FMCG · NSE: BRITANNIA
Britannia Industries
Q1 FY27 earnings call · Guided by management
Call held 7 Aug 2026 · Read the filing on NSEFiling
- M.Cap
- ₹1,15,542Cr₹1.16L Cr
- P/E
- 43.3×
- 1Y return
- −18.42%
- From 52W high
- −23.5%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q1 FY27, as filed · consolidated · ₹ Cr
| Q1 FY27 | Q1 FY26 | YoY | Q4 FY26 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 5,000 | 4,622 | +8.2% | 4,719 | +6.0% |
| EBITDA | 840 | 757 | +11.0% | 853 | -1.5% |
| EBITDA margin | 16.8% | 16.4% | +42 bps | 18.1% | -127 bps |
| PBTProfit before tax | 799 | 706 | +13.2% | 804 | -0.7% |
| Net profit | 591 | 521 | +13.6% | 678 | -12.8% |
| EPS (₹) | 24.55 | 21.62 | +13.6% | 28.16 | -12.8% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
Guidance
Company targets top-line growth with healthy sustainable margins
Rakshit Hargave · Chief Executive Officer and Managing Director · Q&A · p. 8
Company targets top-line growth with healthy sustainable margins
“we are committed to deliver top line growth along with healthy sustainable margins, and that is what we will target to do.”
Management confident of a good year; no figure given
Rakshit Hargave · Chief Executive Officer and Managing Director · Q&A · p. 13
Management confident of a good year; no figure given
“But as a business, we are confident of looking at a good year.”
In short
- 01Q1 FY27 consolidated revenue was about Rs 4,964 crore, up 9.5%; volume growth was close to 9%.
- 02Operating profit, PBT and PAT grew 12.7%, 13.7% and 13.6%, ahead of sales.
- 03The quarter was exited at mid-teens growth as dual pricing ended in June and demand held up.
- 04Input costs are up: LPG index about 1.5x February level, palm oil up over 20%, sugar up over Rs 7 a kilo.
- 05Price increases (mostly shrinkflation) offset about half the inflation; another 1.5% to 2% pricing is expected.
- 06Management expects the international business to return to growth from this quarter.
- 07Management is confident of a good year but gave no numeric guidance.
- 08Inorganic options and new health and protein platforms are being evaluated.
Segments
other channels: Other channels growing at nearly 2.5x of General Trade
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 4
other channels: Other channels growing at nearly 2.5x of General Trade
“continue to grow faster and at an overall level are nearly at 2.5x of GT.”
e-commerce: E-commerce growing at strong double digits
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 4
e-commerce: E-commerce growing at strong double digits
“Within that, e-commerce continues to grow very dynamically with very strong double-digit growth.”
General Trade - other states: Other states growing at about 1.3x of key states
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 4
General Trade - other states: Other states growing at about 1.3x of key states
“So other states are about 1.3x of key states.”
dairy; cake, rusk and wafers: Dairy grew double digits; cake, rusk and wafers grew strong double digits
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 5
dairy; cake, rusk and wafers: Dairy grew double digits; cake, rusk and wafers grew strong double digits
“So the dairy portfolio also grew in double digits, while our adjacency business of cake, rusk and wafers delivered strong double-digit growth led by portfolio innovation.”
Africa: Africa markets, led by Kenya, doing well
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 5
Africa: Africa markets, led by Kenya, doing well
“But at the same time, we are very positive that our markets in Africa, led by Kenya are doing very well.”
Demand
General Trade: General Trade growth indexed at about 1.5x of last year's growth
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 4
General Trade: General Trade growth indexed at about 1.5x of last year's growth
“is now indexed at a rate which is about 1.5x of what we had grown in the whole of last year.”
Demand environment has held up in the last few months
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 4
Demand environment has held up in the last few months
“Actually, the demand environment in the last few months has actually quite held up.”
Quarter exited at mid-teens growth
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 7
Quarter exited at mid-teens growth
“we actually exited the quarter in double digits kind of mid-teens number.”
rural and wholesale: Dual pricing impact seen in April and early May, ended in June
Rakshit Hargave · Chief Executive Officer and Managing Director · Q&A · p. 7
rural and wholesale: Dual pricing impact seen in April and early May, ended in June
“And we saw that the impact of dual pricing was there to a certain extent in April and maybe marginally in the first half of May, but that actually kind of came to an end in the month of June.”
No future indication given; demand environment continues to be strong
Rakshit Hargave · Chief Executive Officer and Managing Director · Q&A · p. 8
No future indication given; demand environment continues to be strong
“Now whether we are able to hold up, so I'm not going to give any future indication of how we will do, but we see that the demand environment continues to be strong.”
Margins and costs
Industrial fuel inflation described as very steep
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 6
Industrial fuel inflation described as very steep
“One impact which is more directed towards Britannia is the industrial fuel. So you will see that the inflation on industrial fuel is very steep.”
Sugar up by over Rs 7 a kilo in the last 2 to 3 weeks
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 6
Sugar up by over Rs 7 a kilo in the last 2 to 3 weeks
“But I think all of you would know that in the last 2 weeks, 2 to 3 weeks, actually sugar has gone up by upwards of INR 7 a kilo.”
Milk prices high; usually ease after August
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 6
Milk prices high; usually ease after August
“Milk prices are also at a high, although usually milk prices start to come down a bit as the season approaches after August, but we will have to see how milk behaves.”
Profit from operations at 15.3%, called an acceptable level
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 7
Profit from operations at 15.3%, called an acceptable level
“Similarly, on a 5-year trend, you can see that profit from operations at 15.3% is about at an acceptable level”
LPG price index rose about 2.5x, now about 1.5x of February level
Rakshit Hargave · Chief Executive Officer and Managing Director · Q&A · p. 8
LPG price index rose about 2.5x, now about 1.5x of February level
“really went up about 2.5x, that has come down. From an index point of view, it is at about 1.5x, but it is still far more than what we had in February.”
Debt and working capital
Company says it does not load the channel at quarter end
Rakshit Hargave · Chief Executive Officer and Managing Director · Q&A · p. 7
Company says it does not load the channel at quarter end
“So a question like quarter building actually does not arise in our company. So we don't do loading.”
Acquisitions and new business
Croissant: New croissant launches growing at more than 30%
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 5
Croissant: New croissant launches growing at more than 30%
“You can see the Treat Triple Choco Croissant and the Dubai Kunafa Croissant, very recent launches already growing at more than 30%.”
Company plans to expand beyond current bakery products
Rakshit Hargave · Chief Executive Officer and Managing Director · Q&A · p. 11
Company plans to expand beyond current bakery products
“And the company is extremely committed and serious to expand its portfolio beyond the kind of bakery products that we have today.”
Bihar: Doodh Marie variant launched in Bihar
Rakshit Hargave · Chief Executive Officer and Managing Director · Q&A · p. 12
Bihar: Doodh Marie variant launched in Bihar
“In Bihar, we also launched the variant of Marie, which is called Doodh Marie focused on those markets, which has all got a very healthy response.”
quick commerce: Products focused on quick commerce channel being developed
Rakshit Hargave · Chief Executive Officer and Managing Director · Q&A · p. 14
quick commerce: Products focused on quick commerce channel being developed
“And we are also quickly working on doing something which is focused on this channel.”
health platform: Protein to be covered under a health platform, coming soon
Rakshit Hargave · Chief Executive Officer and Managing Director · Q&A · p. 16
health platform: Protein to be covered under a health platform, coming soon
“So you will see in the near coming future how we address them at a platform level. And protein is an important platform, which will get covered.”
Management
New Strategy and Corporate Development head joined; team changes done
Rakshit Hargave · Chief Executive Officer and Managing Director · Q&A · p. 10
New Strategy and Corporate Development head joined; team changes done
“a gentleman has joined us to head our Strategy and Corporate Development earlier this week. From that point of view, all the changes are done.”
International: New head of International business joined 2 months ago
Rakshit Hargave · Chief Executive Officer and Managing Director · Q&A · p. 17
International: New head of International business joined 2 months ago
“If you know, we have a new head of our International business, who joined us 2 months back.”
One-offs
Phantom stock impact about Rs 1 crore for the quarter
Rakshit Hargave · Chief Executive Officer and Managing Director · Q&A · p. 10
Phantom stock impact about Rs 1 crore for the quarter
“Well, that's hardly about INR1 crores is what I'm told by finance.”
Risks
International: International: pressure in Middle East, Saudi challenges, North America headwinds
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 5
International: International: pressure in Middle East, Saudi challenges, North America headwinds
“So there were pressures in the Middle East. There were challenges that we have in markets like Saudi, which are being dealt with. And North America, which is a very large market, certain headwinds.”
El Nino and rainfall could affect flour and wheat prices
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 6
El Nino and rainfall could affect flour and wheat prices
“although we have to watch very carefully that with the uncertain situation regarding El Nino and rainfall, what happens because that actually impacts the price of flour and wheat in the coming season.”
September base affected by last year's GST price transition
Rakshit Hargave · Chief Executive Officer and Managing Director · Q&A · p. 16
September base affected by last year's GST price transition
“the only month which really had a challenge because of GST price transition where market was a bit shaky about buying old price products was in the month of September.”
International: International outlook depends on geopolitical situation
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 5
International: International outlook depends on geopolitical situation
“Now it also depends on how the geopolitical situation develops on which we don't really have a point of view.”
Other
Q1 consolidated revenue about Rs 4,964 crore, up 9.5%
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 3
Q1 consolidated revenue about Rs 4,964 crore, up 9.5%
“our revenue from operations at a console level in the first quarter were about INR 4,964 crores, which on an annual basis gave us a growth of 9.5%.”
Standalone growth 10%; PAT 11.9% of revenue, PAT growth 13.6%
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 3
Standalone growth 10%; PAT 11.9% of revenue, PAT growth 13.6%
“It's also important to note that actually at a stand-alone basis, we grew at 10%. PAT was at about 11.9% of revenue and the 12-month growth on PAT was 13.6%.”
Some factories have over 90% women on the shop floor
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 5
Some factories have over 90% women on the shop floor
“we have certain factories where the vast majority, literally 90% plus of the people on the shop floor are women.”
Nutrition programme reached about 3.97 lakh contacts in Q1, 78% of FY26
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 6
Nutrition programme reached about 3.97 lakh contacts in Q1, 78% of FY26
“so we reached about 3.97 lakhs in the first quarter of '27, representing 78% of '25-26.”
Operating profit, PBT and PAT grew 12.7%, 13.7%, 13.6% vs sales 9.5%
Rakshit Hargave · Chief Executive Officer and Managing Director · p. 7
Operating profit, PBT and PAT grew 12.7%, 13.7%, 13.6% vs sales 9.5%
“from a net sales point of view, 9.5% growth and operating profit, PBT and PAT have all been ahead of sales at 12.7%, 13.7%, 13.6%.”
Sources
- Earnings call transcript, Q1 FY27 Filed 12 Aug 2026 · 19 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.