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Swing Capital

Britannia Industries Ltd

NSE: BRITANNIA BSE: 500825

Britannia Industries is one of Indias leading food companies with a 100 year legacy and annual revenues in excess of Rs. 16000 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.

₹5,364
52W: ₹5280 — ₹6337
PE 50.5 · Book ₹193 · +2679% vs book
Market Cap₹1,29,214 Cr
Stock P/E50.5Price to Earnings
ROCE61.4%Return on Capital
ROE60.1%Return on Equity
Div. Yield1.39%Face Value ₹1

Strengths

  • +Company has a good return on equity (ROE) track record: 3 Years ROE 60.0%
  • +Company has been maintaining a healthy dividend payout of 85.0%

Weaknesses

  • −Stock is trading at 27.8 times its book value
  • −The company has delivered a poor sales growth of 8.30% over past five years.

Shareholding Pattern

Promoters50.55%
FIIs15.63%
DIIs18.82%
Public14.94%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters50.55%50.55%50.55%50.55%50.55%50.55%50.55%50.55%
FIIs17.41%17.91%▲0.516.46%▼1.415.72%▼0.715.58%▼0.115.02%▼0.614.88%▼0.115.63%▲0.8
DIIs16.69%16.37%▼0.317.58%▲1.218.26%▲0.718.65%▲0.419.39%▲0.719.55%▲0.218.82%▼0.7
Public15.36%15.18%▼0.215.41%▲0.215.48%▲0.115.2%▼0.315.03%▼0.214.97%▼0.114.94%▼0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales4,1023,9244,0944,5014,4184,2834,4534,6654,7764,553
Expenses3,3103,1543,3663,7553,6083,5043,7323,7503,8413,732
Operating Profit793770728746810779721914935822
OPM %19%20%18%17%18%18%16%20%20%18%
Net Profit538530502514557557498690688685
EPS ₹22.3522.0120.8421.3623.1323.1320.6928.6428.5628.46

AI Insights

Revenue Trend

Mar 2026 revenue at ₹18,446Cr, up 6.6% YoY. OPM at 18%.

Debt Position

Borrowings at ₹1,348Cr. Debt-to-equity ratio: 0.29x. Healthy balance sheet.

Capex Cycle

CWIP at ₹38Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 18.82% (+6.36pp change). FIIs: 15.63% (-5.66pp change). Promoters hold 50.55%.

Margin & Efficiency

ROCE declining from 68% (Mar 2015) to 61% (Mar 2026). Working capital days: 3.

Valuation

PE 50.5x with 61.4% ROCE. Price is 2679% above book value of ₹193. Dividend yield: 1.39%.

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