Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,856.70 last close on 9 Oct 2026 +0.66%
Research updated
Britannia Industries Ltd.
NSE: BRITANNIAConsumer DefensivePackaged Foods
- Last close
- ₹4,825.00
- Day change
- +₹79.40 (+1.67%)vs
- Market cap
- ₹1.15 lakh crIndian rupees
- Research updated
- 1 report
About Britannia Industries
Britannia Industries Ltd. is an Indian multinational fast-moving consumer goods company focused on packaged food products. The company primarily manufactures and sells a broad range of bakery items, including biscuits, breads, cakes, and rusk, complemented by a growing portfolio of dairy offerings such as cheese, milk, yoghurt and beverages. Its biscuit division is a core business, featuring widely recognized household brands across India’s urban and rural markets, and remains a major contributor to overall sales. Beyond biscuits, Britannia Industries Ltd. operates in adjacent snacking categories, positioning itself as a significant player in India’s food processing and packaged foods sector. The company distributes its products through an extensive retail network and also serves international markets, with operations spanning more than 80 countries. Headquartered in Bengaluru with registered office in Kolkata, Britannia Industries Ltd. plays a central role in the everyday consumption basket, supplying affordable, branded bakery and dairy products to millions of consumers.
- Sector
- Consumer Defensive
- Industry
- Packaged Foods
- Listing
- NSE: BRITANNIA
- Chief executive
- Mr. Rakshit Hargave
- Employees
- 5,682
- Headquarters
- Bengaluru, India
- ISIN
- INE216A01030
- Website
- britannia.co.in
Public research · Report of
Business model & financial foundation
Britannia (NSE: BRITANNIA), Packaged foods - biscuits, bakery and dairy: revenue of ₹19,152 crore in FY26 (+6.7% on FY25), an EBITDA margin of 18.5%, net profit of ₹2,533 crore and net cash of ₹2,151 crore.
- Revenue, FY26 (₹ crore)
- 19,152
- consolidated
- Revenue growth, FY26
- +6.7%
- on FY25
- EBITDA margin, FY26
- 18.5%
- EBITDA (revenue less cogs, employee, other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 2,533
- to owners
- Return on equity, FY26
- 53.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,151
- Net debt (negative = net cash)
- Market capitalisation (₹ crore)
- 1,20,988
- at the close of 12 Oct 2026
Company profile
Britannia is India's largest biscuit maker (Good Day, Marie Gold, NutriChoice, Tiger, 50-50, Bourbon) with an estimated ~38% share of the biscuits market, plus cakes, rusk, bread, croissants, wafers and dairy (cheese via the Bel JV). About 60% of sales come in Rs 5/10 price-point packs sold through general trade, with a growing quick-commerce channel. Wheat flour, palm oil, sugar, milk, cocoa and laminates are the main inputs, so gross margin moves with the commodity cycle. Promoted by the Wadia group.
| Item | Value |
|---|---|
| Legal name | Britannia Industries Limited |
| Exchange and ticker | NSE: BRITANNIA; BSE: 500825 |
| ISIN | INE216A01030 |
| Sector | Consumer Staples |
| Industry | Packaged foods - biscuits, bakery and dairy |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since FY21) |
| Market capitalisation | ₹1,20,988 crore (12 Oct 2026) |
| Shares outstanding | 24.09 crore shares (FY26) |
| Price | ₹4,825 (close, 12 Oct 2026) |
| 52-week range | ₹4,734 - ₹6,271 (to 12 Oct 2026) |
| Website | https://britannia.co.in |
Corporate structure and shareholding
Parent: Associated Biscuits International Ltd (Wadia group), 44.76% plus Singapore promoter entities.
| Entity | Holding | Business |
|---|---|---|
| International Bakery Products Limited | 100% | Contract bakery manufacturing, India |
| J B Mangharam Foods Private Limited | 100% | Biscuit manufacturing, India |
| Manna Foods Private Limited | 100% | Food manufacturing, India |
| Sunrise Biscuit Company Private Limited | 99.16% | Biscuit manufacturing, India |
| Britchip Foods Limited | 60% | Croissant/bakery manufacturing (Chipita JV structure), India |
| Al Sallan Food Industries Co. SAOC | 65.46% | Biscuits, Oman |
| Kenafric Biscuits Limited | 51% | Biscuits, Kenya |
| Strategic Food International Co. LLC | 100% | Bakery, UAE |
| Britannia Nepal Private Limited | 100% | Biscuits, Nepal |
| Britannia Bel Foods Private Limited (JV, equity-accounted) | 51% | Cheese and dairy JV with Bel SA |
Associates: Nalanda Biscuit 35%, Sunandaram Foods 26%, Fairsun Solar 26.32%.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 50.55% | 50.55% | 50.55% | 50.55% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 15.02% | 14.88% | 15.63% | 13.40% |
| Domestic institutions | 19.39% | 19.60% | 18.87% | 20.93% |
| of which mutual funds | 9.83% | 10.59% | 10.39% | 12.25% |
| Retail | 10.51% | 10.42% | 10.34% | 10.54% |
| Other | 4.53% | 4.55% | 4.61% | 4.58% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Britannia makes and sells biscuits (Good Day, Marie Gold, NutriChoice, Tiger, 50-50) plus cakes, rusk, bread, croissants, wafers and, through the 51% Bel JV, cheese. FY26 consolidated revenue from operations was 19,151.59 cr (sale of goods 18,858.21 cr; other operating revenue 293.38 cr, mostly state incentives) and EBITDA before other income 3,544.43 cr, 18.5% of revenue. About 60% of sales are Rs 5/10 price-point packs through general trade, so pricing is mostly done through grammage, not shelf price. The cost stack is materials-heavy: COGS was 58.1% of FY26 revenue (wheat flour, palm oil, sugar, milk, cocoa, laminates), other expenses 19.1% (A&P, freight, power and fuel, conversion), employees 4.3%. Britannia controls brands, distribution and pack architecture; it does not control commodity prices or the GST regime. GST on biscuits fell from 18% to 5% on 22 Sep 2025; Britannia passed it through as extra grammage while competitors cut prices ("dual pricing") until June 2026.
| Peer | Why the dossier compares them |
|---|---|
| Nestle India (NESTLEIND) | Packaged foods leader; closest premium-staples comparator |
| ITC (ITC) | Sunfeast biscuits/foods is Britannia's main organised competitor |
| Hindustan Unilever (HINDUNILVR) | |
| Tata Consumer Products (TATACONSUM) | Packaged foods and beverages, similar distribution model |
| Dabur India (DABUR) | Mass FMCG with large rural exposure |
| Marico (MARICO) | Mass FMCG with commodity (copra) margin cycle |
| Bikaji Foods (BIKAJI) | Listed packaged snacks; adjacent category |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | n.r. | n.r. | 16,769 | 17,943 | 19,152 |
| Cost of revenue (vendor classification) * | 8,800 | 9,642 | 9,548 | 10,674 | 11,199 |
| Other operating costs (vendor classification) * | 2,516 | 3,077 | 3,254 | 3,281 | 3,499 |
| EBITDA (vendor classification) * | 2,392 | 3,011 | 3,353 | 3,318 | 3,684 |
| EBIT * | 2,220 | 3,198 | 3,076 | 3,063 | 3,399 |
| Finance costs | 141.7 | 165.7 | 164.0 | 138.8 | 112.8 |
| Profit before tax | 2,078 | 3,033 | 2,913 | 2,927 | 3,289 |
| Total tax expense | 562.4 | 716.5 | 779.3 | 748.7 | 751.8 |
| Profit for the year | 1,516 | 2,316 | 2,134 | 2,178 | 2,537 |
| Diluted EPS (INR) | 63.31 | 96.39 | 88.84 | 90.45 | 105.2 |
| Sale of goods | 13,945 | 15,985 | 16,546 | 17,535 | 18,858 |
| Other operating revenue (scrap, govt incentives, royalty) | 223.1 | 407.7 | 293.4 | ||
| Materials consumed + purchases of stock-in-trade + change in inventories | 9,492 | 10,604 | 11,133 | ||
| Employee benefits expense | 708.7 | 704.6 | 823.8 | ||
| Other expenses | 3,399 | 3,447 | 3,650 | ||
| EBITDA (revenue less cogs, employee, other expenses) | 3,170 | 3,187 | 3,544 | ||
| Other income | 214.2 | 227.1 | 224.0 | ||
| Depreciation and amortisation | 300.5 | 313.3 | 336.8 | ||
| Share of profit/(loss) of associates and JV | -3.19 | -10.7 | -30.1 | ||
| Exceptional items (negative = expense) | -2.90 | -24.8 | 0.00 | ||
| Profit attributable to non-controlling interests | -5.59 | -0.87 | 3.52 | ||
| Profit attributable to owners | 2,140 | 2,179 | 2,533 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity (incl. NCI) | 2,586 | 3,565 | 3,966 | 4,381 | 5,136 |
| Borrowings (current + non-current, excl. lease liabilities) | 2,481 | 3,008 | 2,041 | 1,225 | 1,358 |
| Cash and cash equivalents | 118.0 | 102.4 | 322.8 | 132.8 | 220.0 |
| Trade receivables | 331.9 | 328.9 | 393.3 | 448.6 | 469.2 |
| Inventories | 1,367 | 1,193 | 1,181 | 1,237 | 1,346 |
| Trade payables (MSME + others) | 1,323 | 1,449 | 1,627 | 1,752 | 1,896 |
| Net property, plant and equipment * | 1,584 | 2,472 | 2,603 | 2,735 | 2,673 |
| Capital work in progress * | 535.7 | 105.0 | 187.5 | 115.8 | 46.3 |
| Total assets * | 7,527 | 9,353 | 9,074 | 8,839 | 9,732 |
| Bank balances other than cash and cash equivalents | 123.6 | 179.7 | 132.4 | ||
| Current investments | 1,697 | 1,112 | 1,639 | ||
| Non-current investments (excl. equity-accounted JV/associates) | 575.9 | 1,270 | 1,518 | ||
| Net debt (negative = net cash) | -677.5 | -1,470 | -2,151 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 1,652 | 3,147 | 2,573 | 2,491 | 2,612 |
| Free cash flow (vendor definition) * | 749.3 | 1,815 | 2,011 | 2,116 | 2,406 |
| Dividends paid | -2,485 | -1,359 | -1,732 | -1,768 | -1,804 |
| Acquisition of PPE, CWIP and intangibles | -547.0 | -633.0 | -552.9 | -374.9 | -205.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 24.09 | 24.09 | 24.09 | 24.09 | 24.09 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total revenue from operations | 4,668 | 4,593 | 4,432 | 4,622 | 4,841 | 4,970 | 4,719 | 5,000 |
| Cost of revenue (vendor classification) * | 2,729 | 2,814 | 2,655 | 2,759 | 2,820 | 2,731 | 2,925 | |
| Other operating costs (vendor classification) * | 922.4 | 827.6 | 807.6 | 864.2 | 955.3 | 948.9 | 1,025 | |
| EBITDA (vendor classification) * | 826.0 | 905.3 | 863.5 | 809.2 | 1,037 | 889.0 | 899.7 | |
| EBIT * | 749.8 | 823.0 | 782.6 | 727.2 | 952.3 | 803.8 | 820.2 | |
| Finance costs | 34.6 | 44.6 | 30.7 | 26.2 | 34.7 | 33.3 | 18.7 | 22.9 |
| Profit before tax (after associates and exceptional) | 715.2 | 778.4 | 751.9 | 701.0 | 883.6 | 919.0 | 785.1 | 797.4 |
| Total tax expense | 183.6 | 196.1 | 192.8 | 180.9 | 228.6 | 236.9 | 105.4 | 204.0 |
| Net profit for the period | 531.6 | 582.3 | 559.1 | 520.1 | 655.1 | 682.1 | 679.7 | 593.4 |
| Diluted EPS (₹) | 22.06 | 24.15 | 23.25 | 21.62 | 27.17 | 28.23 | 28.16 | 24.55 |
| Sale of goods | 4,566 | 4,463 | 4,376 | 4,535 | 4,752 | 4,885 | 4,686 | 4,964 |
| Other operating revenues | 101.3 | 129.3 | 56.6 | 87.4 | 88.5 | 84.6 | 33.0 | 35.6 |
| Cost of goods sold (materials + purchases + inventory change) | 2,729 | 2,814 | 2,655 | 2,759 | 2,823 | 2,820 | 2,731 | 2,925 |
| Employee benefits expense | 232.3 | 105.9 | 164.5 | 241.9 | 181.1 | 214.7 | 186.1 | 209.6 |
| Other expenses | 922.4 | 827.6 | 807.6 | 864.2 | 882.1 | 955.3 | 948.9 | 1,025 |
| EBITDA (revenue - cogs - employee - other expenses; excl. other income) | 783.4 | 844.9 | 805.2 | 757.1 | 954.5 | 980.0 | 852.9 | 840.1 |
| Other income | 46.0 | 62.5 | 63.0 | 57.0 | 52.1 | 59.5 | 55.5 | 61.4 |
| Depreciation and amortisation | 76.1 | 82.4 | 81.0 | 82.0 | 85.1 | 84.5 | 85.2 | 79.5 |
| Share of profit/(loss) of associates and JV | -3.40 | -2.04 | -4.65 | -4.85 | -3.28 | -2.66 | -19.3 | -1.79 |
| Exceptional items (negative = expense) | -0.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 0.10 | 0.61 | -0.82 | -0.59 | 0.59 | 2.18 | 1.34 | 2.03 |
| Profit attributable to owners | 531.5 | 581.7 | 560.0 | 520.7 | 654.5 | 680.0 | 678.3 | 591.4 |
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 | 7.0% | 6.7% | |||
| EBITDA margin | 18.9% | 17.8% | 18.5% | ||
| Net margin | 12.8% | 12.1% | 13.2% | ||
| Return on equity | 56.8% | 52.2% | 53.2% | ||
| Return on capital employed | 41.2% | 55.0% | 48.9% | 52.7% | 56.2% |
| Return on assets | 23.2% | 24.3% | 27.3% | ||
| Net debt (₹ crore) | -677.5 | -1,470 | -2,151 | ||
| Net debt / EBITDA | -0.21x | -0.46x | -0.61x | ||
| Interest cover | 15.7x | 19.3x | 18.8x | 22.1x | 30.1x |
| Asset turnover | 1.82x | 2.00x | 2.06x | ||
| Receivable days | 9 | 9 | 9 | ||
| Inventory days (on revenue) | 26 | 25 | 26 | ||
| Payable days (on revenue) | 35 | 36 | 36 | ||
| Cash conversion | 1.20x | 1.14x | 1.03x | ||
| Capex intensity | 3.3% | 2.1% | 1.1% | ||
| Free cash flow (₹ crore) | 1,105 | 2,514 | 2,020 | 2,116 | 2,406 |
| Dividend payout | 81.0% | 81.1% | 71.2% | ||
| EPS, diluted (₹) | 63.31 | 96.39 | 88.84 | 90.45 | 105.2 |
| Book value per share (₹) | 107.3 | 148.0 | 164.7 | 181.9 | 213.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cogs, employee, other expenses) / 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.
- Net debt (₹ crore): Net debt (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (revenue less cogs, employee, other expenses).
- 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 (INR)).
- 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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Report history
Reports on Britannia Industries
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