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Bikaji Foods International
SectorFMCG
Bikaji Foods International Limited is an Indian ethnic snacks company, primarily engaged in manufacturing, purchasing, and selling snack foods. It offers six main product categories: bhujia, namkeen, packaged sweets, papad, western snacks, and other snacks including gift packs, frozen food, mathri, and cookies. The company operates seven manufacturing facilities across India and has agreements with contract manufacturers. Bikaji is the third largest ethnic snacks company in India, the largest manufacturer of Bikaneri bhujia, and the second largest manufacturer of handmade papad. It has a extensive distribution network across 23 states and 4 union territories in India, and exports to approximately 25 countries. The company was originally incorporated in 1995 and underwent name changes and expansions over the years, including acquisitions and the establishment of new facilities.
In the news
Bikaji Foods shares surge 7% as CEO maintains FY27 growth outlook
Bikaji Foods surges 4.12% on strategic bakery partnership
Motilal Oswal maintains ₹770 target for Bikaji Foods
Bikaji Foods Q4 profit jumps 26% to ₹56.4 cr, declares ₹1.25 dividend
Bikaji Foods: Leadership Transition After Founder Shiv Ratan Agarwal's Passing
Bikaji Foods Chairman Shiv Ratan Agarwal passes away at 74
Bikaji Founder Shivratan Agarwal Dies at 74 in Chennai
Bikaji Foods founder Shiv Ratan Agarwal passes away at 75
Jio Financial Services gets ₹320 target with 36% upside potential
Bikaji Foods Q3 profit doubles to ₹62.6 cr, margins expand
The Quarter story
The two most recent quarterly results, compared side-by-side.
Bikaji Foods shows strong retail expansion and core snack growth, though festive category sales and overseas demand face seasonal headwinds.
Direct coverage expanded from 461 to 3,70,893 from Q1 FY26 to Q1 FY27, confirming aggressive retail network growth.
Packaged sweets revenue fell from ₹1,601 to ₹426 from Q2 FY26 to Q1 FY27, highlighting sharp post-festival demand contraction.
Core revenue grew from ₹4,448 to ₹4,927 from Q1 FY26 to Q1 FY27, showing steady demand for flagship products.
Export revenue dropped from ₹511 to ₹290 from Q2 FY26 to Q1 FY27, signaling persistent overseas market challenges.
Western snacks revenue increased from ₹565 to ₹684 from Q2 FY26 to Q1 FY27, reflecting successful modern snack category expansion.
Market capitalization declined from ₹18,789 to ₹15,800 from Q3 FY26 to Q1 FY27, reflecting investor caution amid seasonal sales normalization.
Gross margin improved from 35.0% to 35.7% from Q1 FY26 to Q1 FY27, indicating effective pricing and cost management.
Production volume eased from 43,877 MT to 35,778 MT from Q2 FY26 to Q1 FY27, indicating typical post-peak demand adjustment.
Store count rose from 15 to 28 from Q1 FY26 to Q1 FY27, demonstrating successful physical channel rollout.
Installed capacity remained flat at 325,320 MT from Q1 FY26 to Q1 FY27, showing a pause in infrastructure expansion.
Company insights, generated from the most recent coverage.
Festive season is the single biggest swing factor for earnings — roughly 80% of sweets sales fall in the Rakhi-to-Diwali window, so Q2FY27 largely decides the full-year outcome.
FY26 results show genuine operating leverage: revenue +14.4%, EBITDA +25.1% with 120 bps margin expansion, and PAT +31% — profit growing at 2x the top line.
THF retail format is scaling without diluting profits — 19-20 stores now, 8-10 additions a year for 3 years, targeting 50-55% top-line growth while staying EBITDA-neutral.