BRITANNIA · Fast Moving Consumer Goods
Britannia Industries Ltd. reported revenue of ₹4,622 cr for April to June 2025, +8.8% on the year and +4.3% on the quarter. Over the last four quarters revenue comes to ₹18,315 cr, +7.7% on the four before.
Operating profit (EBITDA) was ₹752 cr, a margin of 16.3%, −145 bps on the year and −180 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 16.3% to 19.6%). Operating costs grew +10.7%, faster than revenue at +8.8%, so operating profit grew less than sales.
Net profit was ₹520 cr, +3.0% on the year and −7.0% on the quarter, with earnings per share of ₹21.62. Profit before other income, one-offs and tax fell 0.9%, so 4 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹2,193 cr, +0.4% on the four before.
FMCG growth splits into volume and price. When margins rise while revenue grows slowly, the cause is usually easier input costs rather than stronger demand. The quarterly statements do not carry underlying volume growth, gross margin and rural against urban demand; those come with the filing read.
On earnings per share of ₹91.08 over the last four quarters, the stock at ₹4,773.50 trades at 52.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,256 cr | ₹4,069 cr | ₹4,250 cr | ₹4,668 cr | ₹4,593 cr | ₹4,432 cr | ₹4,622 cr | ₹4,841 cr | ₹4,970 cr | ₹4,719 cr | ₹5,000 cr | ₹5,598 cr |
| YoY | — | — | +6% | +5% | +8% | +9% | +9% | +4% | +8% | +6% | +8% | +16% |
| EBITDA margin | 19.3% | 19.3% | 17.7% | 16.7% | 18.4% | 18.1% | 16.3% | 19.7% | 19.7% | 17.7% | 16.8% | 18.3% |
| Other income, % of PBT | 6% | 8% | 5% | 6% | 8% | 8% | 8% | 6% | 6% | 7% | 8% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 27% | 26% | 26% | 25% | 26% | 26% | 26% | 26% | 13% | 26% | 26% |
| Net profit | ₹556 cr | ₹537 cr | ₹505 cr | ₹532 cr | ₹582 cr | ₹559 cr | ₹520 cr | ₹655 cr | ₹682 cr | ₹680 cr | ₹593 cr | ₹726 cr |
| YoY | — | — | +11% | −9% | +5% | +4% | +3% | +23% | +17% | +22% | +14% | +11% |
| Core profit YoY | — | — | +15% | −10% | +1% | +2% | −1% | +24% | +20% | +6% | +14% | +9% |
| EPS | ₹23.10 | ₹22.35 | ₹20.99 | ₹22.06 | ₹24.15 | ₹23.25 | ₹21.62 | ₹27.17 | ₹28.23 | ₹28.16 | ₹24.55 | ₹29.93 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Britannia Industries Ltd. reported revenue of ₹4,622 cr (+8.8% on the year) and net profit of ₹520 cr (+3.0% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −0.9% on the year, against +3.0% for reported profit.
None of the 7 checks that could run raised a question.
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