Britannia Inds

₹5758.5 -122.3 | 2.1%

WEBSITE BSE:500825 NSE : BRITANIA IND 11 Jul, 15:56

Market Cap ₹138704 Cr.

Stock P/E 65

P/B 31.8

Current Price ₹5758.5

Book Value ₹ 180.8

Face Value 1

52W High ₹6473.1

Dividend Yield 1.3%

52W Low ₹ 4506.5

Edit Ratio

Britannia Inds Research see more...

Overview Inc. Year: 1918Industry: Consumer Food

Britannia Industries Limited is generally concerned in production and sale of various food products. Its product portfolio includes biscuits, bread, cakes, rusk, and various dairy products which includes cheese, beverages,and yoghurt. Its biscuit products include Good Day, Tiger, Milk Bikis, Jim Jam + Treat, Bourbon, Little Hearts,Crackers, NutriChoice, Marie Gold, and Pure Magic. Its bread merchandise consist of Whole Wheat Breads, White Sandwich Breads, Daily Breads, and Bread Assortment. Its dairy merchandise consist of Cheese, Milk Based Beverages, Fresh Dairy and Everyday Goodness. Its cake products consist of Gobbles, Tiffin Fun, Nut & Raisin, Muffills, Layerz, Rollyo, and Fudgeit. Its geographical segments consist of India and Overseas. The merchandise of the Company are exported to many countries across the world. Its subsidiaries are Britchip Foods Limited, Manna Foods Private Limited, and Snacko Bisc Private Limited.

Britannia Inds Share Price

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Price

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Peer Comparison

Britannia Inds Quarterly Results

#(Fig in Cr.)	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Net Sales	4197	4023	4011	4433	4256	4069	4250	4668	4593	4432
Other Income	51	56	54	52	51	57	56	46	62	63
Total Income	4248	4080	4065	4485	4307	4127	4306	4714	4655	4495
Total Expenditure	3379	3222	3322	3560	3435	3282	3497	3884	3748	3627
Operating Profit	868	857	743	925	872	845	809	829	907	868
Interest	38	35	53	53	31	26	29	35	45	31
Depreciation	58	65	71	72	78	80	74	76	82	81
Exceptional Income / Expenses	376	0	0	0	-3	0	-25	-0	0	0
Profit Before Tax	1148	757	619	800	760	738	682	719	780	757
Provision for Tax	217	204	167	212	203	198	176	184	196	193
Profit After Tax	931	554	452	588	557	540	506	535	584	564
Adjustments	1	5	5	0	-1	-2	0	-4	-3	-4
Profit After Adjustments	932	559	458	588	556	538	506	531	582	560
Adjusted Earnings Per Share	38.7	23.2	19	24.4	23.1	22.3	21	22.1	24.1	23.2

Britannia Inds Profit & Loss

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Net Sales	6913	7858	8397	9054	9914	11055	11600	13136	14136	16301	16769	17943
Other Income	34	88	124	151	166	206	279	313	223	258	214	227
Total Income	6946	7946	8522	9205	10080	11261	11879	13449	14359	16559	16983	18170
Total Expenditure	6286	6995	7183	7776	8412	9321	9756	10627	11935	13512	13599	14756
Operating Profit	661	952	1339	1429	1668	1940	2123	2822	2424	3047	3384	3413
Interest	8	4	5	5	8	9	77	111	144	169	164	140
Depreciation	83	144	113	119	142	162	185	198	201	226	300	313
Exceptional Income / Expenses	0	146	0	0	0	0	-17	-1	-1	376	-3	-25
Profit Before Tax	569	950	1220	1304	1518	1768	1844	2514	2078	3033	2913	2938
Provision for Tax	174	261	396	420	514	612	451	663	562	716	779	749
Profit After Tax	396	688	824	885	1004	1155	1394	1851	1516	2316	2134	2189
Adjustments	-0	0	0	-0	0	4	9	13	9	5	6	-11
Profit After Adjustments	395	689	825	884	1004	1159	1403	1864	1525	2322	2140	2179
Adjusted Earnings Per Share	16.5	28.7	34.4	36.9	41.8	48.2	58.3	77.4	63.3	96.4	88.8	90.4

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	3%	8%	9%	9%
Operating Profit CAGR	11%	6%	12%	18%
PAT CAGR	-8%	5%	13%	18%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	0%	15%	9%	15%
ROE Average	57%	61%	52%	49%
ROCE Average	49%	49%	46%	53%

Britannia Inds Balance Sheet

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Shareholder's Funds	798	1245	2092	2696	3406	4253	4403	3548	2558	3534	3942
Minority's Interest	2	2	2	3	13	33	36	36	28	30	25
Borrowings	28	43	38	31	85	62	766	747	707	1552	905
Other Non-Current Liabilities	32	2	-12	10	13	29	40	59	36	45	75
Total Current Liabilities	1246	1477	1330	1345	1648	1851	2578	3609	4147	4134	4084
Total Liabilities	2107	2770	3450	4086	5165	6228	7823	7999	7476	9295	9030
Fixed Assets	848	844	950	1145	1331	1674	1864	1779	1739	2615	2744
Other Non-Current Assets	213	253	775	602	683	1028	2284	1801	1754	1935	1437
Total Current Assets	1046	1673	1724	2339	3151	3526	3675	4419	3982	4714	4842
Total Assets	2107	2770	3450	4086	5165	6228	7823	7999	7476	9295	9030

Britannia Inds Cash Flow

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Opening Cash & Cash Equivalents	22	90	43	51	47	108	59	75	141	109	100
Cash Flow from Operating Activities	671	584	959	441	1249	1156	1485	1876	1300	2526	2573
Cash Flow from Investing Activities	-246	-450	-705	-150	-956	-856	-1532	436	911	-1517	476
Cash Flow from Financing Activities	-357	-181	-246	-295	-232	-353	58	-2243	-2246	-1028	-2830
Net Cash Inflow / Outflow	69	-47	8	-4	61	-52	11	69	-35	-19	218
Closing Cash & Cash Equivalent	90	43	51	47	108	59	75	141	109	100	319

Britannia Inds Ratios

#	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Earnings Per Share (Rs)	16.48	28.71	34.36	36.85	41.83	48.24	58.32	77.37	63.3	96.38	88.83
CEPS(Rs)	19.96	34.72	39.07	41.83	47.73	54.82	65.63	85.03	71.25	105.53	101.07
DPS(Rs)	6	8	10	11	12.5	15	35	157.5	56.5	72	73.5
Book NAV/Share(Rs)	33.27	51.9	87.07	112.1	141.39	176.17	181.64	146.1	106.19	146.71	163.62
Core EBITDA Margin(%)	8.92	10.76	14.08	13.71	14.36	14.87	15.06	18.24	14.91	16.35	17.98
EBIT Margin(%)	8.22	11.88	14.2	14.05	14.59	15.24	15.7	19.08	15.06	18.77	17.46
Pre Tax Margin(%)	8.1	11.83	14.15	13.99	14.52	15.16	15.07	18.27	14.08	17.78	16.53
PAT Margin (%)	5.63	8.58	9.56	9.49	9.6	9.91	11.39	13.45	10.27	13.58	12.11
Cash Profit Margin (%)	6.81	10.38	10.87	10.77	10.96	11.3	12.9	14.89	11.63	14.9	13.81
ROA(%)	19.83	28.23	26.51	23.48	21.7	20.28	19.84	23.39	19.59	27.62	23.29
ROE(%)	58.47	67.39	49.44	37.01	33	30.29	32.4	46.92	49.89	76.04	57.1
ROCE(%)	61.26	81.56	67.83	51.94	47.47	44.34	37.13	45.28	41.64	55.5	49.25
Receivable days	6.01	5.56	6.48	6.85	8.44	10.94	10.66	7.66	7.28	7.07	7.48
Inventory Days	20.64	18.74	17.87	21.57	22.93	22.45	22.7	24.31	30.4	27.4	24.58
Payable days	41.58	49.02	53.61	49.84	52.34	59.37	57.63	56.48	54.91	52.74	59.15
PER(x)	25.59	37.6	38.94	45.9	59.43	63.89	46.12	46.89	50.62	44.84	55.31
Price/Book(x)	12.67	20.79	15.37	15.09	17.58	17.49	14.81	24.83	30.18	29.46	30.03
Dividend Yield(%)	1.42	0.74	0.75	0.65	0.5	0.49	1.3	4.34	1.76	1.67	1.5
EV/Net Sales(x)	1.47	3.28	3.83	4.48	6.02	6.7	5.7	6.8	5.62	6.56	7.15
EV/Core EBITDA(x)	15.37	27.11	24.02	28.42	35.79	38.2	31.14	31.64	32.78	35.09	35.45
Net Sales Growth(%)	11.76	13.68	6.86	7.82	9.5	11.51	4.93	13.25	7.61	15.31	2.88
EBIT Growth(%)	44.5	65.07	28.52	6.89	16.5	16.47	8.11	36.61	-15.31	44.06	-3.89
PAT Growth(%)	52.28	73.97	19.74	7.31	13.49	15.09	20.61	32.79	-18.08	52.79	-7.86
EPS Growth(%)	51.84	74.18	19.68	7.27	13.49	15.33	20.91	32.67	-18.19	52.27	-7.84
Debt/Equity(x)	0.19	0.12	0.06	0.05	0.06	0.04	0.35	0.6	0.96	0.84	0.52
Current Ratio(x)	0.84	1.13	1.3	1.74	1.91	1.9	1.43	1.22	0.96	1.14	1.19
Quick Ratio(x)	0.5	0.87	0.97	1.26	1.53	1.48	1.14	0.92	0.63	0.85	0.9
Interest Cover(x)	69.68	247.01	251.61	240.32	201.02	195.49	24.98	23.67	15.4	18.93	18.77
Total Debt/Mcap(x)	0.01	0.01	0	0	0	0	0.02	0.02	0.03	0.03	0.02

Britannia Inds Shareholding Pattern

#	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Promoter	50.55	50.55	50.55	50.55	50.55	50.55	50.55	50.55	50.55	50.55
FII	18.46	19.44	21.29	19.66	18.99	18.23	17.41	17.9	16.46	15.72
DII	15.08	14.22	12.46	13.85	14.84	15.64	16.69	16.24	17.45	18.26
Public	15.91	15.79	15.7	15.95	15.62	15.58	15.36	15.31	15.54	15.47
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Promoter	12.18	12.18	12.18	12.18	12.18	12.18	12.18	12.18	12.18	12.18
FII	4.45	4.68	5.13	4.74	4.57	4.39	4.19	4.31	3.96	3.79
DII	3.63	3.43	3	3.34	3.58	3.77	4.02	3.91	4.2	4.4
Public	3.83	3.8	3.78	3.84	3.76	3.75	3.7	3.69	3.74	3.73
Others	0	0	0	0	0	0	0	0	0	0
Total	24.09	24.09	24.09	24.09	24.09	24.09	24.09	24.09	24.09	24.09

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 61%
Company has reduced debt.

Cons

Debtor days have increased from 52.74 to 59.15days.
Stock is trading at 31.8 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.