BRITANNIA

Britannia Industries Limited

Packaged-foods FMCG built on biscuits, extending into cakes, wafers, rusk and dairy

Fast Moving Consumer Goods›Fast Moving Consumer Goods›Food Products›Packaged Foods

britannia.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹4705.00
Market cap
1,13,332 Cr
Stock P/E
43.5
P/B
22.19
Dividend yield
1.6%
ROE (FY26)
49.3%
ROCE (FY26)
52.4%
Operating margin (FY26)
16.7%
Debt / equity (FY26)
0.27
OCF / EBITDA (FY26)
73.7%
OCF / EBITDA (3Y)
77.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Britannia Industries makes and sells biscuits, cakes and other packaged bakery foods to Indian consumers through general trade shops, e-commerce, modern trade and institutional channels, and also runs an international business.

Company snapshot

2ndBy market cap

Ranked among 18 companies in Packaged Foods.

What we see

Positives
  • ✓Debt-to-equity of 0.27x — the company is largely funded by its own money, not borrowed funds.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales4,433 Cr4,256 Cr4,069 Cr4,250 Cr4,668 Cr4,593 Cr4,432 Cr4,622 Cr4,841 Cr4,970 Cr4,719 Cr5,000 Cr
Operating expenses (approx.)3,560 Cr3,435 Cr3,282 Cr3,497 Cr3,884 Cr3,748 Cr3,627 Cr3,865 Cr3,886 Cr3,990 Cr3,866 Cr4,160 Cr
EBITDA872 Cr821 Cr787 Cr754 Cr783 Cr845 Cr805 Cr757 Cr955 Cr980 Cr853 Cr840 Cr
OPM %19.7%19.3%19.4%17.7%16.8%18.4%18.2%16.4%19.7%19.7%18.1%16.8%
Other income52 Cr51 Cr57 Cr56 Cr46 Cr62 Cr63 Cr57 Cr52 Cr59 Cr55 Cr61 Cr
Interest53 Cr31 Cr26 Cr29 Cr35 Cr45 Cr31 Cr26 Cr35 Cr33 Cr19 Cr23 Cr
Depreciation72 Cr78 Cr80 Cr74 Cr76 Cr82 Cr81 Cr82 Cr85 Cr85 Cr85 Cr80 Cr
Profit before tax799 Cr758 Cr735 Cr681 Cr715 Cr778 Cr752 Cr701 Cr884 Cr919 Cr785 Cr797 Cr
Tax %26.6%26.7%27.0%25.9%25.7%25.2%25.6%25.8%25.9%25.8%13.4%25.6%
Net profit587 Cr556 Cr537 Cr505 Cr532 Cr582 Cr559 Cr520 Cr655 Cr682 Cr680 Cr593 Cr
EPS (₹)₹24.41₹23.11₹22.35₹20.99₹22.06₹24.15₹23.25₹21.62₹27.17₹28.23₹28.16₹24.55

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales9,324 Cr9,990 Cr11,055 Cr11,600 Cr13,136 Cr14,136 Cr16,301 Cr16,769 Cr17,943 Cr19,152 CrSign in free for the trailing twelve months
Operating expenses (approx.)8,046 Cr8,488 Cr9,321 Cr9,756 Cr10,627 Cr11,935 Cr13,470 Cr13,599 Cr14,756 Cr15,607 CrSign in free for the trailing twelve months
EBITDA1,278 Cr1,502 Cr1,733 Cr1,843 Cr2,509 Cr2,202 Cr2,831 Cr3,170 Cr3,187 Cr3,544 CrSign in free for the trailing twelve months
OPM %13.7%15.0%15.7%15.9%19.1%15.6%17.4%18.9%17.8%18.5%Sign in free for the trailing twelve months
Other income151 Cr166 Cr206 Cr279 Cr313 Cr223 Cr216 Cr214 Cr227 Cr224 CrSign in free for the trailing twelve months
Interest5 Cr8 Cr9 Cr77 Cr111 Cr144 Cr169 Cr164 Cr139 Cr113 CrSign in free for the trailing twelve months
Depreciation119 Cr142 Cr162 Cr185 Cr198 Cr201 Cr226 Cr300 Cr313 Cr337 CrSign in free for the trailing twelve months
Profit before tax1,304 Cr1,518 Cr1,768 Cr1,844 Cr2,514 Cr2,078 Cr3,033 Cr2,913 Cr2,927 Cr3,289 CrSign in free for the trailing twelve months
Tax %32.2%33.9%34.6%24.4%26.4%27.1%23.6%26.7%25.6%22.9%Sign in free for the trailing twelve months
Net profit885 Cr1,004 Cr1,155 Cr1,394 Cr1,851 Cr1,516 Cr2,316 Cr2,134 Cr2,178 Cr2,537 CrSign in free for the trailing twelve months
EPS (₹)₹73.71₹83.65₹48.25₹58.35₹77.43₹63.31₹96.39₹88.84₹90.45₹105.18Sign in free for the trailing twelve months
Dividend payout %————152.6%163.9%58.7%81.2%81.2%71.1%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital24 Cr24 Cr24 Cr24 Cr24 Cr24 Cr24 Cr24 Cr24 Cr24 Cr
Reserves2,672 Cr3,382 Cr4,229 Cr4,379 Cr3,524 Cr2,534 Cr3,510 Cr3,917 Cr4,332 Cr5,082 Cr
Borrowings116 Cr178 Cr138 Cr1,514 Cr2,087 Cr2,481 Cr2,981 Cr2,041 Cr1,225 Cr1,358 Cr
Other liabilities1,294 Cr1,590 Cr1,818 Cr1,890 Cr2,338 Cr2,449 Cr2,808 Cr3,066 Cr3,232 Cr3,238 Cr
Total liabilities4,109 Cr5,188 Cr6,242 Cr7,842 Cr8,009 Cr7,516 Cr9,353 Cr9,074 Cr8,839 Cr9,732 Cr
Fixed assets (net)1,005 Cr1,194 Cr1,536 Cr1,716 Cr1,634 Cr1,584 Cr2,472 Cr2,603 Cr2,735 Cr2,673 Cr
CWIP30 Cr203 Cr101 Cr40 Cr117 Cr536 Cr105 Cr188 Cr89 Cr39 Cr
Investments487 Cr1,079 Cr1,491 Cr2,908 Cr2,795 Cr1,776 Cr3,365 Cr2,794 Cr2,894 Cr3,638 Cr
Loans & advances——1,204 Cr1,110 Cr947 Cr698 Cr560 Cr460 Cr50 Cr65 Cr
Inventories661 Cr653 Cr781 Cr741 Cr1,091 Cr1,367 Cr1,193 Cr1,181 Cr1,237 Cr1,346 Cr
Trade receivables179 Cr305 Cr394 Cr320 Cr257 Cr332 Cr329 Cr393 Cr449 Cr469 Cr
Cash & bank56 Cr130 Cr60 Cr81 Cr143 Cr118 Cr102 Cr323 Cr133 Cr220 Cr
Other assets1,690 Cr1,624 Cr674 Cr926 Cr1,025 Cr1,104 Cr1,226 Cr1,132 Cr1,253 Cr1,282 Cr
Total assets4,109 Cr5,188 Cr6,242 Cr7,842 Cr8,009 Cr7,516 Cr9,353 Cr9,074 Cr8,839 Cr9,732 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity441 Cr1,249 Cr1,156 Cr1,485 Cr1,851 Cr1,300 Cr2,526 Cr2,573 Cr2,481 Cr2,612 Cr
Cash from investing-150 Cr-956 Cr-856 Cr-1,532 Cr461 Cr911 Cr-1,517 Cr476 Cr84 Cr-757 Cr
Cash from financing-295 Cr-232 Cr-353 Cr58 Cr-2,244 Cr-2,246 Cr-1,028 Cr-2,830 Cr-2,762 Cr-1,783 Cr
Net cash flow-4 Cr61 Cr-52 Cr11 Cr66 Cr-32 Cr-9 Cr219 Cr-194 Cr88 Cr
Free cash flow (OCF − Capex)82 Cr826 Cr755 Cr1,240 Cr1,609 Cr749 Cr1,815 Cr2,011 Cr2,106 Cr2,406 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %46.5%42.4%40.2%32.3%46.3%43.9%48.9%51.2%54.7%52.4%
ROE %32.8%29.4%27.0%31.6%52.0%59.0%65.1%54.0%49.7%49.3%
Debtor days7111310797999
Inventory days50485246616752504647
Days payable57747569746363706567
Cash conversion cycle-0-14-11-13-513-4-10-10-10
OCF / EBITDA %34.5%83.2%66.7%80.5%73.8%59.0%89.2%81.2%77.8%73.7%
OCF / EBITDA % (3 years)——63.1%76.6%73.8%70.7%75.3%78.0%82.5%77.4%
Debt / equity0.040.050.030.340.590.970.840.520.280.27
Current ratio1.741.911.901.431.220.961.141.191.081.12
Net debt / EBITDA0.05—0.040.780.771.071.020.540.340.32