The company released its results in post-market hours on Thursday. Revenue from operations rose 6% year-on-year (YoY) to Rs 4,719 crore during the January-March quarter of the financial year 2026. Britannia said that its business witnessed a steady start to the quarter, with growth of 9% in the first two months, before moderating to a lower number in March, primarily on account of supply disruptions in the international business following the West Asia conflict.
Over the year, Britannia Industries said it made significant strides in scaling its presence in the rapidly growing e-commerce channel, now contributing 6% to the domestic business, driven by e-commerce-first launches and a premium mix of offerings.
“As we step into the new financial year, we have already initiated steps to mitigate any potential implications on the business, including input cost inflation, arising out of the ongoing conflict, and remain watchful of the evolving developments,” said Rakshit Hargave, MD and CEO of Britannia Industries.
Nomura on Britannia Industries
Nomura maintained its ‘Buy’ call on the stock, with a target price of Rs 7,275 apiece, implying an upside potential of more than 25% from the previous closing price of Rs 5,814 apiece on NSE.
Britannia Industries’ Q4 earnings were a “line by line” miss on estimates, Nomura said, highlighting that the FMCG company’s consolidated sales growth of 6.5% YoY was below its 9% forecast, while 4% volume growth was lower than the estimates of 6%.
The international brokerage highlighted that the company’s earnings missed estimates on revenue, EBITDA, profit and other metrics as well. The company’s management highlighted that the business witnessed a steady start to the quarter, with sales growth of 9% in the first two months of Q4. It then moderated lower in March, primarily on account of supply disruptions in the international business following the West Asia conflict.Nomura added that it remains to be seen if the impact on the international business has been resolved or not. “We forecast an EPS CAGR of 11% over FY26-28F and value Britannia Industries at a P/E of 55x on March-28F EPS of Rs 132,” it said.
Morgan Stanley on Britannia Industries
Morgan Stanley has maintained an ‘Equal-weight’ rating on Britannia Industries with a target price of Rs 6,019, an upside of 3.5% from current levels.
The brokerage said the company’s Q4 results missed expectations on both revenue growth and margins. Revenue growth of 7% came in below estimates due to disruptions in international operations, while EBITDA margins declined sequentially amid cost pressures. Morgan Stanley noted that March performance was affected by supply chain disruptions linked to geopolitical issues.
Although gross margins improved year-on-year, they weakened on a quarter-on-quarter basis. The brokerage added that the company continues to see traction in its e-commerce and premium product portfolio, but near-term execution challenges remain despite stable long-term positioning.
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