Financials Britannia Industries Ltd NSE India S.E.

Equities

BRITANNIA

INE216A01022

Food Processing

End-of-day quote NSE India S.E. Other stock markets			5-day change	1st Jan Change
- ^INR	-.--%		-3.68%	+26.43%

05/06	India's consumer stocks have edge over capex-linked ones after shock poll verdict	RE
04/06	Indian Equities Plunge as Ruling Party Struggles to Secure Majority	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	7,41,502	6,46,607	8,73,160	7,72,320	10,41,069	12,89,139	-	-
Enterprise Value (EV) ¹	7,33,017	6,48,134	8,74,008	7,86,946	10,51,053	11,82,964	12,83,416	12,74,779
P/E ratio	64 x	46.1 x	46.8 x	50.6 x	44.8 x	55.3 x	53.5 x	47.4 x
Yield	0.49%	1.3%	1.71%	1.76%	1.67%	1.35%	1.44%	1.61%
Capitalization / Revenue	6.71 x	5.57 x	6.65 x	5.46 x	6.39 x	7.05 x	7.01 x	6.35 x
EV / Revenue	6.63 x	5.59 x	6.65 x	5.57 x	6.45 x	7.05 x	6.98 x	6.28 x
EV / EBITDA	42.3 x	35.2 x	34.8 x	35.7 x	37.1 x	37.3 x	36.7 x	32.6 x
EV / FCF	97.1 x	52.3 x	54.3 x	105 x	58 x	66.2 x	58.8 x	47.6 x
FCF Yield	1.03%	1.91%	1.84%	0.95%	1.73%	1.51%	1.7%	2.1%
Price to Book	17.4 x	14.7 x	24.6 x	30.2 x	29.5 x	30.9 x	27.8 x	23.5 x
Nbr of stocks (in thousands)	2,40,318	2,40,468	2,40,868	2,40,868	2,40,868	2,40,868	-	-
Reference price ²	3,086	2,689	3,625	3,206	4,322	5,352	5,352	5,352
Announcement Date	01/05/19	02/06/20	27/04/21	02/05/22	05/05/23	03/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,10,547	1,15,996	1,31,361	1,41,363	1,63,006	1,67,693	1,83,951	2,02,890
EBITDA ¹	17,324	18,432	25,093	22,015	28,309	31,698	34,934	39,059
EBIT ¹	15,706	16,584	23,114	20,010	26,050	28,694	31,765	35,604
Operating Margin	14.21%	14.3%	17.6%	14.15%	15.98%	17.11%	17.27%	17.55%
Earnings before Tax (EBT) ¹	17,679	18,443	25,136	20,783	30,274	29,167	32,577	36,802
Net income ¹	11,591	14,026	18,639	15,248	23,218	21,398	24,075	27,167
Net margin	10.49%	12.09%	14.19%	10.79%	14.24%	12.76%	13.09%	13.39%
EPS ²	48.21	58.34	77.40	63.31	96.39	88.84	100.0	113.0
Free Cash Flow ¹	7,546	12,404	16,090	7,493	18,133	19,592	21,832	26,756
FCF margin	6.83%	10.69%	12.25%	5.3%	11.12%	11.63%	11.87%	13.19%
FCF Conversion (EBITDA)	43.56%	67.29%	64.12%	34.04%	64.05%	61.65%	62.5%	68.5%
FCF Conversion (Net income)	65.1%	88.43%	86.32%	49.14%	78.1%	90.63%	90.68%	98.49%
Dividend per Share ²	15.00	35.00	62.00	56.50	72.00	72.02	77.16	86.01
Announcement Date	01/05/19	02/06/20	27/04/21	02/05/22	05/05/23	03/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	31,656	31,308	34,035	36,074	35,750	35,504	37,010	43,796	41,968	40,232	40,107	45,272	42,979	41,136	42,118
EBITDA ¹	6,115	5,054	5,538	5,583	5,397	5,497	5,007	7,117	8,176	8,009	6,889	7,978	8,220	7,876	8,202
EBIT ¹	5,629	4,526	5,047	5,082	4,893	4,988	4,496	6,600	7,596	7,356	6,181	6,972	7,500	7,007	7,390
Operating Margin	17.78%	14.46%	14.83%	14.09%	13.69%	14.05%	12.15%	15.07%	18.1%	18.28%	15.41%	15.4%	17.45%	17.03%	17.55%
Earnings before Tax (EBT) ¹	6,137	4,926	5,312	5,228	5,054	5,189	4,632	6,592	11,478	7,571	6,220	7,412	7,549	7,278	7,737
Net income ¹	4,558	3,643	3,896	3,842	3,712	3,799	3,374	4,933	9,324	5,587	4,576	5,454	5,604	5,540	5,787
Net margin	14.4%	11.64%	11.45%	10.65%	10.38%	10.7%	9.12%	11.26%	22.22%	13.89%	11.41%	12.05%	13.04%	13.47%	13.74%
EPS ²	18.92	15.12	16.17	15.95	15.41	15.77	14.01	20.48	38.71	23.19	19.00	21.86	22.31	22.99	-
Dividend per Share ²	-	62.00	-	-	-	56.50	-	-	-	72.00	-	-	-	67.34	-
Announcement Date	05/02/21	27/04/21	30/07/21	08/11/21	28/01/22	02/05/22	04/08/22	04/11/22	01/02/23	05/05/23	04/08/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	1,527	848	14,626	9,984	7,103	-	-
Net Cash position ¹	8,485	-	-	-	-	-	5,723	14,360
Leverage (Debt/EBITDA)	-	0.0828 x	0.0338 x	0.6643 x	0.3527 x	0.2235 x	-	-
Free Cash Flow ¹	7,546	12,404	16,090	7,493	18,133	19,592	21,832	26,756
ROE (net income / shareholders' equity)	30.3%	32.4%	46.9%	49.9%	66.8%	55.2%	55.4%	52.7%
ROA (Net income/ Total Assets)	20.3%	19.9%	23.5%	19.6%	24.1%	22.9%	25.4%	26%
Assets ¹	57,156	70,420	79,255	77,621	96,299	94,384	94,870	1,04,317
Book Value Per Share ²	177.0	183.0	147.0	106.0	147.0	173.0	192.0	228.0
Cash Flow per Share ²	48.10	61.70	76.90	54.00	105.0	102.0	120.0	134.0
Capex ¹	4,012	2,442	2,421	5,502	7,129	4,677	4,304	4,435
Capex / Sales	3.63%	2.1%	1.84%	3.89%	4.37%	2.78%	2.34%	2.19%
Announcement Date	01/05/19	02/06/20	27/04/21	02/05/22	05/05/23	03/05/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Britannia Industries Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5,352 INR

Average target price

5,454 INR

Spread / Average Target

+1.90%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Cookie, Cracker & Pasta Manufacturing

	1st Jan change	Capi.
SAMYANG FOODS CO., LTD.	+210.19%	360.47Cr
EBRO FOODS, S.A.	+0.64%	259.17Cr
M. DIAS BRANCO S.A. INDÚSTRIA E COMÉRCIO DE ALIMENTOS	-19.67%	194.89Cr
ÜLKER BISKÜVI SANAYI	+106.48%	189.49Cr
MRS. BECTORS FOOD SPECIALITIES LIMITED	+25.97%	100Cr
OBA MAKARNACILIK SANAYI VE TICARET	0.00%	58Cr
KAMEDA SEIKA CO.,LTD.	+3.41%	56Cr
QINGDAO FOODS CO., LTD.	-32.45%	32Cr
HUP SENG INDUSTRIES	+47.77%	20Cr

Cookie, Cracker & Pasta Manufacturing