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Britannia Industries (BRIT) posted consolidated revenue growth of 4% YoY in 2QFY26 (below). Adjusted for the GST transition impact, sales growth would have been ~6-6.5% YoY, as the business faced short-term headwinds in September due to de-stocking.

We maintain REDUCE on Britannia, with a Sep-26E TP of Rs5,750, on 48x P/E (in line with its last 5Y average forward P/E). Q2 net sales grew at ~4%, 1%/4% below our estimate/consensus expectation.

We maintain our BUY rating on the stock, with a TP of Rs 1,410/share, implying a 10% upside potential from the CMP.

Upgrade Britannia from HOLD to BUY with a revised TP at Rs. 6,750/share

Maintain BUY ratings on Nestle India with a revised TP 1,340

Zydus Wellness Limited (ZWL) has acquired 100% stake in Comfort Click Ltd (CCL), which operates in UK and major European markets. This marks ZWL’s first overseas acquisition and its entry into the Vitamins, Minerals and Supplements (VMS) segment.

Zydus’ acquisition of UK-based Comfort Click broadens its footprint across the UK, EU and USA. The transaction positions it to scale up its wellness range globally, a strategic step toward building a diversified, consumer-focused beauty, health & wellness portfolio.

Britannia’s consolidated revenues grew 8.8% y-o-y to Rs. 4,622 crore, largely in line with ours and the street’s average expectation of Rs. 4,609 crore. Gross margins fell 310 bps y-o-y to 40.3%, while OPM declined 135 bps y-o-y to 16.4% due to higher input costs and higher employee costs.

With an upside of 8% from the CMP, we maintain our HOLD stance

We retain BRIT as high conviction pick given positive demand and margin outlook and benefits of sustained innovations and cost control. BRIT delivered ~9% revenue growth led by ~6% realization amid 2% volume growth in 1Q while GM is down 316bps YoY due to high base and ~25% decline in Other Operating...

*over or under performance to benchmark index Nestle India Ltd, a subsidiary of Nestle S.A., is a food processing company, which primarily manufactures milk products along with other food products such as beverages and cereals. In Q1FY26, Nestle's revenue from operations grew 5.9% YoY to Rs. 5,096cr, led by...

ZWL’s Q1FY26 numbers were soft, with muted revenue growth and lower margins that dragged down PAT. Consolidated revenue grew by 2.4% y-o-y to Rs. 861 crore, in line with our expectation of Rs. 858 crore.

Over the last three decades, Suresh Narayanan’s tenure (ten years) as CMD of Nestlé India has been one of the most celebrated.

Nestle’s Q1FY26 performance was weak as multiple headwinds led to decline in margins and double-digit decline in PAT.

In spite of unseasonal rains, the company reported strong revenue growth of 10.1% YoY. EBITDA margin contracted to 6.5% in Q1FY26 vs 9.1% YoY due to revenue mix change partially led by early monsoon.

Britannia delivered a strong quarter, with growth in the topline, on the back of an expanded network, effective cost management and margin preservation despite significant input inflation. The management remained vigilant on input costs and competition, executing a disciplined return on investment-focused strategy for organic as well as inorganic growth. In fact, although input costs remain a concern, the company's disciplined approach, commitment towards sustainability as well as...

4Q25 volume growth ~6%; No further price hikes expected BRIT has sustained 6% volume growth in 4Q while EBIDTA margins are down 20bps as 140bps gain from lower RM costs have neutralized by higher manpower costs (Stock options writeback in 3Q25). FY26 outlook seems promising as an expected uptick in consumer demand and peaked out input costs will drive profitability. We remain positive on BRIT given 1) Sustained leadership in Biscuits and Bakery (volume growth of 8/6/6% in 2Q/3Q/4Q25)...

Britannia Industries (BRIT) posted total consolidated revenue growth of 9% YoY in 4QFY25 (in line) and volume growth of ~3% (est. 4.5%).

We retain REDUCE on Britannia with unchanged Mar-26E TP of Rs5,500, on 48x P/E (in line with its last 5Y forward average P/E). With improvement in macro trends, the management is reasonably optimistic about the sector recovery.

We remain optimistic about the company's long-term prospects. With a 10% upside potential from the CMP, we maintain our BUY rating on the stock.