Britannia Industries shared the official transcript of its Investors/Analysts Conference Call held on February 11, 2026, covering results for the quarter and nine months ending December 31, 2025. CEO Rakshit Hargave highlighted robust financial performance, noting 9.5% revenue growth on a 12-month basis and a focus on strategic priorities including brand investment, innovation, and tackling regional competition. The management also discussed commodity stability and future focus areas like e-commerce and functional foods.
Q3 FY 25-26 Performance Highlights
Britannia Industries Limited disclosed the transcript of its Earnings Conference Call held on February 11, 2026, to discuss results for the quarter and nine months ending December 31, 2025. CEO and MD, Mr. Rakshit Hargave, opened by noting a strong financial scorecard.
For Q3 ’25-’26, revenue from operations stood at INR4,885 crores. Growth rates were reported as 9.5% on a 12-month horizon and 16.5% on a 24-month horizon. Profit After Tax (PAT) for Q3 was 13.9% of revenue, showing robust annual growth figures.
On a Year-To-Date (YTD) basis till December, clocked revenue was INR14,172 crores, representing a 12-month growth of 7.7% and a 2-year growth of 13.1%. YTD PAT stood at 13.1% of revenue.
Commodity Outlook and Strategy
Management noted that commodity prices have generally been stable. Specifically, wheat flour saw a marginal decline in Q3, with the upcoming February/March season being critical for future outlook. RPO and sugar were also reported as relatively stable.
Key Strategic Priorities
Mr. Hargave detailed five key strategic priorities guiding the business:
- Driving efficiencies in sales distribution and supply chain.
- Elevating brand experience through increased investment.
- Driving innovation adjacencies and future platforms.
- Focused intervention to fight regional competitors.
- Sustainability, which remains at the core of operations.
Significant updates included the launch of a new campaign for Britannia NutriChoice featuring Amir Khan and strong performance from premium offerings like Good Day Crafted. New product innovations mentioned were Cheeze Dipped (50-50 platform) and upcoming Fudge and Layer Cake variants.
Adjacency Business Growth
The adjacency business, covering cake, rusk, croissant, and wafers, is growing in double digits and showing significant traction in e-commerce (reported as 3x the growth seen in biscuits).
Management confirmed progress on ESG KPIs, including a 5.7% reduction in specific water consumption and a 27% increase in beneficiaries via the Britannia Nutrition Foundation, which received a ‘Best CSR Project of the Year 2025’ award.
Addressing Analyst Queries
E-commerce and Margins
Regarding the 3x difference in e-commerce growth between adjacencies and biscuits, management stated that while they are optimistic about accelerating mainline biscuits, the current outperformance is driven by novel products and higher investment in adjacencies.
On profitability, CFO Mr. N. Venkataraman acknowledged that historical gross margins reached 44% levels. While noting current favorable commodity prices, he stressed that investment in the brand would be balanced against margin delivery. The transition following the GST rate cut was noted as a temporary market flux, with pricing stabilizing toward round INR10/INR5 points.
Future Focus and Organizational Structure
In his first call as CEO, Mr. Hargave identified top focus areas for the coming years, including leveraging the new CMO appointment to create a refreshed brand experience across all verticals and seriously expanding the portfolio into the functional foods category, utilizing the existing Britannia NutriChoice brand.
In response to inorganic growth inquiries, management confirmed that while the company believes in building internally, the door is open to evaluating attractive opportunities on the inorganic side to create a composite portfolio.
Dairy and Cheese Category
Addressing the cheese category’s slow start, Mr. Hargave confirmed that the business is undergoing a strategic correction under the new head of dairy (housed in the JV, Britannia Bel Foods, with the French company Bel). The company is already the second-largest player in cheese slices and plans new propositions to leverage Britannia’s high connectivity with dairy.
E-commerce Penetration
Mr. Vipin Kataria provided color on the rapid growth in quick commerce (q-com). He noted that category penetration for biscuits in q-com is currently only around 20% overall, presenting immense opportunity. Q-com salience is currently a high single digit, expected to move to early teens or twenties by FY ’27, driven by increasing dark store density across major metros.
Source: BSE
