Britannia Industries is one of Indias leading food companies with a 100 year legacy and annual revenues in excess of Rs. 16000 Cr. Britannia is among the most trusted food brands, and manufactures Indias favorite brands like Good Day, Tiger, NutriChoice, Milk Bikis and Marie Gold which are household names in India. Britannias product portfolio includes Biscuits, Bread, Cakes, Rusk, and Dairy products including Cheese, Beverages, Milk and Yoghurt.
Part of Wadia Group[1]Britannia Industries belongs to the Wadia Group, a reputed Indian Business house who has presence in wide range of business segments like Airlines (Go Air), Realty ( Bombay Realty), Textiles ( Bombay Dyeing) and Plantations and other business (Bombay Burmah trading Corporation which is also the Ultimate holding company of Britannia Industries)
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Nestle India | 1315.25 | 84.70 | 253621.47 | 1.02 | 753.20 | -1.88 | 5643.61 | 10.57 | 95.66 | 21023.38 | 22.97 | 2993.97 | 753.20 | 55.56 | 27.10 | 0.10 |
| 2. | Britannia Inds. | 5890.60 | 61.60 | 141885.89 | 1.28 | 689.95 | 34.10 | 4664.51 | 3.64 | 56.76 | 17817.89 | 18.09 | 2302.45 | 689.95 | 43.47 | 26.21 | 0.66 |
| 3. | Bikaji Foods | 700.70 | 81.30 | 17559.05 | 0.14 | 77.68 | 19.72 | 830.30 | 15.13 | 18.16 | 2808.83 | 12.60 | 215.99 | 82.80 | 11.68 | 11.27 | 0.21 |
| 4. | Zydus Wellness | 439.75 | 49.63 | 13991.11 | 0.27 | -52.80 | -256.82 | 650.50 | 31.97 | 6.16 | 2886.40 | 13.28 | 281.58 | -24.62 | 2.45 | 5.27 | 0.53 |
| 5. | The Bombay Burmah | 1814.40 | 11.31 | 12659.39 | 0.93 | 565.97 | -4.85 | 4942.83 | 3.82 | 35.52 | 18858.47 | 17.69 | 1115.85 | 240.84 | 2.05 | 17.90 | 0.39 |
| 6. | Mrs Bectors | 228.40 | 51.48 | 7011.66 | 0.52 | 36.51 | -6.24 | 551.42 | 11.11 | 18.14 | 1962.57 | 12.46 | 136.26 | 36.51 | 5.80 | 10.73 | 0.15 |
| 7. | Gopal Snacks | 319.30 | 157.33 | 3979.16 | 0.31 | 25.69 | -65.84 | 375.66 | -6.70 | 16.31 | 1408.89 | 4.04 | 25.29 | 9.87 | 9.18 | 8.45 | 0.15 |
| – | Median: 25 Co. | 228.4 | 55.13 | 697.27 | 0.04 | 3.62 | 8.03 | 162.61 | 10.84 | 16.31 | 602.05 | 8.61 | 23.26 | 3.62 | 3.99 | 8.45 | 0.25 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 4,191 | 4,011 | 3,895 | 3,871 | 4,289 | 4,102 | 3,924 | 4,094 | 4,501 | 4,418 | 4,283 | 4,453 | 4,665 |
Expenses | 3,504 | 3,221 | 3,100 | 3,204 | 3,448 | 3,310 | 3,154 | 3,366 | 3,755 | 3,608 | 3,504 | 3,732 | 3,750 |
Operating Profit | 687 | 790 | 795 | 667 | 841 | 793 | 770 | 728 | 746 | 810 | 779 | 721 | 914 |
Other Income | 66 | 276 | 53 | 52 | 53 | 47 | 55 | 43 | 52 | 60 | 72 | 54 | 110 |
Profit before tax | 658 | 981 | 761 | 607 | 782 | 740 | 727 | 676 | 695 | 751 | 746 | 674 | 913 |
Tax % | 25% | 22% | 27% | 27% | 27% | 27% | 27% | 26% | 26% | 26% | 25% | 26% | 24% |
Net Profit | 493 | 767 | 558 | 443 | 570 | 538 | 530 | 502 | 514 | 557 | 557 | 498 | 690 |
EPS in Rs | 20.45 | 31.84 | 23.17 | 18.39 | 23.68 | 22.35 | 22.01 | 20.84 | 21.36 | 23.13 | 23.13 | 20.69 | 28.64 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 6,307 | 7,176 | 7,732 | 8,414 | 9,304 | 10,482 | 10,987 | 12,379 | 13,372 | 15,618 | 16,186 | 17,296 | 17,818 |
Expenses | 5,711 | 6,398 | 6,608 | 7,209 | 7,894 | 8,820 | 9,216 | 10,028 | 11,282 | 12,877 | 13,115 | 14,232 | 14,594 |
Operating Profit | 597 | 778 | 1,124 | 1,206 | 1,410 | 1,662 | 1,771 | 2,351 | 2,089 | 2,742 | 3,071 | 3,064 | 3,224 |
Other Income | 15 | 224 | 115 | 143 | 156 | 191 | 354 | 293 | 359 | 448 | 207 | 226 | 296 |
Interest | 5 | 1 | 1 | 1 | 1 | 2 | 65 | 98 | 133 | 155 | 151 | 137 | 134 |
Depreciation | 63 | 117 | 88 | 96 | 120 | 135 | 152 | 167 | 170 | 195 | 271 | 285 | 301 |
Profit before tax | 543 | 883 | 1,149 | 1,251 | 1,445 | 1,716 | 1,908 | 2,379 | 2,145 | 2,840 | 2,855 | 2,868 | 3,084 |
Net Profit | 370 | 622 | 763 | 844 | 948 | 1,122 | 1,484 | 1,760 | 1,603 | 2,139 | 2,082 | 2,131 | 2,302 |
EPS in Rs | 15.42 | 25.94 | 31.80 | 35.15 | 39.48 | 46.70 | 61.73 | 73.07 | 66.56 | 88.82 | 86.44 | 88.46 | 95.59 |
Dividend Payout % | 39% | 31% | 31% | 31% | 32% | 32% | 57% | 216% | 85% | 81% | 85% | 85% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
Reserves | 834 | 1,215 | 1,992 | 2,558 | 3,211 | 4,015 | 4,251 | 3,295 | 2,378 | 3,157 | 3,503 | 3,862 | 3,244 |
Borrowings | 0 | 1 | 1 | 1 | 10 | 1 | 1,203 | 1,798 | 2,179 | 2,664 | 2,040 | 1,218 | 2,169 |
Other Liabilities | 986 | 1,222 | 1,083 | 1,114 | 1,383 | 1,613 | 1,776 | 2,298 | 2,434 | 2,794 | 2,804 | 2,915 | 3,145 |
Total Liabilities | 1,844 | 2,462 | 3,100 | 3,696 | 4,627 | 5,653 | 7,253 | 7,416 | 7,015 | 8,638 | 8,371 | 8,020 | 8,582 |
Fixed Assets | 546 | 526 | 642 | 839 | 1,031 | 1,328 | 1,461 | 1,404 | 1,377 | 2,293 | 2,421 | 2,563 | 2,549 |
Gross Block | 939.33 | 1,000.70 | 722.11 | 1,021.88 | 1,333.46 | 1,756.00 | 2,037.11 | 2,142.04 | 2,268.36 | 3,365.59 | 3,751.58 | 4,136.29 | – |
Accumulated Depreciation | 393.67 | 474.76 | 80.32 | 182.56 | 302.19 | 428.40 | 576.58 | 738.20 | 890.93 | 1,072.13 | 1,330.41 | 1,573.37 | – |
CWIP | 97 | 48 | 74 | 30 | 200 | 65 | 39 | 112 | 535 | 104 | 187 | 82 | 71 |
Investments | 373 | 661 | 921 | 600 | 1,186 | 1,646 | 3,141 | 2,950 | 2,024 | 3,324 | 2,771 | 2,872 | 2,326 |
Other Assets | 829 | 1,227 | 1,462 | 2,227 | 2,210 | 2,615 | 2,613 | 2,950 | 3,078 | 2,917 | 2,991 | 2,503 | 3,636 |
Total Assets | 1,844 | 2,462 | 3,100 | 3,696 | 4,627 | 5,653 | 7,253 | 7,416 | 7,015 | 8,638 | 8,371 | 8,020 | 8,582 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 615 | 515 | 878 | 402 | 1,183 | 1,114 | 1,660 | 1,792 | 1,206 | 2,442 | 2,234 | 2,373 |
Cash from Investing Activity | -227 | -384 | -659 | -115 | -823 | -831 | -1,568 | 486 | 931 | -1,386 | 508 | 184 |
Cash from Financing Activity | -325 | -168 | -228 | -284 | -304 | -326 | -94 | -2,222 | -2,212 | -1,048 | -2,510 | -2,759 |
Net Cash Flow | 62 | -37 | -9 | 3 | 56 | -44 | -3 | 56 | -75 | 8 | 232 | -203 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 3 | 4 | 5 | 5 | 9 | 12 | 8 | 6 | 7 | 7 | 8 | 8 |
Inventory Days | 35 | 29 | 30 | 42 | 38 | 42 | 35 | 49 | 54 | 41 | 42 | 39 |
Days Payable | 46 | 52 | 51 | 45 | 55 | 60 | 49 | 59 | 51 | 51 | 59 | 55 |
Cash Conversion Cycle | -8 | -19 | -15 | 3 | -8 | -6 | -6 | -4 | 9 | -3 | -9 | -8 |
Working Capital Days | -18 | -18 | -1 | 34 | 22 | 30 | 2 | -21 | -30 | -30 | -30 | -23 |
ROCE % | 65% | 68% | 71% | 55% | 50% | 47% | 41% | 47% | 47% | 53% | 53% | 57% |
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Stock Analysis
Britannia Industries Limited is one of India's leading food companies with a 100-year legacy, manufacturing popular brands across biscuits, bread, cakes, rusk, and dairy products. The company operates within the Fast-Moving Consumer Goods (FMCG) sector, focusing on staple and convenience food items.
Management anticipates volume-led growth, supported by innovations in bakery segments and a strategic focus on strengthening regional presence and international footprint. The company aims for sustained growth and margin protection amidst competition, with a focus on cost efficiencies and digital channel investments.
Currently no data available for Order Book.
Britannia Industries has received multiple GST demand orders for alleged incorrect input tax credit, with the largest order amounting to ₹108.50 crore, including penalties and interest. The company maintains these orders have no material financial impact and plans to appeal.
Corporate Announcements
