Brief India: Britannia Industries Ltd. - Margin Stability Powering a Sharper Growth Revival; Maintain BUY and more
In this briefing: Britannia Industries Ltd. - Margin Stability Powering a Sharper Growth Revival; Maintain BUY Juniper Hotel Ltd - Strong Quarter with Healthy Metrics Aequitas: Elevate Campuses Pre-IPO-Dominant Education Infrastructure Platform at an Inflection Point Aequitas: PhonePe Pre-IPO - The Positives - Dominant Payment Platform Asian Equities: Foreigners Continue to Sell Asia but Market Rotation Setting In 1. Britannia Industries Ltd. - Margin Stability Powering a Sharper Growth Revival; Maintain BUY Britannia reported a healthy Q3FY26 performance, with revenue rising 9.5% YoY, supported by benign input costs, steady traction in core biscuits and adjacent categories, and continued supply chain efficiencies. While the biscuit category continues to recalibrate price points following the GST revision, growth accelerated to 12% in November–December driven by sustained media investments and portfolio expansion through innovations such as the 50-50 Dipped range, veg cake variants, and Doodh Marie Gold, enabling wider consumer reach and improved category momentum.