FMCG · BRIT
FMCG - Foods
from 5,510 today
Britannia Industries reported an in-line steady quarter with consolidated revenue growth of 9.5% YoY, supported by a volume growth of 9%. We model revenue and PAT CAGR of 11% and 14%, respectively, over FY26-28E and reiterate our BUY rating with a TP of INR6,700, based on 50x Mar'28E EPS.
Britannia Industries delivered a broadly in-line 1QFY27 with revenue growing 9.5% YoY driven by healthy volume growth of 9% YoY. We maintain BUY with a revised target price of INR6,998 based on 50x P/E on 1HFY29E EPS.
We change our FY27/FY28 EPS estimates by -1.7%/2.1%, showing impact of strong demand outlook, new channel growth, and input cost inflation. We value BRIT at 50x FY28 EPS and assign a TP to Rs6,579, retaining our BUY rating.
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