# FMCG - Foods — company-by-company sector analysis

> FMCG - Foods: Patanjali Foods Ltd owns the largest revenue base; Sundrop Brands Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

FMCG - Foods has underperformed NIFTY 500 by 21.5% over 52 weeks and 6.2% over 13 weeks. 0 of 6 covered companies beat NIFTY on Mansfield relative strength, while 3 of 6 beat the sector itself. Patanjali Foods Ltd leads with revenue of ₹40,183 crore, based on 6 of 6 comparable companies through Mar 2026.

### Is the FMCG - Foods sector outperforming NIFTY 500?

FMCG - Foods has underperformed NIFTY 500 by 21.5% over 52 weeks and 6.2% over 13 weeks. 0 of 6 covered companies beat NIFTY on Mansfield relative strength, while 3 of 6 beat the sector itself.

### Which FMCG - Foods company is largest by revenue?

Patanjali Foods Ltd leads with revenue of ₹40,183 crore, based on 6 of 6 comparable companies through Mar 2026.

### Which FMCG - Foods company is growing fastest?

Sundrop Brands Ltd has the fastest current revenue growth at 72.4%, across 6 of 6 comparable companies.

### Which FMCG - Foods company has the strongest 4-Factor Sector Score?

Sundrop Brands Ltd ranks first at 58.2/100 with 80.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which FMCG - Foods company reports the most CAPEX?

Mrs Bectors Food Specialities Ltd reports the largest latest CAPEX at ₹42 crore, with 2 of 6 companies comparable.

### Which FMCG - Foods company has the least gross debt?

Sundrop Brands Ltd has the lowest comparable gross debt at ₹13 crore. Tata Consumer Products Ltd has the highest at ₹2,820 crore.

### Which FMCG - Foods company has the lowest comparable PEG?

Patanjali Foods Ltd has the lowest comparable Guarded PEG at 0.67, among 5 of 6 companies that pass the metric’s comparability rules.

### How much history does this FMCG - Foods comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

FMCG - Foods has underperformed NIFTY 500 by 21.5% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 6.2%. 0 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Britannia Industries Ltd is the strongest against the sector itself at +15%.

13-week sector return versus NIFTY 500: -6.2%
52-week sector return versus NIFTY 500: -22%
Stocks leading NIFTY: 0/6
Stocks leading sector: 3/6

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 6
Combined market value: ₹2.9 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Sundrop Brands Ltd (SUNDROP): 58/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 24.9/35 | Capital efficiency 10.2/25 | Valuation 5.5/20 | Relative strength 17.6/20
   - Exact sum: 24.9 + 10.2 + 5.5 + 17.6 = 58.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Britannia Industries Ltd (BRITANNIA): 58/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 18.9/35 | Capital efficiency 20.1/25 | Valuation 5.2/20 | Relative strength 13.9/20
   - Exact sum: 18.9 + 20.1 + 5.2 + 13.9 = 58.1
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3. Tata Consumer Products Ltd (TATACONSUM): 50/100 — Mixed-negative evidence; evidence 97%
   - Growth & earnings 23.4/35 | Capital efficiency 12.0/25 | Valuation 4.6/20 | Relative strength 9.6/20
   - Exact sum: 23.4 + 12 + 4.6 + 9.6 = 49.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. The Bombay Burmah Trading Corporation Ltd (BBTC): 47/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 9.7/35 | Capital efficiency 16.0/25 | Valuation 14.8/20 | Relative strength 6.0/20
   - Exact sum: 9.7 + 16 + 14.8 + 6 = 46.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5. Patanjali Foods Ltd (PATANJALI): 44/100 — Mixed-negative evidence; evidence 96%
   - Growth & earnings 18.1/35 | Capital efficiency 9.1/25 | Valuation 16.6/20 | Relative strength 0.0/20
   - Exact sum: 18.1 + 9.1 + 16.6 + 0 = 43.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Mrs Bectors Food Specialities Ltd (BECTORFOOD): 40/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 13.5/35 | Capital efficiency 14.2/25 | Valuation 7.1/20 | Relative strength 5.5/20
   - Exact sum: 13.5 + 14.2 + 7.1 + 5.5 = 40.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Patanjali Foods Ltd is the scale leader at ₹40,183 crore, 92.6% ahead of Tata Consumer Products Ltd. Sundrop Brands Ltd's growth is 72.4% from a ₹1,549 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Patanjali Foods Ltd is the scale benchmark; Sundrop Brands Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Patanjali Foods Ltd's growth falls below Sundrop Brands Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Patanjali Foods Ltd · ₹40,183 crore | 92.6% versus #2 · Tata Consumer Products Ltd | 7/8 recent comparable periods | 6/6 companies · 110 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Patanjali Foods Ltd (PATANJALI): ₹40.2K Cr
2. Tata Consumer Products Ltd (TATACONSUM): ₹20.9K Cr
3. The Bombay Burmah Trading Corporation Ltd (BBTC): ₹19.5K Cr
4. Britannia Industries Ltd (BRITANNIA): ₹19.2K Cr
5. Mrs Bectors Food Specialities Ltd (BECTORFOOD): ₹2.0K Cr

### Revenue growth — fastest growers
1. Sundrop Brands Ltd (SUNDROP): 72%
2. Patanjali Foods Ltd (PATANJALI): 18%
3. Tata Consumer Products Ltd (TATACONSUM): 16%
4. Mrs Bectors Food Specialities Ltd (BECTORFOOD): 9.1%
5. The Bombay Burmah Trading Corporation Ltd (BBTC): 6.8%

### 20-quarter Revenue history
- BRITANNIA: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹4.8K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 —
- TATACONSUM: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹4.8K Cr | Sep 2025 ₹5.0K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 ₹5.3K Cr
- PATANJALI: Sep 2021 ₹6.0K Cr | Dec 2021 ₹6.3K Cr | Mar 2022 ₹6.7K Cr | Jun 2022 ₹7.2K Cr | Sep 2022 ₹8.5K Cr | Dec 2022 ₹7.9K Cr | Mar 2023 ₹7.9K Cr | Jun 2023 ₹7.8K Cr | Sep 2023 ₹7.8K Cr | Dec 2023 ₹7.9K Cr | Mar 2024 ₹8.2K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹8.1K Cr | Dec 2024 ₹9.0K Cr | Mar 2025 ₹9.7K Cr | Jun 2025 ₹8.8K Cr | Sep 2025 ₹9.8K Cr | Dec 2025 ₹10.5K Cr | Mar 2026 ₹11.2K Cr | Jun 2026 —
- BBTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹4.5K Cr | Jun 2025 ₹4.7K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 —
- BECTORFOOD: Sep 2021 ₹246 Cr | Dec 2021 ₹263 Cr | Mar 2022 ₹252 Cr | Jun 2022 ₹301 Cr | Sep 2022 ₹347 Cr | Dec 2022 ₹368 Cr | Mar 2023 ₹346 Cr | Jun 2023 ₹374 Cr | Sep 2023 ₹415 Cr | Dec 2023 ₹429 Cr | Mar 2024 ₹406 Cr | Jun 2024 ₹439 Cr | Sep 2024 ₹496 Cr | Dec 2024 ₹492 Cr | Mar 2025 ₹446 Cr | Jun 2025 ₹473 Cr | Sep 2025 ₹551 Cr | Dec 2025 ₹533 Cr | Mar 2026 ₹486 Cr | Jun 2026 —
- SUNDROP: Sep 2021 ₹252 Cr | Dec 2021 ₹246 Cr | Mar 2022 ₹213 Cr | Jun 2022 ₹186 Cr | Sep 2022 ₹237 Cr | Dec 2022 ₹225 Cr | Mar 2023 ₹202 Cr | Jun 2023 ₹187 Cr | Sep 2023 ₹201 Cr | Dec 2023 ₹193 Cr | Mar 2024 ₹178 Cr | Jun 2024 ₹181 Cr | Sep 2024 ₹206 Cr | Dec 2024 ₹208 Cr | Mar 2025 ₹304 Cr | Jun 2025 ₹372 Cr | Sep 2025 ₹383 Cr | Dec 2025 ₹407 Cr | Mar 2026 ₹387 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- BRITANNIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.8% | Sep 2022 21% | Dec 2022 17% | Mar 2023 15% | Jun 2023 8.4% | Sep 2023 1.2% | Dec 2023 1.4% | Mar 2024 1.1% | Jun 2024 6.0% | Sep 2024 5.3% | Dec 2024 7.9% | Mar 2025 8.9% | Jun 2025 8.8% | Sep 2025 3.7% | Dec 2025 8.2% | Mar 2026 6.5% | Jun 2026 —
- TATACONSUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 11% | Dec 2022 8.3% | Mar 2023 14% | Jun 2023 12% | Sep 2023 11% | Dec 2023 9.5% | Mar 2024 8.5% | Jun 2024 16% | Sep 2024 13% | Dec 2024 17% | Mar 2025 17% | Jun 2025 9.8% | Sep 2025 18% | Dec 2025 15% | Mar 2026 18% | Jun 2026 12%
- PATANJALI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37% | Sep 2022 42% | Dec 2022 26% | Mar 2023 18% | Jun 2023 7.7% | Sep 2023 -8.1% | Dec 2023 -0.2% | Mar 2024 4.4% | Jun 2024 -7.6% | Sep 2024 3.6% | Dec 2024 14% | Mar 2025 18% | Jun 2025 22% | Sep 2025 21% | Dec 2025 17% | Mar 2026 15% | Jun 2026 —
- BBTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.3% | Mar 2024 1.3% | Jun 2024 6.0% | Sep 2024 5.2% | Dec 2024 8.0% | Mar 2025 8.6% | Jun 2025 8.8% | Sep 2025 3.8% | Dec 2025 8.1% | Mar 2026 6.6% | Jun 2026 —
- BECTORFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 41% | Dec 2022 40% | Mar 2023 37% | Jun 2023 24% | Sep 2023 20% | Dec 2023 17% | Mar 2024 17% | Jun 2024 17% | Sep 2024 20% | Dec 2024 15% | Mar 2025 9.9% | Jun 2025 7.7% | Sep 2025 11% | Dec 2025 8.3% | Mar 2026 9.0% | Jun 2026 —
- SUNDROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.7% | Sep 2022 -6.0% | Dec 2022 -8.6% | Mar 2023 -5.2% | Jun 2023 0.7% | Sep 2023 -15% | Dec 2023 -14% | Mar 2024 -12% | Jun 2024 -3.6% | Sep 2024 2.5% | Dec 2024 8.0% | Mar 2025 70% | Jun 2025 106% | Sep 2025 86% | Dec 2025 96% | Mar 2026 27% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Britannia Industries Ltd leads opm at 18%; Sundrop Brands Ltd leads margin change at +5.6 percentage points.

Investor read: Britannia Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Britannia Industries Ltd · 18% | 5.9% versus #2 · The Bombay Burmah Trading Corporation Ltd | 3/8 recent comparable periods | 6/6 companies · 115 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Britannia Industries Ltd (BRITANNIA): 18%
2. The Bombay Burmah Trading Corporation Ltd (BBTC): 17%
3. Tata Consumer Products Ltd (TATACONSUM): 14%
4. Mrs Bectors Food Specialities Ltd (BECTORFOOD): 13%
5. Sundrop Brands Ltd (SUNDROP): 5.5%

### Margin change — fastest expanders
1. Sundrop Brands Ltd (SUNDROP): +5.6 pp
2. Mrs Bectors Food Specialities Ltd (BECTORFOOD): +1.0 pp
3. Tata Consumer Products Ltd (TATACONSUM): +1.0 pp
4. Britannia Industries Ltd (BRITANNIA): 0.0 pp
5. The Bombay Burmah Trading Corporation Ltd (BBTC): −1.0 pp

### 20-quarter OPM history
- BRITANNIA: Sep 2021 15% | Dec 2021 15% | Mar 2022 15% | Jun 2022 14% | Sep 2022 16% | Dec 2022 19% | Mar 2023 20% | Jun 2023 17% | Sep 2023 20% | Dec 2023 19% | Mar 2024 19% | Jun 2024 18% | Sep 2024 17% | Dec 2024 18% | Mar 2025 18% | Jun 2025 16% | Sep 2025 20% | Dec 2025 20% | Mar 2026 18% | Jun 2026 —
- TATACONSUM: Sep 2021 14% | Dec 2021 14% | Mar 2022 14% | Jun 2022 14% | Sep 2022 13% | Dec 2022 13% | Mar 2023 14% | Jun 2023 15% | Sep 2023 14% | Dec 2023 15% | Mar 2024 16% | Jun 2024 15% | Sep 2024 15% | Dec 2024 13% | Mar 2025 13% | Jun 2025 13% | Sep 2025 14% | Dec 2025 14% | Mar 2026 15% | Jun 2026 14%
- PATANJALI: Sep 2021 4.9% | Dec 2021 6.2% | Mar 2022 5.7% | Jun 2022 5.0% | Sep 2022 1.8% | Dec 2022 4.1% | Mar 2023 4.0% | Jun 2023 1.3% | Sep 2023 4.3% | Dec 2023 3.6% | Mar 2024 4.0% | Jun 2024 6.0% | Sep 2024 6.0% | Dec 2024 6.0% | Mar 2025 5.0% | Jun 2025 4.0% | Sep 2025 6.0% | Dec 2025 4.0% | Mar 2026 4.0% | Jun 2026 —
- BBTC: Sep 2021 12% | Dec 2021 10% | Mar 2022 11% | Jun 2022 3.2% | Sep 2022 9.0% | Dec 2022 12% | Mar 2023 16% | Jun 2023 8.0% | Sep 2023 17% | Dec 2023 18% | Mar 2024 18% | Jun 2024 17% | Sep 2024 15% | Dec 2024 19% | Mar 2025 18% | Jun 2025 15% | Sep 2025 19% | Dec 2025 19% | Mar 2026 17% | Jun 2026 —
- BECTORFOOD: Sep 2021 14% | Dec 2021 13% | Mar 2022 10% | Jun 2022 10% | Sep 2022 13% | Dec 2022 14% | Mar 2023 14% | Jun 2023 15% | Sep 2023 16% | Dec 2023 14% | Mar 2024 14% | Jun 2024 15% | Sep 2024 14% | Dec 2024 12% | Mar 2025 12% | Jun 2025 12% | Sep 2025 13% | Dec 2025 13% | Mar 2026 13% | Jun 2026 —
- SUNDROP: Sep 2021 4.3% | Dec 2021 6.1% | Mar 2022 5.8% | Jun 2022 3.3% | Sep 2022 4.4% | Dec 2022 6.9% | Mar 2023 6.5% | Jun 2023 6.1% | Sep 2023 4.3% | Dec 2023 4.6% | Mar 2024 2.9% | Jun 2024 3.4% | Sep 2024 3.0% | Dec 2024 6.9% | Mar 2025 -0.1% | Jun 2025 3.7% | Sep 2025 1.0% | Dec 2025 5.0% | Mar 2026 5.5% | Jun 2026 —

### 20-quarter Margin change history
- BRITANNIA: Sep 2021 −4.3 pp | Dec 2021 −4.2 pp | Mar 2022 −0.7 pp | Jun 2022 −2.7 pp | Sep 2022 +0.8 pp | Dec 2022 +3.9 pp | Mar 2023 +4.5 pp | Jun 2023 +3.5 pp | Sep 2023 +3.8 pp | Dec 2023 0.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 −3.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.0 pp | Jun 2025 −2.0 pp | Sep 2025 +3.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- TATACONSUM: Sep 2021 −0.7 pp | Dec 2021 +2.6 pp | Mar 2022 +4.1 pp | Jun 2022 +0.5 pp | Sep 2022 −0.7 pp | Dec 2022 −1.4 pp | Mar 2023 +0.0 pp | Jun 2023 +1.3 pp | Sep 2023 +1.1 pp | Dec 2023 +2.0 pp | Mar 2024 +2.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 −2.0 pp | Mar 2025 −3.0 pp | Jun 2025 −2.0 pp | Sep 2025 −1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 +1.0 pp
- PATANJALI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.7 pp | Sep 2022 −3.1 pp | Dec 2022 −2.1 pp | Mar 2023 −1.7 pp | Jun 2023 −3.7 pp | Sep 2023 +2.5 pp | Dec 2023 −0.5 pp | Mar 2024 0.0 pp | Jun 2024 +4.7 pp | Sep 2024 +1.7 pp | Dec 2024 +2.4 pp | Mar 2025 +1.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 −2.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- BBTC: Sep 2021 −5.0 pp | Dec 2021 −3.9 pp | Mar 2022 −3.7 pp | Jun 2022 −11.1 pp | Sep 2022 −2.6 pp | Dec 2022 +1.7 pp | Mar 2023 +5.3 pp | Jun 2023 +4.8 pp | Sep 2023 +8.0 pp | Dec 2023 +6.0 pp | Mar 2024 +2.0 pp | Jun 2024 +9.0 pp | Sep 2024 −2.0 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 +4.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- BECTORFOOD: Sep 2021 −2.5 pp | Dec 2021 −4.9 pp | Mar 2022 −3.0 pp | Jun 2022 −2.5 pp | Sep 2022 −1.3 pp | Dec 2022 +1.4 pp | Mar 2023 +3.9 pp | Jun 2023 +4.7 pp | Sep 2023 +3.3 pp | Dec 2023 0.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −2.0 pp | Dec 2024 −2.0 pp | Mar 2025 −2.0 pp | Jun 2025 −3.0 pp | Sep 2025 −1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- SUNDROP: Sep 2021 −2.9 pp | Dec 2021 −0.4 pp | Mar 2022 +1.6 pp | Jun 2022 −4.5 pp | Sep 2022 +0.2 pp | Dec 2022 +0.8 pp | Mar 2023 +0.8 pp | Jun 2023 +2.8 pp | Sep 2023 −0.2 pp | Dec 2023 −2.2 pp | Mar 2024 −3.6 pp | Jun 2024 −2.7 pp | Sep 2024 −1.3 pp | Dec 2024 +2.3 pp | Mar 2025 −3.0 pp | Jun 2025 +0.3 pp | Sep 2025 −2.0 pp | Dec 2025 −1.9 pp | Mar 2026 +5.6 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Britannia Industries Ltd leads with ₹2,537 crore of TTM profit, 1.5% above The Bombay Burmah Trading Corporation Ltd. Patanjali Foods Ltd shows 39.3% growth from a ₹1,814 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Britannia Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Britannia Industries Ltd · ₹2,537 crore | 1.5% versus #2 · The Bombay Burmah Trading Corporation Ltd | 7/8 recent comparable periods | 6/6 companies · 110 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Britannia Industries Ltd (BRITANNIA): ₹2.5K Cr
2. The Bombay Burmah Trading Corporation Ltd (BBTC): ₹2.5K Cr
3. Patanjali Foods Ltd (PATANJALI): ₹1.8K Cr
4. Tata Consumer Products Ltd (TATACONSUM): ₹1.6K Cr
5. Mrs Bectors Food Specialities Ltd (BECTORFOOD): ₹141 Cr

### Profit growth — fastest growers
1. Patanjali Foods Ltd (PATANJALI): 39%
2. Tata Consumer Products Ltd (TATACONSUM): 24%
3. Britannia Industries Ltd (BRITANNIA): 17%
4. The Bombay Burmah Trading Corporation Ltd (BBTC): 14%
5. Mrs Bectors Food Specialities Ltd (BECTORFOOD): -1.4%

### 20-quarter Net profit history
- BRITANNIA: Sep 2021 ₹384 Cr | Dec 2021 ₹371 Cr | Mar 2022 ₹380 Cr | Jun 2022 ₹337 Cr | Sep 2022 ₹493 Cr | Dec 2022 ₹932 Cr | Mar 2023 ₹558 Cr | Jun 2023 ₹455 Cr | Sep 2023 ₹586 Cr | Dec 2023 ₹556 Cr | Mar 2024 ₹537 Cr | Jun 2024 ₹505 Cr | Sep 2024 ₹532 Cr | Dec 2024 ₹582 Cr | Mar 2025 ₹559 Cr | Jun 2025 ₹520 Cr | Sep 2025 ₹655 Cr | Dec 2025 ₹682 Cr | Mar 2026 ₹680 Cr | Jun 2026 —
- TATACONSUM: Sep 2021 ₹268 Cr | Dec 2021 ₹265 Cr | Mar 2022 ₹218 Cr | Jun 2022 ₹255 Cr | Sep 2022 ₹328 Cr | Dec 2022 ₹364 Cr | Mar 2023 ₹290 Cr | Jun 2023 ₹338 Cr | Sep 2023 ₹364 Cr | Dec 2023 ₹302 Cr | Mar 2024 ₹212 Cr | Jun 2024 ₹289 Cr | Sep 2024 ₹367 Cr | Dec 2024 ₹282 Cr | Mar 2025 ₹349 Cr | Jun 2025 ₹332 Cr | Sep 2025 ₹407 Cr | Dec 2025 ₹385 Cr | Mar 2026 ₹424 Cr | Jun 2026 ₹427 Cr
- PATANJALI: Sep 2021 ₹164 Cr | Dec 2021 ₹234 Cr | Mar 2022 ₹234 Cr | Jun 2022 ₹241 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹269 Cr | Mar 2023 ₹264 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹255 Cr | Dec 2023 ₹217 Cr | Mar 2024 ₹206 Cr | Jun 2024 ₹263 Cr | Sep 2024 ₹309 Cr | Dec 2024 ₹371 Cr | Mar 2025 ₹359 Cr | Jun 2025 ₹180 Cr | Sep 2025 ₹517 Cr | Dec 2025 ₹593 Cr | Mar 2026 ₹524 Cr | Jun 2026 —
- BBTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹618 Cr | Mar 2023 ₹-1.3K Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹412 Cr | Dec 2023 ₹731 Cr | Mar 2024 ₹549 Cr | Jun 2024 ₹472 Cr | Sep 2024 ₹516 Cr | Dec 2024 ₹627 Cr | Mar 2025 ₹585 Cr | Jun 2025 ₹498 Cr | Sep 2025 ₹566 Cr | Dec 2025 ₹655 Cr | Mar 2026 ₹781 Cr | Jun 2026 —
- BECTORFOOD: Sep 2021 ₹18 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- SUNDROP: Sep 2021 ₹5 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹-114 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹10 Cr | Jun 2026 —

### 20-quarter Profit growth history
- BRITANNIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -14% | Sep 2022 28% | Dec 2022 151% | Mar 2023 47% | Jun 2023 35% | Sep 2023 19% | Dec 2023 -40% | Mar 2024 -3.8% | Jun 2024 11% | Sep 2024 -9.2% | Dec 2024 4.7% | Mar 2025 4.1% | Jun 2025 3.0% | Sep 2025 23% | Dec 2025 17% | Mar 2026 22% | Jun 2026 —
- TATACONSUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 22% | Dec 2022 37% | Mar 2023 33% | Jun 2023 33% | Sep 2023 11% | Dec 2023 -17% | Mar 2024 -27% | Jun 2024 -15% | Sep 2024 0.8% | Dec 2024 -6.6% | Mar 2025 65% | Jun 2025 15% | Sep 2025 11% | Dec 2025 37% | Mar 2026 21% | Jun 2026 29%
- PATANJALI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 -32% | Dec 2022 15% | Mar 2023 13% | Jun 2023 -63% | Sep 2023 128% | Dec 2023 -19% | Mar 2024 -22% | Jun 2024 199% | Sep 2024 21% | Dec 2024 71% | Mar 2025 74% | Jun 2025 -32% | Sep 2025 67% | Dec 2025 60% | Mar 2026 46% | Jun 2026 —
- BBTC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 18% | Mar 2024 — | Jun 2024 594% | Sep 2024 25% | Dec 2024 -14% | Mar 2025 6.6% | Jun 2025 5.5% | Sep 2025 9.7% | Dec 2025 4.5% | Mar 2026 34% | Jun 2026 —
- BECTORFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 22% | Dec 2022 75% | Mar 2023 180% | Jun 2023 169% | Sep 2023 68% | Dec 2023 25% | Mar 2024 21% | Jun 2024 0.0% | Sep 2024 5.4% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 -11% | Sep 2025 -5.1% | Dec 2025 8.6% | Mar 2026 2.9% | Jun 2026 —
- SUNDROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 -40% | Dec 2022 -2.4% | Mar 2023 -16% | Jun 2023 — | Sep 2023 -38% | Dec 2023 -63% | Mar 2024 -71% | Jun 2024 -96% | Sep 2024 -97% | Dec 2024 55% | Mar 2025 -7,806% | Jun 2025 2,055% | Sep 2025 -4,280% | Dec 2025 106% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Mrs Bectors Food Specialities Ltd reports ₹42 crore of CAPEX; Mrs Bectors Food Specialities Ltd has the highest covered intensity at 8.5%. Coverage is only 2 of 6 companies and 4 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Mrs Bectors Food Specialities Ltd · ₹42 crore | 425% versus #2 · Patanjali Foods Ltd | 3/3 recent comparable periods | 2/6 companies · 4 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Mrs Bectors Food Specialities Ltd (BECTORFOOD): ₹42 Cr
2. Patanjali Foods Ltd (PATANJALI): ₹8 Cr

### CAPEX intensity — highest reinvestment intensity
1. Mrs Bectors Food Specialities Ltd (BECTORFOOD): 8.5%
2. Patanjali Foods Ltd (PATANJALI): 0.1%

### 20-quarter CAPEX history
- PATANJALI: Sep 2021 ₹8 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BECTORFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹29 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹54 Cr | Sep 2024 ₹42 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- PATANJALI: Sep 2021 0.1% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BECTORFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 7.8% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 12% | Sep 2024 8.5% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Tata Consumer Products Ltd has the clearest covered balance-sheet capacity with ₹1,498 crore net cash and gross debt of ₹2,820 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Sundrop Brands Ltd · ₹13 crore | 93.2% versus #2 · Mrs Bectors Food Specialities Ltd | 5/8 recent comparable periods | 6/6 companies · 100 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Sundrop Brands Ltd (SUNDROP): ₹13 Cr
2. Mrs Bectors Food Specialities Ltd (BECTORFOOD): ₹191 Cr
3. Britannia Industries Ltd (BRITANNIA): ₹1.4K Cr
4. The Bombay Burmah Trading Corporation Ltd (BBTC): ₹1.6K Cr
5. Patanjali Foods Ltd (PATANJALI): ₹2.8K Cr

### Net debt — lowest net debt
1. Tata Consumer Products Ltd (TATACONSUM): ₹-1.5K Cr
2. Britannia Industries Ltd (BRITANNIA): ₹-479 Cr
3. Sundrop Brands Ltd (SUNDROP): ₹-45 Cr
4. Mrs Bectors Food Specialities Ltd (BECTORFOOD): ₹-43 Cr
5. Patanjali Foods Ltd (PATANJALI): ₹2.0K Cr

### 20-quarter Gross debt history
- BRITANNIA: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- TATACONSUM: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- PATANJALI: Sep 2021 ₹3.6K Cr | Dec 2021 — | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹507 Cr | Dec 2022 ₹507 Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹788 Cr | Jun 2025 ₹788 Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- BBTC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹5.9K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6.5K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2.2K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.6K Cr | Jun 2025 — | Sep 2025 ₹2.5K Cr | Dec 2025 — | Mar 2026 ₹1.6K Cr | Jun 2026 —
- BECTORFOOD: Sep 2021 ₹135 Cr | Dec 2021 ₹135 Cr | Mar 2022 ₹136 Cr | Jun 2022 ₹136 Cr | Sep 2022 ₹124 Cr | Dec 2022 ₹124 Cr | Mar 2023 ₹127 Cr | Jun 2023 ₹127 Cr | Sep 2023 ₹151 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹245 Cr | Jun 2024 ₹274 Cr | Sep 2024 ₹147 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹184 Cr | Jun 2025 ₹184 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹183 Cr | Mar 2026 ₹191 Cr | Jun 2026 —
- SUNDROP: Sep 2021 ₹46 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹13 Cr | Jun 2026 —

### 20-quarter Net debt history
- BRITANNIA: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹-479 Cr | Jun 2026 —
- TATACONSUM: Sep 2021 ₹-1.6K Cr | Dec 2021 ₹-1.6K Cr | Mar 2022 ₹-1.4K Cr | Jun 2022 ₹-1.4K Cr | Sep 2022 ₹-813 Cr | Dec 2022 ₹-813 Cr | Mar 2023 ₹-2.0K Cr | Jun 2023 ₹-2.0K Cr | Sep 2023 ₹-1.5K Cr | Dec 2023 ₹-1.5K Cr | Mar 2024 ₹788 Cr | Jun 2024 ₹788 Cr | Sep 2024 ₹556 Cr | Dec 2024 ₹556 Cr | Mar 2025 ₹-716 Cr | Jun 2025 ₹-716 Cr | Sep 2025 ₹284 Cr | Dec 2025 ₹284 Cr | Mar 2026 ₹-1.5K Cr | Jun 2026 —
- PATANJALI: Sep 2021 ₹3.6K Cr | Dec 2021 — | Mar 2022 ₹3.3K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹-646 Cr | Dec 2022 ₹-646 Cr | Mar 2023 ₹633 Cr | Jun 2023 ₹296 Cr | Sep 2023 ₹-792 Cr | Dec 2023 ₹-792 Cr | Mar 2024 ₹-601 Cr | Jun 2024 ₹-797 Cr | Sep 2024 ₹-1.5K Cr | Dec 2024 ₹-1.5K Cr | Mar 2025 ₹541 Cr | Jun 2025 ₹354 Cr | Sep 2025 ₹999 Cr | Dec 2025 ₹999 Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- BECTORFOOD: Sep 2021 ₹39 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹160 Cr | Jun 2024 ₹157 Cr | Sep 2024 ₹-216 Cr | Dec 2024 ₹-216 Cr | Mar 2025 ₹-60 Cr | Jun 2025 ₹-104 Cr | Sep 2025 ₹-54 Cr | Dec 2025 ₹-54 Cr | Mar 2026 ₹-43 Cr | Jun 2026 —
- SUNDROP: Sep 2021 ₹42 Cr | Dec 2021 ₹42 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹45 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹-33 Cr | Jun 2025 ₹-33 Cr | Sep 2025 ₹-12 Cr | Dec 2025 ₹-12 Cr | Mar 2026 ₹-45 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Britannia Industries Ltd leads ROCE at 56%, 23 percentage points above The Bombay Burmah Trading Corporation Ltd. Britannia Industries Ltd has the strongest latest improvement at +2.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Britannia Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Britannia Industries Ltd · 56% | 69.7% versus #2 · The Bombay Burmah Trading Corporation Ltd | 3/8 recent comparable periods | 6/6 companies · 72 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Britannia Industries Ltd (BRITANNIA): 56%
2. The Bombay Burmah Trading Corporation Ltd (BBTC): 33%
3. Mrs Bectors Food Specialities Ltd (BECTORFOOD): 14%
4. Patanjali Foods Ltd (PATANJALI): 12%
5. Tata Consumer Products Ltd (TATACONSUM): 9.2%

### ROCE change — fastest improvers
1. Britannia Industries Ltd (BRITANNIA): +2.7 pp
2. Sundrop Brands Ltd (SUNDROP): +1.6 pp
3. Tata Consumer Products Ltd (TATACONSUM): +0.6 pp
4. Mrs Bectors Food Specialities Ltd (BECTORFOOD): −1.7 pp
5. The Bombay Burmah Trading Corporation Ltd (BBTC): −3.0 pp

### 20-quarter ROCE history
- BRITANNIA: Sep 2021 80% | Dec 2021 — | Mar 2022 61% | Jun 2022 — | Sep 2022 55% | Dec 2022 — | Mar 2023 50% | Jun 2023 — | Sep 2023 77% | Dec 2023 82% | Mar 2024 58% | Jun 2024 61% | Sep 2024 68% | Dec 2024 77% | Mar 2025 55% | Jun 2025 60% | Sep 2025 67% | Dec 2025 78% | Mar 2026 58% | Jun 2026 —
- TATACONSUM: Sep 2021 7.0% | Dec 2021 — | Mar 2022 7.9% | Jun 2022 — | Sep 2022 8.4% | Dec 2022 — | Mar 2023 8.2% | Jun 2023 — | Sep 2023 9.1% | Dec 2023 11% | Mar 2024 8.7% | Jun 2024 9.1% | Sep 2024 7.8% | Dec 2024 8.3% | Mar 2025 7.1% | Jun 2025 8.4% | Sep 2025 6.9% | Dec 2025 8.4% | Mar 2026 7.7% | Jun 2026 —
- PATANJALI: Sep 2021 15% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 10% | Dec 2023 — | Mar 2024 10% | Jun 2024 — | Sep 2024 12% | Dec 2024 — | Mar 2025 15% | Jun 2025 16% | Sep 2025 14% | Dec 2025 15% | Mar 2026 11% | Jun 2026 —
- BECTORFOOD: Sep 2021 15% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 22% | Dec 2023 28% | Mar 2024 21% | Jun 2024 20% | Sep 2024 15% | Dec 2024 21% | Mar 2025 14% | Jun 2025 18% | Sep 2025 12% | Dec 2025 15% | Mar 2026 12% | Jun 2026 —
- SUNDROP: Sep 2021 6.6% | Dec 2021 — | Mar 2022 6.8% | Jun 2022 — | Sep 2022 4.7% | Dec 2022 — | Mar 2023 4.7% | Jun 2023 — | Sep 2023 5.3% | Dec 2023 4.5% | Mar 2024 2.5% | Jun 2024 2.1% | Sep 2024 1.0% | Dec 2024 1.9% | Mar 2025 0.1% | Jun 2025 -13% | Sep 2025 0.0% | Dec 2025 -13% | Mar 2026 1.7% | Jun 2026 —

### 20-quarter ROCE change history
- BRITANNIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −25.6 pp | Dec 2022 — | Mar 2023 −11.1 pp | Jun 2023 — | Sep 2023 +22.6 pp | Dec 2023 — | Mar 2024 +7.6 pp | Jun 2024 — | Sep 2024 −9.2 pp | Dec 2024 −5.1 pp | Mar 2025 −2.4 pp | Jun 2025 −0.6 pp | Sep 2025 −1.0 pp | Dec 2025 +1.2 pp | Mar 2026 +2.7 pp | Jun 2026 —
- TATACONSUM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 — | Mar 2023 +0.3 pp | Jun 2023 — | Sep 2023 +0.7 pp | Dec 2023 — | Mar 2024 +0.5 pp | Jun 2024 — | Sep 2024 −1.3 pp | Dec 2024 −2.5 pp | Mar 2025 −1.6 pp | Jun 2025 −0.7 pp | Sep 2025 −0.9 pp | Dec 2025 +0.1 pp | Mar 2026 +0.6 pp | Jun 2026 —
- PATANJALI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 — | Mar 2023 −3.2 pp | Jun 2023 — | Sep 2023 −3.1 pp | Dec 2023 — | Mar 2024 −1.2 pp | Jun 2024 — | Sep 2024 +2.0 pp | Dec 2024 — | Mar 2025 +4.8 pp | Jun 2025 — | Sep 2025 +1.8 pp | Dec 2025 — | Mar 2026 −3.7 pp | Jun 2026 —
- BECTORFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 — | Mar 2023 +5.3 pp | Jun 2023 — | Sep 2023 +8.4 pp | Dec 2023 — | Mar 2024 +2.8 pp | Jun 2024 — | Sep 2024 −7.2 pp | Dec 2024 −7.2 pp | Mar 2025 −7.6 pp | Jun 2025 −2.2 pp | Sep 2025 −3.2 pp | Dec 2025 −5.8 pp | Mar 2026 −1.7 pp | Jun 2026 —
- SUNDROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 — | Mar 2023 −2.1 pp | Jun 2023 — | Sep 2023 +0.6 pp | Dec 2023 — | Mar 2024 −2.2 pp | Jun 2024 — | Sep 2024 −4.3 pp | Dec 2024 −2.6 pp | Mar 2025 −2.4 pp | Jun 2025 −15.5 pp | Sep 2025 −1.0 pp | Dec 2025 −15.0 pp | Mar 2026 +1.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Patanjali Foods Ltd has the lowest comparable Guarded PEG at 0.67×, 80.2% below Tata Consumer Products Ltd. Only 5 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Patanjali Foods Ltd · 0.67× | 80.2% versus #2 · Tata Consumer Products Ltd | 0/8 recent comparable periods | 5/6 companies · 33 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Patanjali Foods Ltd (PATANJALI): 0.7
2. Tata Consumer Products Ltd (TATACONSUM): 3.4
3. Sundrop Brands Ltd (SUNDROP): 5.0
4. Britannia Industries Ltd (BRITANNIA): 5.0
5. Mrs Bectors Food Specialities Ltd (BECTORFOOD): 5.3

### P/E — lowest P/E
1. The Bombay Burmah Trading Corporation Ltd (BBTC): 8.6
2. Patanjali Foods Ltd (PATANJALI): 18.4
3. Mrs Bectors Food Specialities Ltd (BECTORFOOD): 45.0
4. Britannia Industries Ltd (BRITANNIA): 51.2
5. Tata Consumer Products Ltd (TATACONSUM): 65.3

### 20-quarter Guarded PEG history
- BRITANNIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.2 | Jun 2023 1.7 | Sep 2023 1.3 | Dec 2023 — | Mar 2024 3.1 | Jun 2024 5.9 | Sep 2024 13.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 8.2 | Mar 2026 5.0 | Jun 2026 —
- TATACONSUM: Sep 2021 — | Dec 2021 4.2 | Mar 2022 — | Jun 2022 6.4 | Sep 2022 1.9 | Dec 2022 2.2 | Mar 2023 2.3 | Jun 2023 7.1 | Sep 2023 9.2 | Dec 2023 4.6 | Mar 2024 4.0 | Jun 2024 3.7 | Sep 2024 6.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.3 | Mar 2026 7.1 | Jun 2026 3.4
- PATANJALI: Sep 2021 1.2 | Dec 2021 — | Mar 2022 — | Jun 2022 3.0 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.7 | Mar 2026 0.7 | Jun 2026 —
- BECTORFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.9 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.0 | Sep 2024 3.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 5.3 | Mar 2026 — | Jun 2026 —
- SUNDROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 7.3 | Dec 2023 5.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- BRITANNIA: Sep 2021 57.0 | Dec 2021 54.5 | Mar 2022 49.4 | Jun 2022 54.8 | Sep 2022 62.8 | Dec 2022 65.6 | Mar 2023 56.6 | Jun 2023 60.0 | Sep 2023 51.1 | Dec 2023 57.6 | Mar 2024 54.7 | Jun 2024 61.6 | Sep 2024 68.4 | Dec 2024 53.4 | Mar 2025 54.7 | Jun 2025 63.5 | Sep 2025 65.0 | Dec 2025 62.7 | Mar 2026 54.9 | Jun 2026 —
- TATACONSUM: Sep 2021 102.8 | Dec 2021 90.7 | Mar 2022 83.8 | Jun 2022 71.4 | Sep 2022 71.9 | Dec 2022 70.1 | Mar 2023 63.7 | Jun 2023 76.1 | Sep 2023 72.8 | Dec 2023 83.9 | Mar 2024 81.7 | Jun 2024 79.7 | Sep 2024 88.0 | Dec 2024 65.1 | Mar 2025 75.3 | Jun 2025 88.0 | Sep 2025 84.2 | Dec 2025 87.3 | Mar 2026 71.6 | Jun 2026 72.9
- PATANJALI: Sep 2021 35.6 | Dec 2021 28.5 | Mar 2022 35.1 | Jun 2022 44.0 | Sep 2022 60.6 | Dec 2022 50.4 | Mar 2023 39.6 | Jun 2023 58.7 | Sep 2023 51.2 | Dec 2023 69.3 | Mar 2024 63.3 | Jun 2024 61.3 | Sep 2024 61.3 | Dec 2024 56.2 | Mar 2025 50.4 | Jun 2025 45.9 | Sep 2025 52.5 | Dec 2025 41.7 | Mar 2026 30.9 | Jun 2026 —
- BBTC: Sep 2021 30.8 | Dec 2021 23.2 | Mar 2022 23.8 | Jun 2022 24.2 | Sep 2022 100.4 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 71.4 | Jun 2024 19.8 | Sep 2024 17.9 | Dec 2024 12.0 | Mar 2025 10.9 | Jun 2025 12.2 | Sep 2025 11.0 | Dec 2025 11.5 | Mar 2026 8.9 | Jun 2026 —
- BECTORFOOD: Sep 2021 34.1 | Dec 2021 34.6 | Mar 2022 29.2 | Jun 2022 27.4 | Sep 2022 37.8 | Dec 2022 41.0 | Mar 2023 43.2 | Jun 2023 52.7 | Sep 2023 54.7 | Dec 2023 51.5 | Mar 2024 48.8 | Jun 2024 57.6 | Sep 2024 81.6 | Dec 2024 68.5 | Mar 2025 61.7 | Jun 2025 57.7 | Sep 2025 56.7 | Dec 2025 52.6 | Mar 2026 39.9 | Jun 2026 —
- SUNDROP: Sep 2021 94.0 | Dec 2021 106.6 | Mar 2022 93.7 | Jun 2022 84.8 | Sep 2022 108.8 | Dec 2022 138.1 | Mar 2023 143.5 | Jun 2023 135.1 | Sep 2023 101.5 | Dec 2023 116.2 | Mar 2024 119.2 | Jun 2024 198.2 | Sep 2024 454.9 | Dec 2024 516.5 | Mar 2025 267.6 | Jun 2025 79.8 | Sep 2025 69.1 | Dec 2025 62.7 | Mar 2026 56.9 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: The Bombay Burmah Trading Corporation Ltd leads both ev/ebitda at 3× and p/bv at 1.44×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: The Bombay Burmah Trading Corporation Ltd · 3× | 84.6% versus #2 · Mrs Bectors Food Specialities Ltd | 0/8 recent comparable periods | 6/6 companies · 115 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. The Bombay Burmah Trading Corporation Ltd (BBTC): 3.0
2. Mrs Bectors Food Specialities Ltd (BECTORFOOD): 19.5
3. Patanjali Foods Ltd (PATANJALI): 26.6
4. Britannia Industries Ltd (BRITANNIA): 36.2
5. Tata Consumer Products Ltd (TATACONSUM): 38.0

### P/BV — lowest P/BV
1. The Bombay Burmah Trading Corporation Ltd (BBTC): 1.4
2. Sundrop Brands Ltd (SUNDROP): 1.8
3. Patanjali Foods Ltd (PATANJALI): 2.8
4. Tata Consumer Products Ltd (TATACONSUM): 5.0
5. Mrs Bectors Food Specialities Ltd (BECTORFOOD): 5.0

### 20-quarter EV/EBITDA history
- BRITANNIA: Sep 2021 37.8 | Dec 2021 36.0 | Mar 2022 32.3 | Jun 2022 35.4 | Sep 2022 40.3 | Dec 2022 42.3 | Mar 2023 38.1 | Jun 2023 40.4 | Sep 2023 34.6 | Dec 2023 38.6 | Mar 2024 35.5 | Jun 2024 39.8 | Sep 2024 44.3 | Dec 2024 35.1 | Mar 2025 35.9 | Jun 2025 41.5 | Sep 2025 42.2 | Dec 2025 41.1 | Mar 2026 36.2 | Jun 2026 —
- TATACONSUM: Sep 2021 49.2 | Dec 2021 42.9 | Mar 2022 39.7 | Jun 2022 36.6 | Sep 2022 39.2 | Dec 2022 37.5 | Mar 2023 34.0 | Jun 2023 40.4 | Sep 2023 38.6 | Dec 2023 44.6 | Mar 2024 43.7 | Jun 2024 43.5 | Sep 2024 45.5 | Dec 2024 33.9 | Mar 2025 37.5 | Jun 2025 41.9 | Sep 2025 42.2 | Dec 2025 44.2 | Mar 2026 37.5 | Jun 2026 38.0
- PATANJALI: Sep 2021 150.1 | Dec 2021 128.5 | Mar 2022 130.2 | Jun 2022 179.8 | Sep 2022 224.2 | Dec 2022 198.5 | Mar 2023 166.9 | Jun 2023 197.8 | Sep 2023 204.9 | Dec 2023 252.2 | Mar 2024 218.9 | Jun 2024 254.5 | Sep 2024 358.1 | Dec 2024 329.4 | Mar 2025 340.8 | Jun 2025 32.8 | Sep 2025 32.6 | Dec 2025 29.1 | Mar 2026 26.6 | Jun 2026 —
- BBTC: Sep 2021 4.0 | Dec 2021 4.0 | Mar 2022 3.5 | Jun 2022 3.5 | Sep 2022 4.1 | Dec 2022 4.2 | Mar 2023 3.7 | Jun 2023 3.8 | Sep 2023 4.8 | Dec 2023 4.8 | Mar 2024 4.1 | Jun 2024 5.1 | Sep 2024 5.8 | Dec 2024 4.5 | Mar 2025 3.9 | Jun 2025 4.2 | Sep 2025 3.8 | Dec 2025 3.9 | Mar 2026 3.0 | Jun 2026 —
- BECTORFOOD: Sep 2021 16.7 | Dec 2021 16.6 | Mar 2022 13.5 | Jun 2022 12.5 | Sep 2022 16.6 | Dec 2022 17.7 | Mar 2023 19.8 | Jun 2023 25.7 | Sep 2023 28.6 | Dec 2023 27.8 | Mar 2024 26.5 | Jun 2024 31.1 | Sep 2024 45.2 | Dec 2024 35.6 | Mar 2025 31.4 | Jun 2025 30.2 | Sep 2025 28.0 | Dec 2025 25.8 | Mar 2026 19.5 | Jun 2026 —
- SUNDROP: Sep 2021 42.8 | Dec 2021 45.4 | Mar 2022 38.3 | Jun 2022 36.5 | Sep 2022 40.7 | Dec 2022 47.3 | Mar 2023 49.0 | Jun 2023 46.6 | Sep 2023 39.1 | Dec 2023 42.9 | Mar 2024 38.5 | Jun 2024 50.6 | Sep 2024 69.9 | Dec 2024 80.0 | Mar 2025 87.4 | Jun 2025 111.8 | Sep 2025 81.2 | Dec 2025 74.3 | Mar 2026 54.1 | Jun 2026 —

### 20-quarter P/BV history
- BRITANNIA: Sep 2021 27.4 | Dec 2021 48.2 | Mar 2022 41.3 | Jun 2022 32.7 | Sep 2022 45.4 | Dec 2022 50.8 | Mar 2023 40.7 | Jun 2023 47.3 | Sep 2023 30.9 | Dec 2023 45.1 | Mar 2024 41.5 | Jun 2024 37.3 | Sep 2024 38.3 | Dec 2024 35.8 | Mar 2025 37.0 | Jun 2025 35.4 | Sep 2025 32.7 | Dec 2025 38.9 | Mar 2026 35.5 | Jun 2026 —
- TATACONSUM: Sep 2021 5.4 | Dec 2021 4.8 | Mar 2022 4.8 | Jun 2022 4.5 | Sep 2022 5.1 | Dec 2022 4.9 | Mar 2023 4.4 | Jun 2023 5.0 | Sep 2023 5.1 | Dec 2023 6.4 | Mar 2024 6.5 | Jun 2024 6.7 | Sep 2024 7.4 | Dec 2024 4.7 | Mar 2025 5.2 | Jun 2025 5.6 | Sep 2025 5.5 | Dec 2025 5.7 | Mar 2026 5.1 | Jun 2026 5.1
- PATANJALI: Sep 2021 -7.4 | Dec 2021 -6.1 | Mar 2022 -6.2 | Jun 2022 -7.6 | Sep 2022 -9.8 | Dec 2022 -8.5 | Mar 2023 -6.9 | Jun 2023 -8.5 | Sep 2023 -8.8 | Dec 2023 -11.2 | Mar 2024 -9.6 | Jun 2024 -11.4 | Sep 2024 -13.2 | Dec 2024 5.8 | Mar 2025 6.0 | Jun 2025 -11.7 | Sep 2025 5.6 | Dec 2025 4.9 | Mar 2026 4.3 | Jun 2026 —
- BBTC: Sep 2021 1.5 | Dec 2021 1.4 | Mar 2022 1.1 | Jun 2022 1.1 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.0 | Jun 2023 1.3 | Sep 2023 2.2 | Dec 2023 2.8 | Mar 2024 2.7 | Jun 2024 3.5 | Sep 2024 4.3 | Dec 2024 2.9 | Mar 2025 2.4 | Jun 2025 3.0 | Sep 2025 2.2 | Dec 2025 2.0 | Mar 2026 1.5 | Jun 2026 —
- BECTORFOOD: Sep 2021 5.6 | Dec 2021 5.0 | Mar 2022 3.9 | Jun 2022 3.6 | Sep 2022 4.3 | Dec 2022 5.0 | Mar 2023 6.7 | Jun 2023 10.1 | Sep 2023 11.3 | Dec 2023 10.8 | Mar 2024 10.8 | Jun 2024 14.9 | Sep 2024 17.3 | Dec 2024 9.0 | Mar 2025 8.1 | Jun 2025 12.0 | Sep 2025 6.8 | Dec 2025 5.9 | Mar 2026 4.6 | Jun 2026 —
- SUNDROP: Sep 2021 5.7 | Dec 2021 5.4 | Mar 2022 4.4 | Jun 2022 4.2 | Sep 2022 4.0 | Dec 2022 4.5 | Mar 2023 4.6 | Jun 2023 4.3 | Sep 2023 4.0 | Dec 2023 4.3 | Mar 2024 3.4 | Jun 2024 3.6 | Sep 2024 4.1 | Dec 2024 4.4 | Mar 2025 3.7 | Jun 2025 4.0 | Sep 2025 2.1 | Dec 2025 1.8 | Mar 2026 1.5 | Jun 2026 —

## Market action

Tata Consumer Products Ltd has the strongest one-year price move in FMCG - Foods at -0.7%. Sundrop Brands Ltd leads on Mansfield relative strength against NIFTY at -1.9%. 0 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Tata Consumer Products Ltd (TATACONSUM): -0.7%
2. Britannia Industries Ltd (BRITANNIA): -6.2%
3. Sundrop Brands Ltd (SUNDROP): -26%
4. The Bombay Burmah Trading Corporation Ltd (BBTC): -27%
5. Mrs Bectors Food Specialities Ltd (BECTORFOOD): -33%

### Strongest relative strength versus NIFTY 500
1. Sundrop Brands Ltd (SUNDROP): -1.9%
2. Tata Consumer Products Ltd (TATACONSUM): -3.0%
3. Britannia Industries Ltd (BRITANNIA): -5.4%
4. Mrs Bectors Food Specialities Ltd (BECTORFOOD): -7.8%
5. The Bombay Burmah Trading Corporation Ltd (BBTC): -14%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Britannia Industries Ltd (BRITANNIA) — market value ₹1.3 L Cr; latest fundamentals Mar 2026
- Tata Consumer Products Ltd (TATACONSUM) — market value ₹1.1 L Cr; latest fundamentals Jun 2026
- Patanjali Foods Ltd (PATANJALI) — market value ₹37.1K Cr; latest fundamentals Mar 2026
- The Bombay Burmah Trading Corporation Ltd (BBTC) — market value ₹10.2K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Mrs Bectors Food Specialities Ltd (BECTORFOOD) — market value ₹6.3K Cr; latest fundamentals Mar 2026
- Sundrop Brands Ltd (SUNDROP) — market value ₹2.6K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 5. Unverified: 0. Withheld: 1. Graded companies: 6.

1 of 6 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: The Bombay Burmah Trading Corporation Ltd (BBTC) — its two data sources disagree by up to 13% on reported income across 13 comparable periods, so its derived ratios are withheld.

- WITHHELD | BBTC | The Bombay Burmah Trading Corporation Ltd | diff_gt_2pct | disagreement up to 12.73% over 13 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty FMCG - Foods index?

The Nifty FMCG - Foods index tracks India's listed FMCG - Foods companies as a single basket. This page follows the same 6 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the FMCG - Foods sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best FMCG - Foods stocks in India?

Ranked by this page's four-factor score, Sundrop Brands Ltd places first among 6 listed FMCG - Foods companies, followed by Britannia Industries Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many FMCG - Foods stocks are listed in India?

This comparison covers 6 listed FMCG - Foods companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which FMCG - Foods company is the biggest?

Patanjali Foods Ltd is the largest, with trailing-twelve-month revenue of ₹40,183 crore, ahead of Tata Consumer Products Ltd at ₹20,861 crore. That covers 6 of 6 companies with comparable reporting through Mar 2026.

### Which FMCG - Foods company is growing fastest?

Sundrop Brands Ltd has the fastest revenue growth at 72.4% year on year, across 6 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which FMCG - Foods company has the best profit margins?

Britannia Industries Ltd has the highest operating margin at 18%, from 6 of 6 comparable companies. Sundrop Brands Ltd shows the biggest recent improvement, at +5.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which FMCG - Foods company makes the most profit?

Britannia Industries Ltd earns the most, at ₹2,537 crore of trailing-twelve-month net profit, from 6 of 6 comparable companies. Patanjali Foods Ltd has the fastest profit growth at 39.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which FMCG - Foods company earns the highest return on capital?

Britannia Industries Ltd leads on return on capital employed at 56%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which FMCG - Foods stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Patanjali Foods Ltd screens cheapest at 0.67×. Only 5 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which FMCG - Foods company has the strongest balance sheet?

Sundrop Brands Ltd carries the lowest comparable gross debt at ₹13 crore, from 6 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the FMCG - Foods sector beating the market?

FMCG - Foods has underperformed NIFTY 500 by 21.5% over the last 52 weeks and 6.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which FMCG - Foods stock has the strongest price momentum?

Sundrop Brands Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which FMCG - Foods company scores highest for research priority?

Sundrop Brands Ltd scores 58.2 out of 100 with 80.8% evidence confidence, from 24.9 points on growth and earnings, 10.2 on capital efficiency, 5.5 on valuation and 17.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many FMCG - Foods companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the FMCG - Foods sector?

The 6 FMCG - Foods companies on this page carry ₹2,93,455 crore of combined market value. Britannia Industries Ltd is the largest at ₹1,29,575 crore, about 44% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the FMCG - Foods sector's P/E ratio?

The median price-to-earnings ratio across the 6 FMCG - Foods companies on this page is 51.2×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the FMCG - Foods sector performing?

0 of the 6 covered FMCG - Foods companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 21.5% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/fmcg-foods