Buy Britannia; target of Rs 4575: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Britannia

BRIT's opportunity for growth is significant, with the overall Biscuits category estimated to grow in the mid-single digits. Furthermore, the opportunity in terms of market share gains is even greater - BRIT's market share is only in the mid-30s despite the company being the largest player in the Biscuits space. The broad Packaged Foods market (estimated at USD40-50b) presents the strongest structural opportunity in India's consumption space. BRIT's FY21E revenue of ~USD1.8b is a fraction of this addressable market.

Outlook

Maintain BUY, with revised TP of INR 4,575 (INR4120 earlier), targeting 50x FY23 EPS.

For all recommendations report, click here

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