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
Where the price sits
52-week range, house target and street targets
52w low ₹4,83552w high ₹6,185
- Reference close₹4,835
- Antique Stock Broking Limited · BUY₹6,998
- PL Capital · BUY₹6,579
Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.
Investment case and valuation
Approved model, 8 Sep 2026 review
₹5,042
Price (2026-09-07)
51.7x / 45.4x
FY27E / FY28E P/E (Buoyant sheet)
54.1%
FY27E ROE (Buoyant sheet)
46.6x
Trailing P/E
23.8x
Price / book
12%
EPS CAGR FY26–28E
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%.
- Model date
- 8 Sep 2026 (prices 7–8 Sep 2026)
- Horizon
- 12 months (bank pages: Sep-2027 roll-forward)
- Audience
- Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
- Reviewer · version
- Investment Committee framework · v1 (book)
Current vs history
Trailing multiples, FY-end
| Ratio | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 45.9x | 59.4x | 63.9x | 46.1x | 46.9x | 50.6x | 44.8x | 55.3x | 54.6x | 51.6x |
| Price to Book | 15.1x | 17.6x | 17.5x | 14.8x | 24.8x | 30.2x | 29.5x | 30.0x | 27.3x | 25.6x |
Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.
UnavailableScenario lab disabled. Needs an approved forward EPS and forward P/E for Britannia Industries plus a reference price. Missing inputs are not substituted.