ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: ₹4538 at the close on 23 Oct 2026, 12:00 CEST.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
45
out of 100
P/E
42.0x
forward 35.0x
1-year return
-25.2%
Dividend yield
1.96%
Britannia Industries Limited in four questions
Plain answers, details below
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Overview
ACCE thesis
Britannia makes biscuits (Good Day, Marie Gold, Tiger, Bourbon) and dairy products such as Good Life bread and Milk Bikis, sold through one of India's widest direct distribution networks into kirana stores. That scale is the moat: few rivals can match its reach into semi-urban and rural outlets, and it lets the company keep brand pricing power in a category where many buyers are price-sensitive. Growth comes from premiumisation within biscuits, expansion of the dairy and cheese lines, and rural volume recovery as household incomes firm, with 8.2% revenue growth in the latest data. At a 42.8 trailing and 35.6 forward P/E, with a 41.4% gross margin and a 15.2% operating margin, the stock is priced for steady compounding rather than a re-rating, so the question for a deeper look is whether margins hold as wheat and palm oil costs move.