Mar'25 View on Britannia Industries Ltd

Britannia Industries is one of Indias leading food companies with a 100 year legacy and annual revenues in excess of Rs. 9000 Cr. Britannia is among the most trusted food brands, and manufactures Indias favorite brands like Good Day, Tiger, NutriChoice, Milk Bikis and Marie Gold which are household names in India. Britannias product portfolio includes Biscuits, Bread, Cakes, Rusk, and Dairy products including Cheese, Beverages, Milk and Yoghurt. • Volume/revenue growth of 6%/6.5% yoy was tad better than our estimates. • We cut FY26-FY27 EPS estimates by 4-5% and roll over. • We expect earnings to grow by 12.0% in FY26E & grow by 13.9% in FY27E. • Stock is currently trading at valuation of 43.4x P/E FY27E EPS. • We value BRIT using Discounted Cash Flow (DCF) methodology. • Consolidated net operating revenues grew 8% yoy to Rs4592.6 cr • Reported EBITDA grew 3% yoy to Rs844.9 cr (KIE: Rs763.4 cr). • Intends to roll out additional 4-4.5% price hike over the next two quarters. • Staff costs/other expenses were down 46.7%/2.4% yoy.