Britannia Industries (BRIT IN) – Q2FY26 Result Update – A perfect Bake – BUY
Published on 07 Nov 2025
We remain positive on BRIT given 1) Sustained leadership in Biscuits and Bakery 2) likely share gains from local and regional players given sharp reduction in GST rates (18% to 5% on 85% of portfolio) 3) rising scalability & improved profitability in adjacencies and 4) strong innovation pipeline with focus on region/ channel specific products & premiumization. We expect double digit volume growth in 2H26 and FY27 led by benefits of GST cut, favorable macro environment, new launches, and benign inputs. We estimate 16.5% EPS CAGR over FY26-28 and value the stock at 50x Sep’27EPS and assign a target price of Rs6761 (Rs6484 earlier). Retain BUY.
