#COMPANY #OUTLOOK
โข In FY26, the management targets high-single digit consolidated revenue growth (driven by mid-high single digit standalone volume growth) and double-digit EBITDA growth. โข The management aims to achieve double-digit growth in the medium to long term (largely volume-led growth). It targets a consistent rise in operating profit margin through premiumization and operating efficiencies in the medium to long run (especially in the international business). โข The company is focusing on category development, innovation-led premiumization, market share gains, improving volume growth across categories and geographies and cost efficiencies in media and supply chain. โข The company commenced operations at two of its newly inaugurated factories - Chengalpattu in Tamil Naduand and Malanpur in Madhya Pradesh. โข The management anticipates efficiency in sourcing and higher productivity due to newly opened factories and savings in A&P spends to help combat the impact of palm inflation in H1 FY26. โข It expects international margins to keep improving sequentially, albeit at a slower pace. โข The management expects Household Insecticides (HI) and deodorants can perform much better in FY26 as compared to FY25. Further, it expects growth and margins in H2 FY26 to be better than H1 FY26. โข For Park Avenue and Kamasutra, the company aspired to achieve double-digit volume growth and EBITDA margins in line with standalone margin. โข The company spent over โน100 cr on rural van operations in FY25. This helped improve their village/rural outlet reach. Management believes that rural van operations could break-even in FY26 and be accretive from FY27.
It has witnessed a spike in its sales through e-commerce channels and going ahead it expects online sales to contribute around 10% to its total sales in the next 2-3 years. โข In Q3 FY24, the company launched Godrej Fab liquid detergent in select markets of South India at a price of โน99 per litre. It will scale up gradually in the other markets. It also launched Goodknight Agarbatti. It is India's only government registered active based anti-mosquito Agarbatti. Goodknight Agarbatti uses a new molecule, Renofluthrin (RNF), which is close to 2x more effective than most other molecules used in India. The company enjoys exclusivity to use this molecule in the medium term. The market size of Anti-mosquito incense sticks is ~โน1,200 cr. โข Goodknight Agarbatti crossed โน100 cr in sales in 15 months of launch and Goodknight LV (Liquid Vapourizer) gained ~200 bps market share in Q4 FY25. โข The company plans to enter the pet care business in India through Godrej Pet Care (GPC), a subsidiary of Godrej consumer products Limited (GCPL). The pet care is a ~โน5,000 cr category, with a potential of strong double-digit growth for the next few decades. The company will invest โน500 cr in Godrej Pet Care over a period of 5 years. Godrej Agrovet Limited (GAVL) will be the manufacturing and research & development (R&D) partner. The company expects to commence manufacturing in the second half of FY26. It expects ~15%-25% of EBITDA margin in this business. โข In April 2025, it launched โGodrej Ninjaโ, its pet care brand, in the state of Tamil Nadu.
โข In FY26, the management targets high-single digit consolidated revenue growth (driven by mid-high single digit standalone volume growth) and double-digit EBITDA growth. โข The management aims to achieve double-digit growth in the medium to long term (largely volume-led growth). It targets a consistent rise in operating profit margin through premiumization and operating efficiencies in the medium to long run (especially in the international business). โข The company is focusing on category development, innovation-led premiumization, market share gains, improving volume growth across categories and geographies and cost efficiencies in media and supply chain. โข The company commenced operations at two of its newly inaugurated factories - Chengalpattu in Tamil Naduand and Malanpur in Madhya Pradesh. โข The management anticipates efficiency in sourcing and higher productivity due to newly opened factories and savings in A&P spends to help combat the impact of palm inflation in H1 FY26. โข It expects international margins to keep improving sequentially, albeit at a slower pace. โข The management expects Household Insecticides (HI) and deodorants can perform much better in FY26 as compared to FY25. Further, it expects growth and margins in H2 FY26 to be better than H1 FY26. โข For Park Avenue and Kamasutra, the company aspired to achieve double-digit volume growth and EBITDA margins in line with standalone margin. โข The company spent over โน100 cr on rural van operations in FY25. This helped improve their village/rural outlet reach. Management believes that rural van operations could break-even in FY26 and be accretive from FY27.
It has witnessed a spike in its sales through e-commerce channels and going ahead it expects online sales to contribute around 10% to its total sales in the next 2-3 years. โข In Q3 FY24, the company launched Godrej Fab liquid detergent in select markets of South India at a price of โน99 per litre. It will scale up gradually in the other markets. It also launched Goodknight Agarbatti. It is India's only government registered active based anti-mosquito Agarbatti. Goodknight Agarbatti uses a new molecule, Renofluthrin (RNF), which is close to 2x more effective than most other molecules used in India. The company enjoys exclusivity to use this molecule in the medium term. The market size of Anti-mosquito incense sticks is ~โน1,200 cr. โข Goodknight Agarbatti crossed โน100 cr in sales in 15 months of launch and Goodknight LV (Liquid Vapourizer) gained ~200 bps market share in Q4 FY25. โข The company plans to enter the pet care business in India through Godrej Pet Care (GPC), a subsidiary of Godrej consumer products Limited (GCPL). The pet care is a ~โน5,000 cr category, with a potential of strong double-digit growth for the next few decades. The company will invest โน500 cr in Godrej Pet Care over a period of 5 years. Godrej Agrovet Limited (GAVL) will be the manufacturing and research & development (R&D) partner. The company expects to commence manufacturing in the second half of FY26. It expects ~15%-25% of EBITDA margin in this business. โข In April 2025, it launched โGodrej Ninjaโ, its pet care brand, in the state of Tamil Nadu.
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Godrej Consumer Products 1000-1070
Expected level 1300
Support 800
Expected level 1300
Support 800
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Britannia Industries Limited Company Details Report
Britannia Industries Limited, established in 1892, is one of Indiaโs oldest food products companies and part of the Wadia Group. It is one of the largest players in the biscuit industry in India. The company operates in the food segment and derives majority of its revenues from the biscuits segment. The company, however, over the years have diversified into other segments like bread, dairy products, cakes, snacks, milk shakes, croissants, wafers and rusk. Few of its prominent brands include Good Day, Marie Gold, Tiger, NutriChoice, Milk Bikis etc. In 2022, it formed joint venture with Bel SA, renowned French cheese maker, to foray into cheese making business. The business operates with 54 factories of which 16 are its own and 38 are third-party factories. It has a distribution network of 28.7 lakhs outlets and ~31,000 rural distributors in India as on 31st March 2025. Its products are also exported to over 79 countries including Middle East, North America, Europe, Africa and South East Asia.
Britannia Industries Limited, established in 1892, is one of Indiaโs oldest food products companies and part of the Wadia Group. It is one of the largest players in the biscuit industry in India. The company operates in the food segment and derives majority of its revenues from the biscuits segment. The company, however, over the years have diversified into other segments like bread, dairy products, cakes, snacks, milk shakes, croissants, wafers and rusk. Few of its prominent brands include Good Day, Marie Gold, Tiger, NutriChoice, Milk Bikis etc. In 2022, it formed joint venture with Bel SA, renowned French cheese maker, to foray into cheese making business. The business operates with 54 factories of which 16 are its own and 38 are third-party factories. It has a distribution network of 28.7 lakhs outlets and ~31,000 rural distributors in India as on 31st March 2025. Its products are also exported to over 79 countries including Middle East, North America, Europe, Africa and South East Asia.
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#SALES #GROWTH
In FY25, net sales was โน17,943 cr, up by 7% YoY. The e-commerce segment witnessed 7.4x growth as compared to other channels. The company has been focusing on the adjacent categories. Within, the adjacent categories croissants and wafers grew 3x v/s biscuits, while rusk posted high-single digit value growth. Revenue from croissants was closer to ~โน200 cr and wafer neared ~โน100 cr. Drinks recorded healthy double-digit growth across all channels, with revenue from milkshake crossing the โน200 cr mark during the year.
In FY25, net sales was โน17,943 cr, up by 7% YoY. The e-commerce segment witnessed 7.4x growth as compared to other channels. The company has been focusing on the adjacent categories. Within, the adjacent categories croissants and wafers grew 3x v/s biscuits, while rusk posted high-single digit value growth. Revenue from croissants was closer to ~โน200 cr and wafer neared ~โน100 cr. Drinks recorded healthy double-digit growth across all channels, with revenue from milkshake crossing the โน200 cr mark during the year.
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#EBITDA #GROWTH
In FY25, EBITDA increased by ~0.5% YoY to โน3,187 cr. Gross profit saw an uptick of 0.8%. During the quarter, major raw materials of the company remained elevated, especially palm oil (up 54% YoY), cocoa (up 83% YoY) and milk (up 21% YoY). However, the prices of cocoa saw a sequential improvement and declined by 4%.
In FY25, EBITDA increased by ~0.5% YoY to โน3,187 cr. Gross profit saw an uptick of 0.8%. During the quarter, major raw materials of the company remained elevated, especially palm oil (up 54% YoY), cocoa (up 83% YoY) and milk (up 21% YoY). However, the prices of cocoa saw a sequential improvement and declined by 4%.
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#PAT #GROWTH
In FY25, PAT was โน2,189 cr, up by 2.4% YoY. The company incurred exceptional loss of โน25 cr, which pertains to VRS (voluntary retirement scheme) announced by the company in one of its factories (~โน19 cr) and towards contract laborers of the said factory (~โน6 cr). Finance cost declined by 15% YoY to โน139 cr.
In FY25, PAT was โน2,189 cr, up by 2.4% YoY. The company incurred exceptional loss of โน25 cr, which pertains to VRS (voluntary retirement scheme) announced by the company in one of its factories (~โน19 cr) and towards contract laborers of the said factory (~โน6 cr). Finance cost declined by 15% YoY to โน139 cr.
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#EBITDA #MARGIN
In FY25, EBITDA margin was 17.8%, contraction of 114 bps YoY led by lower operating margin. The company undertook strategic pricing actions, nimble approach in emerging channels and cost savings initiatives to aid the margins. Price hike was taken towards the end of the year in order to counter inflation and sustain margins.
In FY25, EBITDA margin was 17.8%, contraction of 114 bps YoY led by lower operating margin. The company undertook strategic pricing actions, nimble approach in emerging channels and cost savings initiatives to aid the margins. Price hike was taken towards the end of the year in order to counter inflation and sustain margins.
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#COMPANY #POTENTIAL
โข In Q1 CY25, the FMCG industry reported value growth of 11% YoY. The price led growth was 5.6% YoY. โข The growth in Q1 CY25 was led by smaller packs as the unit growth was 6% YoY v/s volume growth of 5.1% YoY. โข The rural growth outpaced urban growth for the 5th consecutive quarter. Urban demand growth was 2.6% while rural demand grew 8.4% in Q1 CY25. โข Traditional trade volumes grew by 6.2% in Q1 CY25, as compared to 5% in Q1 CY24. Whereas modern trade volumes reduced by 3.3% v/s 15.4% growth in Q1 CY24. โข Food consumption growth moderated to 4.9% in Q1 CY25, largely driven by lower volumes in staple categories such as edible oils and palm oil, where price hikes impacted demand. โข E-commerce continued to strengthen its presence significantly in 8 metro cities, impacting the share of offline channels. Going forward, channel mix will shift dramatically in favour of e-commerce. The growth in e-commerce channel have aided the sector to drive strong growth in the urban sector. FMCG companies are focusing on digitisation for enabling smooth functioning of its supply and distribution channel. โข The per capita consumption of biscuits is India is 2.5 kgs per year, lower as compared to other countries. (Source: Technopak) โข The Indian cheese market is expected to reach $1.5 billion by FY26, growing at a CAGR of 18.5% between FY21 to FY26. The market was estimated at ~โน8,900 cr in FY23. (Source: Indian Dairy Association; IMARC) โข The wafer market in India was estimated at ~โน1,000 cr in FY24
โข In Q1 CY25, the FMCG industry reported value growth of 11% YoY. The price led growth was 5.6% YoY. โข The growth in Q1 CY25 was led by smaller packs as the unit growth was 6% YoY v/s volume growth of 5.1% YoY. โข The rural growth outpaced urban growth for the 5th consecutive quarter. Urban demand growth was 2.6% while rural demand grew 8.4% in Q1 CY25. โข Traditional trade volumes grew by 6.2% in Q1 CY25, as compared to 5% in Q1 CY24. Whereas modern trade volumes reduced by 3.3% v/s 15.4% growth in Q1 CY24. โข Food consumption growth moderated to 4.9% in Q1 CY25, largely driven by lower volumes in staple categories such as edible oils and palm oil, where price hikes impacted demand. โข E-commerce continued to strengthen its presence significantly in 8 metro cities, impacting the share of offline channels. Going forward, channel mix will shift dramatically in favour of e-commerce. The growth in e-commerce channel have aided the sector to drive strong growth in the urban sector. FMCG companies are focusing on digitisation for enabling smooth functioning of its supply and distribution channel. โข The per capita consumption of biscuits is India is 2.5 kgs per year, lower as compared to other countries. (Source: Technopak) โข The Indian cheese market is expected to reach $1.5 billion by FY26, growing at a CAGR of 18.5% between FY21 to FY26. The market was estimated at ~โน8,900 cr in FY23. (Source: Indian Dairy Association; IMARC) โข The wafer market in India was estimated at ~โน1,000 cr in FY24
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#COMPANY #OUTLOOK
โข The company entered into a joint venture with Bel SA, France, by divesting a 49% stake in its wholly-owned subsidiary, Britannia Dairy Pvt. Ltd., for โน262 crore, leading to the formation of Britannia Bel Foods Pvt. Ltd. Both partners subscribed to a fresh equity infusion of approximately โน422 crore in proportion to their respective shareholding, with a 20-year lock-in period under the agreement. The joint venture aims to develop, manufacture, market, and distribute cheese products in India and select international markets, supported by a newly inaugurated 10,000-tonne capacity cheese facility at Ranjangaon. โข It continues to focus on its strategic pillars: distribution & marketing; cost leadership; innovation; adjacent business and sustainability. โข It is focusing to increase contribution from adjacent businesses at a much faster pace than the base business. The management aims to grow adjacent by at least 50% higher than its base business, which is biscuits. It expects its non-biscuit portfolio to constitute ~35% of the revenue from the current levels of 25%, going forward. โข It is looking to increase its presence in weaker markets, which include Gujarat, Madhya Pradesh, Chhattishgarh and Rajasthan. This will help it to garner additional market share. โข Itislooking to scale its dairy segment to โน2,000 cr over the next five years. โข The company is rewriting route to market by leveraging data analytics and artificial intelligence. Its pilot was in Q2 FY25 covering 25 cities, 44 distributors and ~50,000 outlets. โข For FY26, sustained revenue growth is anticipated, on the back of strong volumes. โข Rusk is expected to deliver double-digit growth, going forward, as the product gets launched across the country. โข Opportunities in key international regions like the GCC, Americas and Africa shall boost the export segment of the company.
โข The company entered into a joint venture with Bel SA, France, by divesting a 49% stake in its wholly-owned subsidiary, Britannia Dairy Pvt. Ltd., for โน262 crore, leading to the formation of Britannia Bel Foods Pvt. Ltd. Both partners subscribed to a fresh equity infusion of approximately โน422 crore in proportion to their respective shareholding, with a 20-year lock-in period under the agreement. The joint venture aims to develop, manufacture, market, and distribute cheese products in India and select international markets, supported by a newly inaugurated 10,000-tonne capacity cheese facility at Ranjangaon. โข It continues to focus on its strategic pillars: distribution & marketing; cost leadership; innovation; adjacent business and sustainability. โข It is focusing to increase contribution from adjacent businesses at a much faster pace than the base business. The management aims to grow adjacent by at least 50% higher than its base business, which is biscuits. It expects its non-biscuit portfolio to constitute ~35% of the revenue from the current levels of 25%, going forward. โข It is looking to increase its presence in weaker markets, which include Gujarat, Madhya Pradesh, Chhattishgarh and Rajasthan. This will help it to garner additional market share. โข Itislooking to scale its dairy segment to โน2,000 cr over the next five years. โข The company is rewriting route to market by leveraging data analytics and artificial intelligence. Its pilot was in Q2 FY25 covering 25 cities, 44 distributors and ~50,000 outlets. โข For FY26, sustained revenue growth is anticipated, on the back of strong volumes. โข Rusk is expected to deliver double-digit growth, going forward, as the product gets launched across the country. โข Opportunities in key international regions like the GCC, Americas and Africa shall boost the export segment of the company.
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Britannia Industries 5200-5800
Expected level 7000
Support 4600
Expected level 7000
Support 4600
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Jubilant FoodWorks Limited Company Details
Jubilant FoodWorks Limited, a part of the Jubilant Bhartia Group, is among Indiaโs largest food service companies and holds the master franchise rights for three international brands, Dominoโs Pizza, Popeyes and Dunkin' Donuts, addressing three different food market segments. JFL has exclusive rights to develop and operate Dominoโs Pizza brand in India, Sri Lanka and Bangladesh. The company also launched its first homegrown brandโ Hongโs Kitchen in Chinese cuisine segment. The company also dominates the pizza market in India with ~70% market share. As on 30th September 2024, it had total store count 3,130 stores, with 139 net additions in H1 FY25. JFL bought more stake in DP Eurasia (DPEU) in February 2024 via JF Netherlands BV, taking their total stake in it to 94.33%. DP Eurasia managed the Dominos franchise in countries present in the Eurasia region including Turkey, Azerbaijan and Georgia. It also owned the โCoffyโ franchise which is the 8th largest CAFร brand in Turkey with 116 stores as on 30th September 2024. In December 2024, the company signed a Memorandum of Understanding (MoU) with Coca-Cola for the supply of purchase sparkling drinks and other products. With a robust business model, an efficient supply chain comprising a strong network of certified supply chain business partners, and countrywide presence, JFL is well-positioned to capitalize on a wide array of growth opportunities in the Food Service Industry (FSI). To stay ahead of competition, the company is constantly working towards transforming processes and leveraging technology to enhance its capabilities and simplify its operations.
Jubilant FoodWorks Limited, a part of the Jubilant Bhartia Group, is among Indiaโs largest food service companies and holds the master franchise rights for three international brands, Dominoโs Pizza, Popeyes and Dunkin' Donuts, addressing three different food market segments. JFL has exclusive rights to develop and operate Dominoโs Pizza brand in India, Sri Lanka and Bangladesh. The company also launched its first homegrown brandโ Hongโs Kitchen in Chinese cuisine segment. The company also dominates the pizza market in India with ~70% market share. As on 30th September 2024, it had total store count 3,130 stores, with 139 net additions in H1 FY25. JFL bought more stake in DP Eurasia (DPEU) in February 2024 via JF Netherlands BV, taking their total stake in it to 94.33%. DP Eurasia managed the Dominos franchise in countries present in the Eurasia region including Turkey, Azerbaijan and Georgia. It also owned the โCoffyโ franchise which is the 8th largest CAFร brand in Turkey with 116 stores as on 30th September 2024. In December 2024, the company signed a Memorandum of Understanding (MoU) with Coca-Cola for the supply of purchase sparkling drinks and other products. With a robust business model, an efficient supply chain comprising a strong network of certified supply chain business partners, and countrywide presence, JFL is well-positioned to capitalize on a wide array of growth opportunities in the Food Service Industry (FSI). To stay ahead of competition, the company is constantly working towards transforming processes and leveraging technology to enhance its capabilities and simplify its operations.
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