BRITANNIA · Fast Moving Consumer Goods
Britannia Industries Ltd. reported revenue of ₹4,970 cr for October to December 2025, +8.2% on the year and +2.7% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹18,865 cr, +7.3% on the four before.
Operating profit (EBITDA) was ₹977 cr, a margin of 19.7%, +130 bps on the year and +1 bps on the quarter. It is the widest margin of the last 8 quarters (range 16.3% to 19.7%). Operating costs grew +6.5% against revenue growth of +8.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹682 cr, +17.2% on the year and +4.1% on the quarter, with earnings per share of ₹28.23. Profit before other income, one-offs and tax grew 20.1%, 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 ₹2,416 cr, +12.1% on the four before.
On earnings per share of ₹100.27 over the last four quarters, the stock at ₹4,773.50 trades at 47.6 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.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,433 cr | ₹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 |
| YoY | — | — | — | +6% | +5% | +8% | +9% | +9% | +4% | +8% | +6% | +8% |
| EBITDA margin | 19.6% | 19.3% | 19.3% | 17.7% | 16.7% | 18.4% | 18.1% | 16.3% | 19.6% | 19.7% | 17.7% | 16.8% |
| Other income, % of PBT | 7% | 6% | 8% | 5% | 6% | 8% | 8% | 8% | 6% | 6% | 7% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 27% | 27% | 26% | 26% | 25% | 26% | 26% | 26% | 26% | 13% | 26% |
| Net profit | ₹586 cr | ₹556 cr | ₹537 cr | ₹505 cr | ₹532 cr | ₹582 cr | ₹559 cr | ₹520 cr | ₹655 cr | ₹682 cr | ₹680 cr | ₹593 cr |
| YoY | — | — | — | +11% | −9% | +5% | +4% | +3% | +23% | +17% | +22% | +14% |
| Core profit YoY | — | — | — | +15% | −10% | +1% | +2% | −1% | +24% | +20% | +6% | +14% |
| EPS | ₹24.39 | ₹23.10 | ₹22.35 | ₹20.99 | ₹22.06 | ₹24.15 | ₹23.25 | ₹21.62 | ₹27.17 | ₹28.23 | ₹28.16 | ₹24.55 |
| 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 ₹4,970 cr (+8.2% on the year) and net profit of ₹682 cr (+17.2% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +20.1% on the year, against +17.2% for reported profit.
None of the 7 checks that could run raised a question.
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