Britannia Industries shares are in focus today (February 11). The shares are up 4% after the FMCG major reported its December-quarter results on February 10 after market hours. The maker of Marie Gold, Good Day and Little Hearts delivered steady profit growth in Q3FY26. This was driven majorly by stable input costs and consistent demand across biscuits and related categories.

Let’s take a look at the brokerage view and also the 3 key takeaways from the results that investors need to know

Nomura on Britannia

  • Sees upside of 19.8%

The global brokerage house Nomura has reiterated a Buy rating on the fast-moving consumer goods company. The brokerage has set a target price of Rs 7,000 on the stock. With the current market price at Rs 5,843, this implies an upside potential of nearly 19.8%.

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  • Volume growth surprises positively

According to the brokerage report, “Q3FY26: Volume growth better; sales largely in-line; beat on margins.”

Nomura in its report noted that the consolidated sales grew 9.5% year-on-year, ahead of its 8% estimate. Volume growth also came in at around 4.5% year-on-year, higher than its expectation of 2.5%.

It added that “adjusted EBITDA/APAT tad better than our/ consensus estimates.”

  • Biscuit segment and competition trends

As per the brokerage report, consolidated revenue rose 7.2% year-on-year to about Rs 4920 crore, slightly above its forecast but below Bloomberg consensus estimates. The biscuits portfolio, which contributes nearly 70% of the business, saw mixed trends.

Nomura noted that while the Goods and Services Tax impact continued in October, growth improved to 12% in November and December.

Management indicated that price-point adjustments in the industry have increased competition, though Nomura expects competitive intensity to ease in the fourth quarter, supporting volume and sales momentum.

Britannia Q3: Profit growth holds firm despite higher costs

Britannia reported a consolidated net profit of Rs 682 crore in Q3FY26. This shows a year-on-year growth of nearly 17% compared to Rs 582 crore in the same quarter last year. On a sequential basis, profit rose around 4% from Rs 654 crore in the September quarter.

This profit growth came even as total expenses climbed sharply to about Rs 23,192 crore. This is up nearly 40% from the year-ago quarter.

A key factor behind the higher cost base was a one-time past service cost of Rs 48.56 crore linked to the rollout of new labour codes from November 2025.

Britannia Q3: Revenue growth remains steady but moderate

Revenue from operations stood at Rs 4,970 crore in the October–December quarter, compared with Rs 4,593 crore a year ago. This reflects a year-on-year growth of around 9%. Quarter-on-quarter, revenue rose about 3%.

Biscuits remained the largest contributor to revenue, supported by stable volumes and pricing. Adjacent categories also added to topline growth.

Britannia share performance

Britannia’s share price over the last six months has gained around 9%, while one-year returns stand close to 19%.

However, on a year-to-date basis, the share price of the company is down roughly 2%, indicating limited upside so far in 2026.

Looking at a longer time frame, Britannia shares have delivered about 71% returns over the past five years.

Furthermore, the stock is trading near Rs 5,875. This is below its 52-week high of Rs 6,336, but comfortably above the 52-week low of Rs 4,506.