Financials Britannia Industries Limited

Equities

BRITANNIA

INE216A01030

Food Processing

Market Closed - NSE India S.E. Other stock markets 05:01:12 2026-01-16 am EST			5-day change	1st Jan Change
5,898.50 ^INR	-0.14%		-1.32%	-2.20%

Jan. 01	Britannia gets tax demanded of 1.09 billion rupees	RE
Dec. 19	Britannia receives tax order totaling to 34.3 million rupees	RE

Projected Income Statement: Britannia Industries Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	131,361	141,363	163,006	167,693	179,427	194,492	215,237	237,247
Change	-	7.61%	15.31%	2.88%	7%	8.4%	10.67%	10.23%
EBITDA ¹	25,093	22,015	28,309	31,698	31,872	35,971	40,681	45,352
Change	-	-12.27%	28.59%	11.97%	0.55%	12.86%	13.09%	11.48%
EBIT ¹	23,114	20,010	26,050	28,694	28,738	32,705	37,266	41,687
Change	-	-13.43%	30.19%	10.15%	0.15%	13.8%	13.95%	11.86%
Interest Paid ¹	-1,109	-1,443	-1,691	-1,640	-1,388	-1,209	-1,091	-1,023
Earnings before Tax (EBT) ¹	25,136	20,783	30,274	29,167	29,373	33,708	38,717	43,800
Change	-	-17.32%	45.66%	-3.66%	0.71%	14.76%	14.86%	13.13%
Net income ¹	18,639	15,248	23,218	21,398	21,787	25,111	28,862	32,560
Change	-	-18.19%	52.27%	-7.84%	1.82%	15.25%	14.94%	12.81%
Announcement Date	4/27/21	5/2/22	5/5/23	5/3/24	5/8/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	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	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2
Net sales ¹	34,207	34,191	31,656	31,308	34,035	36,074	35,750	35,504	37,010	43,796	41,968	40,232	40,107	44,329	42,563	40,694	42,503	46,676	45,926	44,322	46,222	49,541	49,829	50,856	54,028	54,028
Change	-	-0.05%	-7.41%	-1.1%	8.71%	5.99%	-0.9%	-0.69%	4.24%	18.34%	-4.17%	-4.14%	-0.31%	10.53%	-3.98%	-4.39%	4.45%	9.82%	-1.61%	-3.49%	4.29%	7.18%	0.58%	2.06%	6.24%	0%
EBITDA ¹	7,169	6,754	6,115	5,054	5,538	5,583	5,397	5,497	5,007	7,117	8,176	8,009	6,889	8,724	8,211	7,874	7,537	7,834	8,449	8,052	7,570	8,550	9,596	9,424	10,025	10,025
Change	-	-5.79%	-9.46%	-17.36%	9.57%	0.82%	-3.33%	1.85%	-8.9%	42.13%	14.88%	-2.04%	-13.99%	26.64%	-5.88%	-4.1%	-4.29%	3.95%	7.85%	-4.7%	-5.98%	12.94%	12.22%	-1.79%	6.38%	0%
EBIT ¹	6,690	6,269	5,629	4,526	5,047	5,082	4,893	4,988	4,496	6,600	7,596	7,356	6,181	8,007	7,430	7,075	6,797	7,073	7,625	7,242	6,750	7,781	8,888	8,483	9,081	9,081
Change	-	-6.29%	-10.2%	-19.61%	11.52%	0.69%	-3.71%	1.92%	-9.85%	46.8%	15.09%	-3.17%	-15.97%	29.54%	-7.21%	-4.78%	-3.93%	4.06%	7.8%	-5.03%	-6.79%	15.28%	14.22%	-4.56%	7.06%	0%
Charge d'intérêts ¹	-256.1	-298.1	-317.9	-236.9	-342.1	-389.5	-373.8	-337.5	-419.7	-541.4	-381.3	-348.6	-530.5	-534.2	-310.9	-264.4	-289.5	-346.4	-445.6	-306.5	-261.5	-277.5	-352.5	-347.5	-	-
Earnings before Tax (EBT) ¹	7,370	6,702	6,137	4,926	5,312	5,228	5,054	5,189	4,632	6,592	11,478	7,571	6,220	7,986	7,582	7,384	6,818	7,187	7,804	7,566	7,059	7,971	9,156	9,121	-	-
Change	-	-9.07%	-8.43%	-19.73%	7.82%	-1.57%	-3.34%	2.67%	-10.74%	42.33%	74.13%	-34.04%	-17.84%	28.4%	-5.06%	-2.61%	-7.67%	5.42%	8.59%	-3.06%	-6.7%	12.92%	14.87%	-0.38%	-	-
Net income ¹	5,457	4,981	4,558	3,643	3,896	3,842	3,712	3,799	3,374	4,933	9,324	5,587	4,576	5,876	5,564	5,383	5,056	5,314	5,817	5,600	5,207	5,916	6,701	6,711	-	-
Change	-	-8.72%	-8.51%	-20.06%	6.93%	-1.37%	-3.39%	2.34%	-11.17%	46.18%	89.02%	-40.08%	-18.1%	28.42%	-5.31%	-3.25%	-6.06%	5.1%	9.45%	-3.74%	-7.01%	13.61%	13.27%	0.15%	-	-
Announcement Date	7/17/20	10/19/20	2/5/21	4/27/21	7/30/21	11/8/21	1/28/22	5/2/22	8/4/22	11/4/22	2/1/23	5/5/23	8/4/23	11/1/23	2/6/24	5/3/24	8/2/24	11/11/24	2/6/25	5/8/25	8/5/25	-	-	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2025 S1	2026 S1
Net sales ¹	89,179	94,628
Change	-	6.11%
EBITDA ¹	15,371	17,116
Change	-	11.35%
EBIT	-	-
Change	-	-
Charge d'intérêts	-	-
Earnings before Tax (EBT)	-	-
Change	-	-
Net income	-	-
Change	-	-
Announcement Date	11/11/24	11/5/25

¹INR in Million

Estimates

Forecast Balance Sheet: Britannia Industries Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	848	14,626	9,984	-1,017	-19,181	-20,494	-30,169	-41,288
Change	-	1,624.76%	-31.74%	-110.19%	-1,786.04%	-6.84%	-47.21%	-36.86%
Announcement Date	4/27/21	5/2/22	5/5/23	5/3/24	5/8/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Britannia Industries Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	2,421	5,502	7,129	5,615	3,748	2,595	3,062	3,220
Change	-	127.28%	29.58%	-21.24%	-33.24%	-30.76%	17.97%	5.17%
Free Cash Flow (FCF) ¹	16,090	7,493	18,133	20,115	21,058	26,013	29,363	32,763
Change	-	-53.43%	141.99%	10.93%	4.69%	23.53%	12.88%	11.58%
Announcement Date	4/27/21	5/2/22	5/5/23	5/3/24	5/8/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Britannia Industries Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	19.1%	15.57%	17.37%	18.9%	17.76%	18.5%	18.9%	19.12%
EBIT Margin (%)	17.6%	14.15%	15.98%	17.11%	16.02%	16.82%	17.31%	17.57%
EBT Margin (%)	19.14%	14.7%	18.57%	17.39%	16.37%	17.33%	17.99%	18.46%
Net margin (%)	14.19%	10.79%	14.24%	12.76%	12.14%	12.91%	13.41%	13.72%
FCF margin (%)	12.25%	5.3%	11.12%	11.99%	11.74%	13.37%	13.64%	13.81%
FCF / Net Income (%)	86.32%	49.14%	78.1%	94%	96.65%	103.59%	101.73%	100.62%
Profitability
ROA	23.52%	19.64%	24.11%	23.23%	24.33%	26.23%	28.38%	29.89%
ROE	46.89%	49.95%	66.8%	57.25%	52.52%	52.71%	53.11%	52.51%
Financial Health
Leverage (Debt/EBITDA)	0.03x	0.66x	0.35x	-	-	-	-	-
Debt / Free cash flow	0.05x	1.95x	0.55x	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.84%	3.89%	4.37%	3.35%	2.09%	1.33%	1.42%	1.36%
CAPEX / EBITDA (%)	9.65%	24.99%	25.18%	17.71%	11.76%	7.21%	7.53%	7.1%
CAPEX / FCF (%)	15.04%	73.42%	39.32%	27.92%	17.8%	9.98%	10.43%	9.83%
Items per share
Cash flow per share ¹	76.9	53.96	104.9	106.8	103	122.7	139.6	159.9
Change	-	-29.83%	94.36%	1.85%	-3.59%	19.11%	13.81%	14.55%
Dividend per Share ¹	62	56.5	72	73.5	75	79.78	90.04	99.42
Change	-	-8.87%	27.43%	2.08%	2.04%	6.38%	12.86%	10.42%
Book Value Per Share ¹	147.3	106.2	146.7	163.6	180.8	208.2	240.5	279.8
Change	-	-27.89%	38.16%	11.52%	10.51%	15.14%	15.53%	16.33%
EPS ¹	77.4	63.31	96.39	88.84	90.45	104.2	119.9	135.6
Change	-	-18.2%	52.25%	-7.83%	1.81%	15.21%	15.05%	13.11%
Nbr of stocks (in thousands)	240,868	240,868	240,868	240,868	240,868	240,868	240,868	240,868
Announcement Date	4/27/21	5/2/22	5/5/23	5/3/24	5/8/25	-	-	-