Motilal Oswal's research report on Britannia Industries
Britannia Industries (BRIT) posted consolidated revenue growth of 4% YoY in 2QFY26 (below). Adjusted for the GST transition impact, sales growth would have been ~6-6.5% YoY, as the business faced short-term headwinds in September due to de-stocking. BRIT expects the transitional impact to normalize progressively in 3QFY26. By the end of October, the company had revised ~65% of its SKUs with updated grammages and prices, with full completion expected by mid-November. Rural markets continued to outpace urban markets. The company remains focused on driving healthy, volume-led growth through region- and consumer-centric products, enhanced distribution, and strong price competitiveness.
Outlook
With positive green shoots in growth, we upgrade BRIT to a BUY rating with a TP of INR7,150 (premised on 50x Sep’27E EPS).
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