BIKAJI
Large CapBikaji Foods International Limited
Consumer
Bikaji Foods International Limited manufactures and sells Indian snacks (Namkeen), sweets, and Western snacks. The company focuses on expanding its distribution footprint, leveraging e-commerce, and growing its family pack segment. It is also investing in retail and export capabilities.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 57/100Rev +18% YoY · PAT +40% YoY · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹721 Cr | +18.0% | -8.7% |
| EBITDA | ₹88 Cr | +18.9% | -10.2% |
| Operating margin | 12.0% | +0 bps | +0 bps |
| PAT | ₹56 Cr | +40.0% | -9.7% |
| PAT margin | 7.8% | +122 bps | -8 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 revenue grew 18% YoY, with core market up 15% and Family pack up 20%. FY26 revenue reached INR 2,994 crores with 9.5% volume growth. Gross margin for Q4 was 35.6%, and FY26 EBITDA margin was 13.7%.
Bikaji delivered strong Q4 performance, driven by effective marketing campaigns and benefits from GST reduction, leading to robust volume growth. While raw material inflation and Q1 production disruptions pose near-term challenges, management's focus on distribution expansion, e-commerce, and maintaining gross margins suggests continued momentum. The ability to sustain growth in focus markets and Western snacks will be key.
Distribution Footprint Expansion
Achieved 3.5 lakh direct outlets, with a target to reach 5 lakh outlets in the next 3 years, primarily in focus states.
E-commerce & Quick Commerce
E-com/Q-com grew ~100% YoY, now 3% of business. Management sees continued huge growth, leveraging new categories and premium offerings.
Family Pack Segment
Family pack segment grew 20% in Q4 FY26, outperforming Impulse (14% growth), driven by marketing campaigns.
Exports
Exports crossed INR 100 crores for the first time in FY26, growing at 50-60% YoY, with similar momentum expected for FY27.
Sweets Factory
Plan to increase capacity in sweets with a new factory coming up in Bikaner to address production constraints during festive seasons.
Warehouse
A big warehouse has been installed, with trials started two weeks prior and full operation expected by June 15. It will increase finished goods storage capacity from <2 days to 6-8 days.
Government GST Reduction
GST reduction from the government in H2 FY26 helped regain momentum in the overall snacking category.
Effective Marketing Campaigns
Two campaigns, 'Bhujia ho toh Bikaji' and 'Kya Baat Hai Ji', significantly boosted momentum, especially in large packs and core geographies.
Formalization in Sweets Segment
Management expects a significant shift from unorganized to organized players in the sweets category, presenting a growth opportunity.
Raw Material Inflation
Significant increase in edible oils (12-14%) and packaging material (25-30%) due to geopolitical events, though packaging costs have moderated.
Q1 Production Disruptions
Production loss of 4-5 days in Q1 FY27 due to labor movement for Bengal elections and factory shutdown following the Chairman's demise.
Commodity Price Volatility
Fluctuations in edible oil and packaging material prices, influenced by global events, pose a challenge to maintaining gross margins.
Competition from Regional Players
Despite GST changes, regional and local players continue to exist and compete, particularly in the INR5 and INR10 pack segments.
Sweets Business Seasonality
80% of sweets business comes in 4 festive months, leading to over-utilization then and poor utilization in the remaining 8 months.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 results highlight recent momentum from marketing campaigns and GST changes, crucial for assessing sequential performance. FY26 results provide a comprehensive view of annual volume growth and overall financial health, important for a seasonal business.
Volume Growth
Q4 volume growth was upward of 16%, highest in any quarter. Overall FY26 volume growth was 9.5%.
Gross Margin
Consolidated gross margin for Q4 FY26 was 35.6%. Full year gross margin was 35.1%, up 240 basis points YoY (Q4) and 120 basis points YoY (FY26) including PLI.
Distribution Expansion
Achieved target of crossing 3.5 lakh direct outlets. Target is to reach 5 lakh outlets in 3 years, with majority of new stores coming from focus states.
Input Cost Trends
Edible oil prices increased 12-14%, packaging material increased 25-30% (but moderated). Pulses and flour prices have not seen major price rises.
FY27 Growth Targets
Targeting 13% +/- growth from core states and 20% growth from focus states for FY27.
Gross Margin Maintenance
Management aims to maintain the same gross margin percentage in FY27, supported by a 3% price hike taken in April.
Ad Spend Strategy
Ad budget for FY27 will remain close to 2% of sales, similar to last year, with focus on building on previous campaigns.
THF (Retail) Growth
THF (retail business) is targeted to grow 50-60% YoY for the next 2-3 years, with plans to open 8-10 stores annually.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross Margin (Consol) | 35.1% (FY26) | Ability to maintain gross margin percentage in FY27 amidst commodity price volatility and increased ad spend. |
| Focus Market Growth | Not significantly different from core markets in Q4/FY26. | Focus states growing at 1.5x the rate of core states (target 20% vs 13%+/-). |
| Western Snacks Growth | 8% YoY in Q4 FY26. | Return to 20%+ YoY growth, as management expects, to increase its contribution to overall revenue. |
| Sweets Business Growth | 9% in FY26. | Improvement to 11-12% growth and successful implementation of 'all-season' sweets strategy to reduce seasonality. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -2.1% / mo
Technical chart
BIKAJIweekly · 5Y-24.3%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 46.
- SMA20 falling (~2.2% over last month) — short-term momentum negative.
- RSI(14) at 46 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 19% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 18.4%.
- Balance sheet contributes 10/15 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 85th percentile of the scored universe and 84th percentile within Consumer. Main check: financial discipline is weak at 58/100.
High Trust Lite: Promoter holding is 73.9%. Key concern: Promoter holding fell 1%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 84th pctile, median 67 · Large: 66th pctile, median 74
70 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 73.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.1%.
- ▸5 years of positive FCF.
Trust risks
- ▸Promoter holding fell 1%.
- ▸ROCE trend is -2.6%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 62.80
- P/B
- 10.20
- EV/EBITDA
- 33.01
- Market Cap
- 16404.00Cr
Profitability
- ROE
- 17.50%
- ROCE
- 19.70%
- ROA
- 11.34%
- Dividend Y
- 0.19%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 24.00%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 22.83×
- Altman Z
- 9.19
- Book Value
- 64.10
Cash Flow
- FCF Yield
- 0.09%
- FCF Positive Y
- 5/5
- OCF
- 304.00 Cr
- EPS TTM
- 10.30
Shareholding
- Promoter Hold
- 73.88%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.