General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1 — At a Glance
Britannia sells biscuits, bread and dairy products in India and in 80 export markets. It has been baking biscuits for 108 years. Revenue from operations in the three months to June 2026 came to ₹4,999.97 crore. The scoreboard stopped just short of a round ₹5,000 crore, and the room called it five thousand anyway.
Operating profit was ₹838 crore, against ₹752 crore in the same quarter a year earlier. Net profit attributable to owners came to ₹591 crore, against ₹521 crore. Earnings per share for the quarter were ₹24.55. Management put revenue growth at 9.5% and profit growth at 13.6%. Management also disclosed volume growth of close to 9%, clarified on the call as total tonnage rather than packs.
The input cost slide reads like a weather warning. Industrial fuel was up 69% on the same quarter a year earlier. Against the three months to March 2026, industrial fuel was up 67%. Laminate rose 14% and milk rose 11%. Sugar rose 3%, and flour fell 7%. Flour was the only line on the slide going the other way.
On pricing, management stated plainly that price rises had at best offset half the inflation. In its own words: “The other half, we have not been able to.”
Operating margin for the quarter was 17%. For the financial year to March 2026 it was 18%. In Tamil Nadu, Milk Bikis packs now carry Thirukkural couplets, verses from classical Tamil moral philosophy.
2 — Introduction
Britannia Industries began in 1892. It took its name 26 years later from a London investor named C H Holmes. Seven owners passed through before the Wadia Group settled in. The group also holds Bombay Dyeing, Bombay Realty and Bombay Burmah Trading Corporation. The last of those is Britannia’s ultimate holding company. It also sits in the same Screener peer table as its own subsidiary.
The past twelve months have been busy in the organisation chart. Rakshit Hargave was appointed Chief Executive Officer and Managing Director for a five-year term. That term runs from 15 December 2025 to 14 December 2030. The salary is up to ₹2.87 crore a year. Puneet Das joined as Chief Marketing Officer on 16 February 2026. Siddharth Gupta was elevated to Vice President, Marketing from 1 February. Chief Financial Officer N. Venkataraman was re-appointed for the term 30 July 2026 to 29 July 2030.
The other side of the ledger was busy too. Annu Gupta resigned as Chief Business Officer, International, with a last working day of 31 January 2026. Abhishek Sinha resigned as Chief Sales Transformation Officer at close of business on 31 March 2026. He had been appointed to that role three and a half months earlier. T.V. Thulsidass resigned as Company Secretary and Compliance Officer on 5 February 2026.
On the August call, the Chief Executive said the leadership build-out was “more or less over”. He said a new leader for Strategy and Corporate Development had joined recently. A new head of International had been in place for two months.
The 107th annual general meeting was held on 7 August 2026. Members approved the final dividend, the audited accounts and the cost auditor’s remuneration. They also approved the re-appointment of Ness N. Wadia. Crisil, a credit-rating agency, reaffirmed its Crisil AAA/Stable rating on the company’s bank facilities. That came in its credit bulletin of 14 August 2026. The rating covers ₹3,000 crore of term loans and working capital lines. The lenders named are State Bank of India, HDFC Bank and The South Indian Bank.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3 — Business Model: WTF Do They Even Do?
Biscuits are roughly 80% of revenue. The range covers glucose, Marie, cookies and crackers, along with cream, milk and health variants. The brands include Good Day, Tiger and NutriChoice. Milk Bikis and Marie Gold sit alongside them.
Bread runs to over one lakh tonnes a year and about ₹450 crore in value. It comes out of 13 factories and 4 franchisees. Close to a million loaves go out each day across more than 100 cities. Dairy is about 5% of revenue, covering cheese, beverages, milk and yoghurt. It reaches 100,000 outlets directly. The Ranjangaon plant in Maharashtra was commercialised in the financial year to March 2023. Laughing Cow spreadable cheese is sold through the Bel SA joint venture.
Distribution is the part that explains the profit and loss account. Direct reach was 28.7 lakh outlets in the year to March 2025. A decade earlier the figure was 10 lakh. Rural preferred dealers went from 8,000 to 31,000 over the same stretch. Biscuit market share moved from 17% to 32%. It has now stood at 32% for five consecutive disclosed years, which reads as a plateau or a fortress depending on the describer.
E-commerce was 6% of domestic sales in the latest disclosure. Management said quick commerce is now “80% to 85%” of the company’s e-commerce. An analyst on the call quoted an earlier figure of 70%. Ten-minute delivery has become the majority of the internet, as far as a biscuit is concerned.
Exports run to 80 countries, with manufacturing in the UAE and
