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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NESTLE INDIA LIMITED | 2,66,742 | 70.0 | 51.72 | 48.5 | 67.9 | 54.7 | — | 24.4 |
| BRITANNIA INDUSTRIES LTD | 1,19,535 | 45.9 | 23.27 | 32.0 | 49.4 | 59.8 | 7.8 | 18.0 |
| ZYDUS WELLNESS LIMITED | 17,452 | 92.7 | 3.00 | 43.2 | 3.4 | 2.4 | 16.2 | 17.1 |
| BIKAJI FOODS INTERN LTD ◆ | 13,784 | 53.3 | 8.07 | 30.5 | 14.9 | 18.3 | — | 15.3 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 6 Aug 2026 · Bikaji Foods shares Q1 FY27 earnings call audio recording | investor communications | low | — | — |
| 6 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 5 Aug 2026 · Bikaji Foods Q1 FY27 Investor Presentation | investor communications | medium | — | — |
| 5 Aug 2026 · Bikaji Q1 FY27 revenue up 12.5% to INR 7,343 mn, PAT at INR 595 mn | results | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| BOMBAY BURMAH TRADING COR | 9,974 | 7.7 | 1.04 | 2.8 | 26.0 | 33.5 | 7.8 | 17.7 |
| MRS BECTORS FOOD SPE LTD | 7,452 | 25.3 | 5.86 | 26.1 | 11.1 | 13.1 | 18.3 | 14.7 |
| GOPAL SNACKS LIMITED | 3,225 | 38.4 | 6.74 | — | 15.4 | 19.4 | — | 7.6 |
| ADF FOODS LIMITED | 2,968 | 32.3 | 5.19 | 20.2 | 15.7 | 18.8 | 13.1 | 18.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 53.3 | 31.1 | 29 of 40 | 28% |
| P/B | 8.1 | 3.0 | 29 of 34 | 15% |
| ROCE | 18.3 | 7.0 | 10 of 41 | 78% |
| ROE | 14.9 | 7.7 | 11 of 36 | 71% |
| Debt / Equity | 0.1 | 0.1 | 19 of 36 | 49% |
| 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 | 13784 | 91 | 4 of 43 | 93% |
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| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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