Shares of Britannia Industries experienced a significant decline in early trading on Friday, plunging 4.68 percent to ₹5,542 on the National Stock Exchange (NSE) by 9:38 AM, following the company’s quarterly results that fell short of analyst expectations. The stock opened at ₹5,634, compared to a previous close of ₹5,814, and reached a session low of ₹5,524, with sell orders surpassing buys at roughly 60-40. The traded value in the first hour was ₹293 crore, indicating heightened investor activity.
Morgan Stanley maintained an Equal-weight rating for Britannia, setting a target price of ₹6,019, describing the fourth quarter as a “big miss.” The brokerage highlighted that the revenue growth of 7 percent was below forecasts, primarily impacted by supply disruptions in the company’s international business due to the conflict in West Asia. Management acknowledged that while revenue growth was around 9 percent in January and February, March experienced significant setbacks. The EBITDA margin stood at 18.2 percent, reflecting a decrease of 20 basis points year-on-year and a drop of 186 basis points sequentially, raising concerns among investors.
Britannia’s consolidated results for Q4 FY26, released on Thursday, revealed net sales of ₹4,686 crore, which marks a year-on-year increase of 7.1 percent. Profit after tax attributable to owners grew 21.1 percent to ₹678 crore, partially supported by tax-related advantages. For the full fiscal year FY26, net sales rose by 7.5 percent to ₹18,858 crore, while profit after tax increased by 16.3 percent to ₹2,533 crore.
Operationally, the company cited vessel unavailability and rising ocean freight costs as significant challenges impacting its international business. Britannia announced plans to implement price increases in international markets starting in Q1 FY27 and optimize sourcing between its Indian and overseas manufacturing facilities, with full operational capacity anticipated by mid-May.
Currently, the stock is trading below its 52-week high of ₹6,336, reached in September 2025, and has a trailing price-to-earnings ratio of 54.55, exceeding the threshold that activates the NSE’s valuation indicator flag.
Published on May 8, 2026.
