According to The Financial Express, Bombay Burmah Trading Corporation holds a 50.55% stake in Britannia Industries worth over ₹59,000 crore at the biscuit maker's current market value of ₹1,15,858 crore. However, Bombay Burmah's own market capitalization stands at only ₹8,966 crore, creating a significant valuation disconnect where each Bombay Burmah share carries approximately ₹8,500 worth of Britannia stock but trades at about ₹1,300. The company, incorporated in 1863 and the Wadia Group's flagship, operates tea and coffee estates, auto electric parts manufacturing, and dental products alongside its controlling interest in Britannia.
As reported by The Financial Express, Bombay Burmah achieved a 33% ROCE and 19% return on equity (ROE) in FY26, with consolidated profit of ₹2,499 crore representing a 14% compound annual growth rate (CAGR) over five years. The company's net profit for the June 2026 quarter was ₹582.67 crore, with ₹288.16 crore belonging to Bombay Burmah's own shareholders. The company's balance sheet showed improved financial health with borrowings declining from ₹6,542 crore in FY23 to ₹1,590 crore in FY26. Earnings per share increased from ₹52.96 in FY21 to ₹178.10 in FY26, representing a 27% compound annual growth rate.
According to The Financial Express, Bombay Burmah shares have shown minimal appreciation, trading around ₹1,152 in October 2021 and ₹1,285 as of October 7, 2026, representing a small gain over five years. The stock is trading at approximately 7x earnings, significantly below the industry median of 44x. On September 18, 2026, a 2.62% block deal involving 18.34 lakh shares at ₹1,360 per share saw Nusli Wadia's stake decrease from 10% to 7.37%, with Nowrosjee Wadia and Sons acquiring 44.57% in an inter-family transfer. The board's decision to skip a final dividend for FY26 has contributed to recent price weakness.
As reported by The Financial Express, DDev Plastiks Industries, incorporated in 2020, operates as India's largest polymer compound manufacturer with a market capitalization of ₹2,564 crore. The company serves major cable manufacturers including KEI Industries, Havells, Apar Industries, and KEC International, with PVC compounds comprising 89% of revenue in the June 2026 quarter. A new 48,000 tonnes per year plant at Bhiwadi, Rajasthan, began operations in April 2026, with export sales doubling to ₹312 crore in Q1 FY27, representing 32% of total revenue.
According to The Financial Express, both companies demonstrate strong operational metrics with ROCE above 30% and earnings growth exceeding 30% CAGR. DDev Plastiks trades at approximately 12x earnings compared to Bombay Burmah's* 7x multiple, while DDev's 31% ROCE in FY26 is down from 45% in FY22 due to increased working capital requirements. The analysis suggests that while both companies pass high ROCE tests, their valuation discounts reflect different factors - Bombay Burmah's value being locked within a family structure, and DDev's market weighing slower profit growth and an untested battery venture. Both stocks remain cheap for different reasons, with potential triggers including Britannia recovery for Bombay Burmah and successful Bhiwadi plant ramp-up for DDev Plastiks.
