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BRITANNIA: Leadership Transition And Steady Margins Will Shape Outlook

Analysts Lift Britannia Price Target Slightly Amid Modest Revenue Growth and Upcoming Board Decisions

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BRITANNIA
AnalystConsensusTarget
Not Invested
Published 24 Nov 2024

Update shared on 19 Dec 2025

Fair value Increased 0.19%
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Analysts have marginally raised their price target on Britannia Industries, nudging fair value from ₹6,492 to approximately ₹6,504, as they fine tune assumptions around sustained revenue growth, stable profit margins and a slightly higher future P E multiple.

What's in the News

  • Varun Berry has resigned as managing director and chief executive officer, ending a 13 year tenure that included senior roles such as executive vice chairman and MD (Key Developments).
  • Recently appointed chief Rakshit Hargave will assume the combined role of CEO and managing director for a five year term starting 15 December 2025, moving from his previous position as CEO of Birla Opus, the paints venture of the Aditya Birla Group (Key Developments).
  • Hargave brings extensive consumer sector experience across India, Africa and Asia Pacific, including leadership roles at Beiersdorf, Hindustan Unilever, Kimberly Clark Lever, Lakme Lever, Jubilant Foodworks, Nestle India and Tata Motors (Key Developments).
  • Executive director and CFO Natarajan Venkataraman, a 38 year finance veteran at Britannia, has been appointed interim CEO until Hargave formally takes charge (Key Developments).
  • The board will meet on 5 November 2025 to review and approve unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2025, along with other business matters (Key Developments).

Valuation Changes

  • Consensus Analyst Price Target: The fair value estimate has risen slightly from ₹6,492 to about ₹6,504, implying a marginally higher upside.
  • Discount Rate: This is held unchanged at 12.76 percent, indicating no shift in the perceived risk profile or cost of capital assumptions.
  • Revenue Growth: The long-term annual revenue growth assumption remains effectively stable at about 11.35 percent, with only negligible model rounding changes.
  • Net Profit Margin: The projected net margin is effectively unchanged at around 13.17 percent, reflecting continued expectations of stable profitability.
  • Future P E: The forward valuation multiple has risen slightly from 66.66x to about 66.79x, modestly supporting the higher fair value estimate.

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