ICICI Securities has upgraded Britannia Industries to ‘Add’ with a revised target price of Rs 6,000, citing increased earnings estimates for FY26E-27E. The brokerage projects a revenue, EBITDA, and PAT CAGR of 10%, 13%, and 15% respectively over FY25-27E. Key risks include consumption demand weakness and faster-than-expected revenue growth in core biscuits.