Britannia Industries Limited

Sector: FMCG, Bakery and Dairy  |  HQ: Kolkata, West Bengal  |  Founded: 1892  |  Employees: ~3,600

Listed as: NSE / BSE listed; Nifty 50 constituent  |  NSE / BSE  |  Ticker: BRITANNIA.NS  |  Website →

Key people

• Nusli Wadia (Chairman)
• Varun Berry (Managing Director)

Company overview

Britannia Industries Limited is one of India's oldest and most iconic FMCG companies, founded in 1892 in Kolkata as a biscuit manufacturer for the British Indian Army. Today Britannia is the largest biscuit manufacturer in India by revenue and volume, with FY25 consolidated revenue of approximately ₹17,200 crore and PAT of ₹2,500 crore. The company is part of the Wadia Group, led by Chairman Nusli Wadia. Britannia operates 14 manufacturing facilities across India and 5 international facilities, with brands including Marie Gold, Good Day, Tiger, Bourbon, Treat, NutriChoice, Milk Bikis, 50-50, Pure Magic, and the recently relaunched dairy products portfolio.

Business model

Britannia operates two reporting segments. Bakery products (biscuits, cakes, rusks, breads) is approximately 90 percent of revenue and the principal profit pool. Dairy products (cheese, yogurt, ghee, milk) is the smaller segment with strategic relevance for capturing value-added dairy growth. Britannia distributes through approximately 6 million retail outlets in India and 60+ countries internationally, with a particular strength in the Middle East and Africa export markets.

Operating segments

Recent developments

Nov 2025 – May 2026

Britannia Industries has undergone significant leadership upheaval at the top levels. Chief Executive Officer Varun Berry departed in November 2025, marking a pivotal transition for the FMCG major [1]. This follows a broader restructuring of the executive suite, with Puneet Das appointed as Chief Marketing Officer in February 2026 and Siddharth Gupta elevated to Vice President–Marketing as part of a marketing overhaul [5]. In the dairy segment, Subhashis Basu was appointed Chief Business Officer for Britannia Dairy in late December 2025 [8], while the Human Resources function saw P M Srinivas named Vice President–HR in April 2026 following an earlier leadership change announcement in the division [4][3]. At the corporate level, Britannia allocated Rs 50.44 crore to CSR in FY2025 [10]. The company has also experienced a recent bearish technical shift, with its stock dropping approximately 2% to Rs 5,410 in May 2026 [2].

In aggregate, the period reflects a concerted refresh of senior leadership across commercial, marketing, and support functions, with the CEO's exit being the most consequential development for investors and stakeholders tracking this bakery, dairy, and FMCG conglomerate.

Sources (7)

1. Exit Shock: Britannia’s CEO Varun Berry Has Left The Building - linkedin.com · linkedin.com · Tue, 11 Nov 2025
2. Britannia Industries Ltd stock (INE503A01015): Drops 1.97% to ?5,410 amid bearish technical shift - AD HOC NEWS · AD HOC NEWS · Tue, 12 May 2026
3. Britannia Industries Announces Leadership Change in Human Resources Division - scanx.trade · scanx.trade · Fri, 17 Apr 2026
4. P M Srinivas Appointed as Vice President – Human Resources at Britannia Industries Limited - hrtoday.in · hrtoday.in · Tue, 21 Apr 2026
5. Britannia overhauls marketing leadership; appoints Puneet Das as CMO, elevates Siddharth Gupta - Storyboard18 · Storyboard18 · Tue, 10 Feb 2026
6. Subhashis Basu Appointed Chief Business Officer for Britannia Dairy - CXO Digitalpulse · CXO Digitalpulse · Mon, 29 Dec 2025
7. Britannia Industries Allocates Rs 50.44 Crore to Corporate Social Responsibility (CSR) in FY 2025 - India CSR · India CSR · Fri, 27 Mar 2026

Financial performance and recent trajectory

Britannia reported FY25 consolidated revenue of approximately ₹17,200 crore with EBITDA of ₹3,150 crore. EBITDA margin is in the 18 to 19 percent range, near the upper end of the global biscuit-industry benchmark. The company has historically generated very strong free cash flow conversion above 90 percent. Capital expenditure is moderate at ₹500 to ₹800 crore per year. The balance sheet is debt-light and cash-generative; surplus capital is returned through dividends and occasional buybacks.

Stock performance and shareholder context

Britannia (NSE: BRITANNIA, BSE: 500825) is a Nifty 50 constituent. The stock has historically traded at a premium P/E in the 55 to 70x range. Wadia Group holds approximately 50 percent.

12-month price trajectory

Monthly closes over the last 12 months. Source: Yahoo Finance.

Competitive position

Britannia leads the Indian biscuits market with approximately 35 to 37 percent value share, ahead of Parle Products (the largest by volume due to Parle-G dominance in the value tier), ITC Sunfeast (the third-largest and the fastest-growing premium-segment brand), Anmol Industries, and Surya Food and Agro. Premium-segment biscuits (Good Day, Bourbon, 50-50) are the higher-margin growth driver; the value-segment Tiger and Marie Gold are volume anchors. Britannia's distribution and brand investment have been the structural moats.

Key risks

Wheat and palm oil input cost inflation; urban biscuit consumption sluggishness; aggressive ITC Sunfeast premium expansion; private-label and modern-trade pricing pressure; dairy segment execution risk.

Outlook

Stable outlook on the secular growth of branded biscuits and the premium-segment up-trade. Britannia is the benchmark for any new entrant in Indian biscuits manufacturing on distribution depth, brand investment, and operational efficiency.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.