The Britannia Industries share price has plunged over 2% after its quarterly numbers. The Q1FY26 EBITDA slipped below estimates while revenue climbed 8%. The margins contracted a whopping 260 basis points on a year-on-year comparison.
Here is what different brokerages have to say on Britannia Industries’ post-quarterly earnings.
Nuvama on Britannia: Revenue in line with expectations
Nuvama Institutional Equities maintained its ‘Buy’ rating on Britannia, with a target price of Rs 6,770, implying an upside of 17.4%. Britannia’s Q1 FY26 revenue came in line with the brokerage’s estimate, while EBITDA was 10% below its estimate. The miss on EBITDA is partly due to the Stock Appreciation Rights (SAR) impact, as the stock price was up 20% during the quarter.
Britannia’s gross margin of 39.2% contracted 260 basis points YoY and remained flat sequentially. EBITDA margin of 16.4% contracted 135 bps YoY and 180 bps QoQ, primarily led by a sharp increase in employee costs. Other expenditures decreased 3% YoY but increased 7% QoQ.
The brokerage house said it will revisit estimates and target price post the earnings conference call, which is scheduled today.
Nomura on Britannia: Weaker results than expected
Another brokerage house, Nomura, said that Britannia’s Q1 FY26 results came in weaker than expected. Britannia’s consolidated sales grew 8.8% YoY to Rs 4,620 crore, slightly below the brokerage’s growth forecast of 10.3% YoY, but largely in line with the Bloomberg consensus estimate of 8.5% YoY.
The brokerage firm believes volumes grew 2% YoY, below its forecast of 4.5% YoY. Surprisingly, volume growth has sequentially moderated YoY, compared to most other consumer companies reporting an improvement.
The company continued its premiumisation strategy, with new launches across the premium biscuits portfolio, such as the Pure Magic range (earlier launched in E-com only), Crafted Cookies under Good Day during the quarter.
Britannia stock performance
The share price of Britannia has fallen 0.8% in the last five trading sessions. The stock has erased 5% of investors’ wealth in the past one month. However, Britannia’s share price has surged 13% in the last six months and 17% in the past one year.