Investment Rating - The investment rating for Britannia Industries Ltd is Equal-weight [8] Core Insights - Management anticipates a gradual sequential recovery in growth, aiming for double-digit revenue growth in fiscal year 2026. Price hikes implemented in the fourth quarter are expected to fully impact the first quarter, with no further price changes anticipated [1] - Volume growth was reported at 3.5% in the fourth quarter [1] - The company is targeting cost savings of over 2.5% in fiscal year 2026, with a focus on increasing distribution depth in high-potential outlets and expanding reach in rural areas [2] - The non-biscuit portfolio currently represents 75% of the product mix, with aspirations to grow it at 1.5 times the biscuit portfolio [2] - The company has not actively pursued mergers and acquisitions due to high valuations and low potential for value creation [3] Financial Metrics - The price target for Britannia Industries Ltd is set at Rs 5,511.00, with a current share price of Rs 5,436.00, indicating a 1% upside potential [8] - Market capitalization is reported at Rs 1,307,186 million, with an enterprise value of Rs 1,295,712 million [8] - Projected revenue for fiscal year 2025 is Rs 177,781 million, increasing to Rs 194,068 million in fiscal year 2026 [8] - Earnings per share (EPS) is expected to grow from Rs 91.57 in fiscal year 2025 to Rs 109.51 in fiscal year 2026 [8] - The company maintains a high return on equity (ROE) of 60.6% for fiscal year 2025, projected to be 60.1% in fiscal year 2026 [8]