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1 — At a Glance
A hundred and eight years of baking biscuits, and the quarter ended 30 June 2026 finally pushed Britannia’s revenue from operations across the ₹5,000 crore line — ₹4,999.97 crore, which is the corporate equivalent of a scoreboard stopping one rupee short of a round number and everyone agreeing to call it five thousand.
Operating profit came in at ₹838 crore against ₹752 crore a year ago. Net profit attributable to owners was ₹591 crore versus ₹521 crore, and EPS for the quarter was ₹24.55. Management put revenue growth at 9.5% and PAT growth at 13.6%, and disclosed volume growth of “close to 9%,” clarified in the call as total tonnage rather than packs.
Then there is the input cost slide, which reads like a weather warning. Industrial fuel: up 69% versus Q1 last year and up 67% versus the March quarter. Laminate up 14%. Milk up 11%. Sugar up 3%. Flour down 7%, the sole line not participating in the general excitement. On pricing, management stated plainly that “at best, we have been able to mitigate half of the inflation through price increases. The other half, we have not been able to.”
Operating margin for the quarter was 17%. The full-year FY26 figure was 18%.
Somewhere in a Chennai bakery, a Thirukkural couplet is being stamped onto a Milk Bikis biscuit. We will get to that.
2 — Introduction
Britannia Industries began life in 1892, acquired its name 26 years later courtesy of a London investor named C H Holmes, and passed through seven owners before settling with the Wadia Group — the house that also holds Bombay Dyeing, Bombay Realty and Bombay Burmah Trading Corporation, the last of which is Britannia’s ultimate holding company and, amusingly, sits in the same Screener peer table as its own subsidiary.
The last twelve months have been busy in the org chart. Rakshit Hargave was appointed Chief Executive Officer and Managing Director for a five-year term running 15 December 2025 to 14 December 2030, at a salary of up to ₹2.87 crore per annum. Puneet Das joined as Chief Marketing Officer effective 16 February 2026, with Siddharth Gupta elevated to VP Marketing from 1 February. CFO N. Venkataraman was re-appointed for the term 30 July 2026 to 29 July 2030. On the other side of the ledger, 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 effective close of business 31 March 2026 — three and a half months after being appointed to it — and T.V. Thulsidass resigned as Company Secretary and Compliance Officer on 5 February 2026. On the August call, the CEO said the leadership build-out is “more or less over,” with a new leader for Strategy & Corporate Development joining recently and a new head of International in place for two months.
The 107th AGM was held on 7 August 2026, where members approved the final dividend, the audited accounts, the re-appointment of Ness N. Wadia and the cost auditor’s remuneration. Crisil reaffirmed Crisil AAA/Stable on the company’s bank facilities in its 14 August 2026 credit bulletin, covering ₹3,000 crore of term loans and working capital lines across State Bank of India, HDFC Bank and The South Indian Bank.
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3 — Business Model: WTF Do They Even Do?
They sell you a biscuit. Then they sell you another one.
Biscuits are roughly 80% of revenue, spread across glucose, Marie, cookies, crackers, cream, milk and health — Good Day, Tiger, NutriChoice, Milk Bikis, Marie Gold. Bread runs over one lakh tonnes and about ₹450 crore in value annually, out of 13 factories and 4 franchisees, pushing close to a million loaves a day across more than 100 cities. Dairy is about 5% of revenue: cheese, beverages, milk, yoghurt, reaching 100,000 outlets directly, with the Ranjangaon plant in Maharashtra commercialised in FY2023 and Laughing Cow spreadable cheese sold through the Bel SA joint venture.
Distribution is the part that actually explains the P&L. Direct reach was 28.7 lakh outlets in FY25, up from 10 lakh in FY15. Rural preferred dealers went from 8,000 to 31,000 over the same stretch. Biscuit market share moved from 17% to 32% and has now sat at 32% for five consecutive disclosed years, which is either a plateau or a fortress depending on who is describing it.
E-commerce salience was 6% of domestic sales in the latest disclosure. Within that, management said quick commerce is now “80% to 85%” of e-commerce for Britannia, up from a 70% figure an analyst quoted from earlier. Ten-minute delivery has become the majority of the internet, as far as a biscuit is concerned.
Internationally, exports run to 80 countries with manufacturing in UAE and Oman, plus a greenfield plant in Nepal. The consolidated entity list runs to 30 names — subsidiaries in Egypt, Uganda, Kenya, Bangladesh, Mauritius and Dubai, three employee welfare associations limited by guarantee, and an associate called Fairsun Solar Private Limited, because even biscuits have a renewables strategy
