Britannia’s Q2 Preview: FMCG giant Britannia Industries is expected to deliver a modest yet steady set of numbers for the September quarter, as softer pricing and the recent cut in GST rates weigh on revenue growth. However, better cost management and operating discipline are expected to help the FMCG major post a healthy rise in profit. The results are to be announced on November 5, 2025.
Zee Business Research estimates suggest that consolidated revenue could come in around Rs 4,930 crore, up 5.6 per cent from Rs 4,668 crore in the year-ago period. EBITDA may improve by about 9 per cent to Rs 853 crore, while margins are seen expanding slightly to 17.3 per cent. Net profit for the quarter is pegged at Rs 590 crore, an increase of roughly 11 per cent year-on-year.
GST cut trims near-term growth
Analysts estimate a 4 per cent volume growth for the quarter, supported by stable urban demand and early signs of revival in rural areas. But the GST rate reduction on packaged food items—impacting nearly 85 to 90 per cent of Britannia’s portfolio—has likely shaved off around 4 per cent from reported revenue. While this has caused a temporary drag, most analysts believe it will benefit consumption in the medium term by improving affordability.
Britannia’s gross margin could contract slightly, by about 45 basis points, due to the GST cut and some pressure from input costs. Still, the company’s consistent focus on cost efficiency, automation, and supply chain savings is likely to offset much of the impact.
Attention will also be on the company’s marketing expenditure, which may rise in the second half as Britannia pushes brand visibility across key categories. The management’s commentary on post-GST demand trends, especially in rural markets, will be closely watched by investors.
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