Britannia Industries Ltd — Q4 FY25
Britannia reported Q4 FY25 revenue of INR 4,376 crore, up 9% YoY, driven by pricing actions and volume recovery.
bullish
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
83%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Impact of Kumbh Mela on sales and confidence in FY26 recovery.
Asked by Abneesh Kumar Roy, Nuvama
Management directly addressed both parts with specific reasoning.
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Question
Was there a significant impact of Kumbh Mela? ... What will be your confidence level in terms of recovery in FY 2026?
Varun Berry, Executive VP, Managing Director, and CEO
It's not one event which really makes a difference to our overall sales. ... I'm reasonably optimistic on the recovery happening. I don't think it's going to be a hockey stick, but I do think that this trend is going to continue into the next year as well.
Partial answer
High priority
Competitive intensity from B2C and market share data.
Asked by Abneesh Kumar Roy, Nuvama
Explained why market share data missing but gave directional view without exact numbers.
no specific market share number givenattributed data delay to Nielsen panel change
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Question
This time, the market share chart seems to be missing. ... In your categories, is there an impact, especially now I'm seeing Tata Soulful acquisition now going to Rusk?
Varun Berry, Executive VP, Managing Director, and CEO
Nielsen has done a complete change of their panel. ... It is in the same ballpark. ... B2C players, I don't think they have impacted us to an extent where it's becoming an issue for us.
Answered
Medium priority
Performance of cheese business post-relaunch and outlook.
Asked by Abneesh Kumar Roy, Nuvama
Provided specific growth figure and clear strategy, though cautious on declaring victory.
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Question
On cheese, it's a relaunch ... would you be happy with the performance? ... can the trajectory change to a higher level in the next two, three years?
Varun Berry, Executive VP, Managing Director, and CEO
Now, with the relaunch, what we've done is we've priced every channel at the same price. ... we are seeing a 40% plus growth in our traditional trade business. ... I do not want to declare victory without really getting that under our belt.
Partial answer
High priority
Expected volume growth level and pricing outlook.
Asked by Mihir Shah, Nomura
Gave qualitative outlook but no quantitative volume growth target.
no specific volume growth number givenforward-looking statements avoided
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Question
What is the level of volume growth that you expect to be a reasonable level? ... how should we think about pricing from here on?
Varun Berry, Executive VP, Managing Director, and CEO
We are hoping that we'll be able to grow revenue and volume. ... we don't see that happening because there has been a lot of inflation this year ... I don't see a reaction of price cuts, etc., from smaller players.
Answered
High priority
Split of volume and price growth and input cost expectations.
Asked by Arnab Mitra, Goldman Sachs
Provided specific delta and clear pricing outlook.
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Question
Could you just help us with the split of volume and price growth? ... how much of price growth do you expect at this stage for FY 2026?
Varun Berry, Executive VP, Managing Director, and CEO
The delta is about 5.5% between revenue and volume. ... I don't think we will need to take any more price increases. ... the way the commodity situation looks, it might not be necessary to take pricing beyond that.
Partial answer
High priority
Revenue growth outlook for FY26 and distribution expansion.
Asked by Latika Chopra, JPMorgan
Gave aspirational target but no concrete numbers or timeline.
no specific timeline for double-digit growthno specific outlet target given
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Question
As you look forward to FY 2026, do you get a sense of arriving at a double-digit kind of trend for revenue growth? ... What is the scope for this to expand to?
Varun Berry, Executive VP, Managing Director, and CEO
The hope is that we get back to double-digit growth with time. ... We want to increase our depth there. ... at the village level and at the rural level, we want our width to increase.
Answered
Medium priority
Strategy on new categories and growth differential between biscuits and non-biscuits.
Asked by Percy Panthaki, IIFL Securities
Provided clear strategy and quantified growth differential.
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Question
Are you happy growing the current adjacencies for now and maybe some new category ... isn't an immediate focus? ... what would be the growth differential between the biscuits and the non-biscuits portfolio?
Varun Berry, Executive VP, Managing Director, and CEO
We will stay with this for the time being. ... I would say one is to one and a half. If biscuits grow at ...
Answered
Medium priority
Cost-saving initiatives and sustainable rate as % of sales.
Asked by Lokesh Gusain, BOB Capital Markets
Provided specific target for cost savings as % of sales.
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Question
Is there any vertical out of these which stood out in the fourth quarter? ... what's a sustainable rate and what are your targets for FY2026 on cost-saving as a percentage of sales?
N Venkataraman, Executive Director and CFO
In 2025-2026, we are planning something over 2.5% of the top line.
Answered
Medium priority
Proportion of adjacencies in FY25 and split within portfolio.
Asked by Nihal Mahesh Jham, HSBC Securities
Provided specific split and size ranges.
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Question
Is it possible to share the proportion of adjacencies for FY 2025 and if you could give a ballpark split among the adjacency portfolio?
Varun Berry, Executive VP, Managing Director, and CEO
The adjacency portfolio ... they're all about the same size, about, let's say, $100 million give or take. ... Venkat, what's the split today? ... It will be about 75-25.
Answered
Medium priority
Raw material composition and quick commerce impact.
Asked by Kunal Vora, BNP Paribas
Provided specific raw material percentages and quick commerce share.
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Question
Maybe if you can give a similar breakup in case of raw material ... how much is wheat, palm oil, marine sugar, cocoa? ... just your sense on how quick commerce impacts your business.
Manoj Balgi, Chief Manufacturing and Procurement Officer; Varun Berry
From a percentage point of view, roughly about the wheat and oil will be about 30% each and about 20% by sugar. ... Quick commerce is now approximately 4% of our sales.
Partial answer
Medium priority
Succession planning for CEO and inorganic growth strategy.
Asked by Jaykumar Doshi, Kotak
Gave timeline for succession clarity but no specifics; explained inorganic stance without naming opportunities.
no specific timeline for CEO appointmentno specific inorganic targets mentioned
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Question
Are you not looking to hire a CEO anymore? ... how do you think about inorganic now? ... Britannia is not even participating in evaluating it.
Varun Berry, Executive VP, Managing Director, and CEO
The succession planning is in play, and it will definitely be clear to you in the next three or four months. ... We would be happy to look at it. ... we haven't been able to figure out how we'll get returns on these transactions.
Answered
Medium priority
Sustainability of cost-saving efficiency gains and quick commerce margins.
Asked by Tejas Shah, Avendus Spark
Provided clear assurance on cost savings longevity and margin parity for quick commerce.
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Question
At some point, do efficiency gains start to taper off? ... how do you see it in terms of margin accretion and working capital discipline?
Varun Berry, Executive VP, Managing Director, and CEO
I do think that this is not going anywhere. We have enough projects to take us through the next 10 years with the same kind of savings. ... they are certainly in the same ballpark as our overall profitability.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue vs volume delta of 5.5% | 5.5% | 9% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.