Delayed GST transition by competitors
Competitors have staggered moving to INR 5/10 price points, causing channel disruption and temporary market share loss.
BRITANNIA / Q3-FY26 / risks
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Britannia · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Regional competition intensity
Regional players are gaining share in pockets due to benign commodity costs and aggressive trade schemes.
Wheat/flour price volatility post-harvest
CFO noted that flour prices depend on the upcoming crop season; any adverse weather could increase costs.
Loss of state fiscal incentives
A one-time incentive from Bihar was booked this quarter; ongoing discussions for alternative incentives may not materialize.