Mirae Asset Sharekhan's research report on Britannia Industries
Britannia’s revenues grew 9% y-o-y (volumes up 2%), while OPM fell by 135 bps y-o-y leading to PAT growth of 3% y-o-y. Premiumization, innovation, distribution reforms, digital channel focus, targeted investments in brands and adjacencies continued to drive revenue growth. Management expects commodity prices to remain in a range, with input inflation largely covered by price hikes. Margin outlook is positive with commodity price stabilization.
Outlook
Stock trades at 53x/48x its FY26E/FY27E EPS, respectively. We retain a Buy with a revised PT of Rs. 6,025.
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