Britannia Industries (BRITANNIA) Q3 25/26 earnings summary

Executive summary

• Revenue from operations for Q3 FY2026 reached ₹4,969.82 crore, up 9.5% year-over-year, with profit after tax at 13.9% of revenue and net profit of ₹682.14 crore, growing 16.9% year-over-year.

• Year-to-date (YTD) revenue till December was ₹14,172.26 crore, up 7.7% year-over-year, and YTD net profit was ₹1,857.33 crore, up from ₹1,618.73 crore year-over-year.

• Strategic priorities include sales and supply chain efficiency, brand investment, innovation, regional competition, and sustainability.

• The Board of Directors approved the results on 10 February 2026, with an unmodified auditor review.

Financial highlights

• Q3 consolidated sales grew 9.5% year-over-year; operating profit was ₹895 crore (17.4% margin), and profit before tax was ₹919 crore (18.1% margin).

• YTD sales growth was 7.7%; operating profit margin 13.5%, PBT margin 15.1%, PAT margin 14.6%.

• Basic and diluted EPS for Q3 FY2026 was ₹28.23, up from ₹24.15 in Q3 FY2025; for the nine months, EPS was ₹77.02, up from ₹67.21 year-over-year.

• Standalone revenue for Q3 FY2026 was ₹4,775.53 crore, with net profit at ₹688.03 crore and EPS at ₹28.57.

• Gross margin expanded by 530 basis points year-over-year, driven by stable commodity prices and lagged price increases.

Outlook and guidance

• Management expects continued stability in commodity prices, especially wheat, sugar, and cocoa, but notes market flux due to GST transition and competitive pricing.

• No specific forward guidance on revenue or margin, but optimism for continued healthy growth as market stabilizes.

• Brand investments and innovation will increase, with a focus on balancing margin and top-line growth.

• Reduction in State GST rates in September 2025 led to a decrease in state fiscal incentives, reducing other operating revenue by about ₹65 crore for Q3 FY2026 and impacting future quarters.

• Fiscal incentive income of ₹45.72 crore was recognized in Q3 FY2026 due to state government approval for the period April 2024 to September 2025.