Transcript of Earnings Conference Call for the quarter and financial year ended on March 31, 2026

Bikaji Foods reported strong Q4 FY '26 with revenue ~INR 720 crores (up ~18% YoY) and EBITDA of INR 88 crores (12.2% margin). For the full year, revenue from operations stood at ~INR 2,994 crores with 9.5% volume growth. Gross margin at consol was 35.1% and EBITDA margin was 13.7%, up 120 basis points YoY. The company crossed INR 100 crores in both exports and its THF retail business for the first time. E-com/Q-com grew ~100% to become 3% of total business. Family pack grew 20% driven by 'Bhujia ho toh Bikaji' and 'Kya Baat Hai Ji' campaigns. Distribution expanded to 3.5 lakh outlets with a target of 5 lakh in 3 years. The company took a 3% price hike in April to offset edible oil (~13-14%) and packaging material inflation (~25-30%, now moderating). The company faced ~4-5 days of production loss due to Chairman's passing and Bengal labour movement. Capex of less than INR 100 crores planned for a new sweets factory in Bikaner. FY '27 guidance: ~13% growth in core markets and 20%+ in focus states, ad budget at 2% of sales, target to maintain gross margin with EBITDA improvement from operational efficiencies.