Buy Britannia Industries: target of Rs 4200: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Britannia Industries

Q1FY2022 performance was affected by high base of Q1FY2021. Revenue stood flat and OPM down 469 bps to 16.3%. On a two-year CAGR basis, revenue and operating profit grew 12% and 19%, respectively. Britannia continues to gain market share in key markets. Management is focusing on achieving high single-digit to low double-digit volume growth. Raw-material inflation stands at 8-9%. Calibrated price hikes and cost efficiencies would help in mitigating the impact.

Outlook

The stock has underperformed the broader indices and is trading at attractive valuation of 38x its FY2023E EPS. We maintain Buy with an unchanged PT of Rs. 4,200.

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