Britannia Industries, India's largest biscuit maker with over 60% of sales in Rs. 5/10 price-point packs, reports Q2 FY 2026-2027 results into a quarter where commodity inflation ran well ahead of pricing. The print will speak to whether margins weaken as management itself flagged, and whether the guided 1.5%-2% pricing and a return to growth in the international business actually landed.
| Results date | November 05, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 4,999.97 Cr |
| Previous quarter PAT | Rs. 593.38 Cr |
| Market cap | Rs. 111,762.89 Cr |
| CMP | Rs. 4,640.0 |
A board meeting is scheduled on November 05, 2026, to approve the Unaudited Consolidated & Standalone results for the quarter and half-year ended September 30, 2026.
An investors/analysts call is scheduled for November 06, 2026, at 9:00 AM IST to discuss the Q2/H1 FY27 results, with no UPSI to be shared.
Separately, the 107th AGM passed the ordinary resolution declaring the final dividend for FY ended March 31, 2026; the per-share dividend amount was not stated in the retrieved documents.
The central question for Q2 FY27 is whether Britannia can hold its ~9% Q1 tonnage growth and mid-teens exit rate against a September 2025 GST-transition-depressed base, while margins compress as management itself warned they could be 'potentially weaker'.
The cost complex points the same way: palm oil landed prices were up roughly 13-20% YoY through the quarter, the edible-oil duty cut effective September 24 (landed costs down 4-5% for palm per India Ratings) arrives too late to help Q2 COGS with about 5 months of palm cover, and Brent crude climbed from around $85 in mid-July to above $100-105 by late September while the Hormuz disruption stayed unresolved through quarter-end.
Management guided a further 1.5%-2% of pricing in Q2 after only ~1% pricing in Q1, with only about half of input inflation mitigated so far via shrinkflation in Rs. 5/10 packs that make up 60-65% of biscuit sales. The international business, flat in Q1 after four months of West Asia-driven turbulence, is guided to be 'back on a growth track from the current quarter', though Hormuz transits and record tanker freight were still live on September 30.
This will also be the first results call for new CFO Mr. Ramamurthy Jayaraman (in office from October 1, 2026), where the FY27 commitment of operating profit growing ahead of sales faces its first quarterly checkpoint.
Performance vs guidance tracking: Management's standing commitments and how Q2 FY27 tests them:
Commodity trajectory and margin bridge
Volume momentum and pricing mix
State incentives and PLI
New CFO's first call
Management itself flagged on the Q1 FY27 call that Q2 margins could be 'potentially weaker', as only about half of input inflation — LPG at ~1.5x the February index and palm oil up upwards of 20% — was mitigated through price increases. Q1 FY27's PAT margin was already 11.9% of revenue, the lowest of the last five quarters.
Management guided to a further 1.5%-2% of pricing growth in Q2 FY27, after pricing contributed only about 1% in Q1 FY27. Shrinkflation takes time to implement because it requires machinery and packaging changes.
International business was flat in Q1 FY27 after four months of West Asia-driven turbulence, and management expects it to be 'back on a growth track from the current quarter' — i.e., Q2 FY27. Manufacturing for affected geographies has been shifted to Mundra, though the Hormuz disruption was still live at the end of September.
The croissant business has an annualised run-rate double the previously stated INR 100 crores, growing at 30%+, with margins equal or slightly accretive to the company margin. The Q1 FY27 presentation showed croissant growth of over 30%.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.