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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal models Britannia Industries Ltd.'s revenue/Ebitda/PAT CAGR of 11%/13%/14%, respectively, over FY26-29E and reiterate its Buy rating with a target price of Rs 6,500, based on 45 times Sep'28E earnings per share.
The brokerage expects Britannia's growth momentum to strengthen over the coming quarters, supported by:
- sequential demand improvement,
- recovery in general trade,
- execution of the ‘Many Indias' strategy,
- rapid scaling of Ecom/QC supporting premiumisation, and
- continued product innovation and brand investments.
While commodity inflation remains elevated, further pricing actions and cost optimisation initiatives should help mitigate margin pressure.
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