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What will drive Britannia’s growth after GST sugar rush fades?
Subscribe to enjoy similar stories. Britannia Industries Ltd’s December quarter (Q3FY26) earnings were largely in line with expectations, with consolidated revenue rising 9.5% year-on-year to ₹4,885 crore. Growth during the quarter was evenly driven by volumes and realizations, as the company increased grammage for its ₹5 and ₹10 packs following the Goods and Services Tax (GST) rate cut in September.
The months of November and December recorded around 12% sales growth, indicating that demand improved once GST transition-related issues in October settled, said new MD & CEO Rakshit Hargave in his maiden investor call. While biscuits posted high single-digit growth, adjacency categories such as cakes, rusks, croissants and wafers clocked double-digit growth. Analysts at Emkay Global Financial Services estimate that Britannia saw volume growth of around 5% in Q3FY26, compared with a 3% decline in Q2FY26 and 6% growth in Q3FY25.
According to Motilal Oswal Financial Services, with 60–65% of its portfolio in low unit price packs ( ₹5/ ₹10), Britannia is well positioned to benefit from the GST rate revision. However, analysts cautioned that the GST-led volume push is a short-term lever. For sustained long-term growth, the new management faces elevated competition from regional players, with eastern India seeing the highest intensity.
While competitors cut prices of ₹5/ ₹10 packs to ₹4.5/ ₹9, Britannia opted to increase grammage. This pricing and pack-size confusion led to some revenue loss, management said, though the industry is now expected to fully migrate to ₹5/ ₹10 packs with higher grammage. Regional competition remains a key concern.
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21.05 / 10:17
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How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
21.05 / 10:17
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Even at $5 trillion, Nvidia is underappreciated
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21.05 / 10:17
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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21.05 / 09:47
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SpaceX, Anthropic and OpenAI’s sprint to go public defines the AI boom’s big day
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21.05 / 09:47
markets
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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Secured credit cards: Unlocking credit and building a credit score for millions
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
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