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Britannia Inds Overview

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 Be...Read More

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Britannia Inds Key Financials

Market Cap ₹140547 Cr.

Stock P/E 64.5

P/B 37.6

Current Price ₹5835

Book Value ₹ 155

Face Value 1

52W High ₹6337

Dividend Yield 1.29%

52W Low ₹ 4506.5

Britannia Inds Share Price

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Volume
Price

Britannia Inds Quarterly Price

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Britannia Inds Peer Comparison

Britannia Inds Quarterly Results

#(Fig in Cr.) Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Net Sales 4011 4433 4256 4069 4250 4668 4593 4432 4622 4841
Other Income 54 52 51 57 56 46 62 63 57 52
Total Income 4065 4485 4307 4127 4306 4714 4655 4495 4679 4893
Total Expenditure 3322 3560 3435 3282 3497 3884 3748 3627 3865 3886
Operating Profit 743 925 872 845 809 829 907 868 814 1007
Interest 53 53 31 26 29 35 45 31 26 35
Depreciation 71 72 78 80 74 76 82 81 82 85
Exceptional Income / Expenses 0 0 -3 0 -25 -0 0 0 0 0
Profit Before Tax 619 800 760 738 682 719 780 757 706 887
Provision for Tax 167 212 203 198 176 184 196 193 181 229
Profit After Tax 452 588 557 540 506 535 584 564 525 658
Adjustments 5 0 -1 -2 0 -4 -3 -4 -4 -4
Profit After Adjustments 458 588 556 538 506 531 582 560 521 654
Adjusted Earnings Per Share 19 24.4 23.1 22.3 21 22.1 24.1 23.2 21.6 27.2

Britannia Inds Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 7858 8397 9054 9914 11055 11600 13136 14136 16301 16769 17943 18488
Other Income 88 124 151 166 206 279 313 223 258 214 227 234
Total Income 7946 8522 9205 10080 11261 11879 13449 14359 16559 16983 18170 18722
Total Expenditure 6995 7183 7776 8412 9321 9756 10627 11935 13512 13599 14756 15126
Operating Profit 952 1339 1429 1668 1940 2123 2822 2424 3047 3384 3414 3596
Interest 4 5 5 8 9 77 111 144 169 164 139 137
Depreciation 144 113 119 142 162 185 198 201 226 300 313 330
Exceptional Income / Expenses 146 0 0 0 0 -17 -1 -1 376 -3 -25 0
Profit Before Tax 950 1220 1304 1518 1768 1844 2514 2078 3033 2913 2927 3130
Provision for Tax 261 396 420 514 612 451 663 562 716 779 749 799
Profit After Tax 688 824 885 1004 1155 1394 1851 1516 2316 2134 2178 2331
Adjustments 0 0 -0 0 4 9 13 9 5 6 1 -15
Profit After Adjustments 689 825 884 1004 1159 1403 1864 1525 2322 2140 2179 2317
Adjusted Earnings Per Share 28.7 34.4 36.9 41.8 48.2 58.3 77.4 63.3 96.4 88.8 90.4 96.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 7% 8% 9% 9%
Operating Profit CAGR 1% 12% 10% 14%
PAT CAGR 2% 13% 9% 12%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 16% 10% 10% 16%
ROE Average 53% 62% 56% 48%
ROCE Average 53% 53% 49% 52%

Britannia Inds Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 1245 2092 2696 3406 4253 4403 3548 2558 3534 3942 4356
Minority's Interest 2 2 3 13 33 36 36 28 30 25 26
Borrowings 43 38 31 85 62 766 747 707 1552 905 713
Other Non-Current Liabilities 2 -12 10 13 29 40 59 36 45 75 89
Total Current Liabilities 1477 1330 1345 1648 1851 2578 3609 4147 4134 4084 3618
Total Liabilities 2770 3450 4086 5165 6228 7823 7999 7476 9295 9030 8802
Fixed Assets 844 950 1145 1331 1674 1864 1779 1739 2615 2744 2875
Other Non-Current Assets 253 775 602 683 1028 2284 1801 1754 1935 1437 2013
Total Current Assets 1673 1724 2339 3151 3526 3675 4419 3982 4714 4842 3914
Total Assets 2770 3450 4086 5165 6228 7823 7999 7476 9295 9030 8802

Britannia Inds Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 90 43 51 47 108 59 75 141 109 100 319
Cash Flow from Operating Activities 584 959 441 1249 1156 1485 1876 1300 2526 2573 2481
Cash Flow from Investing Activities -450 -705 -150 -956 -856 -1532 436 911 -1517 484 84
Cash Flow from Financing Activities -181 -246 -295 -232 -353 58 -2243 -2246 -1028 -2839 -2762
Net Cash Inflow / Outflow -47 8 -4 61 -52 11 69 -35 -19 218 -197
Closing Cash & Cash Equivalent 43 51 47 108 59 75 141 109 100 319 125

Britannia Inds Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 28.71 34.36 36.85 41.83 48.24 58.32 77.37 63.3 96.38 88.83 90.44
CEPS(Rs) 34.72 39.07 41.83 47.73 54.82 65.63 85.03 71.25 105.53 101.07 103.41
DPS(Rs) 8 10 11 12.5 15 35 157.5 56.5 72 73.5 75
Book NAV/Share(Rs) 51.9 87.07 112.1 141.39 176.17 181.64 146.1 106.19 146.71 163.62 180.81
Core EBITDA Margin(%) 10.76 14.08 13.71 14.36 14.87 15.06 18.24 14.91 16.35 17.98 16.92
EBIT Margin(%) 11.88 14.2 14.05 14.59 15.24 15.7 19.08 15.06 18.77 17.46 16.27
Pre Tax Margin(%) 11.83 14.15 13.99 14.52 15.16 15.07 18.27 14.08 17.78 16.53 15.53
PAT Margin (%) 8.58 9.56 9.49 9.6 9.91 11.39 13.45 10.27 13.58 12.11 11.56
Cash Profit Margin (%) 10.38 10.87 10.77 10.96 11.3 12.9 14.89 11.63 14.9 13.81 13.22
ROA(%) 28.23 26.51 23.48 21.7 20.28 19.84 23.39 19.59 27.62 23.29 24.43
ROE(%) 67.39 49.44 37.01 33 30.29 32.4 46.92 49.89 76.04 57.1 52.5
ROCE(%) 81.56 67.83 51.94 47.47 44.34 37.13 45.28 41.64 55.5 49.25 53.02
Receivable days 5.56 6.48 6.85 8.44 10.94 10.66 7.66 7.28 7.07 7.48 8.16
Inventory Days 18.74 17.87 21.57 22.93 22.45 22.7 24.31 30.4 27.4 24.58 23.42
Payable days 49.02 53.61 49.84 52.34 59.37 57.63 56.48 54.91 52.74 59.15 58.17
PER(x) 37.6 38.94 45.9 59.43 63.89 46.12 46.89 50.62 44.84 55.31 54.59
Price/Book(x) 20.79 15.37 15.09 17.58 17.49 14.81 24.83 30.18 29.46 30.03 27.3
Dividend Yield(%) 0.74 0.75 0.65 0.5 0.49 1.3 4.34 1.76 1.67 1.5 1.52
EV/Net Sales(x) 3.28 3.83 4.48 6.02 6.7 5.7 6.8 5.62 6.56 7.15 6.68
EV/Core EBITDA(x) 27.11 24.02 28.42 35.79 38.2 31.14 31.64 32.78 35.09 35.45 35.1
Net Sales Growth(%) 13.68 6.86 7.82 9.5 11.51 4.93 13.25 7.61 15.31 2.88 7
EBIT Growth(%) 65.07 28.52 6.89 16.5 16.47 8.11 36.61 -15.31 44.06 -3.89 -0.39
PAT Growth(%) 73.97 19.74 7.31 13.49 15.09 20.61 32.79 -18.08 52.79 -7.86 2.04
EPS Growth(%) 74.18 19.68 7.27 13.49 15.33 20.91 32.67 -18.19 52.27 -7.84 1.82
Debt/Equity(x) 0.12 0.06 0.05 0.06 0.04 0.35 0.6 0.96 0.84 0.52 0.28
Current Ratio(x) 1.13 1.3 1.74 1.91 1.9 1.43 1.22 0.96 1.14 1.19 1.08
Quick Ratio(x) 0.87 0.97 1.26 1.53 1.48 1.14 0.92 0.63 0.85 0.9 0.74
Interest Cover(x) 247.01 251.61 240.32 201.02 195.49 24.98 23.67 15.4 18.93 18.77 22.08
Total Debt/Mcap(x) 0.01 0 0 0 0 0.02 0.02 0.03 0.03 0.02 0.01

Britannia Inds Shareholding Pattern

# Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Promoter 50.55 50.55 50.55 50.55 50.55 50.55 50.55 50.55 50.55 50.55
FII 19.66 18.99 18.23 17.41 17.9 16.46 15.72 15.58 15.02 14.88
DII 13.85 14.84 15.64 16.69 16.24 17.45 18.26 18.66 19.39 19.6
Public 15.95 15.62 15.58 15.36 15.31 15.54 15.47 15.21 15.04 14.97
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Britannia Inds News

Britannia Inds Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 62%
  • Debtor days have improved from 59.15 to 58.17days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Stock is trading at 37.6 times its book value.
  • The company has delivered a poor profit growth of 9% over past five years.
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