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Britannia Margin Trend — Quarter by Quarter

Britannia's EBITDA margin moved from 15.6% in Q1 FY24 to 16.4% in Q4 FY26 across 10 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2616.4%-10 bps
Q3 FY2620.0%—
Q1 FY2616.0%—
Q4 FY2518.0%—
Q2 FY2517.0%—
Q1 FY2518.0%—
Q4 FY2419.0%—
Q3 FY2419.0%—
Q2 FY2420.0%—
Q1 FY2415.6%—

What management said about ebitda margin

G

Q4 FY26 · Calibrated price increases from Q1 FY27

Management plans selective price hikes and grammage adjustments starting Q1 FY27 to offset input cost inflation.

G

Q4 FY26 · Continued aggressive cost efficiency programs

Cost efficiency initiatives (10x vs 2013-14) will continue, targeting savings to offset inflation.

G

Q2 FY26 · Potential margin haircut for growth

Management may accept a slight margin reduction to fund aggressive top-line growth and competitive pricing, to be evaluated in Q3.

G

Q1 FY26 · Gross margins expected to improve sequentially

With commodity prices stabilizing and price increases fully implemented, management expects gross margins to improve from Q1 levels.

G

Q4 FY25 · Cost savings target >2.5% of revenue in FY26

CFO stated cost savings target for FY26 is over 2.5% of top line.

G

Q3 FY25 · Cost savings target of 2.5% of revenue for next year

Management aims to maintain cost efficiency at 2.5% of revenue in FY26, with potential to exceed current year's target.

G

Q2 FY25 · Cost efficiency programs to overachieve targets

Management is doubling down on cost efficiency and value engineering projects to mitigate inflation impact.

G

Q1 FY25 · Cost efficiencies target 2% annually

The company continues to target 2% cost efficiencies every year through supply chain optimization.

G

Q4 FY24 · Expect 3-4% inflation in commodities post-elections

Wheat and sugar are expected to be slightly inflationary, with overall inflation manageable at 3-4%.

G

Q3 FY24 · 19% EBITDA margin is peak; focus on profit growth via top line

Management indicated 19% EBITDA margin is aspirational peak; future focus on growing absolute profit through aggressive top-line growth.