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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹4,686 Cr
verified against source
Revenue YoY
7.1%
reported change
EBITDA
₹768 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management plans selective price hikes and grammage adjustments starting Q1 FY27 to offset input cost inflation.
- Expects the dual-pricing impact on wholesale/rural channels to resolve and growth to recover to high single digits.
- Manufacturing for North America moved back to Mundra from Oman to bypass West Asia shipping disruptions.
- Cost efficiency initiatives (10x vs 2013-14) will continue, targeting savings to offset inflation.
Risks flagged
- If competitors do not fully revert to ₹5/₹10 packs, Britannia's wholesale/rural channel growth may remain subdued.
- Fuel and laminate prices have risen due to West Asia conflict; if sustained, margins could be pressured despite hedges.
- Vessel unavailability and demand slowdown in West Asia hurt Q4 international revenue; recovery depends on geopolitical stability.
- Number two player claims double-digit volume growth, potentially gaining share in channels where Britannia is under pressure.
Key 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.
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