BRITANNIA / Q2-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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PositiveQ2-FY26 · 2025-10-30Back to quarter ↗

Questions audited

Answered directly

75%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Abneesh Roy · Nuvama Capital

direct

Reason for aggressive top-line growth: gramage addition or GST compliance?

It's, I think, the latter. Obviously, there will be gains because of the gramage that we are increasing. But I think the market share gains because of this are going to be definitely moving towards the organized players.

Abneesh Roy · Nuvama Capital

direct

Role demarcation between Varun Berry and new CEO Rakshit Hargave.

There is going to be nothing as a portfolio between him and me. He's going to handle the entire business, and my job will be to help him wherever he needs any help.

Avi Mehta · Macquarie Capital

direct

Underlying demand environment and GST impact normalization timeline.

End of October, about 65% of our portfolio has already got the increased gramages. By the middle of November, we will have our entire portfolio with the required gramages and the pricing.

Avi Mehta · Macquarie Capital

direct

Quantum of employee cost impact due to RSU.

The provision last year, quarter two, was about INR 50 crore. This year has been about INR 5 crore. That is the impact of our provision.

Mihir Shah · Nomura

partial

Volume growth and pricing growth for Q2 and outlook.

The pricing growth was approximately 7%-8%. Now with the GST changes, etc., the pricing is very different.

Mihir Shah · Nomura

evasive

Margins: raw material benefit and target EBITDA margin.

There will be a certain amount of investments that we'll make to get our products and brands in certain regions to be competitive.

Percy Panthaki · IIFL Securities

direct

Adjusted growth for GST disruption and quantification.

I think we could have grown by 2%, 2.5% more last quarter if the disruptions hadn't happened.

Percy Panthaki · IIFL Securities

evasive

Impact on government incentives due to GST rate cut.

That we need to work out currently. We are also looking at what else can be optimized to maximize the production in each of these factories.

Percy Panthaki · IIFL Securities

partial

Top-line growth trajectory after gramage increase.

It does not work absolutely mathematically. 9 + 6 is 15, we know that. We are hoping that we get to 9 + 6, but we could even get more than that.

Latika Chopra · JPMorgan

direct

Reason for moderation in adjusted revenue growth from Q1 to Q2.

It was also the timing of Diwali, etc. This time, Diwali came a little earlier, and certain other festivals in the south, etc. It was just a timing thing.

Kunal Vora · BNP Paribas

direct

Consumer reaction to gramage changes in small packs.

Yes. The Indian consumer is extremely cost-conscious, and they are absolutely aware of how many biscuits, what gramages go in the various brands.

Harit Kapoor · Investec

direct

Size of small and regional player pool in biscuit market.

The big three, like you said, they constitute 70% of the market. Then if I add, let's say, significant regional players, that will be another 10%-12%. Therefore, the long tail is about 15%-18%.