BRITANNIA
Britannia Industries Limited
If management delivers what it guided
arithmetic on filed guidance and past valuations · not a price target
BRITANNIA
FY26 → FY27 · 1 year of guidance · ~0.7 years from today₹5,416 today
BEAR
₹5,061
-7%
5.2% a year · 45.7x exit
BASE
₹5,968
+10%
9% a year · 52.1x exit
BULL
₹6,485
+20%
12.2% a year · 54.9x exit
Where the market has priced it
44x52x today63x
- the guided figure reached earnings through a low-confidence bridge
How these numbers are produced
| Earnings base | FY26 fiscal year EPS ₹105.18 (screener) |
|---|---|
| Guided growth | 9% a year, said on the call of 11-May-2026 · transcript |
| Read across as | operating: unlabelled growth figure, read as revenue — low confidence |
| Delivery calibration | 0.58x / 1x / 1.36x of what was guided — measured: 76 annual guided-vs-filed pairs + 77 near-complete quarterly years — NSE transcripts against the companies' own filings |
| Exit multiple | 45.74x / 52.06x / 54.94x, this company’s own p20 / median / p80 across 10 filed years |
| Filed-industry peers | median 41.25x across 11 peers — the cross-check, not the input |
| Arithmetic | base EPS × (1 + guided growth × delivery)1 × exit multiple |
Arithmetic on management’s own guidance and this company’s own past valuations. Not a price target, not a recommendation, and not a forecast of what the stock will do.
What management said
from NSE earnings-call filings · extracted, not interpreted
generic growth 9%
Anand Shah: So, if I then split it, so then just purely, if I remove West Asia, then normalized growth would be 9%, 9% for Jan, Feb, March, let's say, for example, I mean, it will be more smooth curve.
Call 11-May-2026 · bridge confidence low · transcript PDF