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Today's prices ask more of Nestle India than of Britannia.
At current prices, buyers of Britannia are assuming about 10% growth against 7% in its own record; for Nestle India it is 35% against 0%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: Britannia on discounted cash flow; Nestle India on estimate withheld.
- Size: Nestle India is worth about 2.1 times Britannia on the stock market.
- Record: Nestle India's filed history in the data used here is too short to compare year by year, so only Britannia's record is summarised: revenue went from FY2018 to FY2026 at about 8% a year.
- What to watch: volume growth at Britannia; volume growth at Nestle India.
| Britannia | Nestle India | |
|---|---|---|
| Price | ₹4,820 | ₹1,288 |
| Market cap | ₹1.16L Cr | ₹2.48L Cr |
| P/E | 43.5 | 60.9 |
| P/B | 22.74 | 48.16 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Estimate withheld |
01Two businesses
India's biscuit maker
Britannia Industries, founded in Kolkata in 1892 and controlled by the Wadia group, is one of India's largest food companies. Good Day, Marie Gold, NutriChoice, Tiger, Bourbon and 50-50 make it a leader in biscuits.
Maggi, Nescafe and a Swiss parent
Nestle India, the Indian arm of Switzerland's Nestle, sells Maggi noodles, Nescafe coffee, KitKat and Munch chocolates, Milkmaid and Everyday dairy products, and infant foods such as Cerelac and Lactogen. The Swiss parent owns the majority of its shares.
02The records side by side
Nestle India's filed history in the data used here is too short to compare year by year, so only Britannia's record is summarised: revenue went from FY2018 to FY2026 at about 8% a year.
Full ten-year tables and charts are on each company's page: Britannia · Nestle India.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Volume growthRural reach and premium biscuits drive sales.
- Commodity costsWheat, sugar, milk and palm oil feed straight into margins.
- Volume growthPrice increases have driven much of recent growth; volumes need to follow.
- Commodity costsMilk, coffee, cocoa and wheat prices feed straight into margins.
05What could go wrong
- Input inflationSudden cost increases squeeze margins.
- CompetitionParle, ITC and regional players fight for shelf space.
- The multipleA premium valuation leaves little room for slower growth.
- Food-safety scaresThe 2015 Maggi ban showed how quickly a single product issue can hit sales.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Britannia or Nestle India better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Britannia trades at 43.5 times earnings and 22.74 times book value, and Nestle India at 60.9 times earnings and 48.16 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Britannia and Nestle India?
Britannia Industries, founded in Kolkata in 1892 and controlled by the Wadia group, is one of India's largest food companies. Nestle India, the Indian arm of Switzerland's Nestle, sells Maggi noodles, Nescafe coffee, KitKat and Munch chocolates, Milkmaid and Everyday dairy products, and infant foods such as Cerelac and Lactogen.
Are Britannia and Nestle India valued the same way?
No. Britannia is valued on discounted cash flow and Nestle India on estimate withheld, because forcing one model onto both would misstate at least one of them.
What does today's price assume for Britannia and Nestle India?
Worked backwards from the share price, Britannia needs about 10% growth and Nestle India about 35% growth, against 7% and 0% in their own records.