Britannia Industries Limited (BRITANNIA)
₹4,764.00 -1.77% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Britannia Industries' revenue was ₹5,000 Cr (+8.2% year on year, +6.0% on the previous quarter), and net profit ₹593 Cr (+14.1% year on year); the operating margin was 16.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹5,000 | +8.2% | +6.0% |
| Operating profit | ₹840 | +11.7% | +0.7% |
| Net profit | ₹593 | +14.1% | -12.7% |
| EPS (₹) | 24.55 | +13.6% | -12.8% |
| Operating margin | 16.8% | — | — |
BRITANNIA delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 50.31% of the BRITANNIA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.2%. That is close to its usual level. In BRITANNIA futures, open interest rose 0.44% while the futures price fell 1.44%: short buildup (new short positions).
Delivery in the last 5 sessions: 55.7% · 50.8% · 64.6% · 44.1% · 50.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Britannia Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by Registrar and Share Transfer Agent KFin Technologies Limited for the quarter ended September 30, 2026. KFin confirmed that all dematerialization requests received between July 1, 2026, and September 30, 2026, were processed and responded to within the mandated 15-day timeline. Physical share certificates received were duly verified, mutilated, and cancelled as per standard depository procedures.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Covers the processing period from July 1, 2026, to September 30, 2026
- RTA KFin Technologies confirmed responses to demat requests were completed within 15 days of receipt
Britannia Industries Limited has issued a Postal Ballot notice seeking shareholder approval via special resolution for the appointment of Mr. Sonny Iqbal as a Non-Executive Independent Director. His proposed tenure spans 5 consecutive years, effective from 8 August 2026 to 7 August 2031. Remote e-voting is scheduled to begin on 8 October 2026 and conclude on 6 November 2026, with voting results to be declared on or before 11 November 2026. Mr. Iqbal holds 1,224 equity shares in the company.
- Appointment of Mr. Sonny Iqbal as Non-Executive Independent Director for a 5-year term from 8 August 2026 to 7 August 2031
- Remote e-voting window opens on 8 October 2026 (9:00 AM IST) and closes on 6 November 2026 (5:00 PM IST)
- Voting results to be declared on or before Wednesday, 11 November 2026
- Cut-off date for eligibility to vote established as Friday, 2 October 2026
- Appointee holds 1,224 equity shares in Britannia Industries Limited as of the notice date
Britannia Industries has re-designated Whole-Time Director & CFO Mr. N. Venkataraman as Deputy Managing Director effective October 1, 2026, for a tenure lasting through July 29, 2030. Mr. Ramamurthy Jayaraman, previously VP - Corporate Finance with 15 years at the company, has been elevated to Chief Financial Officer. Venkataraman will oversee Finance, Strategy, Legal, Secretarial, and IT, partnering with CEO & MD Rakshit Hargave on the company's transformation agenda across its ₹19,159 Cr revenue base.
- Mr. N. Venkataraman re-designated as Deputy Managing Director effective 1 October 2026 through 29 July 2030
- Mr. Ramamurthy Jayaraman appointed Chief Financial Officer effective 1 October 2026 after 15 years with Britannia
- Venkataraman retains oversight of Finance, Strategy, Legal, Secretarial, and IT functions to drive strategic transformation
- Jayaraman brings over 22 years of total experience across FP&A, taxation, treasury, and audit
- Board meeting commenced at 3:45 P.M. IST and concluded at 4:15 P.M. IST on 29 September 2026
Britannia Industries has re-designated Whole-Time Director & CFO Mr. N. Venkataraman as Deputy Managing Director effective October 1, 2026, for a tenure lasting through July 29, 2030. Mr. Ramamurthy Jayaraman, previously VP - Corporate Finance with 15 years at the company, has been elevated to Chief Financial Officer. Venkataraman will oversee Finance, Strategy, Legal, Secretarial, and IT, partnering with CEO & MD Rakshit Hargave on the company's transformation agenda across its ₹19,159 Cr revenue base.
- Mr. N. Venkataraman re-designated as Deputy Managing Director effective 1 October 2026 through 29 July 2030
- Mr. Ramamurthy Jayaraman appointed Chief Financial Officer effective 1 October 2026 after 15 years with Britannia
- Venkataraman retains oversight of Finance, Strategy, Legal, Secretarial, and IT functions to drive strategic transformation
- Jayaraman brings over 22 years of total experience across FP&A, taxation, treasury, and audit
- Board meeting commenced at 3:45 P.M. IST and concluded at 4:15 P.M. IST on 29 September 2026
Britannia Industries announced that SEBI-registered Category-II ESG rating provider Niche Ninety Nine Capability and Certifications (OPC) Private Limited assigned it an ESG rating of 69.03. The rating places Britannia in the 'Leader' category based on publicly disclosed data for the assessment period FY 2024-25 and FY 2025-26. The intimation is routine compliance under Regulation 30 and does not impact near-term financials or operations. Britannia holds a market cap of ₹1,22,574 Cr with TTM revenue of ₹19,159 Cr.
- Assigned an independent ESG rating of 69.03
- Classified under the 'Leader' category by Niche99 ESG Ratings
- Assessment covers public disclosures for FY 2024-25 and FY 2025-26
- Company became aware of the rating on September 17, 2026 at 6:49 PM IST
Britannia Industries announced that its management will not be able to attend the scheduled Jefferies 5th India Forum group meeting on September 17, 2026, due to unavoidable circumstances. The investor meeting was previously scheduled for 10:00 AM IST at Gurgaon, per an earlier intimation dated September 10, 2026. The announcement is strictly an administrative scheduling update and has no impact on business operations or financials.
- Management will not participate in the Jefferies 5th India Forum scheduled for September 17, 2026
- Meeting was scheduled to take place at 10:00 AM IST in Gurgaon
- Cancellation is attributed to unavoidable circumstances pursuant to earlier intimation dated September 10, 2026
Britannia Industries announced its management's participation in two institutional investor conferences in September 2026. The company will attend the Jefferies 5th India Forum in Gurgaon on September 17, 2026, and the J.P. Morgan India Conference in Mumbai on September 21, 2026. Both interactions are scheduled as in-person group meetings starting at 10:00 A.M. IST. The company confirmed that no unpublished price sensitive information (UPSI) will be shared.
- Participation in Jefferies 5th India Forum on Thursday, 17th September, 2026 at 10:00 A.M. IST (Gurgaon)
- Participation in J.P. Morgan India Conference on Monday, 21st September, 2026 at 10:00 A.M. IST (Mumbai)
- Both meetings are scheduled as in-person group formats
- No Unpublished Price Sensitive Information (UPSI) will be shared during the meets
Britannia Industries announced that Chief Information Officer Susheel Navanale will retire on September 30, 2026. The Board has appointed Rejin Surendran as Chief Digital and Information Officer (Designate) starting September 1, 2026, who will formally take charge as CDIO on October 1, 2026. Surendran brings over 24 years of experience, including roles at Wipro Enterprises, Coca-Cola, and 13+ years at Unilever.
- Incumbent CIO Susheel Navanale to retire effective close of business on September 30, 2026
- Rejin Surendran appointed CDIO (Designate) from September 1, 2026, taking full office on October 1, 2026
- New CDIO brings over 24 years of experience across FMCG and technology domains, including Unilever and Coca-Cola
- Board approval completed via circular resolution passed on August 31, 2026
Crisil ESG Ratings & Analytics has independently assigned an ESG Rating of 66 (categorized as 'Strong') and a Core ESG Rating of 64 to Britannia Industries Limited. The evaluation is grounded on publicly disclosed company information for FY 2025-26. The announcement is a standard compliance disclosure pursuant to SEBI Listing Regulations. This ESG rating has no direct impact on the company's near-term financials or business operations.
- Crisil ESG Rating assigned at 66 under the 'Strong' category
- Crisil Core ESG Rating assigned at 64
- Evaluation based on publicly disclosed data for FY 2025-26
- Report received by the company on August 26, 2026, at 9:40 PM IST
Britannia Industries Limited has informed the exchanges about a change in schedule for its one-to-one meeting with Motilal Oswal Financial Services Limited. The meeting, previously set for Tuesday, 25th August, 2026 in Bengaluru, has been rescheduled to Thursday, 27th August, 2026 at 2:00 P.M. IST in Mumbai. The interaction will be conducted in-person. This is a routine procedural disclosure under Regulation 30 of the SEBI Listing Regulations with no financial impact.
- One-to-one analyst meeting with Motilal Oswal Financial Services Limited rescheduled.
- New date and time set for Thursday, 27th August, 2026 at 2:00 P.M. IST (previously 25th August, 2026 at 12:15 P.M. IST).
- Meeting venue shifted to in-person in Mumbai from the earlier location of Bengaluru.
Britannia Industries has announced a minor scheduling change for its upcoming one-to-one meeting with Enam Asset Management Company Private Limited. The meeting, originally scheduled for 12:00 P.M. IST on Monday, August 17, 2026, has been moved to 1:00 P.M. IST on the same day. The interaction will be conducted via video conference. This is a procedural update following the company's initial disclosure on August 11, 2026.
- Meeting with Enam Asset Management rescheduled from 12:00 P.M. to 1:00 P.M. IST
- The meeting date remains unchanged as Monday, 17th August, 2026
- The interaction will be held through Video Conference
- This update follows an initial intimation letter dated 11th August, 2026
Britannia reported a consolidated revenue of 4,964 crore for Q1 FY27, marking a 9.5% YoY growth. Profit After Tax (PAT) grew by 13.6% YoY, maintaining a healthy margin of 11.9%. Management highlighted a significant recovery in General Trade (GT), which is now growing at 1.5x the rate of the previous year, while e-commerce and modern trade continue to grow at 2.5x the GT rate. The company is aggressively pushing adjacencies, with the Croissant business growing at over 30% and the Dairy portfolio achieving double-digit growth.
- Consolidated revenue for Q1 FY27 stood at 4,964 crore, a 9.5% increase YoY.
- PAT growth outpaced revenue at 13.6% YoY, with a PAT margin of 11.9%.
- General Trade channel recovery indexed at 1.5x the growth rate of the previous full year.
- Innovation-led categories like Croissants are growing at >30%, while Dairy also saw double-digit growth.
- Management indicated a selective interest in inorganic growth (M&A) for capabilities or segments that are not easily built organically.
Britannia Industries has announced a schedule of five interactions with institutional investors and analysts starting August 14, 2026. The schedule includes a group roundtable with ICICI Securities and one-to-one meetings with major entities like Nippon India Mutual Fund and Enam Asset Management. These meetings will be conducted through a mix of in-person sessions in Mumbai and Bengaluru, as well as virtual formats. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during these sessions.
- 5 separate investor/analyst interactions scheduled over a 12-day window in August 2026
- First meeting is a CIO Roundtable with ICICI Securities on August 14, 2026, in Mumbai
- One-to-one meetings scheduled with 4 major institutional entities including Nippon India Mutual Fund and Motilal Oswal
- Meetings are spread across physical locations in Mumbai and Bengaluru, plus virtual modes
- Company confirms no UPSI will be shared, maintaining compliance with SEBI Listing Regulations
Britannia Industries concluded its 107th Annual General Meeting on August 7, 2026, where all four proposed resolutions were passed with the requisite majority. Key approvals included the adoption of FY26 audited financial statements and the declaration of a final dividend. While the re-appointment of Mr. Ness N. Wadia as a Director was approved with 89.59% total support, it faced notable institutional dissent with 27.59% of institutional votes cast against the resolution. A total of 270,509 shareholders were on record for the meeting.
- Total of 19.57 crore votes were polled for the dividend resolution, representing 81.26% of the total outstanding shares.
- Resolution for the re-appointment of Mr. Ness N. Wadia passed with 17.53 crore votes in favour (89.59%) and 2.03 crore votes against (10.41%).
- Institutional investors showed significant dissent on Director re-appointment, with 27.59% of their polled votes (2.03 crore shares) cast against Mr. Ness N. Wadia.
- The adoption of FY26 financial statements was approved with 99.95% of polled votes in favour.
- A total of 123 shareholders attended the meeting through video conferencing, including 8 from the promoter group.
Britannia Industries' shareholders have approved all resolutions at the 107th AGM held on August 7, 2026, with a total voter turnout of 81.26%. The final dividend for FY26 was passed with near-unanimous support of 99.99%. Notably, the re-appointment of Mr. Ness N. Wadia as a Non-Executive Director was approved with 89.59% majority, although 27.59% of institutional votes were cast against the resolution. The company continues to operate with a strong TTM revenue of ‑18,612 Cr and a high ROCE of 61.0%.
- Total voter turnout reached 81.26% of the 24.08 crore outstanding shares.
- Final dividend for FY26 approved with 99.9994% of votes in favor.
- Re-appointment of Mr. Ness N. Wadia passed with 89.59% overall support, despite 2.03 crore institutional votes against.
- Total number of shareholders on the record date (July 31, 2026) was 270,509.
- Promoter group voting was 100% in favor across all four resolutions.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 7% YoY to INR 17,952 Cr in FY25, driven by healthy growth in non-biscuit segments like rusk, cheese, and cakes. Q1 FY26 revenue grew 9% YoY to INR 4,622 Cr, while Q2 FY26 revenue reached INR 4,752 Cr, representing a 4.1% 12-month growth rate.
Geographic Revenue Split
The company operates in 80+ countries with a manufacturing footprint in Oman, UAE, Kenya, and Nepal. International business is primarily centered in the Middle East, Americas, Africa, and Asia Pacific regions.
Profitability Margins
Operating margin moderated to 17.8% in FY25 from 19% in FY24 due to raw material inflation. Standalone Profit After Tax (PAT) for FY25 was INR 2,130.72 Cr, a 2.3% increase from INR 2,082.05 Cr in FY24. Q2 FY26 PAT showed a 23.1% 12-month growth.
EBITDA Margin
Operating margin is expected to remain in the 17-19% range, supported by premiumisation, better distribution reach, and internal cost efficiency programs despite a 120 bps dip in FY25.
Capital Expenditure
Planned capital expenditure is estimated at INR 150-200 Cr annually over the medium term to fund capacity expansion and technology-led distribution.
Credit Rating & Borrowing
Maintains CRISIL AAA/Stable and A1+ ratings. Total debt was significantly reduced by 40% to INR 1,226 Cr as of March 31, 2025, from INR 2,044 Cr the previous year. Interest coverage ratio improved to 23 times in FY25 from 19 times in FY24.
Operational Drivers
Raw Materials
Key raw materials include wheat, sugar, milk, and palm oil. Volatility in these commodities directly impacts the cost structure, as seen in the margin moderation during FY25.
Import Sources
Sourced domestically within India and through international supply networks in the Middle East (Oman, UAE), Africa (Kenya), and Asia (Nepal) to serve global markets.
Key Suppliers
Not specifically named; however, the company utilizes a 'judicious mix' of contract manufacturing and owned facilities, with a strategic shift toward increasing in-house manufacturing to reduce overheads.
Capacity Expansion
Increasing the proportion of in-house manufacturing to improve proximity to consumption markets, reduce transportation time, and enhance product shelf life.
Raw Material Costs
Raw material costs are a significant portion of revenue; inflation in wheat and sugar led to price hikes and grammage cuts in FY25 to protect margins.
Manufacturing Efficiency
Reported a strong Return on Capital Employed (ROCE) of over 50%. In-house manufacturing expansion has reduced overheads and improved product freshness.
Logistics & Distribution
Focusing on technology-led distribution and expanding rural reach to capitalize on the recovery in rural consumption.
Strategic Growth
Expected Growth Rate
10-15%
Growth Strategy
Growth will be achieved through 'all-out' top-line efforts including premiumisation, rural distribution expansion, and scaling adjacency businesses like Dairy and Croissants. The company is strengthening e-commerce, quick-commerce, and modern trade channels to return to double-digit growth.
Products & Services
Biscuits, cakes, rusk, cheese, milkshakes, lassi, paneer, dahi, croissants, and coconut water.
Brand Portfolio
Good Day, Milk Bikis, Marie Gold, Bourbon, 50-50, NutriChoice, Tiger, Treat, and Come Alive.
New Products/Services
Recent launches include Choco Tarts, Bourbon Shake, Milk Bikis Wafer Roll, and the 'Come Alive' brand featuring coconut water, yoghurt, and paneer.
Market Expansion
Expanding international footprint in 80+ countries and deepening rural penetration in India, supported by favorable monsoon forecasts.
Market Share & Ranking
Market leader in the Indian biscuit industry with a value market share of over 33% (one-third).
Strategic Alliances
Acquired Strategic Foods International (UAE) and Al Sallan Food Industries (Oman) to establish a regional presence in the Middle East.
External Factors
Industry Trends
The packaged food industry is seeing a shift toward premiumisation and digital trade. Rural markets are showing signs of recovery after a period of subdued demand.
Competitive Landscape
Faces intense competition from both large national players and international FMCG companies, particularly in the premium biscuit and dairy segments.
Competitive Moat
Durable moat built on a 130-year legacy, strong brand equity (Good Day, etc.), and a massive distribution network that maintains a 'healthy gap' over national competitors.
Macro Economic Sensitivity
Highly sensitive to rural demand, which is influenced by agricultural income, monsoon patterns, and government interventions.
Consumer Behavior
Shifting toward 'premium indulgence' and 'healthy' snacking options, prompting the launch of the Come Alive brand.
Geopolitical Risks
Exposure to macroeconomic and political uncertainties across 80+ countries, particularly in the Middle East and Africa.
Regulatory & Governance
Industry Regulations
Subject to food safety standards, manufacturing regulations, and statutory laws in India and 80+ international jurisdictions.
Environmental Compliance
Committed to ESG principles and UN Sustainable Development Goals; governance includes 55% independent directors.
Taxation Policy Impact
GST rate rationalization effective September 22, 2025, impacted approximately 85% of the company's business portfolio.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (wheat, sugar, milk) and the ability to maintain market share while passing on costs are primary risks.
Geographic Concentration Risk
While diversified across 80 countries, India remains the primary revenue driver; Middle East is the largest international hub.
Third Party Dependencies
Decreasing dependency on third-party contract manufacturers by increasing the proportion of in-house manufacturing.
Technology Obsolescence Risk
Mitigated by investments in technology-led distribution and digital trade platforms (e-commerce/quick-commerce).
Credit & Counterparty Risk
Superior liquidity with a cash surplus of ~INR 2,400 Cr as of June 2025; nil exposure to group companies like BBTCL and Bombay Dyeing as of March 2025.
