Financials Britannia Industries Ltd NSE India S.E.

Equities

BRITANNIA

INE216A01022

Food Processing

End-of-day quote NSE India S.E. Other stock markets			5-day change	1st Jan Change
- ^INR	-.--%		-3.68%	+26.43%

May. 07	Selloff Across Sectors Drag Indian Equities to End Lower on Tuesday	MT
May. 07	Jefferies Adjusts Britannia Industries’ Price Target to INR5,600 From INR5,500, Keeps at Hold	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	741,502	646,607	873,160	772,320	1,041,069	1,259,356	-	-
Enterprise Value (EV) ¹	733,017	648,134	874,008	786,946	1,051,053	1,182,964	1,242,281	1,249,530
P/E ratio	64 x	46.1 x	46.8 x	50.6 x	44.8 x	55.3 x	52.3 x	46.4 x
Yield	0.49%	1.3%	1.71%	1.76%	1.67%	1.38%	1.44%	1.58%
Capitalization / Revenue	6.71 x	5.57 x	6.65 x	5.46 x	6.39 x	7.05 x	6.85 x	6.22 x
EV / Revenue	6.63 x	5.59 x	6.65 x	5.57 x	6.45 x	7.05 x	6.76 x	6.18 x
EV / EBITDA	42.3 x	35.2 x	34.8 x	35.7 x	37.1 x	37.3 x	35.6 x	32 x
EV / FCF	97.1 x	52.3 x	54.3 x	105 x	58 x	64.6 x	56.9 x	46.7 x
FCF Yield	1.03%	1.91%	1.84%	0.95%	1.73%	1.55%	1.76%	2.14%
Price to Book	17.4 x	14.7 x	24.6 x	30.2 x	29.5 x	30.2 x	27.2 x	22.8 x
Nbr of stocks (in thousands)	240,318	240,468	240,868	240,868	240,868	240,868	-	-
Reference price ²	3,086	2,689	3,625	3,206	4,322	5,228	5,228	5,228
Announcement Date	5/1/19	6/2/20	4/27/21	5/2/22	5/5/23	5/3/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	110,547	115,996	131,361	141,363	163,006	167,693	183,717	202,315
EBITDA ¹	17,324	18,432	25,093	22,015	28,309	31,698	34,907	38,995
EBIT ¹	15,706	16,584	23,114	20,010	26,050	28,694	31,738	35,533
Operating Margin	14.21%	14.3%	17.6%	14.15%	15.98%	17.11%	17.28%	17.56%
Earnings before Tax (EBT) ¹	17,679	18,443	25,136	20,783	30,274	29,167	32,559	36,696
Net income ¹	11,591	14,026	18,639	15,248	23,218	21,398	24,082	27,122
Net margin	10.49%	12.09%	14.19%	10.79%	14.24%	12.76%	13.11%	13.41%
EPS ²	48.21	58.34	77.40	63.31	96.39	88.84	99.91	112.6
Free Cash Flow ¹	7,546	12,404	16,090	7,493	18,133	19,592	21,820	26,755
FCF margin	6.83%	10.69%	12.25%	5.3%	11.12%	11.63%	11.88%	13.22%
FCF Conversion (EBITDA)	43.56%	67.29%	64.12%	34.04%	64.05%	61.65%	62.51%	68.61%
FCF Conversion (Net income)	65.1%	88.43%	86.32%	49.14%	78.1%	90.63%	90.6%	98.65%
Dividend per Share ²	15.00	35.00	62.00	56.50	72.00	72.02	75.36	82.73
Announcement Date	5/1/19	6/2/20	4/27/21	5/2/22	5/5/23	5/3/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	31,656	31,308	34,035	36,074	35,750	35,504	37,010	43,796	41,968	40,232	40,107	45,272	42,979	41,136	42,118
EBITDA ¹	6,115	5,054	5,538	5,583	5,397	5,497	5,007	7,117	8,176	8,009	6,889	7,978	8,220	7,876	8,202
EBIT ¹	5,629	4,526	5,047	5,082	4,893	4,988	4,496	6,600	7,596	7,356	6,181	6,972	7,500	7,007	7,390
Operating Margin	17.78%	14.46%	14.83%	14.09%	13.69%	14.05%	12.15%	15.07%	18.1%	18.28%	15.41%	15.4%	17.45%	17.03%	17.55%
Earnings before Tax (EBT) ¹	6,137	4,926	5,312	5,228	5,054	5,189	4,632	6,592	11,478	7,571	6,220	7,412	7,549	7,278	7,737
Net income ¹	4,558	3,643	3,896	3,842	3,712	3,799	3,374	4,933	9,324	5,587	4,576	5,454	5,604	5,540	5,787
Net margin	14.4%	11.64%	11.45%	10.65%	10.38%	10.7%	9.12%	11.26%	22.22%	13.89%	11.41%	12.05%	13.04%	13.47%	13.74%
EPS ²	18.92	15.12	16.17	15.95	15.41	15.77	14.01	20.48	38.71	23.19	19.00	21.86	22.31	22.99	-
Dividend per Share ²	-	62.00	-	-	-	56.50	-	-	-	72.00	-	-	-	67.34	-
Announcement Date	2/5/21	4/27/21	7/30/21	11/8/21	1/28/22	5/2/22	8/4/22	11/4/22	2/1/23	5/5/23	8/4/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	1,527	848	14,626	9,984	7,103	-	-
Net Cash position ¹	8,485	-	-	-	-	-	17,075	9,826
Leverage (Debt/EBITDA)	-	0.0828 x	0.0338 x	0.6643 x	0.3527 x	0.2235 x	-	-
Free Cash Flow ¹	7,546	12,404	16,090	7,493	18,133	19,592	21,820	26,755
ROE (net income / shareholders' equity)	30.3%	32.4%	46.9%	49.9%	66.8%	55.2%	55.2%	52.2%
ROA (Net income/ Total Assets)	20.3%	19.9%	23.5%	19.6%	24.1%	22.9%	25.2%	26.1%
Assets ¹	57,156	70,420	79,255	77,621	96,299	94,384	95,557	104,086
Book Value Per Share ²	177.0	183.0	147.0	106.0	147.0	173.0	192.0	230.0
Cash Flow per Share ²	48.10	61.70	76.90	54.00	105.0	102.0	122.0	134.0
Capex ¹	4,012	2,442	2,421	5,502	7,129	4,677	4,405	4,210
Capex / Sales	3.63%	2.1%	1.84%	3.89%	4.37%	2.78%	2.4%	2.08%
Announcement Date	5/1/19	6/2/20	4/27/21	5/2/22	5/5/23	5/3/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Britannia Industries Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5,228 INR

Average target price

5,398 INR

Spread / Average Target

+3.24%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Cookie, Cracker & Pasta Manufacturing

	1st Jan change	Capi.
EBRO FOODS, S.A.	+3.09%	2.66B
M. DIAS BRANCO S.A. INDÚSTRIA E COMÉRCIO DE ALIMENTOS	-10.56%	2.29B
SAMYANG FOODS CO., LTD.	+39.35%	1.68B
ÜLKER BISKÜVI SANAYI	+40.62%	1.34B
MRS. BECTORS FOOD SPECIALITIES LIMITED	+11.73%	880M
OBA MAKARNACILIK SANAYI VE TICARET	0.00%	608M
KAMEDA SEIKA CO.,LTD.	-0.61%	558M
QINGDAO FOODS CO., LTD.	-24.51%	362M
IWATSUKA CONFECTIONERY CO., LTD.	+2.77%	174M

Cookie, Cracker & Pasta Manufacturing