BRITANNIA

Britannia delivered steady 9% YoY revenue growth in Q1 FY26, supported by rural demand recovery and premium product launches. Margins expanded to 19% on lower input costs. The company continues to innovate with healthier variants and value packs. At ~55x FY26 EPS, valuations are expensive but justified by consistency and brand strength. Britannia remains a core FMCG holding with reliable compounding potential.