Britannia Industries Ltd. share price target

With an upside of 15% from the CMP, we maintain our BUY rating.

Domestic demand trends remained healthy, though International Business was impacted by West-Asia-related disruptions

With an upside of 19% from the CMP, we maintain our BUY rating.

Commodity environment remains supportive with QoQ softening in flour, palm oil and cocoa, aiding margin resilience

BRIT has indicated higher growth in coming quarters as Nov/ Dec has shown double digit sales growth of 12% and GST transition impact (competitors cutting prices rather than grammage increase) will wane off by end of March. We see new management focus on 1) B2C and future platforms 2) market interventions and innovations to gain market share form regional and local players 3) Increased pace of innovations and launches 4) focus on Ecom/ Quick commerce which are growing much faster in non-biscuit segment for BRIT so...

Britannia Industries (BRIT) posted consolidated net revenue growth of 9.5% YoY in 3QFY26 (est. 12.5%, 2QFY26 4%). GST-led trade disruptions weighed on performance in October.

Britannia's performance was steady owing to resilient brand traction, stable demand and sustained momentum across core categories and adjacencies. The management commentary highlights a sharper focus on regional competitiveness, innovation-led refreshes and stronger execution in rural markets, supported by an expanding pipeline of biscuits, dairy and value-added adjacencies. Emphasis on distribution efficiency, premium offerings, channel-specific launches and cost discipline is expected to result in steady but moderated growth as the company...

With an upside of 10% from the CMP, we maintain our BUY rating.

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.

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

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.

Compared with Bloomberg consensus, sales were in line but EBITDA 7% lower on lower than expected cut in operating cost

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

We maintain REDUCE, lowering our Jun-26E TP by 6% to Rs5,500, based on 48x P/E (revised from 50x, now aligned with the 5Y average forward P/E). Q1 results were in line, adjusting for the Phantom Stock Option Scheme expenses.

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...

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)...

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.

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