BRITANNIA · Fast Moving Consumer Goods
Britannia Industries Ltd. reported revenue of ₹4,719 cr for January to March 2026, +6.5% on the year and −5.1% on the quarter. Over the last four quarters revenue comes to ₹19,152 cr, +6.7% on the four before.
Operating profit (EBITDA) was ₹834 cr, a margin of 17.7%, −40 bps on the year and −198 bps on the quarter. Over the last 8 quarters the margin has ranged from 16.3% to 19.7%, averaging 18.0%. Operating costs grew +7.0%, faster than revenue at +6.5%, so operating profit grew less than sales.
Net profit was ₹680 cr, +21.6% on the year and −0.3% on the quarter, with earnings per share of ₹28.16. Profit before other income, one-offs and tax grew 6.0%, so 16 points of the headline growth came from outside the core business. The tax rate was 13% against an average of 26% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹2,537 cr, +16.5% on the four before.
On earnings per share of ₹105.18 over the last four quarters, the stock at ₹4,773.50 trades at 45.4 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.
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 13.0% against 26.0% over the previous quarters, worth about ₹102 cr of profit.
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +21.6% on the year; profit before other income, exceptional items and tax +6.0%.
Source: Quarterly statements
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.
| 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 ₹4,719 cr (+6.5% on the year) and net profit of ₹680 cr (+21.6% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +6.0% on the year, against +21.6% for reported profit.
2 checks raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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