Balance Sheet (Rs.

In Crores) 2021A 2022A 2023A

Assets
Non-Current Assets
Property, Plant & Equipment ₹ 1,634 ₹ 1,584 ₹ 2,472
Capital Work-in-Progress ₹ 117 ₹ 536 ₹ 105
Investment Properties ₹ 14 ₹ 14 ₹ 41
Goodwill ₹ 136 ₹ 140 ₹ 128
Intangible Assets ₹9 ₹ 16 ₹ 14
Intangible Assets under development ₹- ₹- ₹-
Right-of-use Assets ₹- ₹- ₹-
Financial Assets:
(i) Investments ₹ 1,385 ₹ 927 ₹ 1,028
(ii) Loans ₹ 58 ₹ 100 ₹ 150
(iii) Other Financial Assets ₹ 47 ₹ 32 ₹ 24
Investments accounted using equity method ₹2 ₹2 ₹ 495
Deferred Tax Assets (net) ₹ 10 ₹ 52 ₹ 57
Non-current tax assets ₹ 72 ₹ 45 ₹ 44
Other non-current assets ₹ 106 ₹ 99 ₹ 49
Total Non-Current Assets ₹ 3,589 ₹ 3,545 ₹ 4,606
Current Assets
Inventories ₹ 1,091 ₹ 1,367 ₹ 1,193
Financial Assets:
(i) Trade Receivables ₹ 257 ₹ 332 ₹ 329
(ii) Loans (receivable from financing activity) ₹ 942 ₹ 698 ₹ 560
(iii) Cash & Cash Equivalents ₹ 143 ₹ 118 ₹ 102
(iv) Other Bank Balances ₹ 69 ₹ 67 ₹ 96
(v) Other Financial Assets ₹ 403 ₹ 428 ₹ 452
(vi) Investments ₹ 1,393 ₹ 834 ₹ 1,801
Current Tax Assets (Net) ₹0 ₹0 ₹0
Other Current Assets ₹ 122 ₹ 126 ₹ 181
Total Current Assets ₹ 4,419 ₹ 3,970 ₹ 4,714
Assets of disposal group ₹- ₹- ₹ 32
TOTAL ASSETS ₹ 8,009 ₹ 7,516 ₹ 9,353
Equity & Liabilities
Equity Share Capital ₹ 24 ₹ 24 ₹ 24
Other Equity ₹ 3,524 ₹ 2,534 ₹ 3,510
Equity attributable to the owners of the company ₹ 3,548 ₹ 2,558 ₹ 3,534
Non-Controlling Interests ₹ 36 ₹ 28 ₹ 30
Total Equity ₹ 3,584 ₹ 2,586 ₹ 3,565
Non-Current Liabilities
Financial Liabilities
(i) Borrowings ₹ 747 ₹ 707 ₹ 1,552
(ii) Lease Liabilities ₹ 15 ₹ 14 ₹ 14
(iii) Other Financial Liabilities ₹ 45 ₹ 53 ₹ 60
Provisions ₹- ₹- ₹ 26
Deferred Tax Liability (net) ₹9 ₹1 ₹2
Non Current Tax Liabilities ₹- ₹- ₹-
Total Non-Current Liabilities ₹ 816 ₹ 774 ₹ 1,654
Current Liabilities
Financial Liabilities
(i) Borrowings ₹ 1,357 ₹ 1,759 ₹ 1,429
(ii) Lease Liabilities ₹2 ₹2 ₹3
(iii) Trade Payables: ₹ 1,313 ₹ 1,285 ₹ 1,449
(iv) Other Financial Liabilities ₹ 332 ₹ 424 ₹ 496
Provisions ₹ 387 ₹ 485 ₹ 513
Other Current Liabilities ₹ 141 ₹ 127 ₹ 176
Current Tax Liabilities (net) ₹ 76 ₹ 75 ₹ 68
Total Current Liabilities ₹ 3,609 ₹ 4,156 ₹ 4,134
Liabilities of disposal group ₹0 ₹0 ₹0
TOTAL LIABILITIES ₹ 8,009 ₹ 7,516 ₹ 9,353

Balancing Check ₹ - ₹ - ₹ -
2024A 2025E 2026E 2027E 2028E 2029E

₹ 2,603 ₹ 2,721 ₹ 2,838 ₹ 2,953 ₹ 3,065 ₹ 3,175

₹ 188 ₹ 188 ₹ 188 ₹ 188 ₹ 188 ₹ 188
₹ 27 ₹ 30 ₹ 33 ₹ 36 ₹ 39 ₹ 43
₹ 130 ₹ 130 ₹ 130 ₹ 130 ₹ 124 ₹ 117
₹ 11 ₹ 9 ₹ 7 ₹ 5 ₹ 2 ₹ -1
₹- ₹- ₹- ₹- ₹- ₹-
₹- ₹ - ₹ - ₹ - ₹ - ₹ -

₹ 578 ₹ 578 ₹ 578 ₹ 578 ₹ 578 ₹ 578

₹- ₹- ₹- ₹- ₹- ₹-
₹ 26 ₹ 26 ₹ 26 ₹ 26 ₹ 26 ₹ 26
₹ 492 ₹ 492 ₹ 492 ₹ 492 ₹ 492 ₹ 492
₹ 44 ₹ 44 ₹ 44 ₹ 44 ₹ 44 ₹ 44
₹ 68 ₹ 68 ₹ 68 ₹ 68 ₹ 68 ₹ 68
₹ 59 ₹ 59 ₹ 59 ₹ 59 ₹ 59 ₹ 59
₹ 4,225 ₹ 4,346 ₹ 4,463 ₹ 4,579 ₹ 4,685 ₹ 4,789

₹ 1,181 ₹ 1,536 ₹ 1,784 ₹ 2,024 ₹ 1,940 ₹ 2,098

393.33 ₹ 427 ₹ 466 ₹ 498 ₹ 477 ₹ 516

₹ 460 ₹ 833 ₹ 908 ₹ 971 ₹ 1,052 ₹ 1,138
₹ 323 ₹ 3,132 ₹ 5,586 ₹ 8,182 ₹ 11,473 ₹ 14,879
₹ 124 ₹ 106 ₹ 116 ₹ 124 ₹ 134 ₹ 145
₹ 531 ₹ 548 ₹ 598 ₹ 639 ₹ 692 ₹ 749
₹ 1,697 ₹ 1,716 ₹ 1,871 ₹ 2,001 ₹ 2,167 ₹ 2,344
₹0 ₹ - ₹ - ₹ - ₹ - ₹ -
₹ 134 ₹ 170 ₹ 185 ₹ 198 ₹ 215 ₹ 232
₹ 4,842 ₹ 8,469 ₹ 11,514 ₹ 14,638 ₹ 18,148 ₹ 22,100
₹6 ₹ 6 ₹ 6 ₹ 6 ₹ 6 ₹ 6
₹ 9,074 ₹ 12,820.87 ₹ 15,983 ₹ 19,223 ₹ 22,839 ₹ 26,895

₹ 24 ₹ 24 ₹ 24 ₹ 24 ₹ 24 ₹ 24
₹ 3,917 ₹ 6,576 ₹ 9,477 ₹ 12,558 ₹ 15,881 ₹ 19,450
₹ 3,942 ₹ 6,600 ₹ 9,501 ₹ 12,582 ₹ 15,905 ₹ 19,474
₹ 25 ₹ 25 ₹ 25 ₹ 25 ₹ 25 ₹ 25
₹ 3,966 ₹ 6,625 ₹ 9,526 ₹ 12,607 ₹ 15,930 ₹ 19,499

₹ 905 ₹ 679 ₹ 453 ₹ 226 ₹ 0 ₹ 0

₹ 20 ₹ 20 ₹ 20 ₹ 20 ₹ 20 ₹ 20
₹ 66 ₹ 66 ₹ 66 ₹ 66 ₹ 66 ₹ 66
₹ 31 ₹ 31 ₹ 31 ₹ 31 ₹ 31 ₹ 31
₹2 ₹ 2 ₹ 2 ₹ 2 ₹ 2 ₹ 2
₹- ₹- ₹- ₹- ₹- ₹-
 ₹ 1,023 ₹ 798 ₹ 572 ₹ 345 ₹ 119 ₹ 119

₹ 1,136 ₹ 1,745 ₹ 1,903 ₹ 2,035 ₹ 2,204 ₹ 2,384

₹4 ₹ 4 ₹ 5 ₹ 5 ₹ 5 ₹ 6
₹ 1,627 ₹ 1,768 ₹ 1,928 ₹ 2,037 ₹ 2,206 ₹ 2,318
₹ 497 ₹ 525 ₹ 573 ₹ 613 ₹ 663 ₹ 718
₹ 559 ₹ 586 ₹ 639 ₹ 683 ₹ 739 ₹ 800
₹ 167 ₹ 586 ₹ 639 ₹ 683 ₹ 739 ₹ 800
₹ 93 ₹ 184 ₹ 201 ₹ 215 ₹ 233 ₹ 252
₹ 4,084 ₹ 5,398 ₹ 5,886 ₹ 6,271 ₹ 6,790 ₹ 7,277
₹0 ₹ - ₹ - ₹ - ₹ - ₹ -
₹ 9,074 ₹ 12,821 ₹ 15,984 ₹ 19,223 ₹ 22,839 ₹ 26,895

₹ - ₹ 0 ₹ 0 ₹ 0 ₹ 0 ₹ 0
Profit & Loss Statement (Rs. In Crores) 2021A 2022A 2023A 2024A 2025E
Income
Revenue from operations ₹ 13,136 ₹ 14,136 16,300.55 ₹ 16,769 ₹ 18,220
Other income ₹ 313 ₹ 223 ₹ 216 214.18 ₹ 228
Total income ₹ 13,449 ₹ 14,359 ₹ 16,516 ₹ 16,983 ₹ 18,448
Expenses
Cost of materials consumed ₹ 6,502 ₹ 7,474 ₹ 8,327 ₹ 8,547 ₹ 9,516
Purchases of stock in trade ₹ 1,161 ₹ 1,362 ₹ 1,337 ₹ 941 ₹ 1,048
Changes in inventories of FG, stock and WIP ₹ -37 ₹ -75 ₹ -73 ₹4 ₹ 4
Employee benefits expense ₹ 527 ₹ 542 ₹ 658 ₹ 709 ₹ 728
Finance costs ₹ 111 ₹ 144 ₹ 169 ₹ 164 ₹ 39
Depreciation and amortisation expense ₹ 198 ₹ 200 ₹ 226 ₹ 300 ₹ 330
Advertisement and Sale Charges 451.46 ₹ 417.34 694.5 675.05 ₹ 752
Other expenses ₹ 2,473 ₹ 2,632 ₹ 3,220 ₹ 3,399 ₹ 2,017
Total expenses ₹ 10,936 ₹ 12,279 ₹ 13,865 ₹ 14,064 ₹ 14,434
Profit before exceptional items and tax ₹ 2,513 ₹ 2,080 ₹ 2,652 ₹ 2,920 ₹ 4,014
Exceptional items ₹1 ₹1 ₹ -376 ₹3 ₹ -
Profit before tax ₹ 2,513 ₹ 2,079 ₹ 3,027 ₹ 2,917 ₹ 4,014
Tax expense
Current tax ₹ 657 ₹ 612 ₹ 721 ₹ 766 ₹ 1,184
Deferred tax ₹6 ₹ -50 ₹ -5 ₹ 14 ₹ 22
Total tax expense ₹ 663 ₹ 562 ₹ 716 ₹ 779 ₹ 1,206
Profit after Taxation before share from associates ₹ 1,850 ₹ 1,517 ₹ 2,311 ₹ 2,137 ₹ 2,808
Share of profit/ (loss) from associates & JV ₹1 ₹0 ₹5 ₹ -3 ₹ -65
Profit for the Year ₹ 1,850 ₹ 1,517 ₹ 2,316 ₹ 2,134 ₹ 2,743
Dividend Paid ₹ 2,824 ₹ 2,485 ₹ 1,359 ₹ 1,732 ₹ 84
Transfer to Reserves ₹ -973 ₹ -968 ₹ 957 ₹ 402 ₹ 2,659
 2026E 2027E 2028E 2029E

₹ 19,867 ₹ 21,247 ₹ 23,005 ₹ 24,887

₹ 242 ₹ 258 ₹ 275 ₹ 292
₹ 20,109 ₹ 21,505 ₹ 23,280 ₹ 25,179

₹ 10,420 ₹ 11,192 ₹ 12,170 ₹ 13,221

₹ 1,147 ₹ 1,232 ₹ 1,340 ₹ 1,456
₹ 5 ₹ 5 ₹ 6 ₹ 6
₹ 747 ₹ 774 ₹ 806 ₹ 839
₹ 26 ₹ 13 ₹ 0 ₹ 0
₹ 363 ₹ 398 ₹ 435 ₹ 474
₹ 839 ₹ 919 ₹ 1,007 ₹ 1,114
₹ 2,172 ₹ 2,301 ₹ 2,477 ₹ 2,640
₹ 15,719 ₹ 16,834 ₹ 18,240 ₹ 19,750
₹ 4,390 ₹ 4,670 ₹ 5,040 ₹ 5,428
₹ - ₹ - ₹ - ₹ -
₹ 4,390 ₹ 4,670 ₹ 5,040 ₹ 5,428

₹ 1,295 ₹ 1,378 ₹ 1,487 ₹ 1,601

₹ 24 ₹ 25 ₹ 27 ₹ 29
₹ 1,319 ₹ 1,403 ₹ 1,514 ₹ 1,631
₹ 3,071 ₹ 3,268 ₹ 3,526 ₹ 3,798
₹ -50 ₹ -30 ₹ -10 ₹ -
₹ 3,021 ₹ 3,238 ₹ 3,516 ₹ 3,798
₹ 120 ₹ 157 ₹ 193 ₹ 229
₹ 2,901 ₹ 3,081 ₹ 3,323 ₹ 3,569
Cash Flow Statement 2021A 2022A 2023A 2024A 2025E 2026E
Net Profit ₹ 1,850 ₹ 1,517 ₹ 2,316 ₹ 2,134 ₹ 2,743 ₹ 3,021
Add Finance Costs ₹ 111 ₹ 144 ₹ 169 ₹ 164 ₹ 39 ₹ 26
Add Depreciation ₹ 198 ₹ 200 ₹ 226 ₹ 300 ₹ 330 ₹ 363
Less Change in Net Working Capital ₹ - ₹ 974 ₹ -783 ₹ 41 ₹ 496 ₹ -103
Cash Flow from Operating Activities ₹ 2,159 ₹ 2,835 ₹ 1,928 ₹ 2,639 ₹ 3,609 ₹ 3,307

Change in Investments ₹ - ₹ -
Capital Expenditure ₹ -450 ₹ -480
Cash Flow from Investing Activities ₹ -450 ₹ -480

Changes to Equity ₹ - ₹ -
Loans Raised ₹ - ₹ -
Loans Repaid ₹ -226 ₹ -226
Finance Costs Paid ₹ -39 ₹ -26
Dividend Paid ₹ -84 ₹ -120
Cash Flow from Financing Activities ₹ -350 ₹ -373

Total Cash Flow ₹ -25 ₹ -16 ₹ 221 ₹ 2,809 ₹ 2,454

Beginning Cash Balance ₹ 143 ₹ 118 ₹ 102 ₹ 323 ₹ 3,132
Closing Cash Balance in Balance Sheet ₹ 118 ₹ 102 ₹ 323 ₹ 3,132 ₹ 5,586
 2027E 2028E 2029E
₹ 3,238 ₹ 3,516 ₹ 3,798
₹ 13 ₹ 0 ₹ 0
₹ 398 ₹ 435 ₹ 474
₹ -143 ₹ 300 ₹ -59
₹ 3,505 ₹ 4,251 ₹ 4,213

₹ - ₹ 7 ₹ 6
₹ -513 ₹ -548 ₹ -585
₹ -513 ₹ -541 ₹ -579

₹ - ₹ - ₹ -
₹ - ₹ - ₹ -
₹ -226 ₹ -226 ₹ -
₹ -13 ₹ -0 ₹ -0
₹ -157 ₹ -193 ₹ -229
₹ -396 ₹ -419 ₹ -229

₹ 2,596 ₹ 3,291 ₹ 3,406

₹ 5,586 ₹ 8,182 ₹ 11,473
₹ 8,182 ₹ 11,473 ₹ 14,879
Income Statement Assumptions 2021A 2022A 2023A 2024A
Revenue ₹ 13,136 ₹ 14,136 ₹ 16,301 ₹ 16,769
Other Revenue ₹ 313 ₹ 223 ₹ 216 ₹ 214
Cost of raw materials ₹ 6,502 ₹ 7,474 ₹ 8,327 ₹ 8,547
Purchases of stock in trade ₹ 1,161 ₹ 1,362 ₹ 1,337 ₹ 941
Changes in inventories of FG, stock and WIP ₹ -37 ₹ -75 ₹ -73 ₹ 4
Employee benefits expense ₹ 527 ₹ 542 ₹ 658 ₹ 709
Advertisement and Sale Charges ₹ 451 ₹ 417 ₹ 695 ₹ 675
Other expenses ₹ 2,473 ₹ 2,632 ₹ 3,220 ₹ 3,399
Share of profit/ (loss) from associates using equity method ₹ 1 ₹ - ₹ 5 ₹ -3
Exceptional items ₹ 1 ₹ 1 ₹ -376 ₹ 3
Tax expense ₹ 663 ₹ 562 ₹ 716 ₹ 779
Current tax ₹ 657 ₹ 612 ₹ 721 ₹ 766
Deferred tax ₹ 6 ₹ -50 ₹ -5 ₹ 14

Revenue Model 2021A 2022A 2023A 2024A

Indian Business ₹ 12,387 ₹ 13,423 ₹ 15,409 ₹ 15,732
Growth Rate 8.4% 14.8% 2.1%
International Business ₹ 749 ₹ 713 ₹ 892 ₹ 1,037
Growth Rate -4.8% 25.0% 16.3%
Total Business ₹ 13,136 ₹ 14,136 ₹ 16,301 ₹ 16,769
Growth Rate 7.6% 15.3% 2.9%
Revenue ₹ 13,136 ₹ 14,136 ₹ 16,301 ₹ 16,769
Growth Rate 7.6% 15.3% 2.9%
Other Revenue ₹ 313 ₹ 223 ₹ 216 ₹ 214
Growth Rate -28.8% -3.1% -0.8%

Cost Drivers 2021A 2022A 2023A 2024A

Cost of Goods Sold ₹ 7,626 ₹ 8,761 ₹ 9,591 ₹ 9,492
% of sales 58.1% 62.0% 58.8% 56.6%
Cost of raw materials ₹ 6,502 ₹ 7,474 ₹ 8,327 ₹ 8,547
% of COGS 85.3% 85.3% 86.8% 90.0%
Purchases of stock in trade ₹ 1,161 ₹ 1,362 ₹ 1,337 ₹ 941
% of COGS 15.2% 15.5% 13.9% 9.9%
Changes in inventories of FG, stock and WIP ₹ -37₹ -75 ₹ -73 ₹ 4
% of COGS -0.5% -0.9% -0.8% 0.0%
Employee Benefit Expenses ₹ 527 ₹ 542 ₹ 658 ₹ 709
% of sales 4.0% 3.8% 4.0% 4.2%
Permanent Employees 4,499 4,467 4,570 4,479
Net Addition -32 103 -91
Cost per Employee ₹ 0.12 ₹ 0.12 ₹ 0.14 ₹ 0.16
Growth Rate 3.6% 18.7% 9.9%
Advertisement and Sale Charges ₹ 451 ₹ 417 ₹ 695 ₹ 675
% of sales 3.4% 3.0% 4.3% 4.0%
Growth Rate -7.6% 66.4% -2.8%
Other Expenses ₹ 1,399 ₹ 1,521 ₹ 1,724 ₹ 1,893
% of sales 10.7% 10.8% 10.6% 11.3%
Consumption of Stores and Spares ₹ 38 ₹ 40 ₹ 50 ₹ 56
% of Sales 0.3% 0.3% 0.3% 0.3%
Power & Fuel ₹ 182 ₹ 218 ₹ 272 ₹ 327
Repairs & Maintenance ₹ 65 ₹ 77 ₹ 93 ₹ 88
Rent ₹ 37 ₹ 40 ₹ 87 ₹ 89
% of Sales 0.3% 0.3% 0.5% 0.5%
Freight ₹ 656 ₹ 713 ₹ 690 ₹ 711
% of Sales 5.0% 5.0% 4.2% 4.2%
Misc ₹ 421 434.42 531.19 622.13
% of Sales 3.2% 3.1% 3.3% 3.7%
Share of profit/ (loss) from associates using equity method ₹ 1 ₹ - ₹ 5 ₹ -3
Exceptional items ₹ 1 ₹ 1 ₹ -376 ₹ 3
Tax expense ₹ 663 ₹ 562 ₹ 716 ₹ 779
% of PBT 26.4% 27.0% 23.7% 26.7%
Current tax ₹ 657 ₹ 612 ₹ 721 ₹ 766
% Contribution 99.1% 108.9% 100.7% 98.3%
Deferred tax ₹ 6 ₹ -50 ₹ -5 ₹ 14
% Contribution 0.9% -8.9% -0.7% 1.8%

Equity Side Assumptions 2021A 2022A 2023A 2024A

Equity Share Capital ₹ 24 ₹ 24 ₹ 24 ₹ 24
Other Equity ₹ 3,524 ₹ 2,534 ₹ 3,510 ₹ 3,917
Non-Controlling Interests ₹ 36 ₹ 28 ₹ 30 ₹ 25
No. of shares (in crores) 24 24 24 24
Face Value per share (in Rupees) ₹ 1 ₹ 1 ₹ 1 ₹ 1

Remaining Balance Sheet Assumptions 2021A 2022A 2023A 2024A

Financial Assets:
(i) Investments ₹ 1,385 ₹ 927 ₹ 1,028 ₹ 578
(ii) Loans (receivable from financing activity) ₹ 58 ₹ 100 ₹ 150 ₹ -
(iii) Other Financial Assets ₹ 47 ₹ 32 ₹ 24 ₹ 26
Capital Work-in-Progress ₹ 117 ₹ 536 ₹ 105 ₹ 188
Goodwill ₹ 136 ₹ 140 ₹ 128 ₹ 130
Intangible Assets under development ₹- ₹- ₹- ₹-
Investments accounted using equity method ₹ 2 ₹ 2 ₹ 495 ₹ 492
Deferred Tax Assets (net) ₹ 10 ₹ 52 ₹ 57 ₹ 44
Non-current tax assets ₹ 72 ₹ 45 ₹ 44 ₹ 68
Other non-current assets ₹ 106 ₹ 99 ₹ 49 ₹ 59
Assets of Disposal Group ₹- ₹- ₹ 32 ₹ 6
Other Liabilities:
Lease Liabilities ₹ 15 ₹ 14 ₹ 14 ₹ 20
Other Financial Liabilities ₹ 45 ₹ 53 ₹ 60 ₹ 66
Provisions ₹- ₹- ₹ 26 ₹ 31
Deferred Tax Liability (net) ₹ 9 ₹ 1 ₹ 2 ₹ 2
Non-current tax liabilities ₹- ₹- ₹- ₹-
Liabilities of Disposal Group ₹ - ₹ - ₹ - ₹ -

Margins 2021A 2022A 2023A 2024A

Gross Profit ₹ 5,510 ₹ 5,375 ₹ 6,710 ₹ 7,277
Gross Profit Margin 41.9% 38.0% 41.2% 43.4%
Growth -2.5% 24.8% 8.5%

EBITDA ₹ 2,059 ₹ 1,784 ₹ 2,137 ₹ 2,494

EBITDA Margin 15.7% 12.6% 13.1% 14.9%
Growth -13.4% 19.8% 16.7%

EBIT ₹ 1,861 ₹ 1,584 ₹ 1,911 ₹ 2,194

EBIT Margin 14.2% 11.2% 11.7% 13.1%
Growth -14.9% 20.7% 14.8%

Operating Profit ₹ 3,133 ₹ 2,895 ₹ 3,633 ₹ 4,000

OP Margin 23.8% 20.5% 22.3% 23.9%
Growth -7.6% 25.5% 10.1%

Net Profit ₹ 1,850 ₹ 1,517 ₹ 2,316 ₹ 2,134

Net Profit Margin 13.8% 10.6% 14.0% 12.6%
Growth -18.0% 52.7% -7.9%
 2025E 2026E 2027E 2028E 2029E
₹ 18,220 ₹ 19,867 ₹ 21,247 ₹ 23,005 ₹ 24,887
₹ 228 ₹ 242 ₹ 258 ₹ 275 ₹ 292
₹ 9,516 ₹ 10,420 ₹ 11,192 ₹ 12,170 ₹ 13,221
₹ 1,048 ₹ 1,147 ₹ 1,232 ₹ 1,340 ₹ 1,456
₹ 4 ₹ 5 ₹ 5 ₹ 6 ₹ 6
₹ 728 ₹ 747 ₹ 774 ₹ 806 ₹ 839
₹ 752 ₹ 839 ₹ 919 ₹ 1,007 ₹ 1,114
₹ 2,017 ₹ 2,172 ₹ 2,301 ₹ 2,477 ₹ 2,640
₹ -65 ₹ -50 ₹ -30 ₹ -10 ₹ -
₹ - ₹ - ₹ - ₹ - ₹ -
₹ 1,204 ₹ 1,317 ₹ 1,401 ₹ 1,512 ₹ 1,628
₹ 1,184 ₹ 1,295 ₹ 1,378 ₹ 1,487 ₹ 1,601
₹ 22 ₹ 24 ₹ 25 ₹ 27 ₹ 29

2025E 2026E 2027E 2028E 2029E

₹ 17,057 ₹ 18,496 ₹ 19,664 ₹ 21,184 ₹ 22,771
8.4% 8.4% 6.3% 7.7% 7.5%
₹ 1,163 ₹ 1,371 ₹ 1,582 ₹ 1,822 ₹ 2,116
12.2% 17.8% 15.4% 15.1% 16.1%
₹ 18,220 ₹ 19,867 ₹ 21,247 ₹ 23,005 ₹ 24,887
8.7% 9.0% 6.9% 8.3% 8.2%
₹ 18,220 ₹ 19,867 ₹ 21,247 ₹ 23,005 ₹ 24,887
8.7% 9.0% 6.9% 8.3% 8.2%
₹ 228 ₹ 242 ₹ 258 ₹ 275 ₹ 292
6.4% 6.4% 6.4% 6.4% 6.4%

2025E 2026E 2027E 2028E 2029E

₹ 10,568 ₹ 11,572 ₹ 12,429 ₹ 13,516 ₹ 14,683
58.0% 58.2% 58.5% 58.7% 59.0%
₹ 9,516 ₹ 10,420 ₹ 11,192 ₹ 12,170 ₹ 13,221
90.0% 90.0% 90.0% 90.0% 90.0%
₹ 1,048 ₹ 1,147 ₹ 1,232 ₹ 1,340 ₹ 1,456
9.9% 9.9% 9.9% 9.9% 9.9%
₹ 4 ₹ 5 ₹ 5 ₹ 6 ₹ 6
0.0% 0.0% 0.0% 0.0% 0.0%
₹ 728 ₹ 747 ₹ 774 ₹ 806 ₹ 839
4.0% 3.8% 3.6% 3.5% 3.4%
4529 4579 4629 4679 4729
50 50 50 50 50
₹ 0.16 ₹ 0.16 ₹ 0.17 ₹ 0.17 ₹ 0.18
1.5% 1.5% 2.5% 3.0% 3.0%
₹ 752 ₹ 839 ₹ 919 ₹ 1,007 ₹ 1,114
4.1% 4.2% 4.3% 4.4% 4.5%
 11.4% 11.7% 9.5% 9.5% 10.7%
₹ 2,017 ₹ 2,172 ₹ 2,301 ₹ 2,477 ₹ 2,640
11.1% 10.9% 10.8% 10.8% 10.6%
₹ 61 ₹ 63 ₹ 69 ₹ 75 ₹ 81
0.3% 0.3% 0.3% 0.3% 0.3%
₹ 327 ₹ 327 ₹ 327 ₹ 327 ₹ 327
₹ 88 ₹ 88 ₹ 88 ₹ 88 ₹ 88
₹ 90 ₹ 91 ₹ 90 ₹ 91 ₹ 91
0.5% 0.5% 0.4% 0.4% 0.4%
₹ 867 ₹ 945 ₹ 1,011 ₹ 1,114 ₹ 1,226
4.8% 4.8% 4.8% 4.8% 4.9%
₹ 585 ₹ 658 ₹ 717 ₹ 783 ₹ 827
3.2% 3.3% 3.4% 3.4% 3.3%
₹ -65 ₹ -50 ₹ -30 ₹ -10 ₹ -
₹ - ₹ - ₹ - ₹ - ₹ -
₹ 1,204 ₹ 1,317 ₹ 1,401 ₹ 1,512 ₹ 1,628
30.0% 30.0% 30.0% 30.0% 30.0%
₹ 1,184 ₹ 1,295 ₹ 1,378 ₹ 1,487 ₹ 1,601
98.3% 98.3% 98.3% 98.3% 98.3%
₹ 22 ₹ 24 ₹ 25 ₹ 27 ₹ 29
1.8% 1.8% 1.8% 1.8% 1.8%

2025E 2026E 2027E 2028E 2029E

₹ 24 ₹ 24 ₹ 24 ₹ 24 ₹ 24
₹ 6,576 ₹ 9,477 ₹ 12,558 ₹ 15,881 ₹ 19,450
₹ 25 ₹ 25 ₹ 25 ₹ 25 ₹ 25
24 24 24 24 24
₹ 1 ₹ 1 ₹ 1 ₹ 1 ₹ 1

2025E 2026E 2027E 2028E 2029E

₹ 578 ₹ 578 ₹ 578 ₹ 578 ₹ 578

₹- ₹- ₹- ₹- ₹-
₹ 26 ₹ 26 ₹ 26 ₹ 26 ₹ 26
₹ 188 ₹ 188 ₹ 188 ₹ 188 ₹ 188
₹ 130 ₹ 130 ₹ 130 ₹ 124 ₹ 117
₹- ₹- ₹- ₹- ₹-
₹ 492 ₹ 492 ₹ 492 ₹ 492 ₹ 492
₹ 44 ₹ 44 ₹ 44 ₹ 44 ₹ 44
₹ 68 ₹ 68 ₹ 68 ₹ 68 ₹ 68
₹ 59 ₹ 59 ₹ 59 ₹ 59 ₹ 59
₹ 6 ₹ 6 ₹ 6 ₹ 6 ₹ 6
₹ 20 ₹ 20 ₹ 20 ₹ 20 ₹ 20
₹ 66 ₹ 66 ₹ 66 ₹ 66 ₹ 66
₹ 31 ₹ 31 ₹ 31 ₹ 31 ₹ 31
₹ 2 ₹ 2 ₹ 2 ₹ 2 ₹ 2
₹- ₹- ₹- ₹- ₹-
₹ - ₹ - ₹ - ₹ - ₹ -

2025E 2026E 2027E 2028E 2029E

₹ 7,652 ₹ 8,294 ₹ 8,817 ₹ 9,490 ₹ 10,204
42.0% 41.8% 41.5% 41.3% 41.0%
5.2% 8.4% 6.3% 7.6% 7.5%

₹ 4,156 ₹ 4,536 ₹ 4,823 ₹ 5,200 ₹ 5,611

22.8% 22.8% 22.7% 22.6% 22.5%
66.6% 9.2% 6.3% 7.8% 7.9%

₹ 3,825 ₹ 4,173 ₹ 4,425 ₹ 4,765 ₹ 5,136

21.0% 21.0% 20.8% 20.7% 20.6%
74.4% 9.1% 6.0% 7.7% 7.8%

₹ 4,156 ₹ 4,536 ₹ 4,823 ₹ 5,200 ₹ 5,611

22.8% 22.8% 22.7% 22.6% 22.5%
3.9% 9.2% 6.3% 7.8% 7.9%

₹ 2,743 ₹ 3,021 ₹ 3,238 ₹ 3,516 ₹ 3,798

14.9% 15.0% 15.1% 15.1% 15.1%
28.6% 10.1% 7.2% 8.6% 8.0%
Working Capital Schedule 2021A 2022A 2023A 2024A 2025E
Current Assets Other than cash
Inventories ₹ 1,091 ₹ 1,367 ₹ 1,193 ₹ 1,181 ₹ 1,536
Financial Assets:
(i) Trade Receivables ₹ 257 ₹ 332 ₹ 329 ₹ 393 ₹ 427
(iv) Other Financial Liabilities ₹ 942 ₹ 698 ₹ 560 ₹ 460 ₹ 833
(iii) Other Bank Balances ₹ 69 ₹ 67 ₹ 96 ₹ 124 ₹ 106
(iv) Other Financial Assets ₹ 403 ₹ 428 ₹ 452 ₹ 531 ₹ 548
(v) Investments ₹ 1,393 ₹ 834 ₹ 1,801 ₹ 1,697 ₹ 1,716
Current Tax Assets (Net) ₹ - ₹ - ₹ - ₹ - ₹ -
Other Current Assets ₹ 122 ₹ 126 ₹ 181 ₹ 134 ₹ 170
Current Liabilities
Financial Liabilities
(i) Borrowings ₹ 1,357 ₹ 1,759 ₹ 1,429 ₹ 1,136 ₹ 1,745
(ii) Lease Liabilities ₹ 2 ₹ 2 ₹ 3 ₹ 4 ₹ 4
(iii) Trade Payables: ₹ 1,313 ₹ 1,285 ₹ 1,449 ₹ 1,627 ₹ 1,768
(iv) Other Financial Liabilities ₹ 332 ₹ 424 ₹ 496 ₹ 497 ₹ 525
Provisions ₹ 387 ₹ 485 ₹ 513 ₹ 559 ₹ 586
Other Current Liabilities ₹ 141 ₹ 127 ₹ 176 ₹ 167 ₹ 586
Current tax liabilities ₹ 76 ₹ 75 ₹ 68 ₹ 93 ₹ 184
Net Working Capital ₹ 669 ₹ -305 ₹ 478 ₹ 437 ₹ -62
Changes in NWC ₹ -974 ₹ 783 ₹ -41 ₹ -499

Current Assets as days of sales: 2021A 2022A 2023A 2024A 2025E

Inventories 30 35 27 26 31
Financial Assets:
(i) Trade Receivables 7 9 7 9 9
(ii) Loans (receivable from financing activity) 26 18 13 10 17
(iii) Other Bank Balances 2 2 2 3 2
(iv) Other Financial Assets 11 11 10 12 11
(v) Investments 39 22 40 37 34
Current Tax Assets (Net) 0 0 0 0 0
Other Current Assets 3 3 4 3 3
Current Liabilities as days of sales: 2021A 2022A 2023A 2024A 2025E
Financial Liabilities:
(i) Borrowings 38 45 32 25 35
(ii) Lease Liabilities 0 0 0 0 0
(iii) Trade Payables: 36 33 32 35 35
(iv) Other Financial Liabilities less current maturities 9 11 11 11 11
Provisions 11 13 11 12 12
Other Current Liabilities 4 3 4 4 4
Current tax liabilities 11 13 11 12 12
2026E 2027E 2028E 2029E Debt Schedule 2021A 2022A 2023A 2024A
Long Term Borrowings ₹ 747 ₹ 707 ₹ 1,552 ₹ 905
₹ 1,784 ₹ 2,024 ₹ 1,940 ₹ 2,098 Current Maturities ₹ - ₹ - ₹ - ₹ -
Total Borrowings ₹ 747 ₹ 707 ₹ 1,552 ₹ 905
₹ 466 ₹ 498 ₹ 477 ₹ 516
₹ 908 ₹ 971 ₹ 1,052 ₹ 1,138 Finance Cost ₹ 111 ₹ 144 ₹ 169 ₹ 164
₹ 116 ₹ 124 ₹ 134 ₹ 145 Lease Liabilities ₹ - ₹ - ₹ - ₹ -
₹ 598 ₹ 639 ₹ 692 ₹ 749 Interest Cost ₹ 111 ₹ 144 ₹ 169 ₹ 164
₹ 1,871 ₹ 2,001 ₹ 2,167 ₹ 2,344 Cost of Debt 14.9% 20.4% 10.9% 18.1%
₹ - ₹ - ₹ - ₹ - New Debt Raised
₹ 185 ₹ 198 ₹ 215 ₹ 232 Exsisting Debt Repaid
Net Debt Raised
Total Dividend Paid ₹ 2,842 ₹ 1,794 ₹ 1,361 ₹ 1,734
₹ 1,903 ₹ 2,035 ₹ 2,204 ₹ 2,384 (%tage of Face Value) 11800% 7450% 5650% 7200%
₹ 5 ₹ 5 ₹ 5 ₹ 6 Payout Ratio 153.6% 118.3% 58.8% 81.3%
₹ 1,928 ₹ 2,037 ₹ 2,206 ₹ 2,318
₹ 573 ₹ 613 ₹ 663 ₹ 718
₹ 639 ₹ 683 ₹ 739 ₹ 800
₹ 639 ₹ 683 ₹ 739 ₹ 800 `
₹ 201 ₹ 215 ₹ 233 ₹ 252
₹ 42 ₹ 185 ₹ -115 ₹ -56
₹ 103 ₹ 143 ₹ -300 ₹ 59

2026E 2027E 2028E 2029E

33 35 31 31

9 9 8 8
17 17 17 17
2 2 2 2
11 11 11 11
34 34 34 34
0 0 0 0
3 3 3 3
2026E 2027E 2028E 2029E

35 35 35 35
0 0 0 0
35 35 35 34
11 11 11 11
12 12 12 12
4 4 4 4
12 12 12 12
2025E 2026E 2027E 2028E 2029E Capex Schedule 2021A
₹ 679 ₹ 453 ₹ 226 ₹ 0 ₹ 0 Property, Plant & Equipment ₹ 1,634
₹ - ₹ - ₹ - ₹ - ₹ - Intangible Assets ₹ 9
₹ 679 ₹ 453 ₹ 226 ₹ 0 ₹ 0 Right-of-use Assets ₹-
Investment Properties ₹ 14
₹ 39 ₹ 26 ₹ 13 ₹ 0 ₹ 0
₹ - ₹ - ₹ - ₹ - ₹ - Gross Long Term Assets: ₹ 2,620
₹ 39 ₹ 26 ₹ 13 ₹ 0 ₹ 0 Property, Plant & Equipment ₹ 2,574
5.8% 5.8% 5.8% 5.8% 5.8% Intangible Assets ₹ 30
₹ - ₹ - ₹ - ₹ - ₹ - Right-of-use Assets ₹ -
₹ 226 ₹ 226 ₹ 226 ₹ 226 ₹ - Investment Properties ₹ 16
₹ -226 ₹ -226 ₹ -226 ₹ -226 ₹ - Accumulated Depreciation: ₹ 963
₹ 84 ₹ 120 ₹ 157 ₹ 193 ₹ 229 Property, Plant & Equipment ₹ 940
350% 500% 650% 800% 950% Intangible Assets ₹ 22
3.1% 4.0% 4.8% 5.5% 6.0% Right-of-use Assets ₹ -
Investment Properties ₹ 2
Net Long Term Assets ₹ 1,657
Property, Plant & Equipment ₹ 1,634
Intangible Assets ₹ 9
Right-of-use Assets ₹ -
Investment Properties ₹ 14
Depreciation and amortisation expense ₹ 198
As a % of Opening GLTA 7.6%

Total Capex
Maintenance Capex
Growth Capex
 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E
₹ 1,584 ₹ 2,472 ₹ 2,603 ₹ 2,721 ₹ 2,838 ₹ 2,953 ₹ 3,065 ₹ 3,175
₹ 16 ₹ 14 ₹ 11 ₹ 9 ₹ 7 ₹ 5 ₹ 2 ₹ -1
₹- ₹- ₹- ₹ - ₹ - ₹ - ₹ - ₹ -
₹ 14 ₹ 41 ₹ 27 ₹ 30 ₹ 33 ₹ 36 ₹ 39 ₹ 43

₹ 2,809 ₹ 4,022 ₹ 4,430 ₹ 4,880 ₹ 5,360 ₹ 5,873 ₹ 6,421 ₹ 7,006

₹ 2,751 ₹ 3,934 ₹ 4,356 ₹ 4,799 ₹ 5,271 ₹ 5,776 ₹ 6,314 ₹ 6,889
₹ 42 ₹ 44 ₹ 45 ₹ 49 ₹ 54 ₹ 59 ₹ 65 ₹ 71
₹ - ₹ - ₹ - ₹ - ₹ - ₹ - ₹ - ₹ -
₹ 16 ₹ 43 ₹ 29 ₹ 32 ₹ 35 ₹ 38 ₹ 42 ₹ 46
₹ 1,195 ₹ 1,495 ₹ 1,788 ₹ 2,119 ₹ 2,482 ₹ 2,880 ₹ 3,314 ₹ 3,789
₹ 1,167 ₹ 1,462 ₹ 1,753 ₹ 2,077 ₹ 2,433 ₹ 2,823 ₹ 3,249 ₹ 3,714
₹ 26 ₹ 30 ₹ 34 ₹ 40 ₹ 47 ₹ 55 ₹ 63 ₹ 72
₹ - ₹ - ₹ - ₹ - ₹ - ₹ - ₹ - ₹ -
₹ 2 ₹ 3 ₹ 1 ₹ 2 ₹ 2 ₹ 2 ₹ 3 ₹ 3
₹ 1,614 ₹ 2,527 ₹ 2,641 ₹ 2,761 ₹ 2,878 ₹ 2,994 ₹ 3,106 ₹ 3,217
₹ 1,584 ₹ 2,472 ₹ 2,603 ₹ 2,721 ₹ 2,838 ₹ 2,953 ₹ 3,065 ₹ 3,175
₹ 16 ₹ 14 ₹ 11 ₹ 9 ₹ 7 ₹ 5 ₹ 2 ₹ -1
₹ - ₹ - ₹ - ₹ - ₹ - ₹ - ₹ - ₹ -
₹ 14 ₹ 41 ₹ 27 ₹ 30 ₹ 33 ₹ 36 ₹ 39 ₹ 43
₹ 200 ₹ 226 ₹ 300 ₹ 330 ₹ 363 ₹ 398 ₹ 435 ₹ 474
7.1% 5.6% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8%

₹ 387 ₹ 1,413 ₹ 376 ₹ 450 ₹ 480 ₹ 513 ₹ 548 ₹ 585

₹ 198 ₹ 200 ₹ 226 ₹ 300 ₹ 330 ₹ 363 ₹ 398 ₹ 435
₹ 189 ₹ 1,213 ₹ 150 ₹ 150 ₹ 150 ₹ 150 ₹ 150 ₹ 150
Month BRITANIA SENSEX BRITANIA Sensex Return
Apr-20 2,865.34 9,859.90

May-20 3,092.11 9,580.30 7.9% -2.8%

Jun-20 3,297.97 10,302.10 6.7% 7.5%
Jul-20 3,499.11 11,073.45 6.1% 7.5%
Aug-20 3,409.84 11,387.50 -2.6% 2.8%
Sep-20 3,551.47 11,247.55 4.2% -1.2%
Oct-20 3,247.67 11,642.40 -8.6% 3.5%
Nov-20 3,401.67 12,968.95 4.7% 11.4%
Dec-20 3,344.07 13,981.75 -1.7% 7.8%
Jan-21 3,273.71 13,634.60 -2.1% -2.5%
Feb-21 3,145.28 14,529.15 -3.9% 6.6%
Mar-21 3,389.61 14,690.70 7.8% 1.1%
Apr-21 3,224.99 14,631.10 -4.9% -0.4%
May-21 3,277.27 15,582.80 1.6% 6.5%
Jun-21 3,481.97 15,721.50 6.2% 0.9%
Jul-21 3,266.11 15,763.05 -6.2% 0.3%
Aug-21 3,813.83 17,132.20 16.8% 8.7%
Sep-21 3,767.51 17,618.15 -1.2% 2.8%
Oct-21 3,506.87 17,671.65 -6.9% 0.3%
Nov-21 3,382.60 16,983.20 -3.5% -3.9%
Dec-21 3,440.32 17,354.05 1.7% 2.2%
Jan-22 3,372.87 17,339.85 -2.0% -0.1%
Feb-22 3,269.98 16,793.90 -3.1% -3.1%
Mar-22 3,059.08 17,464.75 -6.4% 4.0%
Apr-22 3,128.58 17,102.55 2.3% -2.1%
May-22 3,480.20 16,584.55 11.2% -3.0%
Jun-22 3,307.14 15,780.25 -5.0% -4.8%
Jul-22 3,785.38 17,158.25 14.5% 8.7%
Aug-22 3,637.23 17,759.30 -3.9% 3.5%
Sep-22 3,729.72 17,094.35 2.5% -3.7%
Oct-22 3,655.48 18,012.20 -2.0% 5.4%
Nov-22 4,233.66 18,758.35 15.8% 4.1%
Dec-22 4,180.43 18,105.30 -1.3% -3.5%
Jan-23 4,190.28 17,662.15 0.2% -2.4%
Feb-23 4,330.18 17,303.95 3.3% -2.0%
Mar-23 4,194.69 17,359.75 -3.1% 0.3%
Apr-23 4,419.27 18,065.00 5.4% 4.1%
May-23 4,597.21 18,534.40 4.0% 2.6%
Jun-23 4,959.99 19,189.05 7.9% 3.5%
Jul-23 4,732.35 19,753.80 -4.6% 2.9%
Aug-23 4,410.34 19,253.80 -6.8% -2.5%
Sep-23 4,478.85 19,638.30 1.6% 2.0%
Oct-23 4,369.62 19,079.60 -2.4% -2.8%
Nov-23 4,790.30 20,133.15 9.6% 5.5%
Dec-23 5,269.86 21,731.40 10.0% 7.9%
Jan-24 5,131.61 21,725.70 -2.6% 0.0%
 Feb-24 4,901.40 21,982.80 -4.5% 1.2%
Mar-24 4,848.15 22,326.90 -1.1% 1.6%
Apr-24 4,714.58 22,604.85 -2.8% 1.2%
May-24 5,113.25 22,530.70 8.5% -0.3%
Jun-24 5,405.20 24,010.60 5.7% 6.6%
Jul-24 5,710.13 24,951.15 5.6% 3.9%
Aug-24 5,780.02 25,235.90 1.2% 1.1%
Sep-24 6,338.15 25,810.85 9.7% 2.3%
Oct-24 5,726.90 24,205.35 -9.6% -6.2%
Nov-24 4,941.15 24,131.10 -13.7% -0.3%
Dec-24 4,762.75 23,644.80 -3.6% -2.0%
Jan-25 5,129.65 23,508.40 7.7% -0.6%
Feb-25 4,595.45 22,124.70 -10.4% -5.9%
Mar-25 4,796.85 23,658.35 4.4% 6.9%
25.3.2025 4,845.20 23,668.65
 Terminal Growth Rate
Beta 0.27 Britania 18.3%
Weight of Debt(Wd) 18.6% FMCG 7.0%
Weight of Equity(We) 81.4% Economy 6.4%
Risk free rate(Rf)(10 year govt security) 7.14% Population 0.9%
Equity risk premium 7.81% Sum of Weights
Tax 30% Terminal Growth Rate
Cost of Equity 0.09 g = (1 - payout rate)*ROE
Cost of Debt 0.13
WACC 9.9%
Weights
17.5%
27.5% distribute the weightage
13.0%
42.0%
100.0%
6.34%
Free Cashflow to Firm Calculation 2024A 2025E 2026E 2027E 2028E 2029E
EBITDA ₹ 2,494 ₹ 4,156 ₹ 4,536 ₹ 4,823 ₹ 5,200 ₹ 5,611
EBIT ₹ 2,194 ₹ 3,825 ₹ 4,173 ₹ 4,425 ₹ 4,765 ₹ 5,136
EBIT(1-t) (or NOPAT) ₹ 1,536 ₹ 2,678 ₹ 2,921 ₹ 3,098 ₹ 3,336 ₹ 3,595
Add Depreciation ₹ 300 ₹ 330 ₹ 363 ₹ 398 ₹ 435 ₹ 474
Less Change in Net Working Capital ₹ -41 ₹ -499 ₹ 103 ₹ 143 ₹ -300 ₹ 59
Less Capital Expenditure ₹ -376 ₹ -450 ₹ -480 ₹ -513 ₹ -548 ₹ -585
FCFF ₹ 1,419 ₹ 2,059 ₹ 2,907 ₹ 3,126 ₹ 2,923 ₹ 3,544
FCFF Growth 41.2% 7.5% -6.5% 21.2%

Valuation Parameters
Valuation as on Specified Date 3/25/2025
Date of Year Ending 3/31/2025
Tax Rate (Effective Future Rate) 30.0%
WACC 9.9%
Terminal Growth Rate 6.3%

Years 2025E 2026E 2027E 2028E 2029E

Time to Cashflow in Years 0.02 1.02 2.02 3.02 4.02
FCFF ₹ 2,059 ₹ 2,907 ₹ 3,126 ₹ 2,923 ₹ 3,544
Discounted FCFF ₹ 2,056 ₹ 2,642 ₹ 2,585 ₹ 2,200 ₹ 2,427

Terminal Value of FCFF ₹ 106,361

NPV of Explicit Cash Flows ₹ 11,910
NPV of Terminal Value ₹ 72,848
Enterprise Value ₹ 84,758
Less Debt ₹ 905
Add Cash ₹ 323
No. of Shares Outstanding (in crores) 24
Equity Value ₹ 84,176
CMP(Current Market Price) ₹ 4,845.2
Value per Share (today) ₹ 3,495
Upside/Downside -27.9%
FCFF

1 Year Price Target:

Growth Rate

Valuation as on Specified Date 3/25/2026

Date of Year Ending 3/31/2026
Tax Rate (Effective future Rate) 30.0%
Equity ₹ 6,625
Debt ₹ 679
WACC 9.9%
Terminal Growth Rate 6.3%
 WACC
₹ 3,495 9.3% 9.5% 9.7% 9.9% 10.1% 10.3% 10.5%
6.0%
6.1%
6.2%
6.3%
6.4%
6.5%
6.6%
Free Cashflow to Equity Calculation 2024A 2025E 2026E 2027E 2028E 2029E
EBIT - Interest - Tax ₹ 1,487 ₹ 2,650 ₹ 2,903 ₹ 3,089 ₹ 3,336 ₹ 3,595
Add Depreciation ₹ 300 ₹ 330 ₹ 363 ₹ 398 ₹ 435 ₹ 474
Less Change in Net Working Capital ₹ -41 ₹ -499 ₹ 103 ₹ 143 ₹ -300 ₹ 59
Less Capital Expenditure ₹ 376 ₹ 450 ₹ 480 ₹ 513 ₹ 548 ₹ 585
Add Net Borrowings ₹ -940 ₹ 383 ₹ -68 ₹ -94 ₹ -58 ₹ 180
FCFE ₹ 512 ₹ 3,413 ₹ 2,614 ₹ 2,736 ₹ 3,465 ₹ 3,606
FCFF Growth 566.8% -23.4% 4.7% 26.6% 4.1%

Valuation Parameters
Valuation as on Specified Date 3/25/2025
Date of Year Ending 3/31/2025
Tax Rate (Effective Future Rate) 30.0%
Ke 9.2%
Terminal Growth Rate 6.3%

Years 2025E 2026E 2027E 2028E 2029E 2030E

Time to Cashflow in Years 0.02 1.02 2.02 3.02 4.02 5.02
FCFE ₹ 3,413 ₹ 2,614 ₹ 2,736 ₹ 3,465 ₹ 3,606 ₹ 4,183
Discounted FCFE ₹ 3,408 ₹ 2,389 ₹ 2,289 ₹ 2,654 ₹ 2,529 ₹ 2,685

Terminal Value of FCFF ₹ 232,428

NPV of Explicit Cash Flows ₹ 27,382
NPV of Terminal Value ₹ 104,756
Equity Value ₹ 132,139
No. of Shares Outstanding (in crores) 24
CMP ₹ 4,845.2
Value per Share (today) ₹ 5,486
Upside/Downside 13%

1 Year Price Target:

Valuation as on Specified Date 3/25/2026
Date of Year Ending 3/31/2026
Tax Rate (Effective future Rate) 30.00%
Ke 9.2%
Terminal Growth Rate 6.3%

Free Cashflow to Equity Calculation 2026E 2027E 2028E 2029E 2030E 2031E
EBIT - Interest - Tax ₹ 2,903 ₹ 3,089 ₹ 3,336 ₹ 3,595
Add Depreciation ₹ 363 ₹ 398 ₹ 435 ₹ 474
Less Change in Net Working Capital ₹ 103 ₹ 143 ₹ -300 ₹ 59
Less Capital Expenditure ₹ 480 ₹ 513 ₹ 548 ₹ 585
Add Net Borrowings ₹ -68 ₹ -94 ₹ -58 ₹ 180
FCFE ₹ 2,614 ₹ 2,736 ₹ 3,465 ₹ 3,606 ₹ 4,183 ₹ 4,769
FCFF Growth 4.7% 26.6% 4.1% 16.0% 14.0%
Years 2026E 2027E 2028E 2029E 2030E 2031E
Time to Cashflow in Years 0.0 1.0 2.0 3.0 4.0 5.0
FCFF ₹ 2,614 ₹ 2,736 ₹ 3,465 ₹ 3,606 ₹ 4,183 ₹ 4,769
Discounted FCFF ₹ 2,610 ₹ 2,501 ₹ 2,899 ₹ 2,762 ₹ 2,933 ₹ 3,061

Terminal Value of FCFF ₹ 232,428

NPV of Explicit Cash Flows ₹ 26,190
NPV of Terminal Value ₹ 114,437
Equity Value ₹ 140,627
CMP ₹ 4,845
Value per Share (1 Year Price Target) ₹ 5,838
Upside/Downside 20%
2030E 2031E 2032E 2033E 2034E

₹ 4,183 ₹ 4,769 ₹ 5,341 ₹ 5,876 ₹ 6,346

16.0% 14.0% 12.0% 10.0% 8.0%

2031E 2032E 2033E 2034E

6.02 7.02 8.02 9.02
₹ 4,769 ₹ 5,341 ₹ 5,876 ₹ 6,346
₹ 2,802 ₹ 2,873 ₹ 2,893 ₹ 2,860

2032E 2033E 2034E

₹ 5,341 ₹ 5,876 ₹ 6,346

12.0% 10.0% 8.0%
 2032E 2033E 2034E
6.0 7.0 8.0
₹ 5,341 ₹ 5,876 ₹ 6,346
₹ 3,138 ₹ 3,160 ₹ 3,124

Cost of Equity
FCFE
₹ 5,838 9.3% 9.5% 9.7%
6.0%
6.1%
Growth Rate

6.2%
6.3%
6.4%
6.5%
6.6%

Cost of Equity
FCFE
20% 8.6% 8.8% 9.0%
6.0%
6.1%
Growth Rate

6.2%
6.3%
6.4%
6.5%
6.6%
Cost of Equity
9.9% 10.1% 10.3% 10.5%

Cost of Equity
9.2% 9.4% 9.6% 9.8%
 Segments Particulars Multiple Value
Indian Business ₹ 1,264 EV/EBITDA 36
International Business ₹ 421 EV/EBITDA 17
Britannia Premium Bake Rusk ₹ 211 EV/EBITDA 15
Britannia Pure Cow Ghee, 1 L ₹ 690 EV/Sales 4
Total EV
Less Debt
Add Cash
Equity Value
Number of Shares (in crores)
1 year Target Price
CMP
Upside/Dowside

Britannia Premium Bake Rusk

Britannia Premium Bake Rusk Income Statement 2021A 2022A 2023A
Revenue from Operations ₹ 790 ₹ 1,560 ₹ 1,834
Growth Rate 97.5% 17.6%
Other Revenue ₹ 69 ₹ 22 ₹ 18
Growth Rate -68.3% -16.3%
Cost of raw materials ₹ 236 ₹ 607 ₹ 593
as a % of Revenue from Operations 29.9% 38.9% 32.3%
Purchases of stock in trade ₹ 45 ₹ 142 ₹ 333
as a % of Revenue from Operations 5.7% 9.1% 18.2%
Changes in inventories of FG, stock and WIP ₹ -3 ₹ -21 ₹ -18
as a % of Revenue from Operations 0.4% 1.4% 1.0%
Employee benefits expense ₹ 172 ₹ 304 ₹ 310
Number of employees 5975 5880 5951
Net addition -95 71
Expense per employee ₹ 0.052 ₹ 0.052
Growth rate of expense per employee 1.0%
Other expenses ₹ 183 ₹ 271 ₹ 342
as a % of Revenue from Operations 23.2% 17.4% 18.6%
EBITDA ₹ 226 ₹ 279 ₹ 292
EBITDA Margin 26.3% 17.6% 15.8%

Britannia Pure Cow Ghee, 1 L

Particulars 2021A 2022E 2023E
Revenue ₹ 900 ₹ 690 ₹ 780
EBITDA Margin -2.3% 2.0% 2.6%
Number of Stores 185 224 269
Revenue per Store ₹ 4 ₹ 5 ₹ 5
EBITDA per Store ₹ -0 ₹ 0 ₹ 0
EBITDA ₹ -17 ₹ 20 ₹ 36
Annual Increase in Number of Stores 39 45
Revenue Growth per Store 8.8% 10.0% 11.0%
Revenue Growth 20.0% -23.3% 13.0%
Revenue per Store in FY19 ₹ 3 ₹ 3 ₹ 3
Stores at Beginning of FY 146 185 224
Revenue Multiple 4.2 4.2 4.2

SOTP Breakup
Revenue 2023A 2024A 2025E
Indian Business ₹ 15,409 ₹ 15,732 ₹ 17,057
International Business ₹ 892 ₹ 3,226 ₹ 1,163

EBIT 2023A 2024A 2025A

Indian Business ₹ 1,395 ₹ 1,188 ₹ 1,433
International Business ₹ 465 ₹ 396 ₹ 478

Depreciation 2023A 2024A 2025A

Indian Business ₹ 149 ₹ 150 ₹ 170
International Business ₹ 50 ₹ 50 ₹ 57

EBITDA 2023A 2024A 2025A

Indian Business ₹ 1,247 ₹ 1,038 ₹ 1,264
International Business ₹ 416 ₹ 346 ₹ 421

EBITDA Margins 2023A 2024A 2025A

Indian Business 8.1% 6.6% 7.4%
International Business 46.6% 10.7% 36.2%

Business EV Share Price Contribution

Indian Business ₹ 45,496 ₹ 1,889 82.6%
International Business ₹ 7,161 ₹ 297 13.0%
Britannia Premium Bake Rusk ₹ 999 ₹ 41 1.8%
Britannia Pure Cow Ghee, 1 ₹ 1,446 ₹ 60 2.6%
Cash ₹ - ₹ - 0.0%
Total ₹ 55,102 ₹ 2,288 100.0%
 EV
₹ 45,496
₹ 7,161
₹ 999
₹ 1,446
₹ 55,102
₹ -
₹ -
₹ 55,102
24
₹ 2,288
₹ 4,845
-52.8%

Comparable Companies
2024A 2025E 2026E Company Name EV / EBITDA
₹ 1,876 ₹ 1,773 ₹ 1,980 Andrew Yule & Co Ltd -38.3
2.3% -5.5% 10.0% Asian Tea & Exports Ltd 9.9
₹ 21 ₹ 23 ₹ 25 Carabao Group PCL 26.1
12.4% 10.0% 10.0% CCL Products India Ltd 12.6
₹ 688 ₹ 625 ₹ 688 Delta Djakarta Tbk PT 9.1
36.7% 35.3% 34.7% Diana Tea Co Ltd 16.0
₹ 322 ₹ 313 ₹ 345 Goodricke Group Ltd 15.8
17.2% 17.7% 17.4% James Warren Tea Ltd 14.9
₹ -47 ₹ -29 ₹ -34 Jay Shree Tea and Industries Ltd -17.5
2.5% 1.6% 1.7% Luckin Coffee Inc NA
₹ 327 ₹ 350 ₹ 378 McLeod Russel India Ltd 42.3
5687 5637 5687 Nimbus Industries Ltd NA
-264 -50 50 Norben Tea and Exports Ltd NA
₹ 0.057 ₹ 0.062 ₹ 0.066 Osotspa PCL 19.8
9.3% 8.0% 7.0% Power Root Bhd 13.5
₹ 356 ₹ 325 ₹ 369 Rossell India Ltd 10.9
19.0% 18.3% 18.6% Terai Tea Co Ltd 8.8
₹ 251 ₹ 211 ₹ 259 United Nilgiri Tea Estates Company Ltd 10.5
13.2% 11.8% 12.9% Varun Beverages Ltd 14.0
Vinacafe Bien Hoa JSC 7.8
Average 10.4
Median 12.6
Tata Coffee Ltd

Britannia Pure Cow Ghee, 1 L Projections

2024E 2025E 2026E 2027E 2028E 2029E
₹ 1,200 ₹ 1,367 ₹ 2,246 ₹ 2,604 ₹ 3,008 ₹ 3,463
 3.4% 4.4% 5.7% 7.3% 9.5% 12.3%
319 343 367 391 415 439
₹ 5 ₹ 6 ₹ 6 ₹ 7 ₹ 7 ₹ 8
₹ 0 ₹ 0 ₹ 0 ₹ 0 ₹ 1 ₹ 1
₹ 55 ₹ 84 ₹ 127 ₹ 191 ₹ 286 ₹ 427
50 24 24 24 24 24
8.8% 8.8% 8.8% 8.8% 8.8% 8.8%
53.8% 13.9% 64.3% 15.9% 15.5% 15.1%
₹ 3 ₹ 3 ₹ 3 ₹ 3 ₹ 3 ₹ 3
269 319 343 367 391 415
4.2 4.2 4.2 4.2 4.2 4.2
 Multiple EBITDA Value Average Value
EBITDA in Rs Crore 12.6 ₹ 211 ₹ 2,653 ₹ 2,164
₹ -19 7.8 ₹ 1,653 ₹ 1,248
₹ 3 10.4 ₹ 2,187 ₹ 999
₹ 822
₹ 278
₹ 189
₹ 3
₹ 31
₹ 9
₹ -48
NA
₹ 152
NA
NA
₹ 1,036
₹ 116
₹ 57
₹ 6
₹ 12
₹ 1,530
₹ 270
₹ 261
₹ 56.9
₹ 211

2030E 2031E
₹ 3,975 ₹ 4,550
 16.0% 20.7%
463 487
₹ 9 ₹ 9
₹ 1 ₹ 2
₹ 635 ₹ 943
24 24
8.8% 8.8%
14.8% 14.5%
₹ 3 ₹ 3
439 463
4.2 4.2
Peer Products/ Operating Activity
Nestle Tea, Coffee, Chocolates, Dairy Products, Food
Bombay Burmah Plantations
CCL Products Coffee
Tata Coffee Tea, Coffee, Pepper, Grean Beans
Goodricke Group Tea
Mcleod Russel Tea
Jay Shree Tea Tea
Varun Beverages Sell and Distribute Beverages
Rossell India Tea, Aerospace and Defence
HUL Highly Diversified
ITC Highly Diversified
Britannia Biscuits, Breads, Dairy, Cakes, Rusk, Bakery Items
Dabur Personal Care, Digestive Skin Care, Foods, Oral Care, Home Care
Bajaj Consumer Hair Oil, Skin Care
Colgate Toothpaste, Tootbrush, Mouthwash, ToothPowder
Emami Face Cream, FaceWash, Balm, Oil, Talc, HairColor
GCPL Home Care, Soap, Hair Color
Jyothy Labs Scrubber, DishWash, Detergent
Marico Hair Oil, Hair Gel, Body Lotion

Model Suggested Price ₹ 475

Model Suggested Market Value ₹ 43,760
Non Current Debt ₹ 1,461
Less Cash ₹ 2,281
Model Suggested EV ₹ 42,940

Model Suggested EV ₹ 48,712

Less Non Current Debt ₹ 1,461
Cash ₹ 2,281
Model Suggested Market Value ₹ 49,532
Model Suggested Price ₹ 537

Weight Assigned to Price Model 70.0%

Weight Assigned to EV Model 30.0%
Relative Valuation ₹ 494

Price Today Min

EV/Sales ₹ 508
EV/EBIT ₹ 619
P/Sales ₹ 461
P/Earnings ₹ 111
Relative Valuation ₹ 475
Final Price ₹ 494
0
CMP ₹ 4,845
0

Ke 9.2%
1 Year Forward Price Min
EV/Sales ₹ 554
EV/EBIT ₹ 676
P/Sales ₹ 504
P/Earnings ₹ 121
Relative Valuation ₹ 519
Final Price ₹ 539
0
CMP ₹ 4,845
0
Industry Peer Similarity
Food and Beverage High
Tea and Coffee High
Coffee High
Tea and Coffee High
Tea High
Tea High
Tea High
Beverage High-Medium
Tea, Aerospace and Defence Medium
Food, Home Care, Personal Care, Tea, Coffee Medium
FMCG, Hotel, Paper, Packaging, Agri, IT Medium
Food Medium
Personal Care, Beverages Medium-Low
Personal Care Low
Personal Care Low
Personal Care Low
Personal Care Low
Home Care, Personal Care Low
Personal Care Low

Max
₹ 567
₹ 816
₹ 750
₹ 344

Relative
Valua- ₹ 111 ₹ 344 ₹
₹ 537
₹ 494
1 Relative
Valua- ₹ 111 ₹ 344 ₹
₹ 4,845 tion ₹ - ₹ 100 ₹ 200 ₹ 300 ₹ 400
1

Max
₹ 620
₹ 892
₹ 819
₹ 376
₹ 587
₹ 539
1
₹ 4,845
1

Relative
Valua- ₹ 121 ₹ 376 ₹ ₹50
tion ₹ - ₹ 100 ₹ 200 ₹ 300 ₹ 400
 Name CMP O/S Shares (Cr) EPS Sales (Cr) BV
Hindustan Unilever Ltd ₹ 2,264 235 ₹ 32 ₹ 43,806 ₹ 199
Britannia Industries Ltd ₹ 3,501 24 ₹ 74 ₹ 12,690 ₹ 111
Dabur India Ltd ₹ 515 177 ₹ 8 ₹ 6,784 ₹ 28
Nestle India Ltd ₹ 17,060 10 ₹ 215 ₹ 13,067 ₹ 236
ITC Ltd ₹ 203 1231 ₹ 11 ₹ 49,494 ₹ 48
Varun Beverages Ltd ₹ 899 29 ₹ 10 ₹ 6,339 ₹ 120
Bombay Burmah Trading Corporation Ltd ₹ 1,205 7 ₹ 77 ₹ 12,933 ₹ 770
CCL Products India Ltd ₹ 239 13 ₹ 13 ₹ 1,172 ₹ 76
Tata Coffee Ltd ₹ 111 19 ₹ 5 ₹ 2,180 ₹ 68
Goodricke Group Ltd ₹ 257 2 ₹ 20 ₹ 857 ₹ 175
Rossell India Ltd ₹ 123 4 ₹ 9 ₹ 309 ₹ 63
McLeod Russel India Ltd ₹ 18 10 ₹ -3 ₹ 1,273 ₹ 184
Jay Shree Tea and Industries Ltd ₹ 66 3 ₹ -9 ₹ 782 ₹ 101

Min ₹ 18 ₹ -9 ₹ 309 ₹ 28
Max ₹ 17,060 ₹ 215 ₹ 49,494 ₹ 770
Average ₹ 2,035 ₹ 36 ₹ 11,668 ₹ 168
Median ₹ 257 ₹ 11 ₹ 6,339 ₹ 111
Tata Consumer Products Ltd 92 ₹ 8 ₹ 10,393 ₹ 153

Relative
Valua- ₹ 111 ₹ 475₹ 508
₹ 344 ₹ 461 ₹ 537
₹₹619
567 ₹ 750 ₹ 816
Relative
Valua- ₹ 111 ₹ 475₹ 508
₹ 344 ₹ 461 ₹ 537
₹₹619
567 ₹ 750 ₹ 816
tion ₹ - ₹ 100 ₹ 200 ₹ 300 ₹ 400 ₹ 500 ₹ 600 ₹ 700 ₹ 800 ₹ 900

Relative
Valua- ₹ 121 ₹ 376 ₹ ₹504
519₹ 554 ₹ 587
₹ ₹676
620 ₹ 819 ₹ 892
tion ₹ - ₹ 100 ₹ 200 ₹ 300 ₹ 400 ₹ 500 ₹ 600 ₹ 700 ₹ 800 ₹ 900 ₹ 1,000
 FCF (Cr) EV (Cr) EBIT (Cr) P/E P/S P/BV P/CF EV/Sales EV/EBIT
₹ 6,813 ₹ 528,129 ₹ 10,161 70.4 12.1 11.4 93.6 12.1 52.0
₹ 1,241 ₹ 86,702 ₹ 2,469 47.4 6.7 31.5 89.6 6.8 35.1
₹ 902 ₹ 90,210 ₹ 1,659 67.6 13.4 18.2 104.1 13.3 54.4
₹ 2,081 ₹ 162,639 ₹ 2,910 79.4 12.6 72.2 88.2 12.4 55.9
₹ 12,276 ₹ 246,564 ₹ 17,981 17.8 5.1 4.2 23.4 5.0 13.7
₹ 572 ₹ 28,030 ₹ 682 116.9 4.1 7.5 89.8 4.4 41.1
₹ 1,155 ₹ 9,904 ₹ 2,366 6.0 0.7 1.6 9.5 0.8 4.2
₹ 14 ₹ 3,504 ₹ 237 18.1 2.7 3.1 -66.5 3.0 14.8
₹ 207 ₹ 3,068 ₹ 309 11.5 1.0 1.6 154.5 1.4 9.9
₹ 15 ₹ 633 ₹ 48 12.8 0.7 1.5 -63.0 0.7 13.2
₹ -52 ₹ 632 ₹ 61 13.5 1.5 1.9 -16.0 2.0 10.4
₹ 233 ₹ 2,206 ₹ 97 0.2 0.1 0.5 1.7 22.7
₹ -50 ₹ 521 ₹ 75 0.2 0.7 -5.8 0.7 6.9

₹ -52 ₹ 521 ₹ 48 6.0 0.2 0.1 -66.5 0.7 4.2

₹ 12,276 ₹ 528,129 ₹ 17,981 116.9 13.4 72.2 154.5 13.3 55.9
₹ 1,954 ₹ 89,442 ₹ 3,004 42.0 4.7 12.0 38.6 5.0 25.7
₹ 572 ₹ 9,904 ₹ 682 18.1 2.7 3.1 23.4 3.0 14.8
₹ 931 ₹ 1,368

816
 816
₹ 900

92
₹ 1,000
 Price Multiples
P/E EPS Value Max Value Weight Value Contribution
Upper 17.8 ₹ 8 ₹ 146 ₹ 344 50.0% ₹ 172
Lower 13.5 ₹ 111
Industry Average 42.0 ₹ 344
P/S Sales per Share Value Mean Value Weight Value Contribution
Upper 6.7 ₹ 113 ₹ 750 ₹ 606 50.0% ₹ 303
Lower 4.1 ₹ 461
P/BV BV per Share Value Mean Value Weight Value Contribution
Upper 11.4 ₹ 2 ₹ 19 ₹ 16 0.0% ₹ -
Lower 7.5 ₹ 12
P/CF CF per Share Value Mean Value Weight Value Contribution
Upper 89.8 ₹ 10 ₹ 908 ₹ 907 0.0% ₹ -
Lower 89.6 ₹ 905
 EV Multiples
EV/Sales Sales Value Mean value Weights Value Contribution
Lower 4.4 ₹ 10,393 ₹ 45,954 ₹ 48,712 100.0% ₹ 48,712
Upper 5.0 ₹ 51,470
EV/EBIT EBIT Value Mean value Weights Value Contribution
Lower 41.1 ₹ 1,368 ₹ 56,245 ₹ 65,330 0.0% ₹ -
Upper 54.4 ₹ 74,415
 Target Price Calculation 1 Year Forward Values Weights Upside/Downside
FCFF ₹ 3,495 12.5% -27.9%
FCFE ₹ 5,838 12.5% 20.5%
Relative ₹ 539 35.0% -88.9%
SOTP ₹ 2,288 40.0% -52.8%
1 Year Target Price ₹ 2,270 -53.1%
SOTP ₹ 4,667 25.0% -3.7%

Min Max Actual

FCFE based DCF ₹ 6,544 ₹ 29,279 ₹ 5,838
FCFF based DCF ₹ -233,632 ₹ 223,478 ₹ 3,495
Relative Pricing ₹ 519 ₹ 587 ₹ 539
Sum of the Parts ₹ - ₹ - ₹ 2,288
Blended Valuation ₹ 1,464 ₹ 6,032 ₹ 2,270
52 week High-Low ₹ 214 ₹ 654
Target Price ₹ 2,270 ₹ 2,270 X-Values
0 1 Y-Values
CMP ₹ 4,845 ₹ 4,845 X-Values
0 1 Y-Values
Blended Val- ₹ 214 ₹ 654
uation ₹ 519 ₹ 587
₹170 ₹270 ₹370 ₹470 ₹570 ₹670

CMP Target Price

 ₹ 587 ₹ 654 ₹ 1,464
6,544 ₹ 6,032
29,279
₹570 ₹670 ₹770

get Price
Frst, Stack and overlap, then change colours, add data labels
Add the data, change it into a scatter plot, then edit data and set x and y axis values
Revenue Behaviour 2017A 2018A 2019A 2020A 2021E
Revenue Growth Rate 7.6% 15.3% 2.9% 8.7%
Indian Business Growth Rate 8.4% 14.8% 2.1% 8.4%
Share of Revenue 94.3% 95.0% 94.5% 93.8% 93.6%
International Business Growth Rate -4.8% 25.0% 16.3% 12.2%
Share of Revenue 5.7% 5.0% 5.5% 6.2% 6.4%
Total Business Growth Rate 7.6% 15.3% 2.9% 8.7%
Share of Revenue 100.0% 100.0% 100.0% 100.0% 100.0%

Revenue Model 2017A 2018A 2019A 2020A 2021E

Indian Business ₹ 12,387 ₹ 13,423 ₹ 15,409 ₹ 15,732 ₹ 17,057
Growth Rate 0.0% 8.4% 14.8% 2.1% 8.4%
International Business ₹ 749 ₹ 713 ₹ 892 ₹ 1,037 ₹ 1,163
Growth Rate 0.0% -4.8% 25.0% 16.3% 12.2%
Total Business ₹ 13,136 ₹ 14,136 ₹ 16,301 ₹ 16,769 ₹ 18,220
Growth Rate 0.0% 7.6% 15.3% 2.9% 8.7%
Revenue ₹ 13,136 ₹ 14,136 ₹ 16,301 ₹ 16,769 ₹ 18,220
Growth Rate 0.0% 7.6% 15.3% 2.9% 8.7%
Other Revenue ₹ 313 ₹ 223 ₹ 216 ₹ 214 ₹ 228
Growth Rate 0.0% -28.8% -3.1% -0.8% 6.4%

PAT Calculations 2017A 2018A 2019A 2020A 2021E

EBITDA ₹ 2,059 ₹ 1,784 ₹ 2,137 ₹ 2,494 ₹ 4,156
EBIT ₹ 1,861 ₹ 1,584 ₹ 1,911 ₹ 2,194 ₹ 3,825
PBT ₹ 1,750 ₹ 1,440 ₹ 1,742 ₹ 2,030 ₹ 3,786
PBT + Other Income ₹ 2,063 ₹ 1,663 ₹ 1,958 ₹ 2,244 ₹ 4,014
Tax Rate 26.4% 27.0% 23.7% 26.7% 30.0%
EBIT - Int - Tax = (EBIT - Int)*(1-Tax) = PBT*(1-Tax) ₹ 1,288 ₹ 1,050 ₹ 1,330 ₹ 1,487 ₹ 2,650
PAT ₹ 1,399 ₹ 1,100 ₹ 1,618 ₹ 1,462 ₹ 2,808

Key Financial Ratios 2017A 2018A 2019A 2020A 2021E

Debt/Equity 20.8% 27.3% 43.5% 22.8% 10.2%
Gross Profit Margin 41.9% 38.0% 41.2% 43.4% 42.0%
EBITDA Margin 15.7% 12.6% 13.1% 14.9% 22.8%
Net Profit Margin 13.8% 10.6% 14.0% 12.6% 14.9%
ROCE 42.3% 47.1% 36.6% 44.0% 51.5%
ROCE (Ex-Goodwill) 43.6% 49.2% 37.5% 45.1% 52.5%
Return on Equity 51.6% 58.7% 65.0% 53.8% 41.4%
EPS ₹ 77 ₹ 63 ₹ 96 ₹ 89 ₹ 110

Ratio Analysis 2017A 2018A 2019A 2020A 2021E

Liquidity Ratios
Current ratio 1.2 1.0 1.1 1.2 1.6
Quick Ratio 0.9 0.6 0.9 0.9 1.3
Cash ratio 0.0 0.0 0.0 0.1 0.6
Leverage Ratios
Debt to Assets Ratio 9.3% 9.4% 16.6% 10.0% 5.3%
Debt/Equity 20.8% 27.3% 43.5% 22.8% 10.2%
Interest Coverage Ratio 16.8 11.0 11.3 13.4 98.0
Efficiency Ratios
Asset Turnover inc Goodwill 164.0% 182.1% 193.3% 182.0% 166.4%
Asset Turnover exc Goodwill 166.8% 191.6% 176.7% 187.5% 143.6%
Inventory Turnover Ratio 7.0 7.1 7.5 8.0 7.8
Accounts Receivable Turnover 51.1 48.0 49.3 46.4 44.4
Accounts Payable Turnover 5.8 6.7 7.0 6.2 6.2
Days of Inventory 52 51 49 46 47
Debtor Velocity 7 8 7 8 8
Creditor Velocity 63 54 52 59 59
Operating Cycle 59 59 56 54 55
Cash Conversion Cycle -3 5 4 -6 -3
Profitability Margin Ratios
Gross Profit Margin 41.9% 38.0% 41.2% 43.4% 42.0%
EBITDA Margin 15.7% 12.6% 13.1% 14.9% 22.8%
Operating Profit Margin 14.2% 11.2% 11.7% 13.1% 21.0%
Net Profit Margin 13.8% 10.6% 14.0% 12.6% 14.9%
Return Ratios
Return on Assets 23.1% 20.2% 24.8% 23.5% 21.4%
Return on Assets (Ex-Goodwill) 23.5% 20.6% 25.1% 23.9% 21.6%
Return on Total Capital 32.7% 31.3% 29.2% 36.5% 42.3%
Return on Capital Employed 42.3% 47.1% 36.6% 44.0% 51.5%
Return on Capital Employed (Ex-Goodwill) 43.6% 49.2% 37.5% 45.1% 52.5%
Return on Invested Capital 52.9% 76.5% 42.7% 47.9% 94.6%
Return on Invested Capital (Ex-Goodwill) 56.0% 84.7% 44.5% 49.9% 99.2%
Return on Equity 51.6% 58.7% 65.0% 53.8% 41.4%
Market Value Ratios
Book Value per share ₹ 149 ₹ 107 ₹ 148 ₹ 165 ₹ 275
Dividend per share ₹ 118.0 ₹ 74.5 ₹ 56.5 ₹ 72.0 ₹ 3.5
EPS ₹ 76.8 ₹ 63.0 ₹ 96.2 ₹ 88.6 ₹ 110.4
EPS Growth - -18.0% 52.7% -7.9% 24.6%
 2022E 2023E 2024E 2025E
9.0% 6.9% 8.3% 8.2%
8.4% 6.3% 7.7% 7.5%
93.1% 92.6% 92.1% 91.5%
17.8% 15.4% 15.1% 16.1%
6.9% 7.4% 7.9% 8.5%
9.0% 6.9% 8.3% 8.2%
100.0% 100.0% 100.0% 100.0%

2022E 2023E 2024E 2025E

₹ 18,496 ₹ 19,664 ₹ 21,184 ₹ 22,771
8.4% 6.3% 7.7% 7.5%
₹ 1,371 ₹ 1,582 ₹ 1,822 ₹ 2,116
17.8% 15.4% 15.1% 16.1%
₹ 19,867 ₹ 21,247 ₹ 23,005 ₹ 24,887
9.0% 6.9% 8.3% 8.2%
₹ 19,867 ₹ 21,247 ₹ 23,005 ₹ 24,887
9.0% 6.9% 8.3% 8.2%
₹ 242 ₹ 258 ₹ 275 ₹ 292
6.4% 6.4% 6.4% 6.4%

2022E 2023E 2024E 2025E

₹ 4,536 ₹ 4,823 ₹ 5,200 ₹ 5,611
₹ 4,173 ₹ 4,425 ₹ 4,765 ₹ 5,136
₹ 4,147 ₹ 4,412 ₹ 4,765 ₹ 5,136
₹ 4,390 ₹ 4,670 ₹ 5,040 ₹ 5,428
30.0% 30.0% 30.0% 30.0%
₹ 2,903 ₹ 3,089 ₹ 3,336 ₹ 3,595
₹ 3,071 ₹ 3,268 ₹ 3,526 ₹ 3,798

2022E 2023E 2024E 2025E

4.8% 1.8% 0.0% 0.0%
41.8% 41.5% 41.3% 41.0%
22.8% 22.7% 22.6% 22.5%
15.0% 15.1% 15.1% 15.1%
41.3% 34.2% 29.7% 26.2%
41.9% 34.5% 29.9% 26.3%
31.7% 25.7% 22.1% 19.5%
₹ 120 ₹ 128 ₹ 138 ₹ 148

2022E 2023E 2024E 2025E

2.0 2.3 2.7 3.0

1.7 2.0 2.4 2.7
0.9 1.3 1.7 2.0

2.8% 1.2% 0.0% 0.0%

4.8% 1.8% 0.0% 0.0%
160.3 339.9 295991.2 319021.4

137.9% 120.7% 109.4% 100.1%

125.3% 111.3% 101.3% 92.9%
7.0 6.5 6.8 7.3
44.5 44.1 47.2 50.2
6.3 6.3 6.4 6.5
52 56 54 50
8 8 8 7
58 58 57 56
61 64 61 57
2 6 4 1

41.8% 41.5% 41.3% 41.0%

22.8% 22.7% 22.6% 22.5%
21.0% 20.8% 20.7% 20.6%
15.0% 15.1% 15.1% 15.1%

18.9% 16.8% 15.4% 14.1%

19.1% 17.0% 15.5% 14.2%
35.1% 29.8% 26.3% 23.5%
41.3% 34.2% 29.7% 26.2%
41.9% 34.5% 29.9% 26.3%
95.8% 93.6% 107.1% 109.7%
100.0% 97.5% 111.5% 113.8%
31.7% 25.7% 22.1% 19.5%

₹ 395 ₹ 523 ₹ 661 ₹ 810

₹ 5.0 ₹ 6.5 ₹ 8.0 ₹ 9.5
₹ 120.4 ₹ 127.9 ₹ 138.0 ₹ 148.2
9.1% 6.2% 7.9% 7.4%
Cost Behaviour 2017A 2018A 2019A 2020A
Costs as a % of Sales 76.2% 79.5% 77.7% 76.1%
Cost of Goods as a % of Sales 58.1% 62.0% 58.8% 56.6%
Employee Benefit Expenses as a % of Sales 4.0% 3.8% 4.0% 4.2%
Ad Spend as a % of Sales 3.4% 3.0% 4.3% 4.0%
Other Expenses as a % of Sales 10.7% 10.8% 10.6% 11.3%

Cost Drivers 2017A 2018A 2019A 2020A

Cost of Goods Sold ₹ 7,626 ₹ 8,761 ₹ 9,591 ₹ 9,492
% of sales 58.1% 62.0% 58.8% 56.6%
Cost of raw materials ₹ 6,502 ₹ 7,474 ₹ 8,327 ₹ 8,547
% of COGS 85.3% 85.3% 86.8% 90.0%
Purchases of stock in trade ₹ 1,161 ₹ 1,362 ₹ 1,337 ₹ 941
% of COGS 15.2% 15.5% 13.9% 9.9%
Changes in inventories of FG, stock and WIP ₹ -37 ₹ -75 ₹ -73 ₹ 4
% of COGS -0.5% -0.9% -0.8% 0.0%
Employee Benefit Expenses ₹ 527 ₹ 542 ₹ 658 ₹ 709
% of sales 4.0% 3.8% 4.0% 4.2%
Permanent Employees 4499 4467 4570 4479
Net Addition 0 -32 103 -91
Cost per Employee ₹ 0.1 ₹ 0.1 ₹ 0.1 ₹ 0.2
Growth Rate 0.0% 3.6% 18.7% 9.9%
Advertisement and Sale Charges ₹ 451 ₹ 417 ₹ 695 ₹ 675
% of sales 3.4% 3.0% 4.3% 4.0%
Other Expenses ₹ 1,399 ₹ 1,521 ₹ 1,724 ₹ 1,893
% of sales 10.7% 10.8% 10.6% 11.3%
Consumption of Stores and Spares ₹ 38 ₹ 40 ₹ 50 ₹ 56
% of Sales 0.3% 0.3% 0.3% 0.3%
Power & Fuel ₹ 182 ₹ 218 ₹ 272 ₹ 327
Repairs & Maintenance ₹ 65 ₹ 77 ₹ 93 ₹ 88
Rent ₹ 37 ₹ 40 ₹ 87 ₹ 89
% of Sales 0.3% 0.3% 0.5% 0.5%
Freight ₹ 656 ₹ 713 ₹ 690 ₹ 711
% of Sales 5.0% 5.0% 4.2% 4.2%
Misc ₹ 421 ₹ 434 ₹ 531 ₹ 622
% of Sales 3.2% 3.1% 3.3% 3.7%
Share of profit/ (loss) from associates using equity method ₹ 1 ₹ - ₹ 5 ₹ -3
Exceptional items ₹ 1 ₹ 1 ₹ -376 ₹ 3
Tax expense ₹ 663 ₹ 562 ₹ 716 ₹ 779
% of PBT 26.4% 27.0% 23.7% 26.7%
Current tax ₹ 657 ₹ 612 ₹ 721 ₹ 766
% Contribution 99.1% 108.9% 100.7% 98.3%
Deferred tax ₹ 6 ₹ -50 ₹ -5 ₹ 14
% Contribution 0.9% -8.9% -0.7% 1.8%

Dupont analysis
5 - Factor Model 2017A 2018A 2019A 2020A
Interest Burden 135% 131% 158% 133%
Operating Margin 14% 11% 12% 13%
Asset Turnover 164% 188% 174% 185%
Financial Leverage 223% 291% 262% 229%
Tax Burden 74% 73% 77% 73%
Return on Equity 51.6% 58.7% 65.0% 53.8%
 2021E 2022E 2023E 2024E 2025E Piotroski F Score
77.2% 77.2% 77.3% 77.4% 77.5% Profitability
58.0% 58.2% 58.5% 58.7% 59.0% ROA 1
4.0% 3.8% 3.6% 3.5% 3.4% CFO 1
4.1% 4.2% 4.3% 4.4% 4.5% ∆ROA 0
11.1% 10.9% 10.8% 10.8% 10.6% ACCRUAL 0
Leverage & Liquidity
∆LEVER 1
∆LIQUID 0
EQ_OFFER 0
Operating Efficiency
∆MARGIN 1
∆TURN 1
Total Score 5
Result: As F-score = 5, we
conclude the company is
financially stable.
2021E 2022E 2023E 2024E 2025E
₹ 10,568 ₹ 11,572 ₹ 12,429 ₹ 13,516 ₹ 14,683
58.0% 58.2% 58.5% 58.7% 59.0%
₹ 9,516 ₹ 10,420 ₹ 11,192 ₹ 12,170 ₹ 13,221
90.0% 90.0% 90.0% 90.0% 90.0%
₹ 1,048 ₹ 1,147 ₹ 1,232 ₹ 1,340 ₹ 1,456
9.9% 9.9% 9.9% 9.9% 9.9%
₹ 4 ₹ 5 ₹ 5 ₹ 6 ₹ 6
0.0% 0.0% 0.0% 0.0% 0.0%
₹ 728 ₹ 747 ₹ 774 ₹ 806 ₹ 839
4.0% 3.8% 3.6% 3.5% 3.4%
4529 4579 4629 4679 4729
50 50 50 50 50
₹ 0.2 ₹ 0.2 ₹ 0.2 ₹ 0.2 ₹ 0.2
1.5% 1.5% 2.5% 3.0% 3.0%
₹ 752 ₹ 839 ₹ 919 ₹ 1,007 ₹ 1,114
4.1% 4.2% 4.3% 4.4% 4.5%
₹ 2,017 ₹ 2,172 ₹ 2,301 ₹ 2,477 ₹ 2,640
11.1% 10.9% 10.8% 10.8% 10.6%
₹ 61 ₹ 63 ₹ 69 ₹ 75 ₹ 81
0.3% 0.3% 0.3% 0.3% 0.3%
₹ 327 ₹ 327 ₹ 327 ₹ 327 ₹ 327
₹ 88 ₹ 88 ₹ 88 ₹ 88 ₹ 88
₹ 90 ₹ 91 ₹ 90 ₹ 91 ₹ 91
0.5% 0.5% 0.4% 0.4% 0.4%
₹ 867 ₹ 945 ₹ 1,011 ₹ 1,114 ₹ 1,226
4.8% 4.8% 4.8% 4.8% 4.9%
₹ 585 ₹ 658 ₹ 717 ₹ 783 ₹ 827
3.2% 3.3% 3.4% 3.4% 3.3%
₹ -65 ₹ -50 ₹ -30 ₹ -10 ₹ -
₹ - ₹ - ₹ - ₹ - ₹ -
₹ 1,204 ₹ 1,317 ₹ 1,401 ₹ 1,512 ₹ 1,628
30.0% 30.0% 30.0% 30.0% 30.0%
₹ 1,184 ₹ 1,295 ₹ 1,378 ₹ 1,487 ₹ 1,601
98.3% 98.3% 98.3% 98.3% 98.3%
₹ 22 ₹ 24 ₹ 25 ₹ 27 ₹ 29
1.8% 1.8% 1.8% 1.8% 1.8%

2021E 2022E 2023E 2024E 2025E

105% 105% 106% 106% 106%
21% 21% 21% 21% 21%
142% 124% 111% 101% 93%
194% 168% 152% 143% 138%
68% 69% 69% 70% 70%
41.4% 31.7% 25.7% 22.1% 19.5%
 Beneish M Score Altman Z Score
Day Sales in Receivables Index (DSRI) 1.03 Working capital/Total assets 1.20
Gross Margin Index (GMI) 0.99 Retained earning /Total assets 1.40
Asset Quality Index (AQI) 0.69 EBIT/Total assets 3.30
Sales Growth Index (SGI) 1.32 Market value of equity/Total liabilities 0.60
Depreciation Index (DEPI) 0.58 Book value of equity/Total liabilities
SGA Expenses Index (SGAI) 0.94 Net sales/Total assets 1.00
Leverage Index (LVGI) 0.73
Total Accruals to Total Assets (TATA) 0.01

Beneish M Score -2.32 Z-Score 9.87

Result: Since Z-score >2.99, the company is
Result: As M-score < -2.22, the company is not
financially stable and not likely to go bankrupt
likely to have manipulated their earnings.
any time soon.
Britannia Pure Cow Ghee, 1 2021A 2022A 2023A 2024A 2025E 2026E
Bull Case (₹ 580, 5% downside) ₹ 690 ₹ 690 ₹ 780 ₹ 1,200 ₹ 1,367 ₹ 2,134
Base Case (₹ 542, 11% downside) ₹ 900 ₹ 690 ₹ 780 ₹ 1,200 ₹ 1,367 ₹ 2,246
Bear Case (₹ 499, 18% downside) ₹ 900 ₹ 690 ₹ 780 ₹ 1,200 ₹ 1,367 ₹ 1,842

Bull Case (₹ 580, 5% downside)

₹ 2,6
Base Case (₹ 542, 11% downside) ₹2
₹ 2,246
Bear Case (₹ 499, 18% downside) ₹ 2,134

₹2

₹ 1,842

₹ 1,367
₹ 1,200

₹ 900
₹ 780
₹ 690

2021A 2022A 2023A 2024A 2025A 2026A 20

 2027E 2028E 2029E DCF Price TP CMP DCF Downside TP Downside
₹ 2,474 ₹ 2,858 ₹ 3,290 ₹ 5,546 ₹ 2,157 ₹ 4,603 20.5% -53.1%
₹ 2,604 ₹ 3,008 ₹ 3,463 ₹ 5,838 ₹ 2,270 ₹ 4,845 20.5% -53.1%
₹ 2,136 ₹ 2,467 ₹ 2,840 ₹ 4,787 ₹ 1,862 ₹ 3,973 20.5% -53.1%

₹ 3,463
₹ 3,290

₹ 3,008
₹ 2,858
₹ 2,604 ₹ 2,840
₹ 2,474
₹ 2,246 ₹ 2,467
₹ 2,134

₹ 2,136

₹ 1,842

25A 2026A 2027A 2028A 2029A

COGS Decrease 2021A 2022A 2023A 2024A 2025A 2026A 2027A 2028A 2029A
Highly Favourable -1.4% 52.5% 54.3% 55.3% 56.1% 58.0% 57.9% 57.8% 57.6% 57.5%
Favourable -2.4% 52.5% 54.3% 55.3% 56.1% 58.0% 58.1% 58.2% 58.4% 58.5%
Base Scenario -2.4% 58.1% 62.0% 58.8% 56.6% 58.0% 58.2% 58.5% 58.7% 59.0%
Unfavourable -4.4% 58.1% 54.3% 55.3% 56.1% 58.0% 58.6% 59.2% 59.9% 60.5%
Highly Unfavourable -5.4% 58.1% 54.3% 55.3% 56.1% 58.0% 58.9% 59.8% 60.6% 61.5%

62.0%
61.5%

61.0%
60.6%
60.5%

60.0% 59.9%
59.8%

59.2%
59.0%
59.0% 58.8% 58.9%
58.7%
58.6%
58.5%
58.2%
58.5%
58.0% 58.2% 58.4%
58.0%
58.1%
57.9%
57.8%
57.6%
57.5%
57.0%
56.6%

56.0%

55.0%
2023A 2024A 2025A 2026A 2027A 2028A 2029A
 DCF Price TP CMP DCF Downside TP Downside
₹ 660 ₹ 574 ₹ 4,845 -86.4% -88.2%
₹ 581 ₹ 554 ₹ 615 -5.5% -9.9%
₹ 5,838 ### ₹ 4,845 20.5% -53.1%
₹ 441 ₹ 519 ₹ 615 -28.3% -15.6%
₹ 379 ₹ 503 ₹ 4,845 -92.2% -89.6%

61.5%

60.6%
60.5%

59.9%

59.0%
58.7%

58.5%
58.4%

57.6%
57.5%

2028A 2029A
Reverse DCF Calculations 2017A 2018A 2019A 2020A 2021E 2022E 2023E
Revenue ₹ 13,136 ₹ 14,136 ₹ 16,301 ₹ 16,769 ₹ 20,046 ₹ 23,962 ₹ 28,645
Growth 7.6% 15.3% 2.9% 19.5% 19.5% 19.5%

COGS ₹ 7,626 ₹ 8,761 ₹ 9,591 ₹ 9,492 ₹ 11,287 ₹ 13,420 ₹ 15,956

As a % of Sales 58.1% 62.0% 58.8% 56.6% 56.3% 56.0% 55.7%

Gross Profit ₹ 5,510 ₹ 5,375 ₹ 6,710 ₹ 7,277 ₹ 8,759 ₹ 10,542 ₹ 12,688

GP Margin 41.9% 38.0% 41.2% 43.4% 43.7% 44.0% 44.3%

Other Operating expenses ₹ 3,451 ₹ 3,591 ₹ 4,573 ₹ 4,783 ₹ 5,718 ₹ 6,835 ₹ 8,170
As a % of Sales 26.3% 25.4% 28.1% 28.5% 28.5% 28.5% 28.5%
EBITDA ₹ 2,059 ₹ 1,784 ₹ 2,137 ₹ 2,494 ₹ 3,041 ₹ 3,708 ₹ 4,518
EBITDA Margin 15.7% 12.6% 13.1% 14.9% 15.2% 15.5% 15.8%

Depreciation ₹ 198 ₹ 200 ₹ 226 ₹ 300 ₹ 359 ₹ 429 ₹ 512

Dep as a % of Sales 1.5% 1.4% 1.4% 1.8% 1.8% 1.8% 1.8%
EBIT ₹ 1,861 ₹ 1,584 ₹ 1,911 ₹ 2,194 ₹ 2,683 ₹ 3,279 ₹ 4,005
EBIT Margin 14.2% 11.2% 11.7% 13.1% 13.4% 13.7% 14.0%
Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

FCFF Calculations 2017A 2018A 2019A 2020A 2021E 2022E 2023E

EBIT (1-T) ₹ 1,302 ₹ 1,109 ₹ 1,338 ₹ 1,536 ₹ 1,878 ₹ 2,295 ₹ 2,804
Add - Depreciation ₹ 198 ₹ 200 ₹ 226 ₹ 300 ₹ 359 ₹ 429 ₹ 512
Less - Change in NWC ₹ -974 ₹ 783 ₹ -41 ₹ -499 ₹ 103 ₹ 143
NWC ₹ 669 ₹ -305 ₹ 478 ₹ 437 ₹ -62 ₹ 42 ₹ 185
Growth -145.6% -256.7% -8.5% -114.1% -167.3% 345.1%
% of sales 5.1% -2.2% 2.9% 2.6% -0.3% 0.2% 0.6%
Less - Capex ₹ 387 ₹ 1,413 ₹ 376 ₹ 449 ₹ 537 ₹ 786
Capex as a % of sales 2.7% 8.7% 2.2% 2.2% 2.2% 2.7%

FCFF ₹ 1,896 ₹ -632 ₹ 1,500 ₹ 2,286 ₹ 2,083 ₹ 2,387

FCFF Growth -133.4% -337.2% 52.4% -8.9% 14.6%

DCF Calculation 2021A 2022A 2023A 2024A 2025E 2026E 2027E

WACC 9.9%
Terminal Growth Rate 6.3%
Time to next CF 0.0 1.0 2.0 3.0 4.0 5.0 6.0
Discounted FCFF ₹ 2,283 ₹ 1,893 ₹ 1,974 ₹ 2,557 ₹ 2,554 ₹ 2,929 ₹ 3,319

Terminal Value ₹ 331,422

FCFF NPV ₹ 30,142
Terminal Value NPV ₹ 141,711
Enterprise Value ₹ 171,852
Add Cash ₹ 323
Less Debt ₹ 905
Equity Value ₹ 171,270
No. of Shares 24
CMP ₹ 4,845
Intrinsic Price ₹ 7,111
Up/Downside 46.8%

10 Year revenue CAGR 19.54%

Reduction in COGS 3.00%
 2024E 2025E 2026E 2027E 2028E 2029E 2030E
₹ 34,242 ₹ 40,932 ₹ 48,930 ₹ 58,491 ₹ 69,920 ₹ 83,582 ₹ 99,914
19.5% 19.5% 19.5% 19.5% 19.5% 19.5% 19.5%

₹ 18,971 ₹ 22,555 ₹ 26,816 ₹ 31,880 ₹ 37,900 ₹ 45,054 ₹ 53,558

55.4% 55.1% 54.8% 54.5% 54.2% 53.9% 53.6%

₹ 15,270 ₹ 18,377 ₹ 22,114 ₹ 26,611 ₹ 32,020 ₹ 38,528 ₹ 46,355

44.6% 44.9% 45.2% 45.5% 45.8% 46.1% 46.4%

₹ 9,767 ₹ 11,675 ₹ 13,956 ₹ 16,683 ₹ 19,943 ₹ 23,840 ₹ 28,499

28.5% 28.5% 28.5% 28.5% 28.5% 28.5% 28.5%
₹ 5,503 ₹ 6,702 ₹ 8,158 ₹ 9,927 ₹ 12,077 ₹ 14,687 ₹ 17,857
16.1% 16.4% 16.7% 17.0% 17.3% 17.6% 17.9%

₹ 613 ₹ 732 ₹ 875 ₹ 1,046 ₹ 1,251 ₹ 1,495 ₹ 1,787

1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8%
₹ 4,891 ₹ 5,969 ₹ 7,282 ₹ 8,881 ₹ 10,826 ₹ 13,192 ₹ 16,069
14.3% 14.6% 14.9% 15.2% 15.5% 15.8% 16.1%
30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

2024E 2025E 2026E 2027E 2028E 2029E 2030E

₹ 3,424 ₹ 4,179 ₹ 5,098 ₹ 6,217 ₹ 7,578 ₹ 9,234 ₹ 11,249
₹ 613 ₹ 732 ₹ 875 ₹ 1,046 ₹ 1,251 ₹ 1,495 ₹ 1,787
₹ -300 ₹ 59 ₹ 5 ₹ -16 ₹ 32 ₹ 7 ₹ 3
₹ -115 ₹ -56 ₹ -51 ₹ -67 ₹ -35 ₹ -28 ₹ -25
-162.1% -51.2% -8.9% 30.7% -47.9% -19.3% -11.3%
-0.3% -0.1% -0.1% -0.1% 0.0% 0.0% 0.0%
₹ 939 ₹ 1,122 ₹ 1,268 ₹ 1,428 ₹ 1,603 ₹ 1,791 ₹ 1,991
2.7% 2.7% 2.6% 2.4% 2.3% 2.1% 2.0%

₹ 3,397 ₹ 3,730 ₹ 4,700 ₹ 5,850 ₹ 7,194 ₹ 8,932 ₹ 11,042

42.3% 9.8% 26.0% 24.5% 23.0% 24.2% 23.6%

2028E 2029E 2030E

7.0 8.0 9.0

₹ 3,714 ₹ 4,197 ₹ 4,722
ROCE 2021 2022 2023 2024
ROCE 42.3% 47.1% 36.6% 44.0%

ROCE 2024 2025 2026 2027

ROCE 44.0% 51.5% 41.3% 34.2%

International Business 2021 2022 2023 2024

International Beverages ₹ 7,492 ₹ 7,135 ₹ 8,916 ₹ 10,371
Growth rate -4.8% 25.0% 16.3%

Britannia Pure Cow Ghee, 1 2021A 2022A 2023A 2024A

Bull Case (₹ 580, 5% downside) ₹ 690 ₹ 690 ₹ 780 ₹ 1,200
Base Case (₹ 542, 11% downside) ₹ 900 ₹ 690 ₹ 780 ₹ 1,200
Bear Case (₹ 499, 18% downside) ₹ 900 ₹ 690 ₹ 780 ₹ 1,200

Cost Bridge 2024A %Tage Lower Upper

Revenue ₹ 16,769 100.0% 0.0% 100.0%
COGS ₹ 9,492 56.6% 43.4% 56.6%
Ad Spend ₹ 675 4.0% 39.4% 4.0%
Employee Benefit Expenses ₹ 709 4.2% 35.1% 4.2%
Depreciation ₹ 300 1.8% 33.4% 1.8%
Finance Costs ₹ 164 1.0% 32.4% 1.0%
Other Expenses ₹ 1,893 11.3% 21.1% 11.3%
Exceptional Items ₹ 3 0.0% 21.1% 0.0%
Tax ₹ 779 4.6% 16.4% 4.6%
PAT ₹ 2,137 12.7% 3.7% 12.7%

Cost of Goods Sold 2021A 2022A 2023A 2024A

% of sales 58.1% 62.0% 58.8% 56.6%
Absolute Growth 14.9% 9.5% -1.0%

Working Capital 2021A 2022A 2023A 2024A

Working Capital ₹ 6,690 ₹ -3,050 ₹ 4,780 ₹ 4,373
Growth Rate -145.6% -256.7% -8.5%
Gross Profit Margin 2021A 2022A 2023A 2024A
TCPL 41.9% 38.0% 41.2% 43.4%
Industry Figures 45.1% 45.5% 46.6% 46.1%

EBITDA Margin 2021A 2022A 2023A 2024A

TCPL 15.7% 12.6% 13.1% 14.9%
Industry Figures 18.3% 19.7% 20.5% 21.1%

Net Profit Margin 2021A 2022A 2023A 2024A

TCPL 13.8% 10.6% 14.0% 12.6%
Industry Figures 12.7% 13.7% 14.3% 15.4%
ROE 2021A 2022A 2023A 2024A
TCPL 51.6% 58.7% 65.0% 53.8%
Industry Figures 41.1% 42.4% 45.2% 52.6%

ROA 2021A 2022A 2023A 2024A

TCPL 23.1% 20.2% 24.8% 23.5%
Industry Figures 21.4% 21.6% 22.8% 24.2%

ROIC 2021A 2022A 2023A 2024A

TCPL 52.9% 76.5% 42.7% 47.9%
Industry Figures 38.9% 40.6% 44.0% 49.3%
DuPont Analysis 2021A 2022A 2023A 2024A
Interest Burden 135.1% 131.3% 158.4% 133.0%

DuPont Analysis 2021A 2022A 2023A 2024A

Operating Margin 14.2% 11.2% 11.7% 13.1%

DuPont Analysis 2021A 2022A 2023A 2024A

Asset Turnover 164.0% 188.1% 174.3% 184.8%
DuPont Analysis 2021A 2022A 2023A 2024A
Financial Leverage 223.5% 290.6% 262.4% 228.8%

DuPont Analysis 2021A 2022A 2023A 2024A

Tax Burden 73.6% 73.0% 76.5% 73.2%

DuPont Analysis 2021A 2022A 2023A 2024A

Return on Equity 51.6% 58.7% 65.0% 53.8%
Shareholding Pattern Q2FY20 Q3FY20 Q4FY20 Q1FY21
Promoters 34% 35% 35% 35%
FIIs 29% 26% 19% 21%
MF/UTI/AIF/Banks 13% 15% 22% 20%
Individuals 24% 24% 24% 24%
Total 100% 100% 100% 100%

Football Field Min Max Actual

FCFE based DCF ₹ 6,544 ₹ 29,279 ₹ 5,838
FCFF based DCF ₹ -233,632 ₹ 223,478
Relative Pricing ₹ 519 ₹ 587 ₹ 539
Sum of the Parts ₹ - ₹ - ₹ 2,288
Blended Valuation ₹ 1,464 ₹ 6,032 ₹ 2,270
52 week High-Low ₹ 214 ₹ 654
Target Price ₹ 2,270 ₹ 2,270 X-Values
0 1 Y-Values
CMP ₹ 4,845 ₹ 4,845 X-Values
0 1 Y-Values
Blended Valu

SOTP Football Field Min Max

Sum of the Parts ₹ - ₹ -
52 week High-Low ₹ 214 ₹ 654
SOTP Price ₹ 2,288 ₹ 2,288
0 1
CMP ₹ 4,845 ₹ 4,845
0 1

Relative Football Field Min Max

EV/Sales ₹ 554 ₹ 620
P/Sales ₹ 504 ₹ 819
P/Earnings ₹ 121 ₹ 376
Relative Valuation ₹ 519 ₹ 587
Relative Price ₹ 539 ₹ 539
0 1
CMP ₹ 4,845 ₹ 4,845
0 1

₹ 121

DCF Football Field Min Max

FCFE based DCF ₹ 6,544 ₹ 29,279
FCFF based DCF ₹ -233,632 ₹ 223,478
52 week High-Low ₹ 214 ₹ 654
DCF Price ₹ 4,667 ₹ 4,667
0 1
CMP ₹ 4,845 ₹ 4,845
0 1

₹ 214

Absolute Revenue 2021A 2022A 2023A 2024A

Indian Business ₹ 12,387 ₹ 13,423 ₹ 15,409 ₹ 15,732
International Business ₹ 749 ₹ 713 ₹ 892 ₹ 1,037
Total ₹ 13,136 ₹ 14,136 ₹ 16,301 ₹ 16,769

Revenue % 2021A 2022A 2023A 2024A

International Business 94.3% 95.0% 94.5% 93.8%
Indian Beverages 5.7% 5.0% 5.5% 6.2%
Total 100.0% 100.0% 100.0% 100.0%
DCF Visualized 2021A 2022A 2023A 2024A
Revenue 100.0% 100.0% 100.0% 100.0%
Cost of Goods 58.1% 62.0% 58.8% 56.6%
Gross Margin 41.9% 38.0% 41.2% 43.4%
Operating Expenses 26.3% 25.4% 28.1% 28.5%
EBITDA Margin 15.7% 12.6% 13.1% 14.9%
Depreciation 1.5% 1.4% 1.4% 1.8%
Operating (EBIT) Margin 14.2% 11.2% 11.7% 13.1%
Non Operating Expenses 0.4% 0.6% -2.3% 0.5%
PAT Margin 13.8% 10.6% 14.0% 12.6%

Cost Behaviour 2021A 2022A 2023A 2024A

Cost of Goods 58.1% 62.0% 58.8% 56.6%
Operating Expenses 27.8% 26.8% 29.4% 30.3%
Non Operating Expenses 0.4% 0.6% -2.3% 0.5%
Net Profit 13.8% 10.6% 14.0% 12.6%

Margin Behaviour 2021A 2022A 2023A 2024A

Gross Margin 41.9% 38.0% 41.2% 43.4%
EBITDA Margin 15.7% 12.6% 13.1% 14.9%
Operating (EBIT) Margin 14.2% 11.2% 11.7% 13.1%
PAT Margin 13.8% 10.6% 14.0% 12.6%

Revenue Growth 2021A 2022A 2023A 2024A

Indian Business ₹ 12,387 ₹ 13,423 ₹ 15,409 ₹ 15,732
International Business ₹ 749 ₹ 713 ₹ 892 ₹ 1,037
Total Revenue ₹ 131,360 ₹ 141,360 ₹ 163,006 ₹ 167,690
Indian Business ₹ 123,869 ₹ 134,228 ₹ 154,090 ₹ 157,322
Total Branded Business ₹ 131,361 ₹ 141,363 ₹ 163,006 ₹ 167,693

Reverse DCF COGS 2021A 2022A 2023A 2024A

Based on Market Sentiment 58.1% 62.0% 58.8% 56.6%
Based on Team Analysis 58.1% 62.0% 58.8% 56.6%

Gross Margin 2021A 2022A 2023A 2024A

Based on Market Sentiment 41.9% 38.0% 41.2% 43.4%
Based on Team Analysis 41.9% 38.0% 41.2% 43.4%

Distribution Direct Distribu Total Distribution Reach

6.7

4.8
Britannia 2.2 4.8 6.7
Dabur 1.2 6.7
GCPL 1.1 5.6 4.8
HUL 3.2 8.2
ITC 2 6.5 2.2
Marico 1.1 5 1.2
Nestle 1.2 5
TCPL 0.5 2.5
Britannia Dabur
Pratap Snacks 0.4 1.8
Direct Dist

COGS Decrease 2021A 2022A 2023A

Highly Favourable -1.4% 52.5% 54.3% 55.3%
Favourable -2.4% 52.5% 54.3% 55.3%
Base Scenario -2.4% 58.1% 62.0% 58.8%
Unfavourable -4.4% 58.1% 54.3% 55.3%
Highly Unfavourable -5.4% 58.1% 54.3% 55.3%

Britannia Pure Cow Ghee, 1 2021A 2022A 2023A 2024A

Revenue (mn) ₹ 9,000 ₹ 6,900 ₹ 7,800 ₹ 12,000
EBITDA Margin -2.3% 2.0% 2.6% 3.4%
 2025 2026 2027 2028 2029
51.5% 41.3% 34.2% 29.7% 26.2% ROCE
ROCE
60.0%
51.5%
50.0% 47.1%
42.3% 44.0%
41.3%
40.0% 36.6%
3
30.0%

20.0%

10.0%

0.0%
2021 2022 2023 2024 2025 2026

ROCE
2028 2029
ROCE
29.7% 26.2%
60.0%
51.5%
50.0%
44.0%
41.3%
40.0%
34.2%
30.0%

20.0%

10.0%

0.0%
2024 2025 2026 2027

2025 2026 2027 2028 2029

International B
₹ 11,633 ₹ 13,706 ₹ 15,822 ₹ 18,218 ₹ 21,157
12.2% 17.8% 15.4% 15.1% 16.1% ₹ 25,000
25.0%
₹ 20,000

16.3%
₹ 15,000
z 12.
₹ 11,633
₹ 10,371
₹ 10,000 ₹ 8,916
₹ 7,492 ₹ 7,135

₹ 5,000
-4.8%

₹-
2021 2022 2023 2024 2025

International Beverages
1
1

2025E 2026E 2027E 2028E 2029E DCF Price TP CMP

₹ 1,367 ₹ 2,134 ₹ 2,474 ₹ 2,858 ₹ 3,290 ₹ 5,546 ₹ 2,157 ₹ 4,603
₹ 1,367 ₹ 2,246 ₹ 2,604 ₹ 3,008 ₹ 3,463 ₹ 5,838 ₹ 2,270 ₹ 4,845
₹ 1,367 ₹ 1,842 ₹ 2,136 ₹ 2,467 ₹ 2,840 ₹ 4,787 ₹ 1,862 ₹ 3,973

1 0 0 .0 %
100.0% 56.6%

8 0 .0 %

6 0 .0 %

4.0%
4.2%
1.8%
4 0 .0 %

1.0% 11.3%

0.0% 4.6%
2 0 .0 %

0 .0 %

Tax
Revenue

COGS

Ad Spend

Employe...

Depreci...

Finance...

Other E...

Exceptio...
2025A 2026A 2027A 2028A 2029A
58.0% 58.2% 58.5% 58.7% 59.0%
11.3% 9.5% 7.4% 8.7% 8.6%
62.0%

58.8%
58.1%

56.6%
14.9%
9.5%

2021A 2022A 2023A 2024A

% of
2025A 2026A 2027A 2028A 2029A
₹ -617 ₹ 415 ₹ 1,849 ₹ -1,149 ₹ -561
-114.1% -167.3% 345.1% -162.1% -51.2% W
₹ 8,000
₹ 6,690

₹ 6,000
₹ 4,780
₹
₹ 4,000
 W
₹ 8,000
₹ 6,690

₹ 6,000
₹ 4,780
₹
₹ 4,000

₹ 2,000

₹-
2021A 2022A 2023A 2
-145.6%
₹ -2,000
Gross Profit Margin -256.7%
46.1% ₹ -3,050
₹ -4,000
45.1% 46.6% 43.4%
41.9% 41.2%
38.0%
45.5% Wo

2021A 2022A 2023A 2024A

EBITDA Margin
21.1%
19.7% 20.5%
18.3%

15.7%
13.1% 14.9%
12.6%

2021A 2022A 2023A 2024A

Net Profit Margin 15.4%

13.8% 13.7% 14.3%
14.0%
12.7% 12.6%
10.6%

2021A 2022A 2023A 2024A

2021A 2022A 2023A 2024A

ROE 65.0%
58.7% 53.8%
51.6% 52.6%

42.4% 45.2%
41.1%

2021A 2022A 2023A 2024A

ROA
24.8% 24.2%
23.5%
23.1% 22.8%
21.4% 21.6%
20.2%

2021A 2022A 2023A 2024A

76.5% ROIC

52.9% 49.3%
47.9%
40.6% 44.0%
42.7%
38.9%

2021A 2022A 2023A 2024A

1
Gross Profit Margin
 1
Gross Profit Margin

2025A 2026A 2027A 2028A 2029A

104.9% 105.2% 105.5% 105.8% 105.7%
Interest Burden
158.4%

135.1% 131.3% 133.0%

104.9% 105.2% 105.5% 105.

2021A 2022A 2023A 2024A 2025A 2026A 2027A 2028

2025A 2026A 2027A 2028A 2029A Operating

21.0%Margin
21.0% 20.8% 20.
21.0% 21.0% 20.8% 20.7% 20.6%

14.2%
13.1%
11.2% 11.7%

2021A 2022A 2023A 2024A 2025A 2026A 2027A 202

2025A 2026A 2027A 2028A 2029A

142.1% 124.3% 110.5% 100.7% 92.5%

Asset Turnover
188.1% 184.8%
174.3%
164.0%
142.1%
124.3%
110.5%
100.7

2021A 2022A 2023A 2024A 2025A 2026A 2027A 2028

 110.5%
100.7

2021A 2022A 2023A 2024A 2025A 2026A 2027A 2028

2025A 2026A 2027A 2028A 2029A

193.5% 167.8% 152.5% 143.4% 137.9%

Financial Leverage

290.6%
262.4%
223.5% 228.8%
193.5%
167.8%
152.5% 14

2021A 2022A 2023A 2024A 2025A 2026A 2027A 20

2025A 2026A 2027A 2028A 2029A

68.3% 68.8% 69.3% 69.8% 70.0%

Tax Burden
76.5%
73.6% 73.0% 73.2%

68.3% 68.8% 69.3%

2021A 2022A 2023A 2024A 2025A 2026A 2027A

2025A 2026A 2027A 2028A 2029A

65.0%
41.4% 31.7% 25.7% 22.1% 19.5% 58.7% Return on Equity
51.6% 53.8%

41.4%

31.7%
25.7%
2

2021A 2022A 2023A 2024A 2025A 2026A 2027A 2

24% 24% 24% 24% 25% 2

13% 15% 17% 1

22% 20%
 24% 24% 24% 24% 25% 2
Q2FY21 Q3FY21
13% 15% 17% 1
35% 35% 22% 20%
23% 27%
29% 26% 21% 23% 2
17% 13% 19%
25% 25%
100% 100%
34% 35% 35% 35% 35% 3

Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3

Blended Valuation ₹ 214 ₹ 519 ₹ 587 ₹ 654 ₹ 1,464

6,544 ₹ 6,032
29,279

₹ 214 ₹ 654
CMP SOTP Price
 ₹ 121 ₹ 376 ₹ 519 ₹ 554
₹ 504 ₹ 620
₹ 587 ₹ 819
CMP Relative Price

₹ 214 ₹ 654 ₹ 6,544 ₹ 223,478

29,279

₹ 30,000

2025A 2026A 2027A 2028A 2029A

₹ 17,057 ₹ 18,496 ₹ 19,664 ₹ 21,184 ₹ 22,771 ₹ 25,000
₹ 1,163 ₹ 1,371 ₹ 1,582 ₹ 1,822 ₹ 2,116
₹ 18,220 ₹ 19,867 ₹ 21,247 ₹ 23,005 ₹ 24,887
₹ 20,000

₹ 15,000
₹ 13,423₹ 14,136
₹ 12,387₹ 13,136

₹ 10,000

2025A 2026A 2027A 2028A 2029A

93.6% 93.1% 92.6% 92.1% 91.5%
6.4% 6.9% 7.4% 7.9% 8.5% ₹ 5,000
100.0% 100.0% 100.0% 100.0% 100.0%
₹ 749 ₹ 713
₹-
2021A 2022A
2025A 2026A 2027A 2028A 2029A
100.0% 100.0% 100.0% 100.0% 100.0%
58.0% 58.2% 58.5% 58.7% 59.0%
42.0% 41.8% 41.5% 41.3% 41.0%
19.2% 18.9% 18.8% 18.6% 18.5%
22.8% 22.8% 22.7% 22.6% 22.5%
1.8% 1.8% 1.9% 1.9% 1.9% Cost Behaviou
21.0% 21.0% 20.8% 20.7% 20.6%
6.1% 6.0% 5.8% 5.6% 5.6% 10.6% 12.6%
13.8% 14.0% 14.9% 15.0
14.9% 15.0% 15.1% 15.1% 15.1%

26.8%
27.8% 29.4% 30.3%
21.0% 20.7

2025A 2026A 2027A 2028A 2029A

58.0% 58.2% 58.5% 58.7% 59.0%
21.0% 20.7% 20.7% 20.5% 20.4%
6.1% 6.0% 5.8% 5.6% 5.6% 58.1% 62.0% 58.0% 58.2
58.8% 56.6%
14.9% 15.0% 15.1% 15.1% 15.1%

2021A 2022A 2023A 2024A 2025A 202

Cost of Goods Operating Expenses Non Op

2025A 2026A 2027A 2028A 2029A

42.0% 41.8% 41.5% 41.3% 41.0%
22.8% 22.8% 22.7% 22.6% 22.5%
21.0% 21.0% 20.8% 20.7% 20.6%
14.9% 15.0% 15.1% 15.1% 15.1%

₹ 30,000

₹ 25,000

₹ 20,000

2025A 2026A 2027A 2028A 2029A CAGR ₹

₹ 15,000
₹ 713
₹ 749
₹ 10,000
₹1
₹ 13,423
 ₹ 20,000

₹ 15,000 ₹
₹ 17,057 ₹ 18,496 ₹ 19,664 ₹ 21,184 ₹ 22,771 7.7% ₹ 713
₹ 749
₹ 1,163 ₹ 1,371 ₹ 1,582 ₹ 1,822 ₹ 2,116 15.3%
₹ 10,000
₹ 182,200 ₹ 198,665 ₹ 212,467 ₹ 230,054 ₹ 248,867 8.2%
₹1
₹ 170,567 ₹ 184,959 ₹ 196,645 ₹ 211,836 ₹ 227,710 7.7% ₹ 12,387 ₹ 13,423
₹ 182,200 ₹ 198,665 ₹ 212,467 ₹ 230,054 ₹ 248,867 8.2% ₹ 5,000

₹-
1 2
Indian Busin

2025A 2026A 2027A 2028A 2029A

56.3% 56.0% 55.7% 55.4% 55.1%
58.0% 58.2% 58.5% 58.7% 59.0% Cost of Goods Sold (%
62.0%

58.8%
58.1% 58.0%
56.6%

56.3%

2021A 2022A 2023A 2024A 2025A

Based on Market Sentiment
2025A 2026A 2027A 2028A 2029A
43.7% 44.0% 44.3% 44.6% 44.9% Gross Profit M
42.0% 41.8% 41.5% 41.3% 41.0%
43.7%

43.4%
41.9% 42.0%
41.2%

38.0%

2021A 2022A 2023A 2024A 2025A

Based on Market Sentiment

8.2
6.7 6.5
5.6
4.8 5 5
 8.2
6.7 6.5
5.6
4.8 5 5

3.2
2.2 2.5
2 1.8
1.2 1.1 1.1 1.2
0.5 0.4

Britannia Dabur GCPL HUL ITC Marico Nestle TCPL Pratap

Direct Distribution Reach Total Distribution Reach Snacks

2024A 2025A 2026A 2027A 2028A 2029A DCF Price TP

56.1% 58.0% 57.9% 57.8% 57.6% 57.5% ₹ 660 ₹ 574
56.1% 58.0% 58.1% 58.2% 58.4% 58.5% ₹ 581 ₹ 554
56.6% 58.0% 58.2% 58.5% 58.7% 59.0% ₹ 5,838 ₹ 2,270
56.1% 58.0% 58.6% 59.2% 59.9% 60.5% ₹ 441 ₹ 519
56.1% 58.0% 58.9% 59.8% 60.6% 61.5% ₹ 379 ₹ 503

2025A 2026A 2027A 2028A 2029A 2030A 2031A

₹ 13,670 ₹ 22,464 ₹ 26,045 ₹ 30,083 ₹ 34,631 ₹ 39,748 ₹ 45,497
4.4% 5.7% 7.3% 9.5% 12.3% 16.0% 20.7%

4.4%
3.4%
2.6%
2.0%

₹ 13,670
₹ 12,000
₹ 9,000 ₹ 7,800
-2.3% ₹ 6,900

2021A 2022A 2023A 2024A 2025A

Revenue (mn) EBITDA Margin

-2.3% ₹ 6,900

2021A 2022A 2023A 2024A 2025A

Revenue (mn) EBITDA Margin

 ROCE
ROCE

51.5%
44.0%
41.3%
%
34.2%
29.7%
26.2%

3 2024 2025 2026 2027 2028 2029

ROCE
ROCE

5%

41.3%
34.2%
29.7%
26.2%

25 2026 2027 2028 2029

International Business
30.0%
25.0% ₹ 21,157 25.0%
₹ 18,218 20.0%
17.8%
₹ 15,822
16.3% 15.4% 15.1% 16.1%
₹ 13,706 15.0%
12.2%
₹ 11,633 10.0%
₹ 10,371
₹ 8,916
5.0%
7,135
0.0%
-4.8% -5.0%
-10.0%
2022 2023 2024 2025 2026 2027 2028 2029

International Beverages Growth rate

1
1

DCF Downside TP Downside

20.5% -53.1%
 20.5% -53.1%
20.5% -53.1%

Bull Case (₹ 580, 5% downside)

Base Case (₹ 542, 11% downsid

Bear Case (₹ 499, 18% downsid

₹ 1,200

₹ 900
₹ 780
₹ 690

0.0% 4.6%
12.7%
2021A 2022A 2023A 2024A
Tax

PAT
Exceptio...

58.8% 58.7% 59.0%

58.2% 58.5%
58.0%
56.6%
%
9.5%
11.3% 9.5%
7.4% 8.7% 8.6%

2A 2023A 2024A 2025A 2026A 2027A 2028A 2029A

% of sales Absolute Growth

Working Capital
4
345.1%
3
₹ 4,780
₹ 4,373 2
 Working Capital
4
345.1%
3
₹ 4,780
₹ 4,373 2

1
₹ 1,849

-8.5% ₹ 415 0
-51.2%
2022A 2023A 2024A 2025A 2026A 2027A 2028A 2029A -1
-114.1%
₹ -617 ₹ -561
-145.6% ₹ -1,149
-162.1%
-167.3%
-2

₹ -3,050 -256.7%
-3

Working Capital Growth Rate

 1
Net Profit Margin

rest Burden 1

104.9% 105.2% 105.5% 105.8% 105.7%

A 2025A 2026A 2027A 2028A 2029A

rating
21.0%Margin
21.0% 20.8% 20.7% 20.6%

A 2025A 2026A 2027A 2028A 2029A

t Turnover
%

142.1%
124.3%
110.5%
100.7%
92.5%

2025A 2026A 2027A 2028A 2029A

 110.5%
100.7%
92.5%

2025A 2026A 2027A 2028A 2029A

ancial Leverage

8%
193.5%
167.8%
152.5% 143.4%
137.9%

4A 2025A 2026A 2027A 2028A 2029A

Tax Burden

3.2%
69.8% 70.0%
68.3% 68.8% 69.3%

024A 2025A 2026A 2027A 2028A 2029A

eturn on Equity
8%

41.4%

31.7%
25.7%
22.1%
19.5%

4A 2025A 2026A 2027A 2028A 2029A

25% 25%
Individuals

17% 13%
MF/UTI/AIF/Banks
 25% 25%
Individuals

17% 13%
MF/UTI/AIF/Banks
23% 27%
FIIs

35% 35% Promoters

1 Q2FY21 Q3FY21

₹ 1,464
6,544 ₹ 6,032
29,279

₹ 654
 ₹ 819

,544 ₹ 223,478
29,279

Absolute Revenue

₹ 24,887
₹ 22,771
₹ 23,005
₹ 21,184
₹ 21,247
₹ 19,664
₹ 19,867
₹ 18,496
₹ 17,057₹ 18,220
₹ 16,769
₹ 15,409₹ 16,301 ₹ 15,732

₹ 13,423₹ 14,136
387₹ 13,136

₹ 1,822 ₹ 2,116
₹ 1,163 ₹ 1,371 ₹ 1,582
₹ 749 ₹ 713 ₹ 892 ₹ 1,037

2021A 2022A 2023A 2024A 2025A 2026A 2027A 2028A 2029A

Indian Business International Business Total Linear (Total)

 Cost Behaviour Margin Behaviour
13.8% 10.6% 14.0% 12.6% 14.9% 15.0% 1
% 12.6% 14.9% 15.0% 15.1% 15.1% 15.1%

11.2% 13.1%
14.2% 11.7% 21.0% 21.0% 2
% 30.3%
21.0% 20.7% 20.7% 20.5% 20.4%
12.6% 13.1% 14.9%
15.7%
22.8% 22.8% 2

% 56.6% 58.0% 58.2% 58.5% 58.7% 59.0%

41.9% 38.0% 41.2% 43.4%
42.0% 41.8% 4

A 2024A 2025A 2026A 2027A 2028A 2029A

2021A 2022A 2023A 2024A 2025A 2026A 2

Operating Expenses Non Operating Expenses Net Profit

Gross Margin EBITDA Margin Operating (EBIT) Margin

00
Revenue Growth
00
₹ 2,116
₹ 1,822
00 ₹ 1,582
₹ 1,371
₹ 1,163
₹ 892 ₹ 1,037
00
₹ 713
₹ 749
₹ 22,771
00 ₹ 18,496 ₹ 19,664 ₹ 21,184
₹ 15,409 ₹ 15,732 ₹ 17,057
₹ 13,423
 ₹ 2,116
₹ 1,822
00 ₹ 1,582
₹ 1,371
₹ 1,163
₹ 892 ₹ 1,037
00
₹ 713
₹ 749
₹ 22,771
00 ₹ 18,496 ₹ 19,664 ₹ 21,184
₹ 15,409 ₹ 15,732 ₹ 17,057
₹ 12,387 ₹ 13,423
00

-
1 2 3 4 5 6 7 8 9
Indian Business International Business

ost of Goods Sold (% of sales)

8% 58.7% 59.0%
58.2% 58.5%
58.0%
56.6%

56.3% 56.0% 55.7% 55.4% 55.1%

23A 2024A 2025A 2026A 2027A 2028A 2029A

on Market Sentiment Based on Team Analysis

Gross Profit Margin

44.6% 44.9%
44.0% 44.3%
43.7%

43.4%
42.0% 41.8%
2% 41.5% 41.3% 41.0%

3A 2024A 2025A 2026A 2027A 2028A 2029A

ed on Market Sentiment Based on Team Analysis
 CMP DCF Downside TP Downside
₹ 4,845 -86.4% -88.2%
₹ 615 -5.5% -9.9%
₹ 4,845 20.5% -53.1%
₹ 615 -28.3% -15.6% 58.8%
₹ 4,845 -92.2% -89.6% 58.0%

56.6%

2023A 2024A 2025A

5.7%

4.4%
3.4%

₹ 22,464

₹ 13,670
₹ 12,000

2024A 2025A 2026A

EBITDA Margin
2024A 2025A 2026A

EBITDA Margin
1
1

₹ 3,463
₹ 3,290
 ₹ 3,463
₹ 3,290

₹ 3,008
Case (₹ 580, 5% downside) ₹ 2,858

e Case (₹ 542, 11% downside) ₹ 2,604 ₹ 2,840

₹ 2,474

r Case (₹ 499, 18% downside) ₹ 2,246

₹ 2,134
₹ 2,467

₹ 2,136

₹ 1,842
₹ 1,367
₹ 1,200

₹ 780
0

A 2023A 2024A 2025A 2026A 2027A 2028A 2029A

 100.0% Segmental Revenue
₹ 24,887 98.0%
₹ 22,771 5.7% 5.0% 5.5%
₹ 23,005 6.2% 6.4%
₹ 21,184 96.0%
247

94.0%

92.0%

94.3% 95.0% 94.5%

90.0% 93.8% 93.6%

88.0%

86.0%
2021A 2022A 2023A 2024A 2025A

International Business
₹ 1,822 ₹ 2,116

2028A 2029A
 Margin Behaviour
12.6% 14.9% 15.0% 15.1% 15.1% 15.1%

13.1%
21.0% 21.0% 20.8% 20.7% 20.6%

14.9%
22.8% 22.8% 22.7% 22.6% 22.5%

43.4%
42.0% 41.8% 41.5% 41.3% 41.0%

2024A 2025A 2026A 2027A 2028A 2029A

BITDA Margin Operating (EBIT) Margin PAT Margin

 61.5%

60.6%

60.5%
59.8%
59.9%
58.9%
59.2%
59.0%
58.6% 58.7%
58.0% 58.5% 58.5%
58.2% 58.4%
58.1% 58.2%

57.9% 57.8%
57.6%
57.5%

56.6%

2024A 2025A 2026A 2027A 2028A 2029A

ental Revenue

2% 6.4% 6.9% 7.4% 7.9% 8.5%

8% 93.6% 93.1% 92.6% 92.1% 91.5%

24A 2025A 2026A 2027A 2028A 2029A

Indian Beverages