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Britannia Industries Q2 Review — Nirmal Bang Maintains 'Hold', Awaits A Better Entry Point
GST disruption hits Britannia’s Q2, but Q3 set for strong rebound, adds the brokerage.
10 Nov 2025, 06:45 AM IST 
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Britannia Industries expects market share expansion in the coming quarters as smaller players lose tax advantage following the GST cut. (Source: Company website)
Britannia’s Q2 FY26 results were largely in line with expectations on sales and gross profit, but Ebitda margins were better than expected (highest in eight quarters), led by lower-than-expected staff costs (SAR costs-ESOP related) and other expenses.
