BRITANNIA

Britannia remains a steady performer in India’s FMCG space with strong biscuit and bakery portfolio. Q1 FY26 revenue grew 8% YoY, supported by new launches and distribution expansion. Rising wheat and milk prices are a concern for margins, though cost efficiency measures provide a cushion. The company’s rural penetration strategy is paying off gradually. At ~50x FY26 EPS, valuations are expensive but justified by brand strength and stable growth. Britannia is a good defensive stock for investors seeking steady compounding in consumer staples.