Brokerage firm Morgan Stanley has an “equal-weight” recommendation on the stock with a price target of ₹6,019 apiece, indicating an upside of 6.5% from its previous closing price.
It said that Britannia’s fourth quarter was a big miss, with revenue growth of 7% coming below estimates. Its revenue of ₹4,719 crore was below Street expectations of ₹4,875 crore
As per the company’s management, January and February witnessed 9% revenue growth, but March was affected by supply disruptions in the international business due to the West Asia conflict.
The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) margin of 18.2% was down 20 basis points from the previous year and 186 basis points sequentially.
Meanwhile, its EBITDA was also below street estimates as well at ₹853 crore compared to the ₹950 crore projection.
The management has already taken measures to mitigate any potential input cost pressures from the ongoing conflict, Morgan Stanley added. The management added that e-commerce is now at 6% of its sales.
The company’s profit after tax of ₹680 crore was above the CNBC-TV18 poll of 666 crore. It was aided by lower effective tax rate.
Of the 40 analysts who have coverage on the stock, 32 have a ‘buy’ rating, six have a ‘hold’ rating and two have a ‘sell’ rating.
Shares of Britannia are trading 4.5% lower at ₹5,550. The stock is down 7.7% so far in 2026.
