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BRITANNIA Consensus Forecast

No. of reports in last year
9
No. of analysts
5
Average Consensus Forecast
4166
Consensus Potential
17.86%

BRITANNIA Price Target Potential

BrokerageTargetPotential
Motilal Oswal445023.47%
Prabhudas Lilladher37559.30%
Axis Direct471027.69%
Nirmal Bang390512.79%
KRChoksey412517.44%

BRITANNIA Targets in FrontPage Forums

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BRITANNIA Ratings

Long term BRITANNIA rating by FrontPage users
4.6/5 (7 Ratings)

9 BRITANNIA share price target reports by brokerages below. See what is analyst's view on BRITANNIA share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
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BRITANNIA Share Price Target

BRITANNIA Share Price Target - Broker Reports - 2021

28-Apr-21
Price @ Call: 3480.05
Target: 4450
BUY
27-Apr-21
Price @ Call: 3540
Target: 3755
ACCUMULATE
19-Apr-21
Price @ Call: 3747.35
Target: 4710
BUY
9-Feb-21
Price @ Call: 3495.72
Target: 4170
BUY
8-Feb-21
Price @ Call: 3495.93
Target: 3905
ACCUMULATE
8-Feb-21
Price @ Call: 3495.93
Target: 4280
BUY

BRITANNIA Share Price Target - Broker Reports - 2020

21-Oct-20
Price @ Call: 3465.24
Target: 4125
BUY
21-Oct-20
Price @ Call: 3551.5
Target: 3820
ACCUMULATE
5-Oct-20
Price @ Call: 3833.72
Target: 4279
BUY
17-Jul-20
Price @ Call: 3852.24
Target: 4316
BUY
We are upgrading our FY21/22E EPS estimates by 13.4%/6.8% as BRIT seems confident of sustaining growth momentum on back of improved direct distribution in rural (up 15% in 3 months) and weak states, product innovation/launches (Cream wafers, milkshakes, biscuits, lassi), agility to rebound during Covid and cost efficiency measures. BRIT has proved its resilience during testing times and has emerged stronger than ever recording volume growth of 21.5% and 580bps EBITDA margin expansion led by benign input costs, operating leverage, lower product discounts, efficiency in production, zero stock returns and focus on most profitable brands/sku’s. We believe BRIT will maintain strong momentum led by 1) increased in-house consumption 2) focus on hygiene resulting in consumers gravitating to strong brands and 3) higher growth in low competition adjacencies like Bread, Cake, Rusk, Cream wafers etc. (~20% of sales). Mgt guidance of 4-5 new units and Rs7bn capex in Bakery business over next 2/3 shows optimism in BRIT sustaining double digit topline growth and sustained market share gains. We estimate 25.8% PAT growth in FY1 and 16.9% CAGR over FY2023. We value the stock at 46xSep-22 EPS and arrive at SOTP based target price of Rs4316. Retain Buy
... Read more
3-Jun-20
Price @ Call: 3463
Target: 3744
BUY
Even as BRIT suffered revenue and PAT impact of 7-10% for 4QFY20 due to COVID, AMFY21 has shown 24% topline growth due to speedy action taken by the company to improve production, product availability and distribution efficiency. We believe BRIT will emerge stronger post COVID as strong brands, distribution, more in-house consumption and focus on product hygiene will enable sustain double digit sales growth. BRIT is in a sweet spot as benign input costs (RPO, Milk and Wheat) and strong volumes will enable 170bps margin expansion over FY20-22 despite higher cost of fright and other COVID related expenses. BRIT’s long term growth story remains intact given 1) distribution expansion in Rural India and Hindi heartland 2) Innovation and renovation of Biscuits portfolio 3) success in cream wafers, Milkshakes and salted snacks and 4) accelerated cost efficiency program during COVID. Despite assuming higher sales growth of 15.8% and 11.5% for FY21 and FY22, and margin expansion our EPS estimates largely remain same given higher dividend payout (>50% v/s 37.5% earlier), lower other income and higher tax rate (22.4% in FY20). Retain BUY with SOTP based target price of Rs3744 (45xFY22 Standalone).
... Read more
20-Apr-20
Price @ Call: 2841.23
Target: 3114
BUY
Resilient and diverse product portfolio catering to essential needs and also offering value added products to its consumers ensures Britannia is insulated to certain extent from coronavirus like pandemic. Further, pressure on cash flows for regional/local players could open up opportunities for the company to gain market share and thereby narrow gap with No. 1 player. Its strong inmarket execution capabilities and focus on driving premiumization (though it has been pushed by another 1-2 quarters owing to coronavirus pandemic) are key growth drivers from a long term perspective.
... Read more
10-Feb-20
Price @ Call: 3162.1
Target: 3370
ACCUMULATE
Given the current challenging business conditions, the company is focusing more on enhancing distribution reach and improving cost efficiencies. New product launches and innovations continues to remain the company’s focus. We believe its strategy to grow and improve profitability by increasing in-house manufacturing, launching new value-added products, and controlling operational overheads are likely to yield results. We have maintained our FY20E and FY21E EPS estimate of ` 59.1 and `67.6, respectively. We have introduced FY22E EPS estimate at ` 75.2. We value the stock at 50x FY21E EPS, to arrive at a TP of `3,370. Maintain Accumulate.
... Read more
10-Feb-20
Price @ Call: 3162.1
Target: 3670
BUY
Valuation - Maintain Buy with a revised PT of Rs. 3,670: We have broadly maintained our earnings estimates for FY2020 and FY2021 as performance was largely in line with expectations. A recovery in the biscuit category’s growth and a scale-up in performances of new products and adjacencies (including dairy and bakery businesses) would help Britannia record better earnings in the near to medium term. We expect Britannia’s revenue and PAT to grow at a CAGR of 9.9% and 19.2% over FY2019-22. The stock currently trades at 45.6x and 38.7x its FY2021E and FY2022E earnings. We retain our Buy recommendation on the stock with a revised PT of Rs. 3,670 (rolling it over to 45x its FY2022E earnings).
... Read more
11-Feb-20
Price @ Call: 3152.1
Target: 3655
BUY
Britannia Industries’ (BRIT) 3QFY20 consolidated revenue grew by 4.9% YoY to Rs. 29.8bn (vs our est. 7% growth to Rs. 30.4bn). Standalone sales grew by 4.3% YoY to Rs. 28.2bn. Base business volume grew ~3% (vs. our est. 4% growth), which meant that the realization growth for the quarter came down sequentially to ~1%. EBITDA grew by 11.1% YoY to Rs. 5bn (vs our est. 8.8% growth to Rs. 4.9bn). Adj. PAT grew by 22.9% to Rs. 3.7bn (vs our est. 17.5% growth to Rs. 3.5bn). While the growth has decelerated the company continues to gain market share. Gross margin was down just 40bps YoY (up 70bps QoQ) at 40.9%. The quarter saw moderate inflation of 3-4% in the prices of key raw materials. While there was a significant increase in milk prices, which impacted the dairy business, forward covers in other key raw materials protected margins along with cost efficiencies. EBITDA margin was up 90bps YoY at 16.8% (vs our est. 16.2%) as other expenses as a % of sales were down sharply 130bps YoY, led by cost efficiencies, reduction in wastage & leverage on fixed costs. Ad spend for the quarter was flattish on a YoY basis. We have retained our Buy rating on BRIT with a revised target price (TP) of Rs. 3,655, valuing it at 48x September FY21 EPS, implying an upside of 16% from the current market price (CMP).
... Read more
10-Feb-20
Price @ Call: 3250.75
Target: 3725
BUY
We expect BRIT to gain disproportionately in the expected demand recovery given the investments behind distribution, innovations and new categories. We believe fiscal gains from new units in Guwahati and Ranjangaon provide gains exceeding 1% of sales and cushion any hit on margins due to input cost inflation and competition. We are increasing FY20 EPS by 2.5% while tweaking FY21 and FY22 estimates by a small -0.5% to 0.2%. We value the stock at 45xFY22 EPS and arrive at SOTP based target price of Rs3725 (Rs.3433 based on Sept21 EPS). BRIT trades at 33% discount to Nestle and remains our top pick in Processed foods segment. Buy
... Read more
3-Jan-20
Price @ Call: 3036.08
Target: 3490
BUY
Valuation: Retain Buy with revised target price of Rs. 3,490: We have reduced our earnings estimates for FY2020 and FY2021 by 2.6% and 5.7% each to factor in the lower volume growth in the domestic market and higher input prices. Sustained innovation under the existing portfolio, entry into new product categories and cost reduction through operating efficiencies would help Britannia maintain double-digit earnings growth in the medium term. The stock is currently trading at 38x its FY2022E EPS. We maintain our Buy recommendation on the stock with a lower target price of Rs. 3,490 (reduction in line with cut in earnings estimates).
... Read more

BRITANNIA Share Price Target - Broker Reports - 2019

18-Nov-19
Price @ Call: 3155.42
Target: 3680
BUY
Overall environment continues to be difficult. Recovery not seen as yet and might take 9-12 months for any change. Rural still growing faster for BRIT as company still making inroads into rural areas. Industry level rural growth has been below urban .The company continues to gain market share as industry grew at just ~5% for the quarter; not only has BRIT gained from the no. 2 player but also from some smaller players. Premium continues to do well and grew ahead of the value segment. Commodity basket inflation continues to be modest for the company and it also continues to have covers on key raw materials (till February 2020). BRIT will take selective price hike only if inflation goes higher than what it has planned for. There were couple of new launches during the quarter as company chose to postpone some because of the slowdown and decided to further strengthen supply chain. There is no major change in the ICD’s during the quarter, stands at Rs4.5bn as of theend of the quarter. Inventory build up during the quarter was largely due to opportunistic buying of raw materials. We have retained our Buy rating on BRIT with a revised target price (TP) of Rs3,680 (from Rs3,645 earlier), continue to value it at 46x September FY21 EPS.
... Read more
15-Nov-19
Price @ Call: 3218.28
Target: 3433
ACCUMULATE
Volume growth has seen moderation from past few quarters and we expect slow recovery. We are increasing estimates by 4.1% for FY20 mainly led by lower tax rates while EPS estimates for FY21 are being cut by 0.5% respectively. We estimate 19.2% PAT CAGR over FY19-22 and value the stock at 45x Sept21 EPS. We arrive at a SOTP based target price of Rs3433 (Rs.3307 earlier). Retain Accumulate.
... Read more
3-Sep-19
Price @ Call: 2704.8
Target: 3220
BUY
Traction in some new categories is good news for medium term growth and margins, as all the new categories they are entering are gross margin accretive, and eventually as it scales up will become EBITDA margin accretive as well. The reduction as well as sharing of further plans for reduction in ICDs in FY20 partly alleviates a significant concern that had cropped up post 4QFY19 results. We continue to remain positive on BRIT and retain our Buy rating with a revised TP of Rs3,220 (from Rs3,380 earlier), valuing it at 46x September FY21 EPS (structural opportunity makes a strong case for best-of-breed multiples), implying an upside of 19% from CMP.
... Read more
13-Aug-19
Price @ Call: 2510.95
Target: 3380
BUY
Management indicated that the stress in rural markets will take some time to normalise and the consumption trend should see an improvement post 3rd quarter. We believe that although the consumer sentiment is weak currently BRIT is well positioned to sustain impact of the slowdown considering its continued innovation and distribution initiatives. Therefore, we have retained Buy rating on BRIT with a revised TP of Rs3380 (from Rs3,500) with a similar P/E multiple of 48x, indicating an upside of 30% from CMP.
... Read more
16-Aug-19
Price @ Call: 2473
Target: 2815
ACCUMULATE
We expect earnings growth to be muted at 4% YoY in FY20E, due to the slowdown, inflation and high ad spend on new products. We roll forward to June 2021E EPS of INR 63 and cut our TP by 16% to INR 2,815 based on 45x from 50x. We downgrade P/E, given the slowdown could hamper network expansion efforts in rural markets. We reiterate Accumulate with a cautious stance.
... Read more
13-Aug-19
Price @ Call: 2510.95
Target: 2950
BUY
Valuation: We have reduced our earnings estimates for FY2020 and FY2021 by 7.1% and 7.4%, respectively, to factor in slower recovery in category growth. Recovery in the biscuit category’s growth coupled with scale-up in the performances of new product launches and adjacencies (including dairy and bakery) would help Britannia to post better earnings performance in the near to medium term. Management targets to save Rs. 265 crore on the cost front through various initiatives. Britannia is one of the strong brands in the domestic packaged food market. Sustained new product launches and distribution enhancement will drive the company’s long-term performance. The stock has corrected by ~10% from its recent high, factoring most near-term negatives. We retain our Buy recommendation on the stock with a revised PT of Rs. 2,950.
... Read more
9-Aug-19
Price @ Call: 2589.23
Target: 3068
ACCUMULATE
Innovations and cost savings to led growth
Wheat, SMP and sugar prices have remained inflated, however BRIT shall be able to maintain margins as it has entered into forward contracts of Wheat, SMP and butter upto 3Q20. Although volume growth has moderated since the past 3 quarters, we estimate 14.8% PAT CAGR over FY19-21 and value the stock at 45xJune21 EPS. We arrive at a SOTP based target price of Rs3068. Retain Accumulate.
... Read more
24-May-19
Price @ Call: 2840.33
Target: 3500
BUY
Despite the sluggish growth environment and cost challenges, the company remains highly competitive and we expect to see some improvement in 1QFY20 aided by general elections in India. We retain our positive stance on the company, given how well positioned it is to counter the cost challenges with the help of product mix improvement and its cost efficiency programme. We have retained Buy rating on the stock with a target price of Rs3,500 implying an upside of 23% from the current market price.
... Read more
6-May-19
Price @ Call: 2706
Target: 3475
BUY
Maintain Buy with a revised PT of Rs. 3,475: We have trimmed our earnings estimates by 3.7% and 4.4% for FY2020 and FY2021, respectively, to factor in lower-than- earlier expected volume growth and little higher other expenses. Sustained innovation in core categories/adjacencies, deep penetration in the Hindi speaking belt, growth in the international market and profitability through cost efficiencies remain growth levers for the company in the near to medium term.We retain our Buy recommendation on the stock with a revised price target (PT) of Rs. 3,475 (in-line with reduction in earnings estimates). Britannia remains one of our top picks in the large FMCG space.
... Read more
3-May-19
Price @ Call: 2728.08
Target: 3101
NEUTRAL
BRIT reported a modest performance (in-line) led by a momentary softness in the sector. Although the stock is down 12% since our downgrade (Jul-18), we don’t see any immediate trigger to upgrade the stock. We remain constructive on BRIT’s transformation to a total foods company and see it as a multi-year growth story. We believe the success rate of BRIT’s new launches will be the key catalyst for the stock. Our TP at Rs 3,101 is based on 45x FY21E EPS. Maintain NEUTRAL.
... Read more
3-May-19
Price @ Call: 2785.5
Target: 3145
ACCUMULATE
Although volume growth for 2H19 was only 7%, We estimate 17.9% PAT CAGR over FY19-21 and value the stock at 46xFY21 EPS given robust growth outlook and strong innovation pipeline. We arrive at a SOTP based target price of Rs3145. Retain Accumulate.
... Read more
7-Mar-19
Price @ Call: 3028.7
Target: 3600
BUY
Considering that the above pointers are fairly positive, we believe the company is in a good position to deliver high-teen operating profit growth, which is above consensus estimate. We continue to retain our positive stance on BRIT with an unchanged target price of Rs3,600, implying an upside of 17% from the current market price.
... Read more
21-Feb-19
Price @ Call: 2922.05
Target: 3172
HOLD
BRIT’s consistent efforts to bridge portfolio gaps (launched Swiss Rolls, Layer Cakes) and other adjacent macro snacking categories (Croissants, to be launched in the next month) will help BRIT achieve its goal of becoming a Total Foods company. While, we remain constructive on the growth trajectory driven by innovation, distribution expansion and cost savings program, the premium valuation seem to factor in the growth. We have a HOLD rating on the stock with a TP of Rs. 3,172 (45x FY21E EPS).
... Read more
15-Feb-19
Price @ Call: 2938
Target: 3469
ACCUMULATE
Volume deceleration but margin expansion continues
Britannia’s Q3FY19 results came in line with our estimate. The company posted 7% volume growth in the base biscuit business – after double digit volume growth in last four consecutive quarters. Nevertheless, the management is confident about double digit volume growth in the ensuing quarters. A 260/40bps expansion in GM/EBITDA margin was driven by deflation in sugar and milk prices and cost efficiencies. In addition, strong double digit growth in IB was encouraging. We believe that the company is on the right track to grow the business and improve profitability with expanding distribution reach, increasing in-house manufacturing, launch of new value added products and controlling operational overheads. Moreover, rural stimulus would trigger rural consumption. We have tweaked our FY19E and FY20E earnings estimate at Rs 48.9 and Rs 60.0 respectively to factor in Q3 performance. We have introduced FY21E EPS at ` 69.5. Continue to value at 50x FY21E EPS to arrive at a TP of Rs 3,469. Maintain Accumulate.
... Read more
12-Feb-19
Price @ Call: 3024.81
Target: 3115
NEUTRAL
We like BRIT owing to (1) Premiumisation (~80% mix of premium biscuits vs. industry at 55%), (2) Distribution expansion in weak states (~20% revenue mix vs. ~40% for industry) and rural markets (16.5k rural dealers vs. 6.6k in FY15), (3) Entry in new categories and (5) Cost savings program. We model 21% EPS CAGR over FY19E- 21E and value at 45x Dec-20 EPS. Our TP is at Rs 3,115, we maintain NEUTRAL.
... Read more
12-Feb-19
Price @ Call: 3124.9
Target: 3326
BUY
12-Feb-19
Price @ Call: 3124.9
Target: 3630
BUY
12-Feb-19
Price @ Call: 3124.9
Target: 3159
ACCUMULATE
8-Jan-19
Price @ Call: 3143
Target: 3620
BUY

BRITANNIA Share Price Target - Broker Reports - 2018

27-Nov-18
Price @ Call: 6014
Target: 6280
BUY
16-Nov-18
Price @ Call: 5928.67
Target: 6350
ACCUMULATE
13-Nov-18
Price @ Call: 5760.72
Target: 6298
ACCUMULATE
9-Aug-18
Price @ Call: 6310.05
Target: 6608
ACCUMULATE
8-Aug-18
Price @ Call: 6200.15
Target: 6568
ACCUMULATE
8-Aug-18
Price @ Call: 6200.15
Target: 7165
BUY
24-Jul-18
Price @ Call: 6422
Target: 7300
BUY
2-Jul-18
Price @ Call: 6225
Target: 6580
BUY
8-Jun-18
Price @ Call: 5971.9
Target: 6306
HOLD
18-May-18
Price @ Call: 5460
Target: 6400
BUY
18-May-18
Price @ Call: 5501.21
Target: 5793
ACCUMULATE
17-May-18
Price @ Call: 5561.45
Target: 6170
BUY
15-Mar-18
Price @ Call: 4810
Target: 5500
BUY
21-Feb-18
Price @ Call: 4761.17
Target: 5300
BUY
14-Feb-18
Price @ Call: 4781.6
Target: 5995
BUY
15-Feb-18
Price @ Call: 4754.15
Target: 5600
BUY
14-Feb-18
Price @ Call: 4782
Target: 5226
BUY
8-Feb-18
Price @ Call: 4520
Target: 5675
BUY

BRITANNIA Share Price Target - Broker Reports - 2017

29-Dec-17
Price @ Call: 4689.53
Target: 5439
BUY
21-Dec-17
Price @ Call: 4735.7
Target: 6100
BUY
14-Dec-17
Price @ Call: 4802
Target: 5526
BUY
16-Nov-17
Price @ Call: 4744.35
Target: 5266
BUY
15-Nov-17
Price @ Call: 4773.7
Target: 5845
BUY
15-Nov-17
Price @ Call: 4744.35
Target: 5226
BUY
6-Sep-17
Price @ Call: 4267.5
Target: 4732
BUY
14-Aug-17
Price @ Call: 4166.18
Target: 4660
BUY
14-Aug-17
Price @ Call: 4100.3
Target: 4500
BUY
10-Aug-17
Price @ Call: 4032.9
Target: 4531
ACCUMULATE
10-Aug-17
Price @ Call: 4032.9
Target: 4300
BUY
21-Jul-17
Price @ Call: 3832
Target: 4450
BUY
22-Jun-17
Price @ Call: 3688
Target: 3872
BUY
14-Feb-17
Price @ Call: 3220
Target: 3291
HOLD
30-May-17
Price @ Call: 3419
Target: 3543
HOLD
31-May-17
Price @ Call: 3418.7
Target: 3850
BUY
30-May-17
Price @ Call: 3425
Target: 3775
BUY
30-Mar-17
Price @ Call: 3391
Target: 3773
BUY
22-Feb-17
Price @ Call: 3273
Target: 3310
HOLD
14-Feb-17
Price @ Call: 3224
Target: 3529
BUY

BRITANNIA Share Price Target - Broker Reports - 2016

24-May-16
Price @ Call: 2682.5
Target: 2850
HOLD
26-May-16
Price @ Call: 2750.47
Target: 2751.45
HOLD
22-Nov-16
Price @ Call: 2905
Target: 3222
HOLD
9-Nov-16
Price @ Call: 3124
Target: 3369
BUY
11-Nov-16
Price @ Call: 3200.8
Target: 3200.8
HOLD
9-Nov-16
Price @ Call: 3126
Target: 3576
ACCUMULATE
9-Nov-16
Price @ Call: 3126
Target: 3253
HOLD
25-Aug-16
Price @ Call: 3467.2
Target: 3660
BUY
10-Aug-16
Price @ Call: 3103
Target: 3378
BUY
28-Jun-16
Price @ Call: 2747.03
Target: 3115
BUY
23-Jun-16
Price @ Call: 2638.35
Target: 3115
BUY
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  • BRITANNIA Share Price Target Today- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 33,449.32
    Upside Target 23,439.13
    Upside Target 13,422.37
    Pivot3,412.18
    Downside Target 13,395.42
    Downside Target 23,385.23
    Downside Target 33,368.47
  • BRITANNIA Share Price Target weekly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 33,518.12
    Upside Target 23,492.53
    Upside Target 13,466.17
    Pivot3,440.58
    Downside Target 13,414.22
    Downside Target 23,388.63
    Downside Target 33,362.27
  • BRITANNIA Share Price Target monthly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 34,026.93
    Upside Target 23,868.42
    Upside Target 13,759.03
    Pivot3,600.52
    Downside Target 13,491.13
    Downside Target 23,332.62
    Downside Target 33,223.23
  • BRITANNIA Share Price Target today- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 33,439.13
    Upside Target 23,428.84
    Upside Target 13,422.48
    Pivot3,412.18
    Downside Target 13,401.89
    Downside Target 23,395.53
    Downside Target 33,385.23
  • BRITANNIA Share Price Target weekly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 33,492.53
    Upside Target 23,472.69
    Upside Target 13,460.43
    Pivot3,440.58
    Downside Target 13,420.74
    Downside Target 23,408.48
    Downside Target 33,388.63
  • BRITANNIA Share Price Target monthly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 33,868.42
    Upside Target 23,766.08
    Upside Target 13,702.85
    Pivot3,600.52
    Downside Target 13,498.18
    Downside Target 23,434.95
    Downside Target 33,332.62
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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