BRITANNIA

Fundamental Analysis ✅ Britannia remains one of India's strongest FMCG businesses with leading brands such as Good Day, Marie Gold, Tiger and Milk Bikis. ✅ FY26 revenue grew approximately 8.3% while net profit increased about 16%, reflecting healthy earnings growth despite cost pressures. ✅ Return ratios remain exceptional: ROE: ~54% ROCE: ~56% Consistent dividend-paying track record. ⚠️ Valuation remains expensive with P/E around 49, limiting near-term re-rating potential. ⚠️ Rising input costs and freight expenses have pressured margins, leading management to consider price hikes.