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Last Updated: April 2, 2026, 2:44 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500825 | NSE: BRITANNIA

Britannia Industries Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹3,630.61Overvalued by 33.68%vs CMP ₹5,474.00

P/E (54.6) × ROE (52.9%) × BV (₹155.00) × DY (1.37%)

₹1,635.85Overvalued by 70.12%vs CMP ₹5,474.00
MoS: -234.6% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹3,980.3322%Over (-27.3%)
Graham NumberEarnings₹591.3516%Over (-89.2%)
Earnings PowerEarnings₹667.7813%Over (-87.8%)
DCFCash Flow₹1,551.2713%Over (-71.7%)
Net Asset ValueAssets₹154.987%Over (-97.2%)
EV/EBITDAEnterprise₹1,647.049%Over (-69.9%)
Earnings YieldEarnings₹1,002.707%Over (-81.7%)
ROCE CapitalReturns₹1,224.819%Over (-77.6%)
Revenue MultipleRevenue₹1,117.405%Over (-79.6%)
Consensus (9 models)₹1,635.85100%Overvalued
Key Drivers: Wide model spread (₹155–₹3,980) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 9.6%

*Investments are subject to market risks

Investment Snapshot

70
Britannia Industries Ltd scores 70/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health80/100 · Strong
ROCE 53.0% ExcellentROE 52.9% ExcellentD/E 0.58 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 1.29% MF buyingPromoter holding at 50.6% Stable
Earnings Quality50/100 · Moderate
OPM stable around 19% Steady
Quarterly Momentum68/100 · Strong
Revenue (4Q): +7% YoY GrowingProfit (4Q): +9% YoY Positive
Industry Rank90/100 · Strong
P/E 54.6 vs industry 112.3 Cheaper than peersROCE 53.0% vs industry 16.4% Above peersROE 52.9% vs industry 17.5% Above peers3Y sales CAGR: 8% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Britannia Industries Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
40/100
Moderate
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 54.6 vs Ind 112.3 | ROCE 53.0% | ROE 52.9% | CFO/NP N/A
Balance Sheet Stress
30/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.58x | IntCov 0.0x | Current 1.22x | Borrow/Reserve 0.59x
Cash Flow Reliability
29/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹2,178 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII -0.14 pp | DII +0.16 pp | Prom 0.00 pp
Business Momentum
+52
Stable
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +4.7% | Q NP +26.0% | Q OPM +4.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-70.1%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.59xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change-0.14 ppLatest FII% minus previous FII%
DII Change+0.16 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-6,200Latest shareholder count minus previous count
Quarterly Sales Change+4.7%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+26.0%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change+4.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:44 am

Market Cap 1,31,851 Cr.
Current Price 5,474
Intrinsic Value₹1,635.85
High / Low 6,337/4,525
Stock P/E54.6
Book Value 155
Dividend Yield1.37 %
ROCE53.0 %
ROE52.9 %
Face Value 1.00
PEG Ratio5.67

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Britannia Industries Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Britannia Industries Ltd 1,31,851 Cr. 5,474 6,337/4,52554.6 1551.37 %53.0 %52.9 % 1.00
Nestle India Ltd 2,27,695 Cr. 1,181 1,340/1,07471.6 23.71.14 %95.7 %83.0 % 1.00
Bikaji Foods International Ltd 15,582 Cr. 621 821/59259.7 61.40.16 %20.1 %16.0 % 1.00
Zydus Wellness Ltd 13,872 Cr. 436 531/31757.7 1790.28 %6.16 %6.02 % 2.00
Hindustan Foods Ltd 5,892 Cr. 494 609/42243.2 87.10.00 %14.3 %14.0 % 2.00
Industry Average19,776.38 Cr581.69112.2889.800.31%16.37%17.51%5.63

All Competitor Stocks of Britannia Industries Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 4,3804,1974,0234,0114,4334,2564,0694,2504,6684,5934,4324,6224,841
Expenses 3,6683,3793,2223,3223,5623,4373,2863,4973,8883,7503,6323,8703,889
Operating Profit 712818801689871820784753780843801752951
OPM % 16%19%20%17%20%19%19%18%17%18%18%16%20%
Other Income 534286057524857314662635752
Interest 54383553533126293545312635
Depreciation 52586571727880747682818285
Profit before tax 6591,149761622799758735681715778752701884
Tax % 26%19%27%27%27%27%27%26%26%25%26%26%26%
Net Profit 491932558455586556537505532582559520655
EPS in Rs 20.4838.7123.1919.0024.3923.1022.3520.9922.0624.1523.2521.6227.17

Last Updated: January 2, 2026, 4:29 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 4:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 6,9137,8588,3979,0549,91411,05511,60013,13614,13616,30116,76917,94318,865
Expenses 6,2866,9887,1747,7768,4139,3229,75610,62711,93513,47013,60314,76615,384
Operating Profit 6278701,2241,2781,5011,7321,8432,5092,2012,8313,1673,1763,481
OPM % 9%11%15%14%15%16%16%19%16%17%19%18%18%
Other Income 34228115151166206263313222597211202232
Interest 84558977111144169164139125
Depreciation 83144113119142162185198201226300313333
Profit before tax 5699501,2201,3041,5181,7681,8442,5142,0783,0332,9132,9273,256
Tax % 30%28%32%32%34%35%24%26%27%24%27%26%
Net Profit 3956898258851,0041,1551,3941,8511,5162,3162,1342,1782,416
EPS in Rs 16.4828.7134.3636.8541.8348.2358.3377.3863.3196.3988.8490.45100.27
Dividend Payout % 36%28%29%30%30%31%60%204%89%75%83%83%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)74.43%19.74%7.27%13.45%15.04%20.69%32.78%-18.10%52.77%-7.86%2.06%
Change in YoY Net Profit Growth (%)0.00%-54.69%-12.47%6.17%1.59%5.65%12.09%-50.88%70.87%-60.63%9.92%

Britannia Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:9%
5 Years:9%
3 Years:8%
TTM:8%
Compounded Profit Growth
10 Years:15%
5 Years:9%
3 Years:13%
TTM:-1%
Stock Price CAGR
10 Years:15%
5 Years:10%
3 Years:18%
1 Year:3%
Return on Equity
10 Years:45%
5 Years:54%
3 Years:58%
Last Year:53%

Last Updated: September 5, 2025, 1:20 am

Balance Sheet

Last Updated: December 4, 2025, 1:04 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 24242424242424242424242424
Reserves 7741,2212,0682,6723,3824,2294,3793,5242,5343,5103,9174,3323,709
Borrowings 1501451311252011561,5382,1222,4812,9972,0651,2472,196
Other Liabilities 1,1591,4031,2711,2881,5811,8291,8892,3312,4872,8193,0653,2353,520
Total Liabilities 2,1072,7933,4944,1095,1886,2387,8308,0007,5279,3519,0728,8379,450
Fixed Assets 8488449501,1601,3461,6881,8781,7931,7532,6552,7712,9042,922
CWIP 107489030203101401175361051888973
Investments 1985187884871,0791,4762,8932,7811,7623,3242,7672,8652,293
Other Assets 9541,3831,6652,4322,5602,9723,0193,3103,4753,2663,3462,9784,162
Total Assets 2,1072,7933,4944,1095,1886,2387,8308,0007,5279,3519,0728,8379,450

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 6715849594411,2491,1561,4851,8761,3002,5262,5732,481
Cash from Investing Activity + -246-450-705-150-957-852-1,526433914-1,50748587
Cash from Financing Activity + -357-181-246-295-232-35358-2,242-2,246-1,028-2,839-2,762
Net Cash Flow 68-478-460-491766-32-9219-194
Free Cash Flow 572631710898287561,2411,6377521,8932,0852,110
CFO/OP 137%102%111%66%116%101%108%100%86%115%105%100%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow477.00725.00-130.00-124.00-200.00-155.000.000.000.000.001.002.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 667711131079799
Inventory Days 373132433943395257454543
Days Payable 495556495963556355556360
Cash Conversion Cycle -6-17-161-9-7-6-310-2-9-9
Working Capital Days -25-22-5281727-1-22-31-31-30-23
ROCE %59%66%68%52%47%44%37%45%41%49%49%53%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 50.55%50.55%50.55%50.55%50.55%50.55%50.55%50.55%50.55%50.55%50.55%50.55%
FIIs 19.44%21.29%19.66%18.99%18.23%17.41%17.91%16.46%15.72%15.58%15.02%14.88%
DIIs 14.22%12.46%13.84%14.84%15.63%16.69%16.37%17.58%18.26%18.65%19.39%19.55%
Government 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.01%0.01%0.03%
Public 15.79%15.69%15.94%15.62%15.57%15.36%15.18%15.41%15.48%15.20%15.03%14.97%
No. of Shareholders 2,60,2072,59,9492,84,8922,60,4442,63,6232,54,8152,51,8512,90,3062,92,5042,72,9142,62,1392,55,939

Shareholding Pattern Chart

No. of Shareholders

Britannia Industries Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
ICICI Prudential Balanced Advantage Fund 1,733,013 1.44 1015.631,639,3322026-02-23 00:30:035.71%
SBI Large Cap Fund 1,550,000 1.66 908.382,323,4812026-02-23 00:58:31-33.29%
ICICI Prudential Focused Equity Fund 1,154,429 4.53 676.55894,4712026-02-23 00:52:0529.06%
Quant ELSS Tax Saver Fund 991,210 4.95 580.9918,0352025-12-15 07:33:187.97%
HDFC Multi Cap Fund 788,368 2.41 462.02617,5852025-12-15 07:33:1827.65%
Mirae Asset Large Cap Fund 694,025 1.01 406.73615,1072026-02-23 00:58:3112.83%
ICICI Prudential Equity & Debt Fund 576,393 0.69 337.8505,0002025-12-15 07:33:1814.14%
Franklin India Flexi Cap Fund 514,691 1.54 301.63N/AN/AN/A
HDFC Balanced Advantage Fund 500,844 0.27 293.52N/AN/AN/A
SBI MNC Fund 500,000 5.23 293.03N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 90.4588.8496.3963.3177.43
Diluted EPS (Rs.) 90.4588.8496.3963.3177.40
Cash EPS (Rs.) 103.86101.20105.3171.2685.00
Book Value[Excl.RevalReserv]/Share (Rs.) 180.81164.63147.97107.33148.78
Book Value[Incl.RevalReserv]/Share (Rs.) 180.81164.63147.97107.33148.78
Revenue From Operations / Share (Rs.) 744.82696.11676.65586.81545.29
PBDIT / Share (Rs.) 141.73140.47126.47100.64117.15
PBIT / Share (Rs.) 128.72128.00117.1092.31108.94
PBT / Share (Rs.) 121.93121.07125.6786.28104.31
Net Profit / Share (Rs.) 90.8588.7395.9362.9476.79
NP After MI And SOA / Share (Rs.) 90.4488.8396.3863.3077.37
PBDIT Margin (%) 19.0220.1718.6917.1421.48
PBIT Margin (%) 17.2818.3817.3015.7319.97
PBT Margin (%) 16.3717.3918.5714.7019.12
Net Profit Margin (%) 12.1912.7414.1710.7214.08
NP After MI And SOA Margin (%) 12.1412.7614.2410.7814.18
Return on Networth / Equity (%) 50.0154.2865.6959.6052.53
Return on Capital Employeed (%) 59.4061.8054.0566.1859.71
Return On Assets (%) 24.6523.5824.8220.2823.27
Long Term Debt / Equity (X) 0.160.220.430.270.21
Total Debt / Equity (X) 0.280.510.840.960.58
Asset Turnover Ratio (%) 2.001.821.931.781.62
Current Ratio (X) 1.081.191.150.951.22
Quick Ratio (X) 0.730.890.850.620.92
Inventory Turnover Ratio (X) 14.847.205.805.436.36
Dividend Payout Ratio (NP) (%) 81.2581.0458.61117.68152.35
Dividend Payout Ratio (CP) (%) 71.0471.0653.41104.00137.73
Earning Retention Ratio (%) 18.7518.9641.39-17.68-52.35
Cash Earning Retention Ratio (%) 28.9628.9446.59-4.00-37.73
Interest Coverage Ratio (X) 24.6020.6318.0216.8025.45
Interest Coverage Ratio (Post Tax) (X) 16.9514.0512.4411.5117.69
Enterprise Value (Cr.) 119867.81119972.33106929.7479499.7389313.10
EV / Net Operating Revenue (X) 6.687.156.565.626.80
EV / EBITDA (X) 35.1135.4535.1032.7931.65
MarketCap / Net Operating Revenue (X) 6.637.066.395.466.65
Retention Ratios (%) 18.7418.9541.38-17.68-52.35
Price / BV (X) 27.3030.0329.4630.1824.64
Price / Net Operating Revenue (X) 6.637.066.395.466.65
EarningsYield 0.010.010.020.010.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Britannia Industries Ltd. is a Public Limited Listed company incorporated on 21/03/1918 and has its registered office in the State of West Bengal, India. Company's Corporate Identification Number(CIN) is L15412WB1918PLC002964 and registration number is 002964. Currently Company is involved in the business activities of Manufacture of bread. Company's Total Operating Revenue is Rs. 17295.92 Cr. and Equity Capital is Rs. 24.09 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Food Processing - Bakery/Dairy/Fruits/Others5/1A, Hungerford Street, Kolkata West Bengal 700017Contact not found
Management
NamePosition Held
Mr. Nusli N WadiaChairman
Mr. Varun BerryExec. Vice Chairman & Mang Dir
Mr. N VenkataramanExecutive Director & CFO
Mr. Jehangir N WadiaNon Executive Director
Mr. Ness N WadiaNon Executive Director
Dr. Ajay ShahIndependent Director
Dr. Y S P ThoratIndependent Director
Ms. Tanya DubashIndependent Director
Mr. Pradip M KanakiaIndependent Director
Mr. Sunil S LalbhaiIndependent Director
Dr. Urjit PatelIndependent Director

FAQ

What is the intrinsic value of Britannia Industries Ltd and is it undervalued?

As of 05 April 2026, Britannia Industries Ltd's intrinsic value is ₹1635.85, which is 70.12% lower than the current market price of ₹5,474.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (52.9 %), book value (₹155), dividend yield (1.37 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Britannia Industries Ltd?

Britannia Industries Ltd is trading at ₹5,474.00 as of 05 April 2026, with a FY2026-2027 high of ₹6,337 and low of ₹4,525. The stock is currently in the middle of its 52-week range. Market cap stands at ₹1,31,851 Cr..

How does Britannia Industries Ltd's P/E ratio compare to its industry?

Britannia Industries Ltd has a P/E ratio of 54.6, which is below the industry average of 112.28. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Britannia Industries Ltd financially healthy?

Key indicators for Britannia Industries Ltd: ROCE of 53.0 % indicates efficient capital utilization; ROE of 52.9 % shows strong shareholder returns. Dividend yield is 1.37 %.

Is Britannia Industries Ltd profitable and how is the profit trend?

Britannia Industries Ltd reported a net profit of ₹2,178 Cr in Mar 2025 on revenue of ₹17,943 Cr. Compared to ₹1,516 Cr in Mar 2022, the net profit shows an improving trend.

Does Britannia Industries Ltd pay dividends?

Britannia Industries Ltd has a dividend yield of 1.37 % at the current price of ₹5,474.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Britannia Industries Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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