Britannia reported Q4 revenue of INR 4,376 Cr, up 9% YoY; FY revenue grew 6% to INR 17,535 Cr. PAT margins were ~12.5%, with PAT up 4% YoY in Q4 and 3% for FY. Volume growth lagged pricing by ~5.5%. Direct reach expanded to 28.7 lakh outlets; rural distributors rose to 31,000. E-commerce surged 7.5x faster than other channels, boosting new launches like Pure Magic Frames. Adjacent categories showed strong traction. Cost efficiencies reached 2.5% of revenue, helping margin stability amid inflation in key commodities. Management is cautiously optimistic on FMCG demand recovery and premiumization, with quick-commerce sales (~4%) expected to double in three years. Adjacent portfolio aims to grow 1.5x faster than biscuits, while inorganic growth remains selective.