Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: BRITANNIA· FMCGCyclical · Aug 26Large cap

Britannia Industries

Cleanest GST beneficiary

Last close: ₹4,835.00; 29 Sept 2026 · reference
1D · 1M: −1.6% · −8.9%; price-only
Weight: 2.0%; 31 Jul 2026 · Aug rank 21
Thesis review: 8 Sep 2026; Why We Own, p34

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

2.9

Profitability

4.0

Balance sheet

4.5

Cash conversion

4.0

Valuation

0.0

Sales19,152 cr FY26

Net Profit2,533 cr FY26

Operating margin18.5% FY26

ROCE62.3% FY26

Revenue CAGR 3y

5.5%

5y 7.8%

Net profit CAGR 3y

2.9%

5y 6.3%

Operating margin

18.5%

3y avg 17.9%

CFO / PAT, 3y

1.12x

FCF ₹6,613 cr cumulative

ROCE

62.3%

3y avg 61.5%

Debt / equity

0.27x

interest cover 30.2x

Cash conversion cycle

-28 days

-18 days three years earlier

P/E

45.7x

PEG 15.7 on 3y PAT growth

Promoter holding

50.5%

FII 13.4% · DII 16.9%

Growth. Revenue compounded 5.5% a year over FY23–FY26, net profit 2.9%; the latest year grew 6.7% (profit 16.2%). · Tijori P&L, annual
Margins. Operating margin 18.5% in FY26, +0.6 pp against the prior three-year average. · Tijori P&L (OPM)
Cash conversion. Operating cash flow was 1.12x reported profit across the last three years; free cash flow of ₹6,613 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 62.3% and ROE 49.6% in FY26 (three-year average ROCE 61.5%). · Tijori ratios sheet
Balance sheet. Debt to equity 0.27x, interest covered 30.2x by EBIT in FY26. · Tijori ratios sheet
Working capital. Cash conversion cycle shortened from -18 to -28 days over three years. · Tijori ratios sheet
Valuation. 45.7x trailing earnings, 35.0x EV/EBITDA, 25.6x book — 15.7x the three-year profit growth rate; dividend yield 1.7%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 8.2% YoY, net profit 13.4% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Company is depreciating a lower percentage of assets. this is contributing to an increase in net profit
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have not pledged a significant portion of their holding
Retail Holding: Retail has been buying the stock which is usually a sign of exuberance
Promoter Holding: Promoter has not sold any shares in the last 90 days
Revenue Recognition: Chances of aggressive revenue recognition - operating profit of company is not getting converted to cash and recievables rising faster than sales

Price & Performance

Capex vs ROCE: Roce of the company has increased over the last three years
ROE: Roe has decreased vs 10 year trend
Share price: Share price has increased over last 10 years due to earnings
Working Capital: Working capital of the company seems to be under control
Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
Debt: Company should not have issues servicing its debt
Sales Growth: Sales of the company has grown at a slow pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. it shouldnt have solvency or liquidity issues

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Britannia Industries

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	49.61%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	49.61%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	56.00%
Net profit	Tijori P&L	FY26	consolidated, annual	₹2,533 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹2,637 cr
	Tijori screener	TTM	trailing 12 months	₹2,637 cr
	House model (one-pager)	FY26	standalone, annual	₹2,537 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹591 cr
P/E	Tijori screener	TTM at 2026-09-28	price ÷ trailing EPS	45.50x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	51.60x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	51.70x
P/B	Tijori screener	at 2026-09-28	price ÷ book value per share	23.23x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	25.60x
Market cap	BSE master	2026-09-28	BSE full market cap	₹1,19,095 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹1,18,627 cr
	House one-pager	31-Jul-26	₹ lakh crore as printed	₹1,33,000 cr
Promoter holding	Tijori screener	latest filing	% of shares	50.55%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	16,769	17,943	19,152
EBITDA (₹ cr)	3,167	3,176	3,514
Net profit (₹ cr)	2,134	2,178	2,537
ROE (%)	54.0	53.0	56.0

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	9,914	11,055	11,600	13,136	14,136	16,301	16,769	17,943	19,152	19,529
Operating Expenses	8,412	9,321	9,756	10,627	11,935	13,512	13,599	14,756	15,607	15,902
Raw Material	6,101	6,617	6,875	7,663	8,836	9,664	9,488	10,669	11,155	10,599
Material Cost (%)	61.60	59.35	59.72	58.05	61.97	58.84	56.60	59.10	58.13	54.08
Employee Cost	402	442	487	527	542	658	709	705	824	792
Power & Fuel Cost	129	175	178	182	218	272	327	358	343	—
Operating Profit	1,502	1,733	1,843	2,509	2,202	2,789	3,170	3,187	3,544	3,627
Other Income	166	206	279	313	223	258	214	227	224	228
OPM (%)	15.15	15.68	15.89	19.10	15.57	17.11	18.90	17.76	18.51	18.57
Depreciation and Amortisation	142	162	185	198	201	226	300	313	337	334
Interest	8	9	77	111	144	169	164	139	113	109
Profit Before Tax	1,518	1,768	1,844	2,514	2,078	3,033	2,913	2,927	3,289	3,412
Tax	514	612	451	663	562	716	779	749	752	775
Net Profit	1,004	1,159	1,403	1,864	1,525	2,322	2,140	2,179	2,533	2,637
Number of shares(Crs)	12	24	24	24	24	24	24	24	24	—
Dividend Payout Ratio(%)	29.89	31.10	60.01	204.00	89.26	74.71	82.75	82.93	86.05	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	240.00	201.00	195.00	24.98	23.67	15.40	18.93	18.77	22.08	30.17
Cash Conversion Cycle	-21.43	-20.96	-25.98	-24.27	-24.51	-17.23	-18.27	-27.09	-26.59	-28.33
Inventory Days	21.57	22.93	22.45	22.70	24.31	30.40	27.40	24.58	23.42	23.23
Days Receivable	6.85	8.44	10.94	10.66	7.66	7.28	7.07	7.48	8.16	8.26
Days Payable	49.84	52.34	59.37	57.63	56.48	54.91	52.74	59.15	58.17	59.81
Debt to Equity Ratio	0.05	0.06	0.04	0.35	0.59	0.96	0.84	0.52	0.28	0.27
Free Cash Flow/Sales (%)	0.99	8.35	6.84	10.70	12.46	5.32	11.61	12.43	11.82	12.57
Free Cash Flow(est) (Crs)	89.45	828.00	756.00	1,241.00	1,637.00	753.00	1,893.00	2,085.00	2,120.00	2,408.00
Gross Margin (%)	38.27	38.40	40.65	40.28	41.95	38.03	41.16	43.40	40.90	41.87
Op Profit Margin (%)	14.12	15.15	15.68	15.89	19.10	15.57	17.11	18.90	17.76	18.51
Net Profit Margin (%)	9.77	10.13	10.49	12.09	14.19	10.79	14.24	12.76	12.14	13.23
ROCE (%)	47.79	43.38	40.62	36.95	59.78	66.81	54.66	62.35	59.82	62.29
ROIC (%)	41.38	44.45	38.77	65.75	150.00	132.00	150.00	136.00	116.00	179.00
ROE (%)	32.80	29.48	27.25	31.86	52.54	59.61	65.69	54.29	50.02	49.61
Net Profit Margin (%)	9.77	10.13	10.49	12.09	14.19	10.79	14.24	12.76	12.14	13.23
P/E	45.90	59.43	63.89	46.12	46.89	50.62	44.84	55.31	54.59	51.60
Price to Book	15.09	17.58	17.49	14.81	24.83	30.18	29.46	30.03	27.30	25.60
EV/EBITDA	28.42	35.79	38.20	31.14	31.64	32.78	35.09	35.45	35.10	34.96
Dividend Yield (%)	0.65	0.50	0.49	1.30	4.34	1.76	1.67	1.50	1.52	1.67

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.