fell sharply in early trade on Friday, dropping 4.68 per cent to ₹5,542 on the by 9.38 am, after the packaged foods major reported quarterly results that missed analyst estimates. The stock opened at ₹5,634 against a previous close of ₹5,814, touching a session low of ₹5,524, with sell orders outpacing buys at roughly 60-40. Traded value stood at ₹293 crore within the first hour, reflecting elevated investor activity.
Morgan Stanley maintained an Equal-weight rating on the stock with a target price of ₹6,019, calling Q4 a “big miss.” The brokerage noted that revenue growth of 7 per cent came in below expectations, with the shortfall attributed largely to supply disruptions in Britannia’s international business caused by the West Asia conflict. Management acknowledged that January and February saw stronger revenue growth of around 9 per cent, but March was meaningfully impacted. EBITDA margin came in at 18.2 per cent, down 20 basis points year-on-year and 186 basis points sequentially, adding to investor concern.
The company’s Q4 FY26 consolidated results, reported Thursday — the last trading session — showed net sales of ₹4,686 crore, up 7.1 per cent year-on-year. Profit after tax attributable to owners rose 21.1 per cent to ₹678 crore, aided partly by tax-related factors. For the full year FY26, net sales grew 7.5 per cent to ₹18,858 crore, while PAT rose 16.3 per cent to ₹2,533 crore.
On the operational side, the company flagged vessel unavailability and higher ocean freight costs as key pressures on its international business. It said it is initiating price increases in international markets from Q1 FY27 and optimising sourcing between India and overseas manufacturing facilities, with full operations expected by mid-May.
The stock is trading below its 52-week high of ₹6,336 hit in September 2025, and carries a trailing P/E of 54.55, above the threshold that triggers NSE’s valuation indicator flag.