BRITANNIA · Fast Moving Consumer Goods
Britannia Industries Ltd. reported revenue of ₹4,841 cr for July to September 2025, +3.7% on the year and +4.7% on the quarter. It is the highest quarterly revenue in the last 10 quarters on record. Over the last four quarters revenue comes to ₹18,488 cr, +7.2% on the four before.
Operating profit (EBITDA) was ₹955 cr, a margin of 19.7%, +301 bps on the year and +345 bps on the quarter. It is the widest margin of the last 8 quarters (range 16.3% to 19.7%). Operating costs grew −0.0% against revenue growth of +3.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹655 cr, +23.1% on the year and +26.0% on the quarter, with earnings per share of ₹27.17. Profit before other income, one-offs and tax grew 24.3%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹2,316 cr, +8.7% 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 ₹96.19 over the last four quarters, the stock at ₹4,773.50 trades at 49.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
EBITDA margin 19.7%, +301 bps on the year (+345 bps on the quarter).
Source: Results filing
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Underlying volume growth | 11% |
| Gross margin | 41.68% |
Read using the FMCG framework (named in the filing read). Primary valuation lens: P/E against volume growth.
Read more closely in this sector: Volume against price in reported growth · Ad spend cut to protect margin.
| 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 ₹4,841 cr (+3.7% on the year) and net profit of ₹655 cr (+23.1% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +24.3% on the year, against +23.1% for reported profit.
None of the 7 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.