BRITANNIANSEMay 08, 2026

Britannia Industries Limited

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100turns

14analyst exchanges

7executives

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Management on call

Rakshit Hargave

CHIEF EXECUTIVE OFFICER

N. Venkataraman

EXECUTIVE DIRECTOR AND

Vipin Kataria

CHIEF COMMERCIAL OFFICER,

Puneet Das

CHIEF MARKETING OFFICER – BRITANNIA INDUSTRIES LIMITED

Siddharth Gupta

VICE PRESIDENT,

Ramamurthy Jayaraman

VICE PRESIDENT,

Ayush Agarwal

INVESTOR RELATIONS – BRITANNIA INDUSTRIES LIMITED

Key numbers — 40 extracted

INR 4,686 crore

er 25-26 - if you take a look at the revenue line, you will see that we had, in the last quarter, INR 4,686 crores; On a 12-month basis, this was a growth of 7.1% and on a 2-year rolling basis, it adds up to 16.

7.1%

see that we had, in the last quarter, INR 4,686 crores; On a 12-month basis, this was a growth of 7.1% and on a 2-year rolling basis, it adds up to 16.7%. If you take a look at the PAT line, quarter 4

16.7%

ores; On a 12-month basis, this was a growth of 7.1% and on a 2-year rolling basis, it adds up to 16.7%. If you take a look at the PAT line, quarter 4 by itself was 14.5% of revenue. The 12-month growt

14.5%

rolling basis, it adds up to 16.7%. If you take a look at the PAT line, quarter 4 by itself was 14.5% of revenue. The 12-month growth is 21% and the 24-month growth is 26%. If we go to the same score

21%

you take a look at the PAT line, quarter 4 by itself was 14.5% of revenue. The 12-month growth is 21% and the 24-month growth is 26%. If we go to the same scorecard but instead of only Q4, if we take

26%

, quarter 4 by itself was 14.5% of revenue. The 12-month growth is 21% and the 24-month growth is 26%. If we go to the same scorecard but instead of only Q4, if we take a look at the full financial y

INR 18,858 crore

t the full financial year 25-26, you will see that for the year, at the revenue level, we clocked INR 18,858 crores which, on a 12-month basis, was a 7.5% growth over the previous year and on a 2-year basis, was

7.5%

or the year, at the revenue level, we clocked INR 18,858 crores which, on a 12-month basis, was a 7.5% growth over the previous year and on a 2-year basis, was a 14% growth. If you take a look at PAT,

14%

ich, on a 12-month basis, was a 7.5% growth over the previous year and on a 2-year basis, was a 14% growth. If you take a look at PAT, you will see that for the year, at a PAT level, we were 13.4%

13.4%

14% growth. If you take a look at PAT, you will see that for the year, at a PAT level, we were 13.4% of revenue. On a 12-month basis, this was a 16.3% growth, and on a 24-month basis, this was an 18

16.3%

see that for the year, at a PAT level, we were 13.4% of revenue. On a 12-month basis, this was a 16.3% growth, and on a 24-month basis, this was an 18.4% growth. We will quickly take you through the

18.4%

4% of revenue. On a 12-month basis, this was a 16.3% growth, and on a 24-month basis, this was an 18.4% growth. We will quickly take you through the commodity price trend. So, you will see that flour h

Guidance — 20 items

Rakshit Hargave

opening

“We'll have to see how does that move ahead because there is expectation of El Nino and higher warming, and how does that impact milk will be interesting for us to see.”

Rakshit Hargave

opening

“So, there will be calibrated price increases starting from this quarter.”

Rakshit Hargave

opening

“Our brand experiences and its investments, as you would see, will be much more stronger.”

Rakshit Hargave

opening

“So the agility of the teams, the start-up culture, their ability to take quicker calls, customization for Regional Indias is a very big project, which has been kicked on, and you will see the output of that coming in the next few quarters.”

Rakshit Hargave

opening

“Also, if we look at the categories where we are firing on e-commerce, while biscuit continues to do well, the newer adjacency categories are growing in e-commerce at a rate which is 2.7x, hence fueling the fastest-growing channel through exclusive launches, premiumized offerings and customized D2C offerings will be the order of the day, and our investments on e-commerce will grow even further.”

Vipin Kataria

opening

“So going forward, what we are doing is we are collaborating with platforms.”

Vipin Kataria

opening

“So, I think going forward, this 6%, you will see moving up as well as the assortment towards premium as well as impulse will keep growing.”

Rakshit Hargave

opening

“So, with this I think the presentation that we uploaded for you all is done, and we will be subsequently happy to take some questions.”

Abneesh Roy

“Second and last question will be on local players.”

Vipin Kataria

“So, we do not actively promote them, and therefore, it is only through search mechanism, or if you have bought it previously, that it will be visible.”

Risks & concerns — 15 flagged

Our international business revenue and profitability was impacted during the last quarter, owing to vessel unavailability and slowdown in demand in those markets.

— Rakshit Hargave

If we see the impact of the West Asia conflict in the Indian market, so when the war started, we initially had concerns because there was an issue of LPG shortage, etcetera.

— Rakshit Hargave

But if you take a look at an overall level, see, there is a certain challenge post the GST transition.

— Rakshit Hargave

So as a result of that, we have seen some kind of a transaction slowdown in those channels.

— Rakshit Hargave

And that's where we saw some pressure and that's normalized the growth a bit.

— Vipin Kataria

Now as far as the INR 5 and INR 10 price points that you talked about, with the pricing stabilization, we obviously expect that the channels where we may have felt a bit of pressure will come back to normalcy.

— Rakshit Hargave

The impact of the dual pricing has existed through January, February and March.

— Rakshit Hargave

In March, we have to add the specific challenge coming from West Asia.

— Rakshit Hargave

Yes, yes, and that would be the impact of dual pricing.

— Rakshit Hargave

So like in the earlier question asked by Percy, if hypothetically, there is an impact of that dual pricing, then if you add that, then that becomes a real growth.

— Rakshit Hargave

Could you have some impact as you invest in these and also face cost pressure?

— Arnab Mitra

Rakshit, my first question was a clarification that could you clarify that when you mentioned the 9% number, was that the growth for the domestic operations for the Q4 quarter and the impact on the consol growth of 3% was because of the international impact of West Asia?

— Nihal Jham

And the small pressure that we had in the month of March was only because of West Asia.

— Rakshit Hargave

So in terms of number of packs basically, there would be a reasonable decline in this quarter.

— Vivek Maheshwari

So, like we said, a lot of the INR 5 and INR 10 packs sell in the wholesale and rural channels and we can see a result of stress in number of transactions.

— Rakshit Hargave

Q&A — 14 exchanges

So firstly, just wanted to understand on the West Asia issue. What has led to the stand-alone growth being lower at 6.5% versus the 12% growth that we had witnessed in November, December and 9% in Jan and Feb? If manufacturing was hit in Oman and the other region, then would that not be sitting in the consol sales numbers? So I wanted to understand what has led to the stand-alone sales number also being lower.

Rakshit Hargave

So thank you, Mihir. So like we said, we did not have manufacturing issues in West Asia. We manufactured but we were not able to dispatch. But I think your answer is on the stand-alone India business in terms of -- yes, so we have done a couple of things. To manage West Asia, like we said, we have moved our manufacturing to Mundra so that we don't have to manufacture ex- Oman because the sea routes that you have ex-Mundra are much more accessible to reach to various markets. So we have done that. I assume your other question is on the domestic India business and in terms of what is the reason

My first question is on the pricing bit. You did say that Parle and other local players will now soon vacate the INR 5 or INR 4.5 and INR 9. In fact, I see Parle still selling at INR 9 on Amazon and e-commerce as we speak. So maybe it is still work in progress. So specific question was what kind of pricing you will need? If local players are vacating INR 4.5, INR 9, you will also need the price hike or maybe grammage cuts. If you could tell us what kind of grammage cuts or price hike is needed as of now? Have you taken some corrective actions already? Because most other FMCG companies have alr

Rakshit Hargave

Yes. So, like we said, wheat is a bit deflationary. But like we said, fuel is highly inflationary, laminate is highly inflationary. So let me answer both the parts of your question. So, we see that many of our other biscuit colleagues are moving towards to the full price points, and that is happening gradually as we see. On the other part, yes, selectively, we will have to take price increases, and this includes both grammage adjustment and some of the packs which are above INR 10, some kind of a price increase. So, both of them are factoring. Understood. Second and last question will be on lo

Just to understand that dual pricing issue. Competition was selling pack for INR 4.5 and INR 9. So does it say -- retailers, I believe we're making higher margins on their packs versus your packs. So, is that the main cause and let's say, because of that, like you could have lost some market share in the interim? And is it fair to say that now that, let's say, the prices have been reinstated at INR 5 and INR 10, let's say, that situation normalizes and the benefit of GST rate cut which are already visible in other categories, will be visible for you only in FY '27? Just to get an understanding

Rakshit Hargave

Okay. So Kunal, you are asking two questions. So, you see, the benefit of GST rate cut will be more visible in packs which are of a higher pricing configuration because the consumer sees that, okay, something was INR 50 is now INR 44, or as it has happened in other companies and categories where you have INR 50, INR 70, INR 100, INR 150 packs where the difference is noticeable. On a INR 5 and INR 10 biscuit, it is not visible so perceptibly because usually what happens is that the consumer buys because it's selling at a particular price point, okay. Now in your first question, in terms of some

Given this kind of clarification that the fuel pricing is likely transitionary and the fact that price hikes are also kind of being taken not just by the industry but by you, could you share your thoughts on whether you expect FY '27 to result in a stronger sales growth than what we saw in FY '26 because of the pricing component? Or basically just trying to appreciate or understand the domestic demand environment.

Rakshit Hargave

So, you see, if we take a look at the domestic demand environment, we also have to see how does the year move ahead as far as conditions which are not in our control. So say, for example, whether it is monsoon or whether it is the coming off seasons, they will go on as they are. We are very confident that our portfolio, the strategy that we have in terms of creating demand, the higher advertising spend and the marketing investments that we are doing in the retail trade, along with the strategic levers that I showed you of our strategy on premiumization, on future platforms, on the Many Indias

This is Percy Panthaki here. I just wanted to again talk about the top line and the demand. So, two sub-questions in that. One is, you mentioned that the dual pricing, especially in wholesale, et cetera, has been the problem area. Would you be able to give us some kind of rough idea, had that problem not been there, how much -- I mean, how much has that problem dampened the sales growth by? Is it like 200 bps, 500 bps, 700 bps? What's the order of magnitude of that? That's first part of the question. And the second part of the question is that the large food companies that have reported, the o

Rakshit Hargave

Okay. So Percy, thank you. So you basically have two questions. So obviously, if we take a look at the wholesale and the rural channels where this dual pricing has had an impact, so obviously, it would have impacted our sales. Now it is hypothetical for us to say whether it's impacted by 200 or 300 or 400 basis points. But yes, it did have an impact. Now we also see transactions, and we can see that there has been an impact on transactions. What we are very confident is that with this price stabilizing, that 200, 300, 400, whatever you're saying, is the real number will come back to us. Maybe,

Just a couple of questions. So firstly, on the dual pricing and the Jan, Feb, March growth split. So, this dual pricing did not have any impact in Jan, Feb and it particularly only impacted March. And also, I mean, if you remove the West Asia impact completely on the international business, then would Jan, Feb, March, the core India business that would be steady or that was just throughout the months dragged by this…

Rakshit Hargave

No, Anand, I think -- there's an echo.

No, Anand, I think you misread what we said. The impact of the dual pricing has existed through January, February and March. In March, we have to add the specific challenge coming from West Asia. So that's how we read it.

Anand Shah

So, if I then split it, so then just purely, if I remove West Asia, then normalized growth would be 9%, 9% for Jan, Feb, March, let's say, for example, I mean, it will be more smooth curve. Yes, yes, and that would be the impact of dual pricing. So like in the earlier question asked by Percy, if hypothetically, there is an impact of that dual pricing, then if you add that, then that becomes a real growth. Okay. Perfect. This clarifies a lot. And just lastly, on the RM inflation you are seeing and the price hikes you've already taken, if you can just give a color on that. I didn't hear you. On

My first question was actually on the GST impact on price point packs. So Rakshit, what we have seen in many other food categories is because of the mathematics of INR 5 and INR 10 pack when the GST goes down, your net realization per pack obviously goes up as a company, of course, assuming transactions are same. So, in my understanding, in noodles, chocolates kind of categories, there has been a significant uplift in value growth because of that. Should the same logic not play out in biscuits also whilst the price issue is over? Or do you think biscuits are already different, and therefore, i

Rakshit Hargave

No. So, I think biscuits is also a bit impulsive and is also a bit planned purchase. So, if you are giving a bit more biscuit or a bit less biscuit, I don't think from a consumer transaction point of view, it has a bigger impact because it's a part of routine shopping basket, people keep buying it regularly. So, for our biscuit category, the GST change, I think, is very silent unless there is a dramatic shift where you have to reduce the grammage so much or something which becomes noticeable to the consumer, which is not the case here. Got it. So, my question actually was should you then not s

A couple of questions. The first is a clarification that when you've mentioned ex of West Asia, is it that both the domestic operations was 9% or...

Management

Is it better now?

Management

Rakshit Hargave

So, like we said, the domestic business was growing at more or less close to 9%, 9.5%, which we have said. And the small pressure that we had in the month of March was only because of West Asia. And going back to the questions to previous back, to this domestic growth of 9%, 9.5%, you have to add whatever basis points we have lost potentially because of this dual pricing in these particular channels. I hope that answers your question. That does. The second was that, obviously, in your presentation, you were reflecting the cost based on the current inventory that you're holding. Just to underst

Two questions. My first question is again on the volume growth bit. So Rakshit, this volume growth number, 5.5%, is in terms of grammage, right? In terms of total grams or whatever kgs, tons?

Rakshit Hargave

Yes. So, if you look at price point packs, 65% and the fact that GST rate was cut quite a bit, that itself would have given like more like 7.5%, 8%. So in terms of number of packs basically, there would be a reasonable decline in this quarter. Is that fair? So, like we said, a lot of the INR 5 and INR 10 packs sell in the wholesale and rural channels and we can see a result of stress in number of transactions. So your observation obviously is correct, which we are very confident will get corrected as we go ahead in the next few months. Okay. And is there anything on the competition side, Raksh

Rakshit, on the strategic pillars that you have called out, and you partly answered the question, but the hallmark of Britannia for the last 10-plus years was relentless focus on cost efficiency. And then that consequence was margin expansion. So, the sense that I got from your commentary so far is that we have reached a scale where we need to reinvest in brands and operations. So, should we say that the band that we are currently is a very comfortable band, and from here on, the nonlinearity that we saw past decade wouldn't be at least in the near future?

Rakshit Hargave

So, let me answer the question in this way. The relentless focus on cost and efficiency is now ingrained in the DNA. And even this year, we have a very aggressive plan to do that. But we also realize that we have to create new pillars for growth, and this includes, again, investing in our brands, premiumization, creating new verticals for growth, readdressing India in the way we want to address as Many Indias. So, all that will get added to the fact that we will be very sharp on our cost and the efficiency program. So it's not -- but yes, like we said, as we move ahead, you will need to see ne

Thank you, everyone, for spending time with us on the call today. We look forward to interacting with you again in the future. Thank you, and have a good day.

Rakshit Hargave

Thank you. Thank you.

Speaking time

Rakshit Hargave

Moderator

Vipin Kataria

Mihir Shah

Percy Panthaki

Anand Shah

Nihal Jham

Abneesh Roy

Avi Mehta

Arnab Mitra

Opening remarks

Ayush Agarwal

Good morning, everyone. This is Ayush from the Investor Relations team. I welcome you all to the Britannia earnings call to discuss the financial results of Quarter 4 for financial year 2025/26. Joining us today on this earnings call is our Managing Director and CEO, Mr. Rakshit Hargave; Executive Director and CFO, Mr. N. Venkataraman; Chief Commercial Officer, Sales and Replenishment, Mr. Vipin Kataria; Chief Marketing Officer, Mr. Puneet Das; Vice President, Marketing, Mr. Siddharth Gupta; and Vice President, Corporate Finance; Mr. Ramamurthy Jayaraman. The analyst deck is uploaded on our website. Before I pass it on to Mr. Rakshit Hargave, I would like to draw your attention to the Safe Harbor statement in the presentation. Over to Mr. Hargave with remarks on the performance.

Rakshit Hargave

So good morning, everybody. So, we will now go through the deck which we have shared with you, and obviously, this has the details for Q4. And now also, because this is the end of the year, you will also see the perspective for the full year. So let me begin with the business overview. If you take a look at the performance scorecard, for fourth quarter 25-26 - if you take a look at the revenue line, you will see that we had, in the last quarter, INR 4,686 crores; On a 12-month basis, this was a growth of 7.1% and on a 2-year rolling basis, it adds up to 16.7%. If you take a look at the PAT line, quarter 4 by itself was 14.5% of revenue. The 12-month growth is 21% and the 24-month growth is 26%. If we go to the same scorecard but instead of only Q4, if we take a look at the full financial year 25-26, you will see that for the year, at the revenue level, we clocked INR 18,858 crores which, on a 12-month basis, was a 7.5% growth over the previous year and on a 2-year basis, was a 14% grow

Vipin Kataria

Thanks, Rakshit. Vipin Kataria this side. So Q-Com has been a bright spot. We've been talking about e-commerce for the last few quarters. And what we see is that we are building this momentum and acceleration for the last few quarters. So just to share a few more points. Almost 70% of our business today is coming from the quick commerce part of e-commerce and how we see this is further moving up to 85% because, as you know, Amazon is scaling up their quick com model as well as Flipkart. Now the big upside of this is that there is a big change in the assortment. While on the marketplace or e-commerce platform, we were very heavy on staples, what's happening because of this change in q-com is that we are able to premiumize our assortment, and we are able to sell much more indulgent categories, and that's the impact which you see on the right-hand side, which is adjacency is growing almost 3x. So going forward, what we are doing is we are collaborating with platforms. We are getting used

Rakshit Hargave

Thank you, Vipin. So let me continue with the next slide, which talks about key brands and products on air. So, you would notice that in the last quarter, we have been on air with the variant of our 50-50 brand which is Cheeze Dipped, also a variant of Marie Gold, which is the Doodh Marie Gold, which was launched across select markets, and also Good Day Butter. This was complemented along with multiple consumer engagement and brand activations, which cover Tiger Krunch, Treat, which is our wafer brand, also Croissant and Jim Jam. And as you would know, Croissant is a very exciting category, doing very well for us. If you take a look at the adjacency business, if you take a look at the cake, Fudge It, this is really a Gen Z-focused brand. We have promoted it significantly during Valentine's, and we can see that there is significant growth in that and it becomes an impulse kind of confectionery kind of a purchase. So, wafers continue growing healthy double digit. Cake & Rusk, high preval

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