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Britannia Q1 results preview: Check estimates, date & other key details
Britannia Q1 results 2025: Profit estimates
Brokerages tracked by Business Standard estimate Britannia's net profit to increase 10 per cent year-on-year (Y-o-Y) on average, to ₹575.65 crore as compared to ₹522 crore. Sequentially, the net profit is expected to rise around 3 per cent from ₹559.9 crore in Q4FY25.
Britannia Q1 results 2025: Revenue expectations
The company's revenue for the quarter under review is expected to increase 8.7 per cent in the first quarter (Q1FY26), on average, to ₹4,621.05 crore as compared to ₹4,250.3 crore a year ago. On a quarter-on-quarter (Q-o-Q) basis too, the revenue is poised to increase 4 per cent from ₹4,432.2 crore in Q4FY25.
How will Britannia fare in Q1FY26? Brokerages decode
Kotak Institutional Equities: The brokerage expects 4 per cent year-on-year (Y-o-Y) growth in biscuit volumes, as compared to 3.5 per cent/6 per cent Y-o-Y in Q4/Q3 and 6 per cent Y-o-Y price-mix impact, which is slightly better than Q4 due to the lagged impact of hikes. This shall result in 10 per cent Y-o-Y growth in standalone revenues, as against 9.2 per cent Y-o-Y revenue growth excluding other operating income in Q4.
Besides, other operating revenue is likely to decline 25 per cent Y-o-Y as the base quarter included some prior period grants. Consolidated net operating revenue is expected to grow at 8.9 per cent Y-o-Y to ₹4,628.3 crore, as compared to ₹4,250.3 crore.
Consolidated gross margin is anticipated to contract 205 basis points (bps) Y-o-Y to 41.3 per cent, due to raw material inflation in commodities such as wheat, palm, oil, cocoa, and milk; partly offset by price hikes/grammage cuts. Earnings before interest, tax, depreciation, and amortisation (Ebitda) margin is likely to rise 30 bps Y-o-Y to 18 per cent, as gross margin contraction may be offset by lower staff cost and advertising and promotion expenses.
Emkay Global Financial Services: The high volume base of Q1FY25 at 8 per cent would limit volume growth to 3-4 per cent in Q1FY26, according to Emkay's analysis. With part of the price hikes landing in the market, price growth is expected to accelerate to 6 per cent. A 240 bps gross margin contraction is forecasted amid inflationary raw prices.
Ebitda margin is likely to see an expansion of 20 bps Y-o-Y to 17.7 per cent. This would help support 10 per cent Ebitda growth in Q1FY26 to ₹831.6 crore. Lower borrowings, amid high raw material prices, may help with lower interest costs, thus aiding 11 per cent earnings growth.
Motilal Oswal Financial Services: Analysts expect 8.5 per cent revenue growth Y-o-Y to ₹4,583.3 crore in Q1FY26, with volume growth of 3 per cent and the remainder driven by price hikes in Q1FY26.
Gross profit margin is expected to contract 260 bps Y-o-Y to 40.8 per cent, while Ebitda margin is expected to contract 43 bps Y-o-Y to 17.3 per cent, primarily due to a rise in agri commodity prices. Consolidated Ebitda is pegged at ₹7,92.9 crore as compared to ₹753.7 crore Y-o-Y.
Nuvama Institutional Equities: The brokerage estimates overall revenue to grow 8.8 per cent Y-o-Y in Q1FY26 to ₹4,622.3, as compared to ₹4,250.3 crore. Volumes are likely to increase by 3 per cent Y-o-Y. Ebitda is expected to jump 12.3 per cent Y-o-Y to ₹846.2 crore, as against ₹753.7 crore.
Besides, pricing growth is likely to be by 6 per cent in Q1FY26 Y-o-Y. Further improvement is anticipated over the coming quarters. Gross margin shall dip 156 bp Y-o-Y, but improve 88 bps Q-o-Q, due to some benefit of palm oil duty cut and recent price correction, to 40.2 per cent, but Ebitda margin shall expand 57 bps Y-o-Y/14 bp Q-o-Q to 18.3 per cent, due to higher other expenditure.
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