Britannia Industries Limited (BRITANNIA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-2.7%

₹4,735.13

vs ₹4,865.00 price

Levered DCF

₹4,505.22

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	51.56×	54.18×	55.1×	44.84×	50.65×	46.84×	46.08×	63.26×
P/B	25.58×	27.1×	29.91×	29.46×	30.19×	24.61×	14.68×	17.24×
P/S	6.82×	6.6×	7.05×	6.41×	5.48×	6.66×	5.59×	6.65×
EV / EBITDA	35.22×	37.39×	37.75×	37.8×	36.15×	35.58×	35.87×	42.27×
Gross margin	35.8%	40.2%	42.7%	40.4%	37.3%	41.3%	39.6%	39.9%
Operating margin	16.7%	32.3%	33.5%	31.4%	30.0%	33.3%	30.7%	30.7%
Net margin	13.2%	12.2%	12.8%	14.3%	10.8%	14.2%	12.1%	10.5%
Current ratio	1.12×	1.08×	1.19×	1.15×	0.96×	1.22×	1.43×	1.9×
Debt / equity	0.27×	0.29×	0.52×	0.85×	0.97×	0.6×	0.35×	0.04×
Interest coverage	28.45×	41.6×	34.15×	30.17×	29.26×	39.33×	46.13×	372.77×
Dividend yield	1.4%	1.5%	1.5%	1.3%	3.2%	3.2%	0.7%	0.5%
Payout ratio	71.2%	81.1%	81.0%	58.5%	163.0%	151.5%	30.8%	30.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	49.6%	50.0%	54.3%	65.7%	59.6%	52.5%	31.9%	27.3%
Return on invested capital	37.3%	74.9%	66.8%	58.6%	60.1%	55.8%	44.3%	49.4%
Return on assets	26.0%	24.7%	23.6%	24.8%	20.3%	23.3%	17.9%	18.6%
Free cash flow yield	1.9%	1.8%	1.7%	1.7%	1.0%	1.8%	1.9%	1.0%
Earnings yield	1.9%	1.8%	1.8%	2.2%	2.0%	2.1%	2.2%	1.6%
Enterprise value	₹1.3T	₹1.2T	₹1.2T	₹1.1T	₹796B	₹892.7B	₹661.2B	₹734.2B
Net debt / EBITDA	0.27×	0.35×	0.55×	1.02×	1.07×	0.79×	0.8×	0.06×
Cash conversion cycle (days)	-6	5	14	22	41	34	36	37