Britannia Industries Stock Price - ₹5,130.00 | Food Products

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Company insights, generated from the most recent coverage.

Goldman Sachs maintains Neutral rating citing high sugar exposure and limited pass-through ability; upgrade to Buy requires sustaining >16% operating margins and growing health portfolio to >10% of revenue.
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Britannia is scaling 'Zero Maida' and 'NutriChoice' health platforms to reduce sugar dependency, though reformulation is technically complex as sugar provides structure/browning in biscuits.
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Indian consumer resistance to taste compromise limits Britannia's ability to rapidly reformulate core biscuit products with reduced sugar, unlike beverage categories.
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The Quarter story

The two most recent quarterly results, compared side-by-side.

Britannia shows steady revenue growth and stable core profits, but margins face pressure from input cost shifts and pricing dynamics.

Revenue grew from ₹4,535 Cr in Q1 FY26 to ₹4,964 Cr in Q1 2026-27, demonstrating consistent top-line expansion.

Operating profit margin slipped from 18.3% in Q2 FY26 to 15.3% in Q1 2026-27, signaling pricing pressure.

Profit before tax rose from ₹701 Cr in Q1 FY26 to ₹797 Cr in Q1 2026-27, reflecting steady core profitability.

Profit after tax margin fell from 14.5% in Q4 FY26 to 11.9% in Q1 2026-27, indicating margin compression.

Cocoa relative price eased from 1.8 in Q1 FY26 to 1.7 in Q4 FY26, lowering key ingredient costs.

Refined palm oil relative price rose from 1.1 in Q3 FY26 to 1.2 in Q4 FY26, adding volatility to fat costs.

Laminate relative price dropped from 1.0 in Q1 FY26 to 0.9 in Q4 FY26, reducing packaging expenses.

Milk relative price increased from 0.9 in Q2 FY26 to 1.0 in Q4 FY26, raising dairy input expenses.

Sugar relative price held steady at 1.1 from Q1 FY26 through Q4 FY26, keeping input costs predictable.

Operating profit moderated from ₹2,440 Cr in Q3 FY26 to ₹761 Cr in Q1 2026-27, reflecting cost normalization after a strong quarter.

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Britannia Industries