Cleanest GST beneficiary
Britannia Industries is one of the country’s leading food products companies. The company manufactures India’s favorite brands like Good Day, Tiger, NutriChoice, Milk Bikis and Marie Gold which are household names in India. Britannia’s product portfolio includes Biscuits, Bread, Cakes, Rusk, and Dairy products including Cheese, Beverages, Milk and Yoghurt.
Britannia Industries Limited engages in manufacturing, trading, and sale of various food products in India and internationally. The company offers biscuits under the Good Day, Marie Gold, NutriChoice, Milk Bikis, Tiger, 50-50, Jim Jam, Britannia Bourbon, Little Hearts, Treat, Pure Magic, Nice Time, and Biscafe brand names; cakes under the Muffills, Fudge It, Gobbles, Layerz, Tiffin Fun, Rollyo, and Nut & Raisin Romance Cake brand names; rusks under the Toastea brand; snacks under the Treat Croissant, Treat Creme Wafers; and Snacks under Time Pass brand name. It also offers dairy products, such as ghee, cheese, and dairy whitener; milkshakes, lassi, and flavored milk under Winkin' Cow brand; gourmet, wheat flour, and white breads under Britannia brand; paneer and dahi under Come Alive brand, and nutritious bars under Be You Protein Bars brand name. The company exports its products to approximately 80 countries worldwide. Britannia Industries Limited was founded in 1892 and is based in Bengaluru, India.
Key people: Mr. Rakshit Hargave (MD, CEO & Executive Director) · Mr. Natarajan Venkataraman (CFO & Executive Director) · Mr. Ramamurthy Jayaraman (Vice President of Corporate Finance) · Mr. Susheel Navanale (Chief Information Officer) · Ms. Sona Rajora (Company Secretary & Compliance Officer) · Mr. Sudhir Nema (Chief Development & Quality Officer)
Britannia Industries major competitors are Nestle India, ITC, Varun Beverages, Godrej Consumer Prod, Dabur India, P&G Hygiene & Health, Hindustan Foods. Market Cap of Britannia Industries is ₹1,20,169 Crs. While the median market cap of its peers are ₹89,033 Crs.
Britannia Industries seems to be financially stable compared to its competitors.The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
India's largest biscuit maker (Good Day, Marie Gold, Tiger, NutriChoice, Milk Bikis, Bourbon) with adjacencies in cake, rusk, wafers, croissants (~Rs 200 cr ARR, >30% CAGR), dairy (cheese, drinks) and bread; ~80% of the portfolio moved to the 5% GST slab in Sep-2025. Wadia Group promoted (50.6%). FY26 consolidated revenue Rs 19,152 cr, EBITDA margin ~18%, ROE 53-56%. International business (Middle East, Africa, North America) is small and was disrupted in FY26 by a Middle East-to-Mundra SEZ production shift. Biscuit market share is not quantified in the sources used (company typically cites leadership with share gains vs Parle/ITC).
Stock -17% over one year (screener) and at 46.6x trailing vs the ~55-60x it traded at in 2021-24; PL's 50x FY28E target multiple is itself a compression vs its earlier framework - trailing multiple is at the low end of 5-yr range (5-yr average not sourced). EV/EBITDA 34.1x; dividend yield 1.8%.
| Nestle India | Nestle trades at 72.7x trailing PE vs Britannia 46.6x for a similar GST-2.0 beneficiary profile (67% vs 80% of portfolio); Nestle's Jun-26 sales jump (~25%) is partly base/pricing driven and its 0.9% yield is half Britannia's 1.8%. |
| Marico | Marico at 56.2x PE with Q1FY27 sales +50% driven mainly by copra/coconut-oil price pass-through (3-yr sales CAGR 12%); its margin is under pressure from commodity inflation whereas Britannia's input basket (wheat, sugar, palm) is more diversified and its ROE (56%) exceeds Marico's 43%. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
FMCG — 9.5%: the main stake, for the first time in ten years
Every era in Indian markets has a sector nobody wants right before it becomes the main stake. Post-COVID, demonetisation, GST and a capex-first fiscal stance took money out of household hands and consumption went into a five-year hiatus. Starting in 2024 the wheel turned: states began putting money directly into households — women-centric cash transfers alone run at ~₹1.7 lakh crore a year across fifteen-plus states and 120 million beneficiaries, and our aggregate estimate of the welfare shift is close to ₹6 lakh crore, or 1.7% of GDP. Add GST 2.0 (September 2025 moved soaps, toothpaste, biscuits, noodles, apparel under ₹2,500 to the 5% slab), 125 bp of rate cuts and a normal monsoon, and the income impulse is real. The evidence is arriving: ex-cigarette staples volumes are at a two-year high, rural volumes have out-grown urban for seven straight quarters, and we expect a broad set of companies to print double-digit growth this year. The setup mirrors 2021 in reverse. Then, consumption's fundamentals were eroding but investors would not let go of the multiples. Today the money has moved but nobody is looking — HUL is down from ₹2,250 to ₹1,960, Britannia −17% and Trent −23% over a year, Varun −14%. We are buying the operating leverage of a volume recovery in franchises whose multiples have compressed to 40–50x from 55–70x. The sales point is not "India has a large population"; it is that a cash-flow transfer the size of the IT salary bill has already happened.
Nestlé India is a superb business at 60x+ with the least GST benefit and the slowest volume growth of the group; ITC is cigarettes-led (we specifically exclude cigarettes from the volume thesis) and now a hotels demerger story; Dabur and Godrej Consumer have weaker execution and portfolio issues (honey/chyawanprash seasonality; GCPL's African drag). Marico is a copra-cost story, not a volume story. Tata Consumer pays 60x for tea. In discretionary, V-Mart and ABFRL lack Trent's unit economics and balance sheet, and Shoppers Stop is the wrong price point for a transfer-led recovery.
| Biscuits - Market Share | 30 % | as of Mar 19 |
| Cream Wafers - Market Share | 20 % | as of Mar 22 |