Varun Berry

Varun Berry has led Britannia Industries as Managing Director since 2013 (and Vice Chairman since 2021), executing one of the most impressive operational turnarounds in Indian consumer goods. Britannia is India's largest biscuit manufacturer and one of its most recognized food companies, with brands that are deeply embedded in Indian daily life — Good Day, Marie Gold, Tiger, 50-50, Milk Bikis, NutriChoice, and Jim Jam. When Berry took over, Britannia had impressive revenues but mediocre margins and an aging manufacturing infrastructure. He restructured the supply chain, invested in modern manufacturing plants, rationalized the product portfolio, and dramatically improved operating margins from single digits to mid-teens — a remarkable achievement in the competitive Indian FMCG market. Britannia reaches over 50% of Indian households through a distribution network spanning 6+ million retail outlets. The company is expanding beyond biscuits into adjacent categories including bread and buns, cakes, rusks, dairy, and croissants. International expansion (Middle East, Africa, Southeast Asia) provides additional growth. Key stock drivers include Indian consumer spending, rural vs. urban demand, wheat and palm oil prices (key raw materials), market share in biscuits, adjacency expansion success, and the competitive dynamics with Parle, ITC Foods, and Mondelez India.