Britannia Inds. Q1 FY27 Results (NSE: BRITANNIA)
Signal: Steady quarter
The read
Q1FY27 marks a recovery in earnings momentum after Q1FY26's 16% operating-margin period: revenue grew 8.2% YoY to ₹4,999.97 crore and PAT grew 14.1% to ₹593.38 crore, but the sequential PAT decline from ₹679.68 crore and 18.6% YoY growth in other expenses show that margin conversion, rather than demand alone, remains the key watchpoint.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,999.97 Cr | +8.2% | +6.0% |
| Net profit | ₹593.38 Cr | +14.1% | |
| EPS | ₹24.55 | +13.6% |
P&L walk
Consolidated revenue increased to ₹4,999.97 crore, +8.2% YoY and +6.0% QoQ; derived gross margin expanded 120bps YoY to 41.50%, while other expenses rose 18.6% YoY and limited operating conversion, leaving PAT growth at ₹593.38 crore, +14.1% YoY.
Segments
The group reports only one operating segment, Foods; standalone PAT of ₹576.38 crore versus consolidated PAT of ₹593.38 crore indicates subsidiaries, associates and the joint venture added ₹17.00 crore to reported group profit.
Key positives
- Consolidated revenue reached ₹4,999.97 crore, +8.2% YoY, accelerating from the prior Q4FY26 growth rate of 6.5%.
- PAT increased 14.1% YoY to ₹593.38 crore, while standalone PAT grew 15.7% to ₹576.38 crore.
- Derived consolidated gross margin improved 120bps YoY to 41.50%, and employee benefits expense declined 13.3% YoY to ₹209.60 crore.
- EPS increased 13.6% YoY to ₹24.55 and broadly tracked PAT growth, indicating no material dilution.
Key concerns
- Other expenses rose 18.6% YoY to ₹1,025.31 crore against 8.2% revenue growth, suggesting operating-cost pressure despite the gross-margin improvement.
- Consolidated PAT declined 12.7% QoQ from ₹679.68 crore to ₹593.38 crore, while gross margin also fell 62bps sequentially.
- The filing does not disclose volume growth, pricing or mix, limiting the ability to determine whether the 8.2% revenue growth was demand-led or realization-led.
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