Domestic volume growth
5.5%
+5.5pp YoY
Volume growth in Q4 FY26 was ~5.5% in grammage terms, driven by healthy retail demand.
BRITANNIA
Consumer
30 Apr 2026
Britannia Industries Ltd — Q4 FY26
Britannia reported Q4 FY26 revenue of ₹4,686 crore, up 7.1% YoY, with EBITDA of ₹768 crore (+6% YoY) and PAT of ₹678 crore (+21.1% YoY, boosted by tax reversals).
✓ Verified against BSE filing
2-Min Summary
Britannia reported Q4 FY26 revenue of ₹4,686 crore, up 7.1% YoY, with EBITDA of ₹768 crore (+6% YoY) and PAT of ₹678 crore (+21.1% YoY, boosted by tax reversals). Domestic volume growth was ~5.5%, but headline growth was dragged by a dual-pricing issue in wholesale/rural channels (competitors sold at ₹4.5/₹9 vs. Britannia's ₹5/₹10) and West Asia conflict disrupting international shipments. Management expects these headwinds to normalize in Q1 FY27. E-commerce salience rose to 6% of domestic sales (12% adjusted for low-price packs). Cost pressures from fuel and laminate inflation are being mitigated via calibrated price increases and aggressive cost efficiencies. Risk: if dual-pricing normalization delays or input cost inflation accelerates, margin recovery could be slower than anticipated.
Key Numbers
E-commerce salience
6%
+2pp YoY
E-commerce contributed 6% of domestic sales in FY26 vs 4% in FY25; adjusted for low-price packs, it's ~12%.
Adjacency growth in e-commerce
2.7x
+170% YoY
Newer adjacency categories (cakes, rusks, wafers) grew 2.7x in e-commerce, outpacing biscuits.
Quick commerce share of e-commerce
70%
+20pp YoY
Quick commerce now accounts for 70% of Britannia's e-commerce sales, expected to reach 85%.
Management Guidance
Calibrated price increases from Q1 FY27
Management plans selective price hikes and grammage adjustments starting Q1 FY27 to offset input cost inflation.
revenueDomestic growth to normalize by end of Q1 FY27
Expects the dual-pricing impact on wholesale/rural channels to resolve and growth to recover to high single digits.
growthInternational supply chain fully operational by mid-May
Manufacturing for North America moved back to Mundra from Oman to bypass West Asia shipping disruptions.
expansionContinued aggressive cost efficiency programs
Cost efficiency initiatives (10x vs 2013-14) will continue, targeting savings to offset inflation.
marginsKey Risks
Dual-pricing normalization delay
If competitors do not fully revert to ₹5/₹10 packs, Britannia's wholesale/rural channel growth may remain subdued.
medium · analyst_questionInput cost inflation from fuel and laminate
Fuel and laminate prices have risen due to West Asia conflict; if sustained, margins could be pressured despite hedges.
high · management_commentaryWest Asia conflict impact on international business
Vessel unavailability and demand slowdown in West Asia hurt Q4 international revenue; recovery depends on geopolitical stability.
medium · management_commentaryCompetitive intensity in biscuits
Number two player claims double-digit volume growth, potentially gaining share in channels where Britannia is under pressure.
medium · analyst_questionNotable Quotes
We have a very efficient network in these and we will keep driving them to higher levels.
The true barometer is this B2C business which is 75% like I called out which is growing at a very good healthy clip.
We are also evaluating alternate energy sources as long-term solutions to mitigate fuel supply disruptions.