITDA margin, FY26
- 17.6%
- EBITDA (revenue less operating costs) / revenue
- Net profit, FY26 (₹ crore)
- 1,243
- to owners
- Return on equity, FY26
- 14.3%
- on average equity
- Market capitalisation (₹ crore)
- 9,885
- at the close of 12 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | The Bombay Burmah Trading Corporation, Limited |
| Exchange and ticker | NSE: BBTC; BSE: 501425 |
| ISIN | INE050A01025 |
| CIN | L99999MH1863PLC000002 |
| Sector | Consumer Staples / Diversified holding |
| Industry | Holding company: packaged foods (Britannia) plus plantations, auto electricals, dental, horticulture |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹9,885 crore (12 Oct 2026) |
| Shares outstanding | 6.98 crore shares (FY26) |
| Price | ₹1,222 (close, 12 Oct 2026) |
| 52-week range | ₹1,206 - ₹2,135 (to 12 Oct 2026) |
| Website | https://bbtcl.com |
Corporate structure and shareholding
Parent: Nowrosjee Wadia & Sons Ltd (Wadia group; promoter group 74.05%).
| Entity | Holding | Business |
|---|---|---|
| Britannia Industries Ltd (listed) | 50.54% | Biscuits, bakery, dairy; held via Associated Biscuits International (44.76%) and five Singapore SPVs (1.16% each) |
| Leila Lands Ltd / Leila Lands Sdn Bhd | 100% | Overseas investment holding; carries liquid investments |
| Associated Biscuits International Ltd (UK) | 100% | Holds 44.76% of Britannia |
| Bombay Dyeing & Mfg Co (associate) | 44.6% | Textiles/real estate (polyester, Bombay Realty); equity accounted |
| Naperol Investments / National Peroxide (associates) | 24.28% | Investment company / hydrogen peroxide |
| Britannia Bel Foods Pvt Ltd (JV) | 51% | Cheese JV with Bel SA |
48 subsidiaries, 17 associates and one JV (FY26 AR). Standalone businesses: Electromags auto electrical components (FY26 turnover 191.77 cr), tea plantations (64.55 cr, being exited), dental products (37.71 cr), horticulture/nursery.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 74.05% | 74.05% | 74.05% | 74.05% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 9.30% | 9.42% | 9.49% | 9.46% |
| Domestic institutions | 1.43% | 1.42% | 1.46% | 1.03% |
| of which mutual funds | 0.40% | 0.40% | 0.43% | 0.50% |
| Retail | 15.23% | 15.11% | 15.01% | 15.46% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Food - bakery and dairy products (Britannia) | 19,163 | 91.8% | 3,219 | 93.7% |
| Investments | 1,320 | 6.3% | 210.1 | 6.1% |
| Auto electrical components (Electromags) | 192.1 | 0.9% | 7.48 | 0.2% |
| Plantations (Tea) | 69.2 | 0.3% | -14.3 | -0.4% |
| Healthcare (dental) | 37.7 | 0.2% | 6.10 | 0.2% |
| Horticulture | 94.9 | 0.5% | 5.87 | 0.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Britannia Industries (BRITANNIA) | The underlying asset; ~98% of consolidated revenue |
| Bajaj Holdings & Investment (BAJAJHLDNG) | |
| Nestle India (NESTLEIND) | |
| Bombay Dyeing (BOMDYEING) | Wadia group associate held at 44.6% |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cost of revenue (vendor classification) * | 8,966 | 10,580 | 10,475 | 11,646 | 12,159 |
| Other operating costs (vendor classification) * | 2,625 | 2,392 | 2,590 | 2,592 | 2,866 |
| EBITDA (vendor classification) * | 1,935 | 2,148 | 3,302 | 3,468 | 3,700 |
| EBIT * | 1,758 | 467.2 | 2,893 | 3,215 | 3,489 |
| Revenue from operations | 16,623 | 17,109 | 18,298 | 19,539 | |
| Other income | 470.7 | 397.8 | 269.1 | 314.8 | |
| Materials incl. traded goods and inventory change | 9,752 | 9,635 | 10,760 | 11,312 | |
| Employee benefits expense | 770.9 | 832.8 | 816.2 | 932.1 | |
| Other expenses | 3,316 | 3,541 | 3,586 | 3,849 | |
| EBITDA (revenue less operating costs) | 2,784 | 3,100 | 3,136 | 3,445 | |
| Depreciation and amortisation | 239.3 | 313.4 | 326.5 | 351.9 | |
| Finance costs | 424.7 | 363.8 | 158.4 | 137.7 | |
| Share of associates and JV | -1,058 | -233.7 | 148.8 | -13.8 | |
| Exceptional items gain/(loss) | -1,490 | -105.5 | -11.9 | 94.1 | |
| Profit before tax | 42.5 | 2,481 | 3,057 | 3,351 | |
| Tax expense | 814.2 | 789.7 | 857.4 | 851.7 | |
| Profit after tax | -533.7 | 1,689 | 2,199 | 2,499 | |
| Profit attributable to non-controlling interests | 1,142 | 1,053 | 1,077 | 1,257 | |
| Profit attributable to owners | -1,676 | 636.6 | 1,123 | 1,243 | |
| Diluted EPS (₹) | -240.2 | 91.19 | 160.9 | 178.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 6,793 | 5,813 | 6,651 | 7,813 | 9,598 |
| Borrowings * | 5,880 | 6,542 | 2,161 | 1,574 | 1,590 |
| Cash and cash equivalents * | 598.5 | 542.0 | 747.3 | 341.2 | 704.1 |
| Trade receivables * | 392.2 | 390.5 | 462.5 | 515.3 | 538.4 |
| Inventories * | 1,436 | 1,268 | 1,244 | 1,306 | 1,409 |
| Trade payables * | 1,322 | 1,474 | 1,657 | 1,789 | 1,958 |
| Net property, plant and equipment * | 55.3 | 50.1 | 47.3 | 38.6 | 37.1 |
| Capital work in progress * | 641.2 | 136.9 | 230.2 | 118.3 | 51.6 |
| Total assets * | 15,305 | 15,736 | 11,962 | 12,723 | 14,539 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 1,712 | 2,745 | 1,935 | 2,239 | 2,419 |
| Free cash flow (vendor definition) * | 872.2 | 1,751 | 1,462 | 1,946 | 2,186 |
| Dividends paid incl. to NCI | -1,284 | -680.6 | -861.6 | -996.7 | -1,011 |
| Purchase of PPE and intangibles | -561.1 | -590.4 | -576.1 | -332.0 | -232.8 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 6.98 | 6.98 | 6.98 | 6.98 | 6.98 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Cost of revenue (vendor classification) * | 2,772 | 2,856 | 3,579 | 2,796 | 2,874 | 2,865 | 2,777 | 2,959 |
| Other operating costs (vendor classification) * | 1,002 | 820.2 | -774.2 | 922.0 | 921.6 | 1,008 | 997.6 | 1,072 |
| EBITDA (vendor classification) * | 912.5 | 976.8 | 767.7 | 797.7 | 1,018 | 1,018 | 913.5 | 881.9 |
| EBIT * | 831.7 | 868.7 | 827.1 | 711.9 | 932.1 | 932.5 | 912.1 | 813.5 |
| Revenue from operations | 4,760 | 4,685 | 4,519 | 4,712 | 4,943 | 5,066 | 4,818 | 5,089 |
| Materials incl. traded goods and inventory change | 2,771 | 2,856 | 2,692 | 2,796 | 2,874 | 2,865 | 2,777 | 2,959 |
| Employee benefits expense | 263.0 | 134.0 | 190.0 | 269.1 | 208.7 | 242.3 | 211.0 | 238.0 |
| Other expenses | 1,001 | 820.0 | 833.0 | 923.1 | 921.6 | 1,008 | 997.6 | 1,072 |
| EBITDA (revenue less operating costs) | 725.0 | 874.9 | 803.8 | 724.2 | 938.7 | 950.0 | 832.6 | 819.2 |
| Other income | 76.0 | 73.0 | 51.0 | 72.3 | 81.4 | 74.8 | 86.3 | 67.9 |
| Depreciation and amortisation | 79.0 | 85.0 | 84.0 | 85.8 | 88.7 | 88.3 | 89.1 | 83.3 |
| Finance costs | 37.0 | 50.0 | 39.0 | 33.8 | 41.0 | 39.3 | 23.6 | 26.8 |
| Share of associates and JV | 112.0 | 28.0 | 1.00 | 1.21 | -2.39 | -7.11 | -5.48 | -5.10 |
| Exceptional items gain/(loss) | -1.00 | -22.0 | 56.0 | 0.00 | 3.13 | 3.25 | 87.7 | 14.9 |
| Profit before tax | 796.0 | 817.9 | 788.8 | 678.1 | 891.1 | 893.2 | 888.5 | 786.7 |
| Tax expense | 278.0 | 190.0 | 203.0 | 180.4 | 325.1 | 238.4 | 107.7 | 204.0 |
| Profit after tax | 518.0 | 627.3 | 584.8 | 497.7 | 566.0 | 654.8 | 780.8 | 582.7 |
| Profit attributable to non-controlling interests | 266.0 | 288.0 | 276.0 | 257.0 | 324.3 | 338.5 | 336.8 | 294.5 |
| Profit attributable to owners | 252.0 | 338.0 | 308.0 | 240.7 | 241.7 | 316.3 | 444.0 | 288.2 |
| Diluted EPS (₹) | 36.22 | 48.58 | 44.24 | 34.50 | 34.64 | 45.34 | 63.63 | 41.31 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 2.9% | 6.9% | 6.8% | ||
| EBITDA margin | 16.7% | 18.1% | 17.1% | 17.6% | |
| Net margin | -10.1% | 3.7% | 6.1% | 6.4% | |
| Return on equity | -26.6% | 10.2% | 15.5% | 14.3% | |
| Return on capital employed | 15.5% | 3.7% | 27.3% | 35.3% | 33.9% |
| Return on assets | -10.8% | 4.6% | 9.1% | 9.1% | |
| Borrowings less cash (₹ crore) | 5,282 | 6,000 | 1,414 | 1,233 | 886.4 |
| Borrowings less cash / EBITDA | 2.16x | 0.46x | 0.39x | 0.26x | |
| Interest cover | 1.10x | 7.95x | 20.3x | 25.3x | |
| Asset turnover | 1.07x | 1.24x | 1.48x | 1.43x | |
| Receivable days | 9 | 10 | 10 | 10 | |
| Inventory days (on revenue) | 28 | 27 | 26 | 26 | |
| Payable days (on revenue) | 32 | 35 | 36 | 37 | |
| Cash conversion | -1.64x | 3.04x | 1.99x | 1.95x | |
| Capex intensity | 3.6% | 3.4% | 1.8% | 1.2% | |
| Free cash flow (₹ crore) | 1,151 | 2,155 | 1,359 | 1,907 | 2,186 |
| Dividend payout | -40.6% | 135.3% | 88.8% | 81.4% | |
| EPS, diluted (₹) | -240.2 | 91.19 | 160.9 | 178.1 | |
| Book value per share (₹) | 973.6 | 833.1 | 953.3 | 1,120 | 1,376 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating costs) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (revenue less operating costs).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Bombay Burmah Trading Corporation
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Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
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