Britannia Industries (BRITANNIA) Q3 25/26 earnings summary

Executive summary

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

• Year-to-date revenue till December 2025 was ₹14,172.26 crore, up 7.7% year-over-year, with net profit at ₹1,857.33 crore.

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

• New product launches and strong performance in adjacencies like cake, rusk, croissants, and wafers, all growing double digits.

• 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 at ₹895 crore (17.4% margin), profit before tax at ₹919 crore (18.1% margin), and PAT at ₹680 crore (16.9% margin).

• YTD sales growth at 7.7%, operating profit at 13.5%, PBT at 15.1%, and PAT at 14.6%.

• Total expenses for Q3 FY2026 were ₹4,107.59 crore, up from ₹3,874.65 crore in Q3 FY2025.

• Basic and diluted EPS for Q3 FY2026 was ₹28.23, up from ₹24.15 in Q3 FY2025.

• Gross margin expanded by 530 bps year-over-year, driven by stable/lower commodity prices and lagged price increases.

Outlook and guidance

• Management expects continued strong performance as GST transition stabilizes and competitors align price points.

• No specific forward guidance, but optimism for healthy growth as market conditions normalize.

• Brand investments and innovation to continue, with focus on functional foods and digital-first launches.

• Strategic priorities include driving efficiencies in sales, distribution, and supply chain, elevating brand experiences, and focused interventions against regional competitors.

• 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.