BRITANNIA
Large CapBritannia Industries Limited
Consumer
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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 37/100margin compression · Rev +6% YoY · PAT +22% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,719 Cr | +6.5% | -5.0% |
| EBITDA | ₹834 Cr | +4.1% | -14.6% |
| Operating margin | 18.0% | +0 bps | -200 bps |
| PAT | ₹680 Cr | +21.6% | -0.3% |
| PAT margin | 14.4% | +180 bps | +69 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
Margins will be sustained, enabled by cost saving initiatives, provided commodity prices remain stable and rangebound.
"Sustain margins enabled by cost saving initiatives - subject to commodity prices"
The company will invest behind key core Brands through Product Restage, Media and Consumer awareness interventions to strengthen its leadership.
"Invest behind key core Brands through Product Restage, Media and Consumer awareness"
The transitionary impact from GST rate rationalization is expected to normalize progressively in the ongoing quarter.
"Transitionary impact expected to get normalized progressively in ongoing quarter"
The company will drive healthy volume-led growth through region-consumer centric products, distribution, and price competitiveness.
"Drive healthy volume-led growth through region-consumer centric products, distribution"
Trend score and candlestick chart
42NeutralSMA20 -9.2% / mo · near 52W low
Technical chart
BRITANNIAweekly · 3Y-11.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 33. Wait for confirmation.
- SMA20 falling (~10.1% over last month) — short-term momentum negative.
- RSI(14) at 33 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -202.4%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Growth is weaker at 7/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 98th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Consumer: 98th pctile, median 67 · Large: 95th pctile, median 74
112 documents indexed, but claim history is not strong enough yet.
4 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.5%.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 48.30
- P/B
- 23.95
- EV/EBITDA
- 32.12
- Market Cap
- 122325.00Cr
Profitability
- ROE
- 53.60%
- ROCE
- 56.00%
- ROA
- 26.07%
- Dividend Y
- 1.78%
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
- 31.10×
- Altman Z
- 10.08
- Book Value
- 212.00
Cash Flow
- FCF Yield
- 1.52%
- FCF Positive Y
- 11/5
- OCF
- 2612.00 Cr
- EPS TTM
- 105.18
Shareholding
- Promoter Hold
- 50.55%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — 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.