NSE: BIKAJI · BSE: 543653
BIKAJI FOODS INTERN LTD
Makes and sells packaged Indian snacks — chiefly namkeen (with bhujia as the flagship product), sweets and western snacks — under the Bikaji brand. Products are sold through general trade outlets, the company's own THF specialty/crossover retail stores, e-commerce and quick commerce in India, and exported to 47 countries; a wholly-owned US subsidiary (Bikaji Foods USA Corp) is being set up with a local manufacturing plant. FY26 revenue from operations was ~INR 2,994 crore at 9.5% volume growth (Q4 alone crossed ~INR 720 crore at 18%+ growth); the family-pack format grew 20% and impulse packs 14% in Q4, supported by the "Bhujia ho toh Bikaji" and "Kya Baat Hai Ji" campaigns. THF retail and exports each crossed INR 100 crore for the first time, with exports at ~3.96% of revenue; e-com and quick commerce made up 3% of business at ~100% YoY growth. Distribution reached 3.5 lakh outlets (target 5 lakh in 3 years) and a new sweets factory in Bikaner is planned with FY27 capex of ~INR 100 crore to ease sweets capacity constraints. The largest cost is raw materials at 62.8% of revenue — edible oils rose 12-14% and packaging material 25-30%, partly offset by a ~3% April price hike — followed by other operating expenses at 14.7% and employees at 6.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Namkeen / savoury snacks (incl. bhujia), Sweets, Western snacks (9%), Exports, THF retail stores, E-commerce and quick commerce (3%), Bikaji Foods USA Corp. Branded packaged snacks, distribution-led FMCG with multi-channel reach and growing export and D2C/quick-commerce mix
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 1,966 | 2,329 | 2,622 | 2,994 |
| EBITDA (ex other income) | 214 | 391 | 328 | 406 |
| margin % | 10.9 | 16.8 | 12.5 | 13.6 |
| Owners' profit | 129 | 0 | 201 | 258 |
| EPS, as reported (₹) | 5.15 | 10.63 | 8.02 | 10.31 |
| ROE % · ROCE % | 13.3 · 20.8 | 21.7 · 27.2 | 13.1 · 16.9 | 14.9 · 19.2 |
| Debt / equity (x) | 0.15 | 0.10 | 0.10 | 0.12 |
| Cash from operations | 176 | 245 | 193 | 304 |
| Capex | (86) | (128) | (123) | (178) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 721 | 715 | 614 | 653 | 830 | 790 | 721 | 734 |
| Profit before tax | 93 | 39 | 55 | 79 | 107 | 82 | 77 | 81 |
| Net profit | 69 | 28 | 40 | 59 | 78 | 62 | 56 | 59 |
| EPS (₹) | 2.76 | 1.14 | 1.78 | 2.39 | 3.18 | 2.48 | 2.25 | 2.40 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NESTLE INDIA LIMITED | 2,27,636 | 59.7 | 44.14 | 41.4 | 67.9 | 54.7 | — | 24.4 |
| BRITANNIA INDUSTRIES LTD | 1,09,850 | 42.2 | 21.39 | 29.4 | 49.4 | 59.8 | 7.8 | 18.0 |
| ZYDUS WELLNESS LIMITED | 15,003 | 79.7 | 2.58 | 38.0 | 3.4 | 2.4 | 16.2 | 17.1 |
| BIKAJI FOODS INTERN LTD ◆ | 11,647 | 45.0 | 6.82 | 25.8 | 14.9 | 18.3 | — | 15.3 |
| BOMBAY BURMAH TRADING COR | 8,182 | 6.3 | 0.85 | 2.3 | 26.0 | 33.5 | 7.8 | 17.7 |
| MRS BECTORS FOOD SPE LTD | 5,689 | 19.3 | 4.48 | 20.0 | 11.1 | 13.1 | 18.3 | 14.7 |
| GOPAL SNACKS LIMITED | 3,031 | 36.1 | 6.33 | — | 15.4 | 19.4 | — | 7.6 |
| ADF FOODS LIMITED | 2,626 | 28.6 | 4.59 | 17.9 | 15.7 | 18.8 | 13.1 | 18.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 45.0 | 29.2 | 26 of 38 | 32% |
| P/B | 6.8 | 2.7 | 29 of 34 | 15% |
| ROCE | 18.3 | 7.4 | 10 of 40 | 77% |
| ROE | 14.9 | 7.7 | 10 of 34 | 73% |
| Debt / Equity | 0.1 | 0.1 | 16 of 33 | 53% |
| EBITDA margin | 15.3 | 9.9 | 8 of 33 | 78% |
| Revenue growth | 12.5 | 14.1 | 19 of 36 | 49% |
| Profit growth | 1.6 | 14.1 | 22 of 33 | 34% |
| Market cap | 11647 | 100 | 4 of 43 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Bikaji earnings call for quarter and half year ended September 2026 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting set for November 5, 2026 to approve quarterly results | results | low | — | — |
| 9 Oct 2026 · Certificate under Reg. 74(5) of SEBI DP Regulations for Q2 FY26-27 | compliance | minimal | — | — |
| 25 Sept 2026 · Bikaji Foods trading window closed from Oct 1 for Q2 FY26 results | compliance | minimal | — | — |
| 27 Aug 2026 · Bikaji Foods partners with bakery expert Khaleel for subsidiary Bikaji Bakes | compliance | low | — | — |
| 26 Aug 2026 · Sells 30 percent stake in subsidiary Bikaji Bakes to third party | strategic transactions | low | — | — |
| 20 Aug 2026 · Bikaji shareholders re-appoint 6 directors including Chairman and MD at 31st AGM | management changes | medium | — | — |
| 20 Aug 2026 · 31st AGM results: all 9 resolutions passed, Re 1.25 dividend declared | board shareholder meetings | low | — | — |
| 20 Aug 2026 · 31st AGM held; final dividend of Rs 1.25 per share declared for FY26 | board shareholder meetings | medium | — | — |
| 12 Aug 2026 · Q1 FY27 call: 12.5% revenue growth, 13.5% margin, targets 16% growth | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.