BRITANNIA INDUSTRIES LTD SCREENER.

IN

Narration Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Trailing Best Case Worst Case
Sales 8,397.23 9,054.09 9,913.99 11,054.67 11,599.55 13,136.14 14,136.26 16,300.55 16,769.27 17,942.67 17,942.66 19,426.95 19,198.18
Expenses 7,173.66 7,775.91 8,412.52 9,322.22 9,756.37 10,626.85 11,934.95 13,469.64 13,602.62 14,766.26 14,766.26 15,933.25 15,986.61
Operating Profit 1,223.57 1,278.18 1,501.47 1,732.45 1,843.18 2,509.29 2,201.31 2,830.91 3,166.65 3,176.41 3,176.40 3,493.70 3,211.57
Other Income 115.17 150.54 166.37 206.45 262.83 313.07 221.85 596.87 211.28 202.30 202.30 - -
Depreciation 113.41 119.27 142.07 161.88 184.81 197.85 200.54 225.91 300.46 313.34 313.34 313.34 313.34
Interest 4.87 5.45 7.59 9.09 76.90 110.90 144.29 169.10 164.00 138.80 138.80 138.80 138.80
Profit before tax 1,220.46 1,304.00 1,518.18 1,767.93 1,844.30 2,513.61 2,078.33 3,032.77 2,913.47 2,926.57 2,926.56 3,041.56 2,759.43
Tax 396.10 419.67 514.22 612.47 450.70 663.02 562.35 716.45 779.25 748.71 748.70 26% 26%
Net profit 824.58 884.47 1,004.23 1,159.12 1,402.63 1,863.90 1,524.82 2,321.77 2,139.81 2,178.73 2,178.73 2,263.44 2,053.49
EPS 34.36 36.85 41.83 48.24 58.32 77.37 63.30 96.38 88.83 90.44 90.45 93.97 85.25
Price to earning 39.10 45.78 59.42 63.97 46.11 46.85 50.66 44.85 55.29 54.59 61.17 61.17 51.62
Price 1,343.25 1,687.00 2,485.30 3,085.50 2,688.95 3,625.05 3,206.40 4,322.15 4,911.25 4,936.90 5,533.35 5,748.48 4,400.40

RATIOS:
Dividend Payout 29.11% 29.85% 29.89% 31.10% 60.01% 203.56% 89.26% 74.71% 82.75% 82.93%
OPM 14.57% 14.12% 15.14% 15.67% 15.89% 19.10% 15.57% 17.37% 18.88% 17.70% 17.70%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 8.80% 8.84% 9.12% 8.27% 7.00% 8.27% 7.00%
OPM 16.73% 17.30% 17.74% 17.98% 17.70% 17.98% 16.73%
Price to Earning 51.62 52.93 52.23 53.97 61.17 61.17 51.62
 Common Size Balance Sheet - BRITANNIA INDUSTRIES LTD

Particulars Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Sales 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 59.75% 62.32% 61.54% 59.85% 59.27%
Change in Inventory 0.05% 0.60% -0.06% 0.50% -0.45%
Power and Fuel 1.13% 1.15% 1.30% 1.58% 1.53%
Other Mfr. Exp 6.08% 5.63% 4.92% 5.62% 5.26%
Employee Cost 4.07% 3.89% 4.05% 4.00% 4.20%
Selling and admin 11.39% 10.11% 9.62% 10.02% 9.70%
Other Expenses 3.07% 3.37% 3.37% 3.75% 3.69%
Other Income 1.37% 1.66% 1.68% 1.87% 2.27%
Depreciation 1.35% 1.32% 1.43% 1.46% 1.59%
Interest 0.06% 0.06% 0.08% 0.08% 0.66%
Profit before tax 14.53% 14.40% 15.31% 15.99% 15.90%
Tax 4.72% 4.64% 5.19% 5.54% 3.89%
Net profit 9.82% 9.77% 10.13% 10.49% 12.09%
Dividend Amount 2.86% 2.92% 3.03% 3.26% 7.26%
EBITDA 15.95% 15.78% 16.82% 17.54% 18.16%

Common Size Balance Sheet - BRITANNIA INDUSTRIES LTD

Particulars Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Total Liabilitirs 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 0.69% 0.58% 0.46% 0.39% 0.31%
Reserves 59.18% 65.04% 65.19% 67.80% 55.93%
Borrowings 3.75% 3.03% 3.87% 2.50% 19.64%
Other Liabilities 36.38% 31.34% 30.47% 29.32% 24.13%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00%

Net Block 27.20% 28.23% 25.94% 27.06% 23.99%
Capital Work in Progress 2.58% 0.73% 3.91% 1.62% 0.51%
Investments 22.56% 11.85% 20.80% 23.67% 36.95%
Other Assets 27.66% 35.79% 27.30% 27.04% 23.43%
Receivables 4.88% 4.36% 5.87% 6.32% 4.09%
Inventory 12.61% 16.10% 12.58% 12.53% 9.46%
Cash & Bank 2.51% 2.94% 3.59% 1.76% 1.57%
RITANNIA INDUSTRIES LTD

Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

100.00% 100.00% 100.00% 100.00% 100.00%
58.34% 62.50% 59.29% 56.58% 59.46%
0.28% 0.53% 0.44% -0.02% 0.36%
1.39% 1.54% 1.67% 1.95% 0.00%
5.12% 5.32% 5.48% 5.22% 0.00%
4.01% 3.84% 4.04% 4.23% 3.93%
8.86% 8.40% 9.04% 9.10% 0.00%
3.46% 3.36% 3.56% 4.01% 19.27%
2.38% 1.57% 3.66% 1.26% 1.13%
1.51% 1.42% 1.39% 1.79% 1.75%
0.84% 1.02% 1.04% 0.98% 0.77%
19.14% 14.70% 18.61% 17.37% 16.31%
5.05% 3.98% 4.40% 4.65% 4.17%
14.19% 10.79% 14.24% 12.76% 12.14%
28.88% 9.63% 10.64% 10.56% 10.07%
21.49% 17.14% 21.03% 20.14% 18.83%

RITANNIA INDUSTRIES LTD

Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

100.00% 100.00% 100.00% 100.00% 100.00%
0.30% 0.32% 0.26% 0.27% 0.27%
44.04% 33.67% 37.54% 43.18% 49.01%
26.52% 32.97% 32.05% 22.76% 14.10%
29.14% 33.05% 30.15% 33.79% 36.62%

100.00% 100.00% 100.00% 100.00% 100.00%

22.41% 23.29% 28.40% 30.55% 32.85%
1.46% 7.12% 1.12% 2.07% 1.01%
34.76% 23.42% 35.55% 30.50% 32.42%
21.87% 21.14% 16.54% 14.61% 11.12%
3.22% 4.41% 3.52% 4.34% 5.08%
13.64% 18.17% 12.76% 13.02% 13.99%
2.64% 2.46% 2.12% 4.92% 3.54%
 Regression Beta - 2 Yearly Weekly

Eicher Motors Return Nifty Returns Tata Motors Returns

Date Closing Price Return Closing Price Return Closing Price
6/18/2023 3,539.20 18665.5 557.93
6/25/2023 3,580.10 1.16% 19189.05 2.80% 593.72
7/2/2023 3,184.80 -11.04% 19331.8 0.74% 616.30
7/9/2023 3,347.10 5.10% 19564.5 1.20% 622.98
7/16/2023 3,315.50 -0.94% 19745 0.92% 623.83
7/23/2023 3,355.20 1.20% 19646.05 -0.50% 633.35
7/30/2023 3,359.55 0.13% 19517 -0.66% 613.11
8/6/2023 3,389.20 0.88% 19428.3 -0.45% 609.92
8/13/2023 3,349.60 -1.17% 19310.15 -0.61% 613.91
8/20/2023 3,341.15 -0.25% 19265.8 -0.23% 603.24
8/27/2023 3,400.40 1.77% 19435.3 0.88% 609.32
9/3/2023 3,370.90 -0.87% 19819.95 1.98% 625.32
9/10/2023 3,427.20 1.67% 20192.35 1.88% 632.30
9/17/2023 3,409.45 -0.52% 19674.25 -2.57% 618.54
9/24/2023 3,446.95 1.10% 19638.3 -0.18% 628.26
10/1/2023 3,450.40 0.10% 19653.5 0.08% 620.53
10/8/2023 3,476.40 0.75% 19751.05 0.50% 665.05
10/15/2023 3,480.90 0.13% 19542.65 -1.06% 661.16
10/22/2023 3,394.85 -2.47% 19047.25 -2.53% 639.08
10/29/2023 3,428.00 0.98% 19230.6 0.96% 645.51
11/5/2023 3,540.75 3.29% 19425.35 1.01% 649.05
11/12/2023 3,865.30 9.17% 19731.8 1.58% 679.45
11/19/2023 3,849.05 -0.42% 19794.7 0.32% 671.63
11/26/2023 3,891.20 1.10% 20267.9 2.39% 703.28
12/3/2023 4,055.00 4.21% 20969.4 3.46% 712.35
12/10/2023 4,059.90 0.12% 21456.65 2.32% 730.15
12/17/2023 4,006.05 -1.33% 21349.4 -0.50% 722.47
12/24/2023 4,143.50 3.43% 21731.4 1.79% 777.55
12/31/2023 3,877.05 -6.43% 21710.8 -0.09% 788.52
1/7/2024 3,870.85 -0.16% 21894.55 0.85% 813.94
1/14/2024 3,699.45 -4.43% 21622.4 -1.24% 821.02
1/21/2024 3,616.45 -2.24% 21352.6 -1.25% 809.35
1/28/2024 3,825.55 5.78% 21853.8 2.35% 876.05
2/4/2024 3,840.95 0.40% 21782.5 -0.33% 912.18
2/11/2024 3,928.65 2.28% 22040.7 1.19% 935.71
2/18/2024 3,927.05 -0.04% 22212.7 0.78% 934.52
2/25/2024 3,843.55 -2.13% 22338.75 0.57% 974.39
3/3/2024 3,785.25 -1.52% 22493.55 0.69% 1036.10
3/10/2024 3,745.65 -1.05% 22023.35 -2.09% 942.94
3/17/2024 3,988.40 6.48% 22096.75 0.33% 976.79
3/24/2024 4,019.30 0.77% 22326.9 1.04% 989.75
3/31/2024 4,031.25 0.30% 22513.7 0.84% 1004.00
4/7/2024 4,302.25 6.72% 22519.4 0.03% 1015.37
4/14/2024 4,344.15 0.97% 22147 -1.65% 960.24
4/21/2024 4,601.00 5.91% 22419.95 1.23% 996.43
4/28/2024 4,599.25 -0.04% 22475.85 0.25% 1010.28
5/5/2024 4,657.85 1.27% 22055.2 -1.87% 1043.43
5/12/2024 4,693.90 0.77% 22466.1 1.86% 942.79
5/19/2024 4,880.95 3.98% 22957.1 2.19% 957.59
5/26/2024 4,733.45 -3.02% 22530.7 -1.86% 920.16
6/2/2024 4,762.00 0.60% 23290.15 3.37% 967.52
6/9/2024 4,935.10 3.64% 23465.6 0.75% 993.40
6/16/2024 4,845.50 -1.82% 23501.1 0.15% 961.80
6/23/2024 4,672.95 -3.56% 24010.6 2.17% 989.75
6/30/2024 4,737.30 1.38% 24323.85 1.30% 993.65
7/7/2024 4,860.70 2.60% 24502.15 0.73% 1016.75
7/14/2024 4,850.70 -0.21% 24530.9 0.12% 990.00
7/21/2024 5,012.50 3.34% 24834.85 1.24% 1118.30
7/28/2024 4,726.70 -5.70% 24717.7 -0.47% 1096.65
8/4/2024 4,830.60 2.20% 24367.5 -1.42% 1068.10
8/11/2024 4,818.00 -0.26% 24541.15 0.71% 1098.35
8/18/2024 4,898.10 1.66% 24823.15 1.15% 1085.15
8/25/2024 4,960.50 1.27% 25235.9 1.66% 1111.35
9/1/2024 4,752.50 -4.19% 24852.15 -1.52% 1049.35
9/8/2024 4,858.30 2.23% 25356.5 2.03% 992.10
9/15/2024 4,963.15 2.16% 25790.95 1.71% 970.85
9/22/2024 5,062.60 2.00% 26178.95 1.50% 993.00
9/29/2024 4,706.80 -7.03% 25014.6 -4.45% 930.75
10/6/2024 4,728.05 0.45% 24964.25 -0.20% 930.70
10/13/2024 4,765.65 0.80% 24854.05 -0.44% 910.15
10/20/2024 4,591.60 -3.65% 24180.8 -2.71% 864.30
10/27/2024 4,953.60 7.88% 24304.35 0.51% 843.45
11/3/2024 4,785.25 -3.40% 24148.2 -0.64% 805.45
11/10/2024 4,883.70 2.06% 23532.7 -2.55% 774.30
11/17/2024 4,986.20 2.10% 23907.25 1.59% 791.00
11/24/2024 4,831.85 -3.10% 24131.1 0.94% 786.45
12/1/2024 4,877.05 0.94% 24677.8 2.27% 816.80
12/8/2024 4,825.90 -1.05% 24768.3 0.37% 790.30
12/15/2024 4,734.50 -1.89% 23587.5 -4.77% 724.05
12/22/2024 4,876.90 3.01% 23813.4 0.96% 750.50
12/29/2024 5,310.75 8.90% 24004.75 0.80% 790.40
1/5/2025 5,058.45 -4.75% 23431.5 -2.39% 774.65
1/12/2025 5,012.30 -0.91% 23203.2 -0.97% 779.75
1/19/2025 5,206.30 3.87% 23092.2 -0.48% 734.10
1/26/2025 5,194.30 -0.23% 23508.4 1.80% 716.10
2/2/2025 5,372.55 3.43% 23559.95 0.22% 706.75
2/9/2025 4,703.35 -12.46% 22929.25 -2.68% 680.65
2/16/2025 4,962.45 5.51% 22795.9 -0.58% 673.20
2/23/2025 4,773.60 -3.81% 22124.7 -2.94% 620.65
3/2/2025 5,100.70 6.85% 22552.5 1.93% 648.30
3/9/2025 5,015.25 -1.68% 22397.2 -0.69% 655.50
3/16/2025 5,305.95 5.80% 23350.4 4.26% 702.95
3/23/2025 5,347.70 0.79% 23519.35 0.72% 674.45
3/30/2025 5,247.90 -1.87% 22904.45 -2.61% 613.85
4/6/2025 5,350.90 1.96% 22828.55 -0.33% 595.05
4/13/2025 5,678.50 6.12% 23851.65 4.48% 621.55
4/20/2025 5,575.50 -1.81% 24039.35 0.79% 655.25
4/27/2025 5,437.50 -2.48% 24346.7 1.28% 652.00
5/4/2025 5,324.00 -2.09% 24008 -1.39% 708.50
5/11/2025 5,509.50 3.48% 25019.8 4.21% 730.70
5/18/2025 5,400.00 -1.99% 24853.15 -0.67% 718.25
5/25/2025 5,333.50 -1.23% 24750.7 -0.41% 719.50
6/1/2025 5,394.00 1.13% 25003.05 1.02% 711.00
6/8/2025 5,319.00 -1.39% 24718.6 -1.14% 712.05
Yearly Weekly

Tata Motors Returns M & M Returns Maruti Suzuki Returns Beta Drifting
Return Closing Price Return Closing Price Return
1373.25 9327.30 Levered Raw Beta
6.41% 1453.60 5.85% 9789.05 4.95% Raw Beta Weight
3.80% 1564.15 7.61% 9850.25 0.63%
1.08% 1546.55 -1.13% 9603.65 -2.50% Market Beta
0.14% 1523.50 -1.49% 9770.05 1.73% Market Beta Weight
1.53% 1467.80 -3.66% 9670.30 -1.02%
-3.20% 1464.65 -0.21% 9470.40 -2.07% Adjusted Beta
-0.52% 1546.45 5.58% 9356.85 -1.20%
0.65% 1552.65 0.40% 9456.05 1.06% Calculation of Beta with Slop
-1.74% 1520.05 -2.10% 9505.70 0.53%
1.01% 1591.95 4.73% 10331.25 8.68% Beta Eicher
2.63% 1567.55 -1.53% 10332.00 0.01% Beta TAMO
1.12% 1601.10 2.14% 10525.25 1.87% Beta Maruti
-2.18% 1607.15 0.38% 10535.15 0.09% Beta M & M
1.57% 1554.25 -3.29% 10610.60 0.72%
-1.23% 1548.85 -0.35% 10302.05 -2.91%
7.17% 1562.45 0.88% 10727.55 4.13%
-0.58% 1558.25 -0.27% 10725.65 -0.02%
-3.34% 1510.80 -3.05% 10560.70 -1.54%
1.01% 1469.00 -2.77% 10276.30 -2.69%
0.55% 1524.10 3.75% 10388.80 1.09%
4.68% 1584.55 3.97% 10523.50 1.30%
-1.15% 1553.20 -1.98% 10515.65 -0.07%
4.71% 1625.50 4.65% 10585.70 0.67%
1.29% 1668.55 2.65% 10618.55 0.31%
2.50% 1724.95 3.38% 10286.40 -3.13%
-1.05% 1634.25 -5.26% 10217.15 -0.67%
7.62% 1729.40 5.82% 10302.35 0.83%
1.41% 1642.00 -5.05% 10017.00 -2.77%
3.22% 1624.45 -1.07% 9965.65 -0.51%
0.87% 1655.55 1.91% 10037.70 0.72%
-1.42% 1635.50 -1.21% 9881.00 -1.56%
8.24% 1660.75 1.54% 10655.45 7.84%
4.12% 1646.40 -0.86% 10732.85 0.73%
2.58% 1835.55 11.49% 11380.40 6.03%
-0.13% 1929.95 5.14% 11535.60 1.36%
4.27% 1972.95 2.23% 11620.95 0.74%
6.33% 1897.55 -3.82% 11510.05 -0.95%
-8.99% 1799.50 -5.17% 11476.65 -0.29%
3.59% 1878.80 4.41% 12337.70 7.50%
 1.33% 1921.35 2.26% 12600.35 2.13%
1.44% 2013.30 4.79% 12421.60 -1.42%
1.13% 2070.95 2.86% 12266.55 -1.25%
-5.43% 2082.90 0.58% 12710.95 3.62%
3.77% 2044.90 -1.82% 12703.35 -0.06%
1.39% 2193.00 7.24% 12492.15 -1.66%
3.28% 2193.05 0.00% 12675.50 1.47%
-9.65% 2514.60 14.66% 12641.50 -0.27%
1.57% 2579.75 2.59% 13000.45 2.84%
-3.91% 2506.25 -2.85% 12399.30 -4.62%
5.15% 2857.45 14.01% 12810.90 3.32%
2.67% 2928.60 2.49% 12845.20 0.27%
-3.18% 2839.95 -3.03% 12201.50 -5.01%
2.91% 2866.65 0.94% 12033.85 -1.37%
0.39% 2880.60 0.49% 12104.05 0.58%
2.32% 2703.95 -6.13% 12562.50 3.79%
-2.63% 2749.30 1.68% 12524.30 -0.30%
12.96% 2887.80 5.04% 12663.70 1.11%
-1.94% 2749.65 -4.78% 12726.40 0.50%
-2.60% 2749.15 -0.02% 12224.20 -3.95%
2.83% 2840.45 3.32% 12213.30 -0.09%
-1.20% 2759.00 -2.87% 12302.30 0.73%
2.41% 2805.40 1.68% 12403.00 0.82%
-5.58% 2698.10 -3.82% 12186.15 -1.75%
-5.46% 2739.10 1.52% 12316.05 1.07%
-2.14% 2950.85 7.73% 12614.50 2.42%
2.28% 3183.65 7.89% 13495.60 6.98%
-6.27% 3017.45 -5.22% 12605.75 -6.59%
-0.01% 3134.35 3.87% 12776.65 1.36%
-2.21% 2964.25 -5.43% 12105.10 -5.26%
-5.04% 2720.85 -8.21% 11502.85 -4.98%
-2.41% 2817.65 3.56% 11110.00 -3.42%
-4.51% 2974.90 5.58% 11303.00 1.74%
-3.87% 2807.20 -5.64% 11006.05 -2.63%
2.16% 3012.95 7.33% 11063.60 0.52%
-0.58% 2966.10 -1.55% 11074.20 0.10%
3.86% 3073.00 3.60% 11317.95 2.20%
-3.24% 3081.40 0.27% 11272.55 -0.40%
-8.38% 2906.35 -5.68% 10901.05 -3.30%
3.65% 3049.45 4.92% 10941.05 0.37%
5.32% 3190.55 4.63% 11934.25 9.08%
-1.99% 3092.85 -3.06% 11631.10 -2.54%
0.66% 2917.35 -5.67% 12136.35 4.34%
-5.85% 2801.40 -3.97% 11967.90 -1.39%
-2.45% 2989.85 6.73% 12310.65 2.86%
-1.31% 3198.45 6.98% 13049.50 6.00%
-3.69% 2942.60 -8.00% 12680.25 -2.83%
-1.09% 2669.35 -9.29% 12323.45 -2.81%
-7.81% 2585.10 -3.16% 11945.85 -3.06%
4.46% 2727.85 5.52% 11664.15 -2.36%
1.11% 2643.50 -3.09% 11513.80 -1.29%
7.24% 2801.85 5.99% 11732.80 1.90%
-4.05% 2665.80 -4.86% 11522.15 -1.80%
-8.99% 2596.55 -2.60% 11482.00 -0.35%
-3.06% 2580.35 -0.62% 11599.05 1.02%
4.45% 2679.40 3.84% 11695.00 0.83%
5.42% 2864.20 6.90% 11698.00 0.03%
-0.50% 2926.20 2.16% 12406.00 6.05%
8.67% 2982.10 1.91% 12250.00 -1.26%
3.13% 3135.60 5.15% 12995.00 6.08%
-1.70% 3012.70 -3.92% 12453.00 -4.17%
0.17% 2976.80 -1.19% 12319.00 -1.08%
-1.18% 3106.50 4.36% 12462.00 1.16%
0.15% 3006.00 -3.24% 12408.00 -0.43%
 Beta Drifting

1.05
0.75

1.00
0.25

1.03

ation of Beta with Slop

1.05
1.39
0.82
1.64
 Common Size Statement - BRITANNIA INDUSTRIES LTD
Years Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

Income Statement
Sales ₹ 8,397.2 ₹ 9,054.1 ₹ 9,914.0 ₹ 11,054.7 ₹ 11,599.6 ₹ 13,136.1 ₹ 14,136.3 ₹ 16,300.6 ₹ 16,769.3 ₹ 17,942.7
Sales Growth % 7.82% 9.50% 11.51% 4.93% 13.25% 7.61% 15.31% 2.88% 7.00%

COGS ₹ 5,959.4 ₹ 6,555.5 ₹ 7,125.1 ₹ 7,799.8 ₹ 8,202.5 ₹ 9,008.0 ₹ 10,272.5 ₹ 11,415.6 ₹ 11,404.1 ₹ 11,308.6
COGS % Sales 70.97% 72.40% 71.87% 70.56% 70.71% 68.57% 72.67% 70.03% 68.01% 63.03%

Gross Profit ₹ 2,437.8 ₹ 2,498.6 ₹ 2,788.9 ₹ 3,254.9 ₹ 3,397.0 ₹ 4,128.2 ₹ 3,863.7 ₹ 4,884.9 ₹ 5,365.2 ₹ 6,634.0
Gross Margine 29.03% 27.60% 28.13% 29.44% 29.29% 31.43% 27.33% 29.97% 31.99% 36.97%

Selling & General Expense ₹ 1,214.3 ₹ 1,220.4 ₹ 1,287.4 ₹ 1,522.5 ₹ 1,553.8 ₹ 1,618.9 ₹ 1,662.4 ₹ 2,054.0 ₹ 2,198.5 ₹ 3,457.6
S & F Expense % Sales 14.46% 13.48% 12.99% 13.77% 13.40% 12.32% 11.76% 12.60% 13.11% 19.27%

EBIDTA ₹ 1,223.6 ₹ 1,278.2 ₹ 1,501.5 ₹ 1,732.4 ₹ 1,843.2 ₹ 2,509.3 ₹ 2,201.3 ₹ 2,830.9 ₹ 3,166.7 ₹ 3,176.4
EBIDTA Margins 14.57% 14.12% 15.14% 15.67% 15.89% 19.10% 15.57% 17.37% 18.88% 17.70%

Depreciation ₹ 113.4 ₹ 119.3 ₹ 142.1 ₹ 161.9 ₹ 184.8 ₹ 197.9 ₹ 200.5 ₹ 225.9 ₹ 300.5 ₹ 313.3
Depreciation % Sales 1.35% 1.32% 1.43% 1.46% 1.59% 1.51% 1.42% 1.39% 1.79% 1.75%

Interest ₹ 4.9 ₹ 5.5 ₹ 7.6 ₹ 9.1 ₹ 76.9 ₹ 110.9 ₹ 144.3 ₹ 169.1 ₹ 164.0 ₹ 138.8
Interest % Sales 0.06% 0.06% 0.08% 0.08% 0.66% 0.84% 1.02% 1.04% 0.98% 0.77%

EBT ₹ 1,105.3 ₹ 1,153.5 ₹ 1,351.8 ₹ 1,561.5 ₹ 1,581.5 ₹ 2,200.5 ₹ 1,856.5 ₹ 2,435.9 ₹ 2,702.2 ₹ 2,724.3
EBT % Sales 13.16% 12.74% 13.64% 14.13% 13.63% 16.75% 13.13% 14.94% 16.11% 15.18%
Tax ₹ 396.1 ₹ 419.7 ₹ 514.2 ₹ 612.5 ₹ 450.7 ₹ 663.0 ₹ 562.4 ₹ 716.5 ₹ 779.3 ₹ 748.7
Effective Tax Rate 35.84% 36.38% 38.04% 39.22% 28.50% 30.13% 30.29% 29.41% 28.84% 27.48%

Net Profit ₹ 709.2 ₹ 733.8 ₹ 837.6 ₹ 949.0 ₹ 1,130.8 ₹ 1,537.5 ₹ 1,294.1 ₹ 1,719.5 ₹ 1,922.9 ₹ 1,975.6
Net Margins 8.45% 8.10% 8.45% 8.58% 9.75% 11.70% 9.15% 10.55% 11.47% 11.01%

No. of Share 24.00 24.00 24.01 24.03 24.05 24.09 24.09 24.09 24.09 24.09

EPS ₹ 29.5 ₹ 30.6 ₹ 34.9 ₹ 39.5 ₹ 47.0 ₹ 63.8 ₹ 53.7 ₹ 71.4 ₹ 79.8 ₹ 82.0
EPS Growth 3.47% 14.10% 13.21% 19.05% 35.75% -15.83% 32.87% 11.83% 2.74%

DPS ₹ 10.0 ₹ 11.0 ₹ 12.5 ₹ 15.0 ₹ 35.0 ₹ 157.5 ₹ 56.5 ₹ 72.0 ₹ 73.5 ₹ 75.0
Dividend Payout Ratio 33.84% 35.98% 35.83% 37.98% 74.44% 246.77% 105.17% 100.87% 92.08% 91.46%

Retained Earning ₹ 19.5 ₹ 19.6 ₹ 22.4 ₹ 24.5 ₹ 12.0 ₹ (93.7) ₹ (2.8) ₹ (0.6) ₹ 6.3 ₹ 7.0
Retained Earning % 66.16% 64.02% 64.17% 62.02% 25.56% -146.77% -5.17% -0.87% 7.92% 8.54%

Balance Sheet

Equity Share Capital ₹ 24.0 ₹ 24.0 ₹ 24.0 ₹ 24.0 ₹ 24.1 ₹ 24.1 ₹ 24.1 ₹ 24.1 ₹ 24.1 ₹ 24.1
Reserves ₹ 2,067.7 ₹ 2,672.4 ₹ 3,382.2 ₹ 4,229.2 ₹ 4,378.8 ₹ 3,523.6 ₹ 2,534.0 ₹ 3,510.2 ₹ 3,917.4 ₹ 4,331.6
Borrowings ₹ 131.1 ₹ 124.6 ₹ 200.7 ₹ 156.0 ₹ 1,537.6 ₹ 2,121.5 ₹ 2,481.2 ₹ 2,997.4 ₹ 2,065.0 ₹ 1,246.5
Other Liabilities ₹ 1,271.2 ₹ 1,287.8 ₹ 1,581.0 ₹ 1,828.7 ₹ 1,889.1 ₹ 2,330.9 ₹ 2,487.3 ₹ 2,819.2 ₹ 3,065.0 ₹ 3,236.3
Total Liabilities ₹ 3,493.9 ₹ 4,108.8 ₹ 5,187.9 ₹ 6,238.0 ₹ 7,829.5 ₹ 8,000.1 ₹ 7,526.6 ₹ 9,350.8 ₹ 9,071.5 ₹ 8,838.6

Fixed Asset Net Block ₹ 950.2 ₹ 1,160.0 ₹ 1,345.6 ₹ 1,688.3 ₹ 1,878.2 ₹ 1,793.0 ₹ 1,753.2 ₹ 2,655.2 ₹ 2,771.1 ₹ 2,903.8
Capital Work in Progress ₹ 90.1 ₹ 30.1 ₹ 202.8 ₹ 101.2 ₹ 39.6 ₹ 116.5 ₹ 535.7 ₹ 105.0 ₹ 187.5 ₹ 89.2
Investments ₹ 788.4 ₹ 486.9 ₹ 1,079.3 ₹ 1,476.3 ₹ 2,893.2 ₹ 2,780.9 ₹ 1,762.4 ₹ 3,324.2 ₹ 2,766.7 ₹ 2,865.4
Other Assets ₹ 966.3 ₹ 1,470.5 ₹ 1,416.4 ₹ 1,686.7 ₹ 1,834.4 ₹ 1,749.6 ₹ 1,591.0 ₹ 1,546.2 ₹ 1,325.2 ₹ 982.5
Total Non Current Assets ₹ 2,795.0 ₹ 3,147.4 ₹ 4,044.1 ₹ 4,952.5 ₹ 6,645.4 ₹ 6,440.0 ₹ 5,642.3 ₹ 7,630.7 ₹ 7,050.6 ₹ 6,841.0

Receivables ₹ 170.6 ₹ 179.2 ₹ 304.6 ₹ 394.2 ₹ 320.4 ₹ 257.3 ₹ 331.9 ₹ 328.9 ₹ 393.3 ₹ 448.6
Inventory ₹ 440.7 ₹ 661.5 ₹ 652.8 ₹ 781.4 ₹ 741.0 ₹ 1,091.5 ₹ 1,367.5 ₹ 1,193.3 ₹ 1,181.2 ₹ 1,236.5
Cash & Bank ₹ 87.7 ₹ 120.8 ₹ 186.4 ₹ 109.8 ₹ 122.9 ₹ 211.3 ₹ 184.9 ₹ 198.0 ₹ 446.4 ₹ 312.5
Total Current Assets ₹ 698.9 ₹ 961.4 ₹ 1,143.8 ₹ 1,285.4 ₹ 1,184.2 ₹ 1,560.1 ₹ 1,884.3 ₹ 1,720.2 ₹ 2,020.9 ₹ 1,997.6

Total Assets ₹ 3,493.9 ₹ 4,108.8 ₹ 5,187.9 ₹ 6,238.0 ₹ 7,829.5 ₹ 8,000.1 ₹ 7,526.6 ₹ 9,350.8 ₹ 9,071.5 ₹ 8,838.6

Check 1 1 1 1 1 1 1 1 1 TRUE

Cash Flow Statement

Cash from Operating Activity ₹ 959.2 ₹ 441.3 ₹ 1,248.8 ₹ 1,155.8 ₹ 1,484.5 ₹ 1,875.5 ₹ 1,299.5 ₹ 2,526.2 ₹ 2,573.0 ₹ 2,480.7

Cash from Investing Activity ₹ (705.2) ₹ (149.9) ₹ (956.5) ₹ (852.2) ₹ (1,525.9) ₹ 433.2 ₹ 914.2 ₹ (1,507.0) ₹ 476.8 ₹ 84.4

Cash from Financing Activity ₹ (246.2) ₹ (295.1) ₹ (231.8) ₹ (352.7) ₹ 57.9 ₹ (2,242.5) ₹ (2,245.8) ₹ (1,028.4) ₹ (2,830.5) ₹ (2,761.9)

Net Cash Flow ₹ 7.9 ₹ (3.7) ₹ 60.5 ₹ (49.1) ₹ 16.5 ₹ 66.2 ₹ (32.1) ₹ (9.2) ₹ 219.3 ₹ (196.9)
Particular Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

Equity Capital 27.0 27.0 27.0 27.0 27.0 27.0 27.0

Reserves 3,626.0 5,318.0 7,003.0 8,891.0 9,954.0 11,411.0 12,581.0
Borrowings
Long term Borrowings - - - - - - -
Short term Borrowings 23.0 112.0 151.0 187.0 144.0 157.0 59.0
Lease Liabilities - - - - 105.0 62.0 49.0
Other Liabilities - 1,263.0 1,552.0 2,341.0 2,281.0 2,220.0 2,901.0 3,424.0
Non controlling int - - - - - - -
Trade Payables 723.0 765.0 1,172.0 1,234.0 1,008.0 1,513.0 1,788.0
Advance from Customers 242.0 292.0 141.0 93.0 61.0 137.0 148.0
Other liability items 298.0 495.0 1,029.0 954.0 1,151.0 1,251.0 1,488.0
Total Liabilities 4,939.0 7,009.0 9,522.0 11,387.0 12,450.0 14,559.0 16,140.0

Fixed Assets -
Land 86.0 86.0 86.0 86.0 182.0 232.0 230.0
Building 177.0 230.0 484.0 644.0 871.0 866.0 867.0
Plant Machinery 663.0 795.0 1,303.0 1,548.0 1,928.0 2,088.0 2,336.0
Equipments 51.0 68.0 110.0 140.0 188.0 204.0 226.0
Furniture n fittings 11.0 14.0 21.0 28.0 34.0 38.0 37.0
Vehicles 19.0 30.0 48.0 64.0 81.0 97.0 122.0
Intangible Assets - - - - - - -
Other fixed assets 53.0 72.0 93.0 258.0 301.0 523.0 588.0
Gross Block 1,061.0 1,295.0 2,144.0 2,767.0 3,585.0 4,049.0 4,405.0
Accumulated Depreciation 271.0 422.0 643.0 893.0 1,208.0 1,616.0 1,981.0
Net Block 790.0 873.0 1,501.0 1,874.0 2,377.0 2,433.0 2,424.0

CWIP 94.0 374.0 333.0 450.0 312.0 314.0 505.0

Investments 3,388.0 4,987.0 5,581.0 4,923.0 5,749.0 3,902.0 7,721.0

Other Assets -
Inventories 308.0 336.0 395.0 633.0 572.0 875.0 1,132.0
Trade receivables 33.0 50.0 68.0 84.0 87.0 158.0 302.0
Cash Equivalents 49.0 25.0 1,212.0 2,965.0 2,951.0 5,830.0 2,722.0
Loans n Advances 39.0 39.0 64.0 82.0 99.0 594.0 867.0
Other asset items 237.0 326.0 368.0 375.0 303.0 452.0 466.0
Total Assets 4,939.0 7,009.0 9,522.0 11,387.0 12,450.0 14,559.0 16,140.0

Cash from Operating Activity - 1,463 1,708 2,482 1,575 1,694 1,691 1,527
Profit from operations 1,719 2,196 2,851 2,941 2,236 1,912 2,172
Receivables -22 -17 -18 -18 0 -73 -147
Inventory -104 -28 -59 -239 61 -302 -258
Payables 241 110 407 62 -235 495 283
Loans Advances -12 6 0 -1 1 0 0
Other WC items 160 92 109 -262 259 115 -10
Working capital changes 263 163 438 -457 86 235 -131
Direct taxes -519 -652 -807 -908 -628 -457 -514

Cash from Investing Activity - -1,001 -1,744 -2,145 -660 -1,508 -1,625 -983
Fixed assets purchased -510 -548 -748 -792 -546 -532 -641
Fixed assets sold 1 1 3 2 1 17 2
Investments purchased -662 -4,247 -6,464 -7,929 -8,746 -3,983 -7,134
Investments sold 158 3,051 6,124 9,051 8,176 5,971 3,500
Interest received 4 3 12 90 204 192 398
Dividends received 107 0 52 65 68 0 27
Investment in group cos -109 -39 -16 -30 -1 0 0
Other investing items 9 36 -1,106 -1,117 -665 -3,290 2,864

Cash from Financing Activity - -466 25 -262 -292 -858 -15 -593
Proceeds from shares 5 6 19 36 29 38 6
Proceeds from borrowings 0 389 495 369 267 40 32
Repayment of borrowings 0 -345 -456 -344 -298 -27 -137
Interest paid fin -2 -2 -3 -5 -8 -16 -19
Dividends paid -407 0 -272 -300 -682 0 -465
Financial liabilities 0 0 0 0 -40 -39 -17
Other financing items -61 -23 -45 -48 -126 -11 5
Net Cash Flow -4 -10 75 623 -673 51 -50
 Mar-23 Mar-24 Mar-25

27.0 27.0 27.0

14,963.0 18,018.0 21,269.0

63.0 163.0 184.0

133.0 112.0 82.0
93.0 144.0 192.0
3,919.0 4,650.0 5,420.0
- - -
1,810.0 2,090.0 2,530.0
126.0 -
1,982.0 2,560.0 2,890.0
19,198.0 23,115.0 27,174.0

230.0 229.0
1,051.0 1,127.0
2,598.0 2,744.0
266.0 231.0
39.0 42.0
137.0 180.0
- - 1,269.0
820.0 1,177.0
5,142.0 5,729.0
2,452.0 2,815.0
2,690.0 2,914.0 -

472.0 555.0 110.0

12,321.0 13,527.0 14,791.0

1,278.0 1,410.0 1,564.0

369.0 374.0 550.0
766.0 146.0 263.0
835.0 680.0 2,516.0
467.0 3,509.0 3,526.0
19,198.0 23,115.0 27,174.0

2,823 3,724 3,980

3,527 4,404 4,849
-59 -5 -176
-146 -131 -154
 22 304 440
0 0 0
249 220 101
66 388 211
-770 -1,068 -1,080

-2,397 -2,834 -2,483

-682 -819 -1,039
9 4 11
-9,103 -6,106 -6,939
5,080 5,968 6,826
204 112 188
41 95 136
0 0 0
2,055 -2,089 -1,666

-417 -844 -1,399

11 47 87
202 322 38
-20 -127 -43
-18 -35 -37
-574 -1,013 -1,397
-19 -37 -112
0 0 66
8 45 98
 Calculation Of ROIC Mar-20 Mar-21 Mar-22 Mar-23

Current Assets
Inventories 572.0 875.0 1,132.0 1,278.0
Trade receivables 87.0 158.0 302.0 369.0
Loans n Advances 99.0 594.0 867.0 835.0
Other asset items 303.0 452.0 466.0 467.0
Total Current Assets 1,061.0 2,079.0 2,767.0 2,949.0

Cutternt Liabilities
Trade Payables 1,008.0 1,513.0 1,788.0 1,810.0
Advance from Customers 61.0 137.0 148.0 126.0
Other liability items 1,151.0 1,251.0 1,488.0 1,982.0
Total Current Liabilities 2,220.0 2,901.0 3,424.0 3,918.0

# Net Working Capital (1,159.0) (822.0) (657.0) (969.0)

Non Current Assets

Land 182.0 232.0 230.0 230.0
Building 871.0 866.0 867.0 1,051.0
Plant Machinery 1,928.0 2,088.0 2,336.0 2,598.0
Equipments 188.0 204.0 226.0 266.0
Furniture n fittings 34.0 38.0 37.0 39.0
Vehicles 81.0 97.0 122.0 137.0
Intangible Assets - - - -
Other fixed assets 301.0 523.0 588.0 820.0
Gross Block 3,585.0 4,048.0 4,406.0 5,141.0
Accumulated Depreciation (1,208.0) (1,616.0) (1,981.0) (2,452.0)
# Net Block 2,377.0 2,432.0 2,425.0 2,689.0

# Invested Capital 1,218.0 1,610.0 1,768.0 1,720.0

EBIT 1,658.4 2,311.4 2,000.8 2,605.0

ROIC 136.16% 143.57% 113.17% 151.45%

Calculation of Reinvesrmrnt Rate Mar-20 Mar-21 Mar-22 Mar-23

Net CapEx 545.0 515.0 639.0 673.0

Change in Working Capital 337.0 165.0 (312.0)

EBIT 1,658.4 2,311.4 2,000.8 2,605.0

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00%
EBIT(1-T) 1243.8 1733.6 1500.6 1953.8

Reinvestment 852.0 804.0 361.0

Reinvestment Rate 49.15% 53.58% 18.48%

4 Year Average
4 Year Median

Calculation of Intirinsic Growth Rate Mar-20 Mar-21 Mar-22 Mar-23

Reinvestment Rate 49.15% 53.58% 18.48%

ROIC 143.57% 113.17% 151.45%

Intrinsic Growth Rate 70.56% 60.63% 27.98%

4 Year Average
4 Year Median
 Mar-24

1,410.0
374.0
680.0
3,509.0
5,973.0

2,090.0
-
2,560.0
4,650.0

1,323.0

229.0
1,127.0
2,744.0
231.0
42.0
180.0
-
1,177.0
5,730.0
(2,815.0)
2,915.0

4,238.0
2,866.2

67.63%

Mar-24

815.0
2,292.0

2,866.2
25.00%
2149.6

3,107.0
144.54%

66.43%
51.36%

Mar-24

144.54%
67.63%

97.75%

64.23%
65.60%
 Ratio Analysis - EICHER MOTORS LTD
Years Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

SalesGrowth 7.82% 9.50% 11.51% 4.93%

EBITDA Growth 4.46% 17.47% 15.38% 6.39%
EBIT Growth 4.52% 17.61% 15.26% 7.06%
EBT Growth 4.36% 17.20% 15.51% 1.28%
Net Profit Growth 3.47% 14.15% 13.30% 19.15%
Dividend Growth 10.00% 13.63% 20.00% 133.33%

Gross Margin 29.03% 27.60% 28.13% 29.44% 29.29%

EBITDA Margin 14.57% 14.12% 15.14% 15.67% 15.89%
EBIT Margin 15.92% 15.43% 16.58% 17.14% 17.48%
EBT Margin 13.16% 12.74% 13.64% 14.13% 13.63%
Net Profit Margin 8.45% 8.10% 8.45% 8.58% 9.75%

Sales Expenses % Sales 14.46% 13.48% 12.99% 13.77% 13.40%

Depreciation % Sales 1.35% 1.32% 1.43% 1.46% 1.59%
Operating Income % Sales 15.92% 15.43% 16.58% 17.14% 17.48%

Return on Capital Employed 49.95% 41.08% 37.69% 35.62% 27.92%

Retained Earnings % 66.16% 64.02% 64.17% 62.02% 25.56%
Return on Equity % 33.91% 27.21% 24.59% 22.31% 25.68%
Self Sustained Growth Rate 22.43% 17.42% 15.78% 13.84% 6.56%
Interest Coverage Ratio 227.96x 212.64x 179.10x 172.78x 21.57x

Debtor Turnover Ratio 49.22x 50.54x 32.55x 28.04x 36.21x

Creditor Turnover Ratio 6.61x 7.03x 6.27x 6.05x 6.14x
Inventory Turnover 19.06x 13.69x 15.19x 14.15x 15.65x
Fixed Asset Turnover 8.84x 7.81x 7.37x 6.55x 6.18x
Capital Turnover Ratio 4.01x 3.36x 2.91x 2.60x 2.63x

(in days)
Debtor Days 7 7 11 13 10
Payable Days 55 52 58 60 59
Inventory Days 19 27 24 26 23
Cash Conversion Cycle -29 -18 -23 -22 -26

CFO/Sales 11.42% 4.87% 12.60% 10.46% 12.80%

CFO/Total Assets 27.45% 10.74% 24.07% 18.53% 18.96%
CFO/Total Debt 731.96% 354.27% 622.21% 740.79% 96.55%
R MOTORS LTD
Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Trendline Mean

13.25% 7.61% 15.31% 2.88% 7.00% 8.87%

36.14% -12.27% 28.60% 11.86% 0.31% 12.04%
33.49% -11.28% 27.27% 13.42% 0.65% 12.00%
39.15% -15.64% 31.21% 10.93% 0.82% 11.65%
35.97% -15.83% 32.87% 11.83% 2.74% 13.07%
350.00% -64.13% 27.43% 2.08% 2.04% 54.93%

31.43% 27.33% 29.97% 31.99% 36.97% 30.12%

19.10% 15.57% 17.37% 18.88% 17.70% 16.40%
20.61% 16.99% 18.75% 20.68% 19.45% 17.90%
16.75% 13.13% 14.94% 16.11% 15.18% 14.34%
11.70% 9.15% 10.55% 11.47% 11.01% 9.72%

12.32% 11.76% 12.60% 13.11% 19.27% 13.72%

1.51% 1.42% 1.39% 1.79% 1.75% 1.50%
20.61% 16.99% 18.75% 20.68% 19.45% 17.90%

40.77% 39.70% 39.88% 47.72% 51.11% 41.14%

-146.77% -5.17% -0.87% 7.92% 8.54% 14.56%
43.34% 50.59% 48.65% 48.79% 45.36% 37.04%
-63.61% -2.62% -0.43% 3.86% 3.88% 1.71%
20.84x 13.87x 15.41x 17.48x 20.63x 90.23x

51.06x 42.59x 49.55x 42.63x 40.00x 42.24x

5.64x 5.68x 5.78x 5.47x 5.54x 6.02x
12.04x 10.34x 13.66x 14.20x 14.51x 14.25x
7.33x 8.06x 6.14x 6.05x 6.18x 7.05x
3.70x 5.53x 4.61x 4.25x 4.12x 3.77x

7 9 7 9 9 9
65 64 63 67 66 61
30 35 27 26 25 26
-27 -20 -29 -32 -32 -26

14.28% 9.19% 15.50% 15.34% 13.83% 12.03%

23.44% 17.27% 27.02% 28.36% 28.07% 22.39%
88.40% 52.37% 84.28% 124.60% 199.01% 309.44%
Median

7.82%
11.86%
13.42%
10.93%
13.30%
13.63%

29.36%
15.78%
17.31%
13.88%
9.45%

13.25%
1.45%
17.31%

40.33%
17.05%
38.62%
5.22%
21.20x

42.61x
5.91x
14.17x
6.94x
3.86x

9
62
26
-27

12.70%
23.76%
161.80%
 Sales Forecasting - BRITANNIA INDUSTRIES LTD EBITDA - BRITANNIA INDUSTRIES LTD EPS - BRITANNIA IND
Year Weight Year Sales Sales Growth Year Weight Year EBITDA EBITDA Growth Year Weight
1 2016A ₹ 8,397.2 1 2016A ₹ 1,223.6 1
2 2017A ₹ 9,054.1 7.82% 2 2017A ₹ 1,278.2 4.46% 2
3 2018A ₹ 9,914.0 9.50% 3 2018A ₹ 1,501.5 17.47% 3
4 2019A ₹ 11,054.7 11.51% 4 2019A ₹ 1,732.4 15.38% 4
5 2020A ₹ 11,599.6 4.93% 5 2020A ₹ 1,843.2 6.39% 5
6 2021A ₹ 13,136.1 13.25% 6 2021A ₹ 2,509.3 36.14% 6
7 2022A ₹ 14,136.3 7.61% 7 2022A ₹ 2,201.3 -12.27% 7
8 2023A ₹ 16,300.6 15.31% 8 2023A ₹ 2,830.9 28.60% 8
9 2024A ₹ 16,769.3 2.88% 9 2024A ₹ 3,166.7 11.86% 9
10 2025A ₹ 17,942.7 7.00% 10 2025A ₹ 3,176.4 0.31% 10
11 2026E ₹ 18,918.1 5.44% 11 2026E ₹ 3,463.5 9.04% 11
12 2027E ₹ 20,171.0 6.62% 12 2027E ₹ 3,744.3 8.11% 12
13 2028E ₹ 21,398.7 6.09% 13 2028E ₹ 4,002.6 6.90% 13
14 2029E ₹ 22,605.8 5.64% 14 2029E ₹ 4,259.4 6.42% 14
15 2030E ₹ 23,834.3 5.43% 15 2030E ₹ 4,513.8 5.97% 15

Sales Growth EBITDA Growth EPS Gro

₹ 30,000.0 ₹ 5,000.0 ₹ 140.0
₹ 4,500.0
₹ 25,000.0 ₹ 120.0
₹ 4,000.0
₹ 3,500.0 ₹ 100.0
₹ 20,000.0
₹ 3,000.0 ₹ 80.0
₹ 15,000.0 ₹ 2,500.0
₹ 60.0
₹ 2,000.0
₹ 10,000.0
₹ 1,500.0 ₹ 40.0
₹ 5,000.0 ₹ 1,000.0
₹ 20.0
₹ 500.0
₹ 0.0 ₹ 0.0 ₹ 0.0
A A A A A A A A A A A A A A A A A A A A A A
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 6A 7A 8A 9A 0A 1A 2A 3A 4A 5A 6A 7A 8A 9A 0A 16 17 18 19 20 21 22 23
₹ 20,000.0
₹ 3,000.0 ₹ 80.0
₹ 15,000.0 ₹ 2,500.0
₹ 60.0
₹ 2,000.0
₹ 10,000.0
₹ 1,500.0 ₹ 40.0
₹ 5,000.0 ₹ 1,000.0
₹ 20.0
₹ 500.0
₹ 0.0 ₹ 0.0 ₹ 0.0
A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A A
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 16 017 018 019 020 021 022 023 024 025 026 027 028 029 030 16 17 18 19 20 21 22 23
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 0
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 20 20 20 20 20 20 20 20
 EPS - BRITANNIA INDUSTRIES LTD
Year EPS EPS Growth
2016A ₹ 29.5
2017A ₹ 30.6 3.5%
2018A ₹ 34.9 14.1%
2019A ₹ 39.5 13.2%
2020A ₹ 47.0 19.1%
2021A ₹ 63.8 35.7%
2022A ₹ 53.7 -15.8%
2023A ₹ 71.4 32.9%
2024A ₹ 79.8 11.8%
2025A ₹ 82.0 2.7%
2026E ₹ 88.5 7.9%
2027E ₹ 96.3 8.8%
2028E ₹ 103.6 7.5%
2029E ₹ 110.5 6.7%
2030E ₹ 116.9 5.8%

EPS Growth
₹ 140.0

₹ 120.0

₹ 100.0

₹ 80.0

₹ 60.0

₹ 40.0

₹ 20.0

₹ 0.0
A A A A A A A A A A A A A A A
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
₹ 80.0

₹ 60.0

₹ 40.0

₹ 20.0

₹ 0.0
A A A A A A A A A A A A A A A
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
 Weighted Average Cost of Capital

All the figures in INR unless ststed otherwise

Peer Company
Debt/
Name Country Total Debt Total Equity Tax Rate 1 Equity
Eicher Motors India ₹ 458.1 ₹ 145,874.8 30.00% 0.31%
Maruti Suzuki India ₹ 87.0 ₹ 390,110.7 30.00% 0.02%
Tata Motors India ₹ 71,540.0 ₹ 262,138.5 30.00% 27.29%
M&M India ₹ 124,949.0 ₹ 373,804.8 30.00% 33.43%
Bajaj Auto India ₹ 9,364.0 ₹ 236,349.7 30.00% 3.96%

Average 30.00% 13.00%

Median 30.00% 3.96%

Cost Of Debt Cost of Equity

Pre-Tax Cost of Debt 11.14% Risk Free Rate

Tax Rate 30.00% Equity Risk Premium
Post Tax Cost of Debt 7.79% Levered Beta 4
Cost of Equity

Capital Structure Levered Beta

Current Target
Total Debt ₹ 458.1 0.31% 10.13% Company Meadian Un
Market Capitalisation (Equity) ₹ 145,874.8 99.69% 89.87% Target Debt/Equity
Total Capital ₹ 146,332.90 100.00% 100.00% Tax Rate
Levered Beta
Debt/Equity 0.31% 11.27%
Weighted Average Co
Notes: Cost of Equity
1. Tax rate is considered as Marginal Tax Rate for the country. Equity Weight
2. Levered Beta is based on 5 years monthly data. Cost Of Debt
3. Unlevered Bata = Levered Beta/(1+(1-Tax Rate)*Debt/Equity. Debt Weight
4. Levered Bata = Unlevered Beta*(1+(1-Tax Rate)*Debt/Equity. Weighted Average Co
Capital

Debt/ Levered Unlevered

Capital Beta 2 Beta 3
0.31% 1.05 1.04
0.02% 0.82 0.82
21.44% 1.39 1.17
25.05% 1.64 1.33
3.81% 1.19 1.16

10.13% 1.22 1.10

3.81% 1.19 1.16

Cost of Equity

Risk Free Rate 6.29%

Equity Risk Premium 10.33%
Levered Beta 4 1.25
Cost of Equity 19.20%

Levered Beta

Company Meadian Unlevered Beta 1.16

Target Debt/Equity 11.27%
30.00%
Levered Beta 1.25

Weighted Average Cost of Capital

Cost of Equity 19.20%
Equity Weight 89.87%
Cost Of Debt 7.79%
Debt Weight 10.13%
Weighted Average Cost of Capital 18.05%
 Return on Market
Year Annual
2000 -14.65% Average Return 15.33%
2001 -16.18% Dividend Yield 1.29%
2002 3.25% Total Market return 16.62%
2003 71.90%
2004 10.68%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02%
2020 14.90%
2021 24.12%
2022 4.32%
2023 19.42%
2024 8.75%
S.No. Name CMP Rs. Mar Cap Rs.Cr. Debt / Eq Debt Rs.Cr.
1 Eicher Motors 5319 145874.77 0.02 458.13
2 Maruti Suzuki 12408 390110.71 0 87
3 Tata Motors 712.05 262138.52 0.62 71540
4 M&M 3006 373804.77 1.62 124949.31
5 Bajaj Auto 8463.5 236349.68 0.27 9364.16
BRITANNIA INDUSTRIES LTD SCREENER.IN

Narration Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25
Sales 4,196.80 4,023.18 4,010.70 4,432.88 4,256.33 4,069.36 4,250.29 4,667.57 4,592.61 4,432.19
Expenses 3,379.22 3,222.29 3,321.82 3,561.50 3,436.58 3,285.71 3,497.28 3,887.56 3,749.75 3,631.67
Operating Profit 817.58 800.89 688.88 871.38 819.75 783.65 753.01 780.01 842.86 800.52
Other Income 427.82 60.40 56.92 52.35 47.66 57.34 30.97 45.85 62.46 63.02
Depreciation 57.96 65.33 70.76 71.68 78.09 79.93 73.93 76.07 82.38 80.96
Interest 38.13 34.86 53.05 53.42 31.09 26.44 28.95 34.64 44.56 30.65
Profit before tax 1,149.31 761.10 621.99 798.63 758.23 734.62 681.10 715.15 778.38 751.93
Tax 216.91 203.50 166.54 212.13 202.57 198.01 176.22 183.60 196.08 192.80
Net profit 932.39 558.66 457.55 587.59 556.39 538.28 505.64 531.45 581.69 559.95

OPM 19% 20% 17% 20% 19% 19% 18% 17% 18% 18%
BRITANNIA INDUSTRIES LTD SCREENER.IN

Narration Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Equity Share Capital 24.00 24.00 24.01 24.03 24.05 24.09 24.09 24.09 24.09 24.09
Reserves 2,067.68 2,672.42 3,382.22 4,229.22 4,378.78 3,523.57 2,534.01 3,510.18 3,917.43 4,331.63
Borrowings 131.05 124.56 200.70 156.02 1,537.59 2,121.51 2,481.20 2,997.37 2,064.96 1,246.51
Other Liabilities 1,271.18 1,287.82 1,580.99 1,828.68 1,889.12 2,330.92 2,487.30 2,819.21 3,065.02 3,236.32
Total 3,493.91 4,108.80 5,187.92 6,237.95 7,829.54 8,000.09 7,526.60 9,350.85 9,071.50 8,838.55

Net Block 950.24 1,159.99 1,345.60 1,688.30 1,878.18 1,792.95 1,753.21 2,655.22 2,771.14 2,903.80
Capital Work in Progress 90.07 30.07 202.82 101.24 39.55 116.52 535.68 105.00 187.54 89.20
Investments 788.38 486.85 1,079.28 1,476.28 2,893.23 2,780.91 1,762.37 3,324.24 2,766.72 2,865.43
Other Assets 1,665.22 2,431.89 2,560.22 2,972.13 3,018.58 3,309.71 3,475.34 3,266.39 3,346.10 2,980.12
Total 3,493.91 4,108.80 5,187.92 6,237.95 7,829.54 8,000.09 7,526.60 9,350.85 9,071.50 8,838.55

Working Capital 394.04 1,144.07 979.23 1,143.45 1,129.46 978.79 988.04 447.18 281.08 -256.20
Debtors 170.61 179.16 304.60 394.24 320.36 257.27 331.93 328.94 393.33 448.61
Inventory 440.65 661.45 652.79 781.38 740.96 1,091.49 1,367.49 1,193.26 1,181.22 1,236.51

Debtor Days 7.42 7.22 11.21 13.02 10.08 7.15 8.57 7.37 8.56 9.13
Inventory Turnover 19.06 13.69 15.19 14.15 15.65 12.04 10.34 13.66 14.20 14.51

Return on Equity 39% 33% 29% 27% 32% 53% 60% 66% 54% 50%
Return on Capital Emp 52% 47% 44% 37% 45% 42% 55% 49% 53%
Calculation of FCFF Mar/24A Mar/25E Mar/26E

EBIT 1,110.2 1,838.4 3,044.3

Marginal Tax Rate 25.00% 25.00% 25.00%
EBIT(1-T) 832.6 1,378.8 2,283.2
Reinvestment Rate 51.36% 51.36% 51.36%
Free Cash Flow to Firm 405.0 670.6 1,110.5
Mid Year Convention 0.5 1.5
Dscounting Factor 0.920 0.780
PV of FCFF 617.2 865.8

Expected Growth 65.60%

Terminal Growth 5.50%
WACC 18.05%

Calculation of Terminal Value

FCFF (n+1) 8,350.6
WACC 18.05%
Terminal Growth 5.50%
Terminal Value 66,563.1

Calculation of Enterprise Value

PV of FCFF 6,791.8
PV of Terminal Value 31,551.0
Value of Operating Assets 38,342.9
Add: Cash 446.4
Less: Debt 275.0
Value of Equity 38,514.2
No of Shares 24.09
Equity Value per Share 1598.8

Share price 5367.0

Discount/Premium 3.36x
Mar/27E Feb/28E Feb/29E

5,041.2 8,348.1 13,824.1

25.00% 25.00% 25.00%
3,780.9 6,261.1 10,368.1
51.36% 51.36% 51.36%
1,838.9 3,045.2 5,042.7
2.5 3.5 4.5
0.661 0.560 0.474
1,214.6 1,703.9 2,390.3
BRITANNIA INDUSTRIES LTD SCREENER.IN

Narration Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Cash from Operating Activity 959.23 441.28 1,248.77 1,155.78 1,484.53 1,875.52 1,299.52 2,526.21 2,572.98 2,480.65
Cash from Investing Activity -705.20 -149.85 -956.52 -852.22 -1,525.93 433.17 914.19 -1,507.00 476.79 84.36
Cash from Financing Activity -246.18 -295.08 -231.75 -352.68 57.94 -2,242.50 -2,245.84 -1,028.37 -2,830.48 -2,761.86
Net Cash Flow 7.85 -3.65 60.50 -49.12 16.54 66.19 -32.13 -9.16 219.29 -196.85
COMPANY NAME BRITANNIA INDUSTRIES LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 24.09
Face Value 1.00
Current Price 5,533.35
Market Capitalization 133,280.85

PROFIT & LOSS

Report Date Mar-16 Mar-17 Mar-18 Mar-19
Sales 8,397.23 9,054.09 9,913.99 11,054.67
Raw Material Cost 5,016.99 5,642.88 6,100.80 6,616.64
Change in Inventory 4.27 54.20 -6.30 55.18
Power and Fuel 95.16 104.28 128.83 175.17
Other Mfr. Exp 510.15 509.93 487.59 621.32
Employee Cost 341.36 352.61 401.60 441.82
Selling and admin 956.77 915.01 953.48 1,107.49
Other Expenses 257.50 305.40 333.92 414.96
Other Income 115.17 150.54 166.37 206.45
Depreciation 113.41 119.27 142.07 161.88
Interest 4.87 5.45 7.59 9.09
Profit before tax 1,220.46 1,304.00 1,518.18 1,767.93
Tax 396.10 419.67 514.22 612.47
Net profit 824.58 884.47 1,004.23 1,159.12
Dividend Amount 240.00 264.00 300.12 360.45
EBITDA 1,338.96 1,428.72 1,667.84 1,938.90

Quarters
Report Date Dec-22 Mar-23 Jun-23 Sep-23
Sales 4,196.80 4,023.18 4,010.70 4,432.88
Expenses 3,379.22 3,222.29 3,321.82 3,561.50
Other Income 427.82 60.40 56.92 52.35
Depreciation 57.96 65.33 70.76 71.68
Interest 38.13 34.86 53.05 53.42
Profit before tax 1,149.31 761.10 621.99 798.63
Tax 216.91 203.50 166.54 212.13
Net profit 932.39 558.66 457.55 587.59
Operating Profit 817.58 800.89 688.88 871.38
BALANCE SHEET
Report Date Mar-16 Mar-17 Mar-18 Mar-19
Equity Share Capital 24.00 24.00 24.01 24.03
Reserves 2,067.68 2,672.42 3,382.22 4,229.22
Borrowings 131.05 124.56 200.70 156.02
Other Liabilities 1,271.18 1,287.82 1,580.99 1,828.68
Total 3,493.91 4,108.80 5,187.92 6,237.95
Net Block 950.24 1,159.99 1,345.60 1,688.30
Capital Work in Progress 90.07 30.07 202.82 101.24
Investments 788.38 486.85 1,079.28 1,476.28
Other Assets 1,665.22 2,431.89 2,560.22 2,972.13
Total 3,493.91 4,108.80 5,187.92 6,237.95
Receivables 170.61 179.16 304.60 394.24
Inventory 440.65 661.45 652.79 781.38
Cash & Bank 87.65 120.76 186.42 109.82
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 2.00 2.00 2.00 1.00

Other Assets 966.31 1,470.52 1,416.41 1,686.69

CASH FLOW:
Report Date Mar-16 Mar-17 Mar-18 Mar-19
Cash from Operating Activity 959.23 441.28 1,248.77 1,155.78
Cash from Investing Activity -705.20 -149.85 -956.52 -852.22
Cash from Financing Activity -246.18 -295.08 -231.75 -352.68
Net Cash Flow 7.85 -3.65 60.50 -49.12

PRICE: 1,343.25 1,687.00 2,485.30 3,085.50

DERIVED:
Adjusted Equity Shares in Cr 24.00 24.00 24.01 24.03
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

11,599.55 13,136.14 14,136.26 16,300.55 16,769.27 17,942.67
6,874.90 7,663.22 8,835.56 9,663.83 9,488.37 10,668.80
-52.57 37.12 75.26 72.53 -3.66 64.75
177.70 182.29 217.68 272.20 327.25
610.68 672.21 752.29 893.75 876.12
486.69 527.38 542.26 658.38 708.70 704.59
1,125.23 1,163.82 1,187.32 1,473.86 1,525.52
428.60 455.05 475.10 580.15 673.00 3,457.62
262.83 313.07 221.85 596.87 211.28 202.30
184.81 197.85 200.54 225.91 300.46 313.34
76.90 110.90 144.29 169.10 164.00 138.80
1,844.30 2,513.61 2,078.33 3,032.77 2,913.47 2,926.57
450.70 663.02 562.35 716.45 779.25 748.71
1,402.63 1,863.90 1,524.82 2,321.77 2,139.81 2,178.73
841.75 3,794.18 1,361.08 1,734.48 1,770.62 1,806.75
2,106.01 2,822.36 2,423.16 3,427.78 3,377.93 3,378.71

Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25

4,256.33 4,069.36 4,250.29 4,667.57 4,592.61 4,432.19
3,436.58 3,285.71 3,497.28 3,887.56 3,749.75 3,631.67
47.66 57.34 30.97 45.85 62.46 63.02
78.09 79.93 73.93 76.07 82.38 80.96
31.09 26.44 28.95 34.64 44.56 30.65
758.23 734.62 681.10 715.15 778.38 751.93
202.57 198.01 176.22 183.60 196.08 192.80
556.39 538.28 505.64 531.45 581.69 559.95
819.75 783.65 753.01 780.01 842.86 800.52
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
24.05 24.09 24.09 24.09 24.09 24.09
4,378.78 3,523.57 2,534.01 3,510.18 3,917.43 4,331.63
1,537.59 2,121.51 2,481.20 2,997.37 2,064.96 1,246.51
1,889.12 2,330.92 2,487.30 2,819.21 3,065.02 3,236.32
7,829.54 8,000.09 7,526.60 9,350.85 9,071.50 8,838.55
1,878.18 1,792.95 1,753.21 2,655.22 2,771.14 2,903.80
39.55 116.52 535.68 105.00 187.54 89.20
2,893.23 2,780.91 1,762.37 3,324.24 2,766.72 2,865.43
3,018.58 3,309.71 3,475.34 3,266.39 3,346.10 2,980.12
7,829.54 8,000.09 7,526.60 9,350.85 9,071.50 8,838.55
320.36 257.27 331.93 328.94 393.33 448.61
740.96 1,091.49 1,367.49 1,193.26 1,181.22 1,236.51
122.85 211.34 184.90 197.98 446.35 312.48
### ### ### ### ###

1.00 1.00 1.00 1.00 1.00 1.00

1,834.41 1,749.61 1,591.02 1,546.21 1,325.20 982.52

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

1,484.53 1,875.52 1,299.52 2,526.21 2,572.98 2,480.65
-1,525.93 433.17 914.19 -1,507.00 476.79 84.36
57.94 -2,242.50 -2,245.84 -1,028.37 -2,830.48 -2,761.86
16.54 66.19 -32.13 -9.16 219.29 -196.85

2,688.95 3,625.05 3,206.40 4,322.15 4,911.25 4,936.90

24.05 24.09 24.09 24.09 24.09 24.09