New Delhi, Aug. 13 -- Britannia Industries Ltd's shares have beaten the Nifty FMCG index so far in 2025, gaining 12% versus a 3% drop in the sectoral index. But incremental gains in the stock may be tough for two main reasons. First, valuations aren't enticing enough, keeping significant near-term upside at bay. Second, the recently declared June quarter (Q1FY26) results offered no triggers for the stock, with lacklustre volume and margin.

The stock trades at 46 times estimated FY27 earnings, as per Bloomberg. Emkay Global Financial Services finds it "fairly valued" at current levels. The broking firm's analyst Nitin Gupta believes Britannia's Phantom Stock Option Scheme could weigh on near-term performance, as any stock price appreciati...