External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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<ul><li>Resilient Performance Amid Transitional Headwinds: Britannia delivered a moderate 4.1% YoY revenue growth in Q2FY26, aided by stable raw material prices and continued operational efficiencies across its supply chain.</li><li>The recent GST rate cut, covering nearly 85% of the portfolio, is expected to support volume growth over the medium term, although temporary trade and logistics disruptions impacted near-term performance.</li><li>Management remains committed to sustaining volume-led growth through enhanced distribution reach, new product launches, and strategic investments in core and adjacent categories.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Resilient Performance Amid Transitional Headwinds: Britannia delivered a moderate 4.1% YoY revenue growth in Q2FY26, aided by stable raw material prices and continued operational efficiencies across its supply chain.The recent GST rate cut, covering nearly 85% of the portfolio, is expected to support volume growth over the medium term, although temporary trade and logistics disruptions impacted near-term performance.Management remains committed to sustaining volume-led growth through enhanced distribution reach, new product launches, and strategic investments in core and adjacent categories.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia Industries Ltd - Resilient Performance with Margins Expansion; Maintain BUY

<ul><li>Britannia's Q4FY25 results: Britannia delivered a solid Q4FY25 performance, surpassing expectations with 9% YoY revenue growth (vs. est. 7.6%) despite a soft consumption environment.</li><li>Growth was supported by calibrated price hikes and resilient volume traction.</li><li>Management reiterated that price hikes were implemented in Q4 to offset inflation and support margins.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia's Q4FY25 results: Britannia delivered a solid Q4FY25 performance, surpassing expectations with 9% YoY revenue growth (vs. est. 7.6%) despite a soft consumption environment.Growth was supported by calibrated price hikes and resilient volume traction.Management reiterated that price hikes were implemented in Q4 to offset inflation and support margins.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia Industries Ltd. - Pricing Led Top Line Growth; Maintain HOLD

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Britannia Industries (BRIT) posted operating revenue growth of 6% YoY in 3QFY25 (in line) and volume growth of 6% (est. 5%).</li><li>Other operating income surged 101% due to government grants related to Ranjangaon factory.</li><li>GM contracted 510bp YoY/280bp QoQ to 38.7% (est. 42%), impacted by rising commodity prices, mainly palm oil (+43% YoY) and Cocoa (+103% YoY).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia Industries (BRIT) posted operating revenue growth of 6% YoY in 3QFY25 (in line) and volume growth of 6% (est. 5%).Other operating income surged 101% due to government grants related to Ranjangaon factory.GM contracted 510bp YoY/280bp QoQ to 38.7% (est. 42%), impacted by rising commodity prices, mainly palm oil (+43% YoY) and Cocoa (+103% YoY).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia Industries - High Inflation Impacts Volume Growth and Margins

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Britannia posted 8% y-o-y revenue growth in Q3FY25, led by ~6% volume growth (higher than 3-5% estimated).</li><li>Gross margin/OPM fell by 515/90 bps y-o-y due to high input cost inflation. Adjusted PAT grew 4% y-o-y.</li><li>Focus on innovation, distribution expansion, revamped urban RTM, marketing, pricing actions, and dairy capacity expansion will drive growth in the medium-long term. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia posted 8% y-o-y revenue growth in Q3FY25, led by ~6% volume growth (higher than 3-5% estimated).Gross margin/OPM fell by 515/90 bps y-o-y due to high input cost inflation. Adjusted PAT grew 4% y-o-y.Focus on innovation, distribution expansion, revamped urban RTM, marketing, pricing actions, and dairy capacity expansion will drive growth in the medium-long term. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia Industries Ltd - Volumes Maintained in Tough Times; High RM Inflation Hits Margins

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We increase our FY25/FY26/FY27 EPS estimates by 5.7/2.6/1.1% despite urban slowdown and 11% input cost inflation on account of 1) Sustained leadership in Biscuits and Bakery with volume growth of 8/8/6% in 1Q/2Q/3Q25 in tough market environment</li><li>2) little threat from new B2C players in its business given long history of presence of local, and regional players</li><li>3) rising scalability in adjacencies like Milkshakes and Croissants (~Rs.2bn sales each)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We increase our FY25/FY26/FY27 EPS estimates by 5.7/2.6/1.1% despite urban slowdown and 11% input cost inflation on account of 1) Sustained leadership in Biscuits and Bakery with volume growth of 8/8/6% in 1Q/2Q/3Q25 in tough market environment2) little threat from new B2C players in its business given long history of presence of local, and regional players3) rising scalability in adjacencies like Milkshakes and Croissants (~Rs.2bn sales each)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Britannia Industries - Strong Growth Levers Across Categories

India

Britannia Industries Limited manufactures bakery products such as biscuits, bread, cakes and rusks.  The Company also manufactures and exports soybean products, cashew kernels, marine products, and general merchandise items.

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Britannia Industries (BRIT IN)

Britannia Industries Ltd - Resilient Performance with Margins Expansion; Maintain BUY

Britannia delivered a moderate 4.1% YoY revenue growth in Q2FY26, aided by stable raw material prices and continued operational efficiencies across...

Axis Direct

Britannia Industries Ltd. - Pricing Led Top Line Growth; Maintain HOLD

Britannia delivered a solid Q4FY25 performance, surpassing expectations with 9% YoY revenue growth (vs. est. 7.6%) despite a soft consumption...

Axis Direct

Britannia Industries - High Inflation Impacts Volume Growth and Margins

Britannia Industries (BRIT) posted operating revenue growth of 6% YoY in 3QFY25 (in line) and volume growth of 6% (est. 5%).

Motilal Oswal

Britannia Industries Ltd - Volumes Maintained in Tough Times; High RM Inflation Hits Margins

Britannia posted 8% y-o-y revenue growth in Q3FY25, led by ~6% volume growth (higher than 3-5% estimated). Gross margin/OPM fell by 515/90 bps y-o...

Sharekhan

Britannia Industries - Strong Growth Levers Across Categories

We estimate 1.2% EPS growth in FY25 but 15% PAT CAGR over FY25-27. We value the stock at 50x Mar’27EPS and assign a target price of Rs5881 (Rs5815...

Prabhudas Lilladhar

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