Loading…
Major Indian food company known for Britannia biscuits (Good Day, Marie Gold), bread and dairy products.
Major Indian food company known for Britannia biscuits (Good Day, Marie Gold), bread and dairy products.
Sells biscuits in small, low-priced packs through distributors to a very large number of local shops, and that reach is the core of the business. Bread and cakes have short shelf lives and are made closer to the customer. The Wadia group is the long-time controlling shareholder.
In one line: India's Mondelez/Kellanova.
Moat: narrow (brand, distribution, scale). Long-established, trusted biscuit brands with deep rural and urban distribution reach.
Headquarters: Kolkata, India · Founded: 1892 · Employees: 23,755
Size Britannia Industries (BRITANNIA.NS) is an India Consumer Staples company (Food: Specialty/Candy) with a market value of $12.1B, the 96th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹4,785 on 6 Nov 2026.
Performance Over six months the shares fell 17.7%, against +1.2% for the median peer and 0.0% for the India market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 6.6% over the last twelve months (peer median +6.9%); the operating margin is 17.1% (peer median 11.2%).
Valuation It trades at 41.7× forward earnings against a peer median of 17.9× (2nd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 35.0 points above its cost of capital (13.7% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹195B | ₹191B | ₹179B | ₹168B | ₹163B |
| Revenue growth | — | +7% | +7% | +3% | — |
| Gross profit | ₹71.5B | ₹63.8B | ₹58.3B | ₹58.3B | ₹47.0B |
| EBITDA | ₹36.8B | ₹36.0B | ₹32.3B | ₹32.1B | ₹28.7B |
| Net income | ₹26.0B | ₹25.3B | ₹21.8B | ₹21.4B | ₹23.2B |
| Free cash flow | n/a | ₹24.4B | ₹21.0B | ₹20.3B | ₹17.9B |
| Capital expenditure | n/a | ₹2.06B | ₹3.75B | ₹5.53B | ₹7.11B |
| Total debt | n/a | ₹13.8B | ₹12.5B | ₹20.6B | ₹30.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Britannia Industries BRITANNIA.NS | $12.1B | -18% | +7% | 17% | 41.7× | 28.9% |
| ITC ITC.NS | $37.5B | -8% | -2% | 30% | 20.2× | 13.2% |
| Nestle India NESTLEIND.NS | $26.0B | -13% | +22% | 21% | 59.4× | 36.6% |
| Mondelez International MDLZ | $83.6B | +8% | +6% | 18% | 19.9× | -2.7% |
| Mrs. Bector's Food Specialities BECTORFOOD.NS | $681M | +3% | +12% | 8% | 36.0× | 38.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BRITANNIA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.1% | +5.4% | 5th lowest of 21 |
| 6-month return | -17.7% | +1.2% | 3rd lowest of 21 |
| Distance from 52-week high | -23.7% | -16.5% | 8th lowest of 21 |
| Revenue growth (TTM) | +6.6% | +6.9% | 10th lowest of 21 |
| Operating margin | 17.1% | 11.2% | 4th highest of 21 |
| Forward P/E | 41.7× | 17.9× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 28.9% | 3.2% | 2nd most demanding of 18 |
| Growth delivered (Del g) | +7.8% | +8.1% | 7th lowest of 18 |
| Hurdle (Req g minus delivered) | +21.0 pp | -8.5 pp | 2nd most demanding of 18 |
| ROIC minus cost of capital | +35.0 pp | +3.2 pp | 2nd highest of 21 |
| EV / EBITDA | 31.2× | 11.5× | 2nd most expensive of 19 |
| Net debt / EBITDA | -0.2× | 1.2× | 5th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Britannia Industries BRITANNIA.NS | India | $12.1B | -18% | +7% | 17% | 41.7× | 28.9% | +7.8% |
| Tata Consumer Products TATACONSUM.NS | India | $11.4B | -6% | +15% | 11% | 55.5× | 42.8% | +11.8% |
| McCormick & MKC | United States | $13.0B | 0% | +13% | 17% | 15.9× | 3.2% | +4.1% |
| Kikkoman 2801.T | Japan | $10.9B | +24% | +9% | 11% | 24.8× | 8.8% | +11.2% |
| Orkla ORK.OL | Norway | $10.8B | -6% | 0% | 10% | 15.5× | -1.1% | +8.7% |
| J.M. Smucker Company (The) SJM | United States | $13.9B | +33% | +5% | 19% | 12.9× | -7.1% | +2.5% |
| Barry Callebaut BARN.SW | Switzerland | $8.33B | +5% | +9% | 5% | 23.7× | -8.4% | +16.5% |
| Darling Ingredients DAR | United States | $7.92B | -20% | +16% | 9% | 7.3× | 9.0% | +11.4% |
| Lamb Weston LW | United States | $7.61B | +31% | +3% | 10% | 16.6× | 4.0% | +12.5% |
| Meiji 2269.T | Japan | $7.35B | +14% | +4% | 8% | 17.2× | n/a | n/a |
| Campbell's CPB | United States | $6.90B | +11% | -5% | 11% | 13.7× | -3.6% | +2.8% |
| Toyo Suisan Kaisha 2875.T | Japan | $6.74B | -4% | +7% | 17% | 14.5× | -5.0% | +9.5% |
| Chocoladefabriken Lindt & Spruengli LISN.SW | Switzerland | $24.6B | -8% | +4% | 16% | 28.2× | 3.4% | +8.1% |
| Ajinomoto 2802.T | Japan | $25.3B | -16% | +7% | 11% | 29.4× | 19.2% | +8.1% |
| Ingredion INGR | United States | $5.78B | -15% | -1% | 12% | 9.7× | -7.8% | +3.8% |
| Nissin Foods 2897.T | Japan | $5.73B | +9% | +5% | 6% | 17.9× | n/a | n/a |
| Balchem BCPC | United States | $5.54B | +8% | +9% | 22% | 30.9× | 14.5% | +8.1% |
| Yamazaki Baking 2212.T | Japan | $5.08B | +21% | +5% | 5% | 18.0× | -3.3% | +5.3% |
| Sensient Technologies SXT | United States | $5.07B | +1% | +10% | 15% | 25.0× | n/a | n/a |
| Foshan Haitian Flavouring and Food 3288.HK | Hong Kong | $29.4B | -24% | +11% | 27% | 18.0× | -4.6% | +4.2% |
| Angel Yeast 600298.SS | China | $4.97B | +2% | +15% | 11% | 19.1× | 4.1% | +13.4% |