I-Sec upgrades Britannia Industries to Add, revises target price to Rs 6,000

ICICI Securities has upgraded Britannia Industries to Add from Hold with a revised target price of Rs 6,000 (earlier Rs 4,850). The current market price of Britannia Industries is Rs 5496. Britannia, incorporated in 1918, is a Large Cap company with a market cap of Rs 133922.77 crore, operating in the FMCG sector.

Britannia Industries' key products/revenue segments include Food Products, Other Operating Revenue, Scrap, Royalty Income for the year ending 31-Mar-2024.



Financials
For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 4495.21 crore, down -3.43 % from last quarter Total Income of Rs 4655.08 crore and up 8.93% from last year same quarter Total Income of Rs 4126.70 crore. The company has reported net profit after tax of Rs 563.78 crore in the latest quarter.

The company?s top management includes Mr.Nusli N Wadia, Mr.Keki Dadiseth, Mr.Avijit Deb, Ms.Tanya Dubash, Mr.Keki Elavia, Dr.Ajay Shah, Dr.Y S P Thorat, Mr.Ness N Wadia, Dr.Ajai Puri, Mr.N Venkataraman, Mr.Rajneet Singh Kohli, Mr.Varun Berry, Mr.Pradip M Kanakia. The company has B S R & Co. LLP as its auditors. As on 31-03-2025, the company has a total of 24 crore shares outstanding.

Investment rationale

ICICI Securities has increasef the earnings estimates by ~3%/5% for FY26E-27E; modelling revenue / EBITDA / PAT CAGR of 10% / 13% / 15% over FY25-27E. Upgrade to ADD (from Hold) with a DCF-based revised target price of Rs 6,000 (Rs 4,850 earlier). Key upside risk to the brokerage thesis is faster-than-expected revenue growth in core biscuits. Key downside risk is sustained weakness in consumption demand.

Promoter/FII Holdings
Promoters held 50.55 per cent stake in the company as of 31-Mar-2025, while FIIs owned 15.72 per cent, DIIs 12.79 per cent.