BRITANNIA / Q1-FY26 / claim-ledger

Audit the questions that mattered.

Britannia · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ1-FY26 · 2025-08-01Back to quarter ↗

Questions audited

Answered directly

71%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Abneesh Roy · Nuvama

direct

Market share loss in two regions and resurgence of number three player ITC.

The region that we've had a little bit of turmoil is the East. The reason for that is not the regional players, but it's an internal restructure of distribution that we are doing.

Mihir Shah · Nomura

partial

Volume growth slowdown and impact of distribution restructuring.

The transaction growth has been 12%. We are pretty happy with our transaction growth of 12%, and volume will also come back slowly and steadily.

Mihir Shah · Nomura

direct

Gross margin outlook given commodity trends and pricing.

If you know the commodity prices are within a band, then obviously the margins can only be better.

Nitin · MK Global

partial

SAR impact calculation and future trajectory.

It's completely dependent on the stock price where the employees get this SAR... In the next year, we'll try and see how we can even it out better.

Nitin · MK Global

direct

Brand investment and digital spend rationale.

We did rationalize our NP spends during this quarter. We focused on IPL because this was the IPL quarter and that gave us the right kind of dividends.

Nitin · MK Global

direct

Quick commerce salience and performance.

Out of our total digital commerce business, almost 75% now is coming from QCOM. The category also is pretty salient in QCOM.

Latika Chopra · JPMorgan

evasive

Revenue growth acceleration and demand recovery confidence.

We're going through turbulent times really with Mr. Trump and all that's happening on the international front. It is very difficult to judge where the consumer sentiment is headed.

Latika Chopra · JPMorgan

partial

EBITDA margin outlook and competitive spending risk.

We've taken our price increases today. We are in a good place. We've also been able to create a war chest for ourselves to be able to spend if we need to.

Percy Panthaki · IIFL Securities

direct

Timing of palm oil duty cut benefit on gross margin.

The reduction was given by the government somewhere in May and part of the benefit has already come in Q1, but largely it will come in Q2.

Percy Panthaki · IIFL Securities

declined

Quantification of duty cut benefit in basis points.

It's a little bit difficult to say because with the tutor it also depends on the international prices... Just put a quantification, will be a little bit difficult on a number %.

Jaykumar Doshi · Kotak Securities

direct

SAR charge run-rate and sensitivity to stock price.

If the stock price remains stable, there will be no charge as far as SAR is concerned.

Jaykumar Doshi · Kotak Securities

direct

Quick commerce market share, competition, profitability, and ad spend.

We have close to 500 points higher market share in e-commerce... As far as the operating margin is concerned, I think today we are in the investment phase.