Key Financial Figures

  • Q2 FY27 Revenue from Operations: ₹5,542 crores (16.6% YoY growth, 11.6% sequential growth from Q1 FY27)
  • Q2 FY27 PAT: 13% of revenue (10.2% YoY growth, 21.9% sequential growth)
  • H1 FY27 Revenue: ₹10,506 crores (first time crossing ₹10,000 crores in first half, 13.1% YoY growth)
  • H1 FY27 PAT: 12.5% of revenue (11.7% YoY growth)
  • 12-month rolling revenue growth: 16.6%
  • 24-month rolling revenue growth: 21%

Input Cost Inflation (Q2 FY27 vs Previous Periods)

  • Wheat Flour: Up 9% sequentially vs Q1 FY27, marginally down YoY
  • Refined Palm Oil: Up 11% sequentially vs Q1 FY27, up 17% YoY
  • Sugar: Up 4% sequentially vs Q1 FY27, up 6% YoY
  • Milk: Up 2% sequentially vs Q1 FY27, up 16% YoY
  • Laminate: Up 7% sequentially vs Q1 FY27, up 18% YoY
  • Fuels (Gasoline/LNG): Down sequentially but up 45% YoY

Operational Performance Highlights

  • General Trade Growth: Accelerated to 2.6x of full year FY26 rate
  • E-commerce Contribution: Now trending at ~7% of overall business (was 6% in FY26)
  • Adjacency Business Growth: Over 20% growth (includes brownie, croissant, higher growth products)
  • Dairy Business: Sattvam Ghee trending well, milk drinks performing well
  • International Business: Recovered to good double-digit growth after Middle East challenges
  • Volume Growth: 13% in Q2 FY27 (on base of -3% in previous year)

Strategic Priorities

1. Building efficiency in sales, distribution, and supply chain

2. Elevating brand experiences and investments

3. Driving innovation, efficiencies, and future platforms

4. Winning in "Many Indias" strategy

5. Sustainability initiatives

Product & Marketing Updates

  • NutriChoice Portfolio: Leader in healthy biscuit segment, growing strongly including no added sugar variants
  • Little Hearts: Marketing activation with Korean heart emoji
  • Cheese: Introduced flavored slices including Korean Chilli variant
  • Seasonal Promotions: Ganesh Chaturthi promotion with Bourbon Modak (sold out quickly), Kerala activation for Cheeze Dipped category

Channel Performance

  • General trade showing strong recovery and growth acceleration
  • E-commerce becoming significant channel with urban share in double digits
  • Modern trade and alternate channels growing faster than general trade
  • Key states and other states both showing positive growth trends

Pricing Strategy

  • Implemented 3.5% price increase in Q2 FY27
  • Additional price increases "in activation" and planned to offset cost inflation
  • Pricing implementation takes 1.5-2 months due to shrinkflation approach at ₹5/₹10 price points
  • Migration from ₹4.5 price point to ₹5/₹10 completed in May-June 2026

Competitive Landscape

  • Malkist: Fierce competition in cheese-enclosed crackers category, responded with Cheeze Dipped product
  • Reliance: Entered biscuit market in Tamil Nadu with classical products, evaluated as having limited disruption potential at ₹5/₹10 price points
  • Market Share: Regained shelf space and market share after fractional pricing period

Future Outlook & Initiatives

  • Health Platform: NutriChoice Zero growing in strong double digits, more no-added-sugar variants planned
  • Protein Products: Development underway for health-based and protein-based future platforms
  • Dairy Expansion: Plans to expand value-added portfolio in both cheese and non-cheese dairy segments
  • E-commerce Strategy: Developing channel-specific products, treating as strategic business unit
  • Premiumization: Focus on higher margin brands and price points across channels

ESG Initiatives

  • Women in factory: 45%
  • Britannia Nutrition Foundation: Reached 5.73 lakh beneficiaries in H1 FY27
  • Renewable electricity share: 48% in own plants (capped by government regulations)

Management Commentary

  • Consumption in general trade showing "remarkable resilience" especially in semi-urban and rural areas
  • Rural business described as "very strong story" with premiumization trend
  • Input cost environment remains challenging with elevated inflation across commodities
  • Confident in volume growth story despite potential grammage reductions
  • Transaction growth healthy across value, volume, and packet counts