BRITANNIA - Britannia Inds.
📢 Recent Corporate Announcements
Britannia Industries has issued a formal clarification under Regulation 30(11) to address market rumors regarding potential operational disruptions due to industrial gas supply issues linked to the Middle East conflict. The company confirmed that it has not experienced any significant impact on manufacturing and maintains adequate finished goods inventory across its network. Additionally, the company highlighted its operational flexibility, utilizing multiple fuel sources including LPG, PNG, and Biomass, which allows for technical adjustments if supply chains tighten. This proactive disclosure aims to stabilize investor sentiment amid geopolitical uncertainties.
- No significant disruption experienced at manufacturing facilities due to industrial gas supply issues.
- Adequate levels of finished goods inventory maintained across the entire supply chain to meet market demand.
- Operational flexibility to switch between fuel types including LPG, PNG, Biomass, and Liquid fuels.
- Management expressed confidence in the Government of India's steps to address potential industrial challenges.
Britannia Industries Limited has announced the cancellation of a virtual one-to-one meeting with an institutional investor. The meeting was originally scheduled to take place on Friday, March 13, 2026, at 11:00 A.M. IST. The company had previously notified the exchanges about this meeting on March 5, 2026. The cancellation is attributed to unavoidable circumstances, and no further details regarding a reschedule were provided.
- Cancellation of a virtual one-to-one meeting with an institutional investor.
- The meeting was originally scheduled for March 13, 2026, at 11:00 A.M. IST.
- The initial intimation for the meeting was filed on March 5, 2026.
- Reason for cancellation cited as unavoidable circumstances.
Britannia Industries Limited has scheduled a one-to-one virtual meeting with an institutional investor on March 13, 2026, at 11:00 A.M. IST. This announcement, made on March 5, 2026, follows the disclosure requirements under Regulation 30 of the SEBI Listing Regulations. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during the session. Such meetings are standard practice for maintaining transparency and engagement with large-scale investors.
- One-to-one virtual meeting scheduled for March 13, 2026, at 11:00 A.M. IST.
- Interaction is specifically with an institutional investor to discuss public information.
- Company explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be disclosed.
- Compliance filing submitted under Regulation 30 of SEBI (LODR) Regulations, 2015.
Britannia Industries has initiated a postal ballot to seek shareholder approval for the appointment of Mr. Rakshit Hargave as Chief Executive Officer and Managing Director. The proposed appointment is for a five-year term effective from December 15, 2025, to December 14, 2030. Shareholders can cast their votes via remote e-voting between February 13 and March 14, 2026. This move formalizes the leadership transition following his initial induction as an Additional Director in late 2025.
- Appointment of Mr. Rakshit Hargave as CEO and MD for a 5-year tenure starting December 15, 2025
- Remote e-voting period set from February 13, 2026, to March 14, 2026
- Cut-off date for voting eligibility established as February 6, 2026
- Final voting results to be announced on or before March 17, 2026
- The resolution is proposed as an Ordinary Resolution as per SEBI and Companies Act regulations
Britannia Industries has officially released the audio recording of its analyst conference call held on February 11, 2026. The call focused on the company's financial performance and operational updates for the third quarter and nine months ended December 31, 2025. This filing is a standard regulatory requirement under SEBI Listing Regulations to ensure transparency for all shareholders. A written transcript of the discussion is expected to be published shortly on the company's website.
- Audio recording for the Q3 FY 2025-26 earnings call is now accessible via the company's media link.
- The call addressed financial results for the nine-month period ending December 31, 2025.
- The meeting was conducted on February 11, 2026, involving institutional investors and analysts.
- Management confirmed that a formal written transcript will be disseminated within regulatory timelines.
Britannia Industries reported a robust performance for Q3 FY26, with consolidated revenue growing 9.5% YoY to ₹4,885 crore. Profit After Tax (PAT) for the quarter rose significantly by 16.9% to ₹680 crore, supported by an improved operating profit margin of 18.3%. While the company faced a sharp 23% YoY increase in milk prices, strategic procurement and lower costs for cocoa and palm oil helped maintain profitability. Non-biscuit adjacency businesses like Cake, Rusk, and Croissants continue to grow at double-digit rates, diversifying the revenue stream.
- Consolidated Revenue for Q3 FY26 grew 9.5% YoY to ₹4,885 crore.
- Profit After Tax (Owner's share) increased by 16.9% YoY to ₹680 crore.
- Operating Profit Margin improved to 18.3% in Q3 FY26, up from 16.4% in FY25.
- Adjacency businesses (Cake, Rusk, Croissant, Wafers) all recorded double-digit growth during the quarter.
- Input costs were mixed with Milk prices up 23% YoY, while Cocoa and Palm Oil prices fell by 12% and 9% respectively.
Britannia Industries has appointed Ms. Sona Rajora as the Company Secretary and Compliance Officer (Key Managerial Personnel) effective February 11, 2026. Ms. Rajora has been with the company for approximately 11 years, handling secretarial and legal functions. She will also serve as the Nodal Officer for the Investor Education and Protection Fund (IEPF) and is authorized to determine the materiality of events for stock exchange disclosures. This appointment follows a recommendation from the Nomination and Remuneration Committee.
- Ms. Sona Rajora appointed as Company Secretary & Compliance Officer effective February 11, 2026
- The appointee has approximately 11 years of experience within Britannia's secretarial and legal departments
- Ms. Rajora is a qualified Company Secretary (ICSI Membership No. A35468) and holds a Bachelor of Laws degree
- She will also act as the Nodal Officer for IEPF coordination and materiality determination for SEBI disclosures
- The appointment was approved during a Board Meeting held on February 10, 2026, lasting 5.5 hours
Britannia Industries has announced a strategic strengthening of its leadership team with the appointment of Mr. Puneet Das as Chief Marketing Officer, effective February 16, 2026. Mr. Das brings over 24 years of FMCG experience from major firms like Tata Consumer Products and PepsiCo. Simultaneously, the company elevated Mr. Siddharth Gupta to Vice President – Marketing, leveraging his 20 years of industry experience and his tenure at Britannia since 2018. These changes aim to drive brand transformation and innovation across the company's core biscuit and snack portfolios.
- Mr. Puneet Das appointed as Chief Marketing Officer with over 24 years of FMCG experience.
- Mr. Siddharth Gupta elevated to Vice President – Marketing effective February 1, 2026.
- New CMO Puneet Das has previously held leadership roles at Tata Consumer, GSK, PepsiCo, and Marico.
- Siddharth Gupta has 20 years of experience and has led Britannia's Biscuit, Wafer, and Snack portfolio since 2018.
- The appointments follow a Board meeting held on February 10, 2026, to enhance senior management depth.
Britannia Industries reported a strong performance for the quarter ended December 31, 2025, with consolidated sales growing 9.5% YoY to ₹4,885 Crores. Net profit outpaced revenue growth, rising 17.1% to ₹682 Crores, driven by a stable commodity environment and strong momentum in the biscuit segment which grew ~12% in the latter part of the quarter. For the nine-month period, the company recorded a net profit of ₹1,857 Crores on sales of ₹14,172 Crores. The management highlighted successful product innovations like the 50-50 Dipped range and 'Doodh' Marie Gold as key growth drivers.
- Consolidated Sales for Q3 FY26 grew 9.5% YoY to ₹4,885 Crores
- Net Profit for the quarter increased by 17.1% YoY to ₹682 Crores
- Biscuit business segment saw a growth of ~12% during November and December
- Nine-month consolidated sales reached ₹14,172 Crores, up 7.7% YoY
- Nine-month net profit stood at ₹1,857 Crores, representing a 14.7% YoY growth
Britannia Industries reported a steady performance for Q3 FY26, with consolidated revenue growing 8.2% YoY to ₹4,969.82 crore. Net profit for the quarter increased by 17.1% YoY to ₹682.14 crore, driven by operational efficiencies despite a one-time impact of ₹48.56 crore related to the New Labour Codes. The company also navigated changes in state fiscal incentives, which saw a net reduction in other operating revenue. Overall, margins remained resilient with Profit Before Tax growing 18.1% compared to the same quarter last year.
- Consolidated Revenue from Operations grew 8.2% YoY to ₹4,969.82 crore for the quarter ended Dec 31, 2025.
- Net Profit increased by 17.1% YoY to ₹682.14 crore, with EPS rising to ₹28.23 from ₹24.15.
- Recognized a one-time expense of ₹48.56 crore as past service cost due to the implementation of New Labour Codes.
- Profit Before Tax (PBT) stood at ₹919.03 crore, a significant jump from ₹778.39 crore in the corresponding previous year quarter.
- State fiscal incentives were impacted by SGST rate reductions, resulting in a ₹65 crore reduction in other operating revenue, partially offset by a ₹45.72 crore prior-period gain.
Mr. T. V. Thulsidass has resigned from his position as Company Secretary, Compliance Officer, and Key Managerial Personnel (KMP) at Britannia Industries effective February 5, 2026. He had served in this role since October 15, 2018, and cited personal reasons for his departure. The company has confirmed that the CEO and CFO remain the authorized personnel for determining materiality of events for stock exchange disclosures. This transition follows a standard notice period as the resignation was originally tendered on November 8, 2025.
- Mr. T. V. Thulsidass resigned as Company Secretary and KMP effective close of business on February 5, 2026.
- The official resignation was submitted on November 8, 2025, completing a contractual notice period.
- Thulsidass served as the Company Secretary and Compliance Officer for over 7 years since October 2018.
- CEO Rakshit Hargave and CFO N. Venkataraman continue as the authorized KMPs for SEBI Regulation 30 disclosures.
Britannia Industries Limited has scheduled an analyst and institutional investor conference call for February 11, 2026, at 11:00 AM IST. The management will discuss the company's financial performance and operations for the quarter and nine months ended December 31, 2025. This routine interaction follows the disclosure of quarterly results and aims to provide deeper insights into the company's growth and market strategy. Transcripts and audio recordings will be made available on the company's website and stock exchanges following the event.
- Conference call scheduled for February 11, 2026, at 11:00 A.M. IST.
- Management to review financial results for the quarter and nine months ended December 31, 2025.
- Universal dial-in numbers for the call are +91 22 6280 1313 and +91 22 7115 8214.
- The company confirmed that no unpublished price sensitive information (UPSI) will be shared.
- Audio recordings and transcripts will be hosted on the company's investor relations website.
Britannia Industries Limited has announced the resignation of Mr. Annu Gupta, the Chief Business Officer for International Business, effective January 31, 2026. Mr. Gupta, who has been with the company for 13 years, is leaving to pursue an external opportunity. The resignation follows a standard three-month notice period that was initiated on October 31, 2025. While the international business is a strategic focus, the planned nature of the exit suggests a managed transition.
- Mr. Annu Gupta resigns as Chief Business Officer - International Business after 13 years at Britannia.
- The official resignation was submitted on October 31, 2025, with the last working day set for January 31, 2026.
- The departure is cited as a move to pursue an opportunity outside the company.
- The filing was made in compliance with Regulation 30 of the SEBI Listing Regulations, 2015.
Britannia Industries has filed its quarterly compliance certificate for the period ending December 31, 2025, as per SEBI (Depositories and Participants) Regulations. The Registrar and Share Transfer Agent, KFin Technologies, confirmed that all dematerialization requests were handled within the 15-day regulatory window. The filing ensures that physical certificates were properly cancelled and electronic records were updated in the register of members. This is a standard administrative procedure required for all listed companies in India to maintain shareholding integrity.
- Compliance certificate covers the period from October 1, 2025, to December 31, 2025.
- RTA KFin Technologies confirmed demat request processing within 15 days of receipt.
- Physical security certificates were mutilated and cancelled after due verification.
- Confirms that securities comprised in the certificates are listed on the relevant stock exchanges.
Britannia Industries has received an order from the CGST & Central Excise authority in Chennai regarding alleged incorrect Input Tax Credit (ITC) claims. The order covers a six-year period from FY 2018-19 to FY 2023-24. The total demand includes a tax component of ₹108.50 crore and an equivalent penalty of ₹108.50 crore, plus applicable interest. The company has stated it will pursue legal remedies and file an appeal, maintaining that there is no immediate significant impact on its operations.
- Tax demand of ₹108,50,24,763 issued under Section 74 of the CGST Act, 2017.
- Equivalent penalty of ₹108,50,24,763 imposed in addition to the tax demand.
- The order pertains to alleged incorrect availment of Input Tax Credit for six financial years (2018-19 to 2023-24).
- Total financial implication exceeds ₹217 crore excluding interest charges.
- Company intends to challenge the order through the appropriate legal and appellate channels.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 7% YoY to INR 17,952 Cr in FY25, driven by healthy growth in non-biscuit segments like rusk, cheese, and cakes. Q1 FY26 revenue grew 9% YoY to INR 4,622 Cr, while Q2 FY26 revenue reached INR 4,752 Cr, representing a 4.1% 12-month growth rate.
Geographic Revenue Split
The company operates in 80+ countries with a manufacturing footprint in Oman, UAE, Kenya, and Nepal. International business is primarily centered in the Middle East, Americas, Africa, and Asia Pacific regions.
Profitability Margins
Operating margin moderated to 17.8% in FY25 from 19% in FY24 due to raw material inflation. Standalone Profit After Tax (PAT) for FY25 was INR 2,130.72 Cr, a 2.3% increase from INR 2,082.05 Cr in FY24. Q2 FY26 PAT showed a 23.1% 12-month growth.
EBITDA Margin
Operating margin is expected to remain in the 17-19% range, supported by premiumisation, better distribution reach, and internal cost efficiency programs despite a 120 bps dip in FY25.
Capital Expenditure
Planned capital expenditure is estimated at INR 150-200 Cr annually over the medium term to fund capacity expansion and technology-led distribution.
Credit Rating & Borrowing
Maintains CRISIL AAA/Stable and A1+ ratings. Total debt was significantly reduced by 40% to INR 1,226 Cr as of March 31, 2025, from INR 2,044 Cr the previous year. Interest coverage ratio improved to 23 times in FY25 from 19 times in FY24.
Operational Drivers
Raw Materials
Key raw materials include wheat, sugar, milk, and palm oil. Volatility in these commodities directly impacts the cost structure, as seen in the margin moderation during FY25.
Import Sources
Sourced domestically within India and through international supply networks in the Middle East (Oman, UAE), Africa (Kenya), and Asia (Nepal) to serve global markets.
Key Suppliers
Not specifically named; however, the company utilizes a 'judicious mix' of contract manufacturing and owned facilities, with a strategic shift toward increasing in-house manufacturing to reduce overheads.
Capacity Expansion
Increasing the proportion of in-house manufacturing to improve proximity to consumption markets, reduce transportation time, and enhance product shelf life.
Raw Material Costs
Raw material costs are a significant portion of revenue; inflation in wheat and sugar led to price hikes and grammage cuts in FY25 to protect margins.
Manufacturing Efficiency
Reported a strong Return on Capital Employed (ROCE) of over 50%. In-house manufacturing expansion has reduced overheads and improved product freshness.
Logistics & Distribution
Focusing on technology-led distribution and expanding rural reach to capitalize on the recovery in rural consumption.
Strategic Growth
Expected Growth Rate
10-15%
Growth Strategy
Growth will be achieved through 'all-out' top-line efforts including premiumisation, rural distribution expansion, and scaling adjacency businesses like Dairy and Croissants. The company is strengthening e-commerce, quick-commerce, and modern trade channels to return to double-digit growth.
Products & Services
Biscuits, cakes, rusk, cheese, milkshakes, lassi, paneer, dahi, croissants, and coconut water.
Brand Portfolio
Good Day, Milk Bikis, Marie Gold, Bourbon, 50-50, NutriChoice, Tiger, Treat, and Come Alive.
New Products/Services
Recent launches include Choco Tarts, Bourbon Shake, Milk Bikis Wafer Roll, and the 'Come Alive' brand featuring coconut water, yoghurt, and paneer.
Market Expansion
Expanding international footprint in 80+ countries and deepening rural penetration in India, supported by favorable monsoon forecasts.
Market Share & Ranking
Market leader in the Indian biscuit industry with a value market share of over 33% (one-third).
Strategic Alliances
Acquired Strategic Foods International (UAE) and Al Sallan Food Industries (Oman) to establish a regional presence in the Middle East.
External Factors
Industry Trends
The packaged food industry is seeing a shift toward premiumisation and digital trade. Rural markets are showing signs of recovery after a period of subdued demand.
Competitive Landscape
Faces intense competition from both large national players and international FMCG companies, particularly in the premium biscuit and dairy segments.
Competitive Moat
Durable moat built on a 130-year legacy, strong brand equity (Good Day, etc.), and a massive distribution network that maintains a 'healthy gap' over national competitors.
Macro Economic Sensitivity
Highly sensitive to rural demand, which is influenced by agricultural income, monsoon patterns, and government interventions.
Consumer Behavior
Shifting toward 'premium indulgence' and 'healthy' snacking options, prompting the launch of the Come Alive brand.
Geopolitical Risks
Exposure to macroeconomic and political uncertainties across 80+ countries, particularly in the Middle East and Africa.
Regulatory & Governance
Industry Regulations
Subject to food safety standards, manufacturing regulations, and statutory laws in India and 80+ international jurisdictions.
Environmental Compliance
Committed to ESG principles and UN Sustainable Development Goals; governance includes 55% independent directors.
Taxation Policy Impact
GST rate rationalization effective September 22, 2025, impacted approximately 85% of the company's business portfolio.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (wheat, sugar, milk) and the ability to maintain market share while passing on costs are primary risks.
Geographic Concentration Risk
While diversified across 80 countries, India remains the primary revenue driver; Middle East is the largest international hub.
Third Party Dependencies
Decreasing dependency on third-party contract manufacturers by increasing the proportion of in-house manufacturing.
Technology Obsolescence Risk
Mitigated by investments in technology-led distribution and digital trade platforms (e-commerce/quick-commerce).
Credit & Counterparty Risk
Superior liquidity with a cash surplus of ~INR 2,400 Cr as of June 2025; nil exposure to group companies like BBTCL and Bombay Dyeing as of March 2025.