BIKAJI

Bikaji Foods International share price & financials

Price
₹660.2
Market cap
₹15.3k Cr
Sector
Fast Moving Consumer Goods
Calls analysed
8
Latest concall · Q1 FY27 · call held 12 Aug 2026

Bikaji Foods International Limited Q1 FY27

EBITDA Margin 13.5%

What went well

  • Overall volume growth of 7.7% and top-line value growth of 12.5% in Q1 FY27.
  • EBITDA margin improved to 13.5% this quarter, up from 12.2% in the previous quarter.
  • Direct reach expanded significantly, adding 17,000 outlets in Q1 to reach 3,70,000 outlets.

What to watch

  • Supply and production issues in the first 45 days of the quarter due to the Chairman's demise and Bengal elections, impacting pan-India operations and bhujia production.
  • Exports saw a flattish or negative growth of 2.2% due to U.S. tariff disturbances and increased crude oil prices impacting freight costs.
Read the full call →

What Bikaji Foods International Limited does

Bikaji Foods International manufactures and sells ethnic Indian snacks and packaged foods - bhujia, namkeen, packaged sweets, papad and western snacks - produced in-house at its own factories and sold through a direct retail distribution network across India plus exports to 40+ countries. It has diversified into modern retail (THF cafe-cum-sweets stores), frozen ready-to-eat foods and B2B contract manufacturing (InDine brand) via recent acquisitions, and operates a US subsidiary to support North American exports.

Segments

  • Ethnic Snacks
  • Packaged Sweets
  • Western Snacks
  • Papad
  • Others
  • Retail (THF)
Owned manufacturing facilities
9
Total installed capacity
3,25,320 MT/year across bhujia, namkeen, packaged sweets, western snacks, papad and others
Direct retail distribution outlets
3.5 lakh+
Overall retail reach (all channels)
13.93 lakh outlets
States and Union Territories covered (domestic)
35
Export countries
43
Founded 1986Headquarters Bikaner, Rajasthan, India Company website

Guidance record · Q1 FY27

what the last two calls moved 30 tracked 4 delivered 7 missed 19 open
  • Direct Outlet Reach delivered said Q2 FY25 Promised: reach at least 3.5 lakh outlet till FY '26 Q1 FY27: This promise for FY26 has been achieved.
  • Volume Growth missed said Q3 FY25 Promised: grow volume-wise by 13%-14%... for next three, four years Q1 FY27: Q1 volume growth was 7.7%, continuing the trend of falling short of the long-term 13-14% annual growth target.
  • Gross Margin revised up said Q3 FY25 Promised: reach at a gross margin of 30%-31%... In the next three to four months Q1 FY27: This short-term promise from FY25 was achieved and revised up.

All 30 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 8.7%, net profit up 3.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue713 676 585 624 796 +12%731 +8%667 +14%678 +9%
EBITDA109 56 79 99 130 +19%95 +70%91 +15%99 +0%
Net profit72 31 48 63 78 +8%65 +110%64 +33%65 +3%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −29.2% 1Y

₹600₹700₹800Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 28 Jan 2026Q4 FY26 — 22 May 2026Q1 FY27 — 12 Aug 2026

1Y: ₹774.3 on 10 Sept 2025 → ₹548.25. High ₹797.4 (16 Sept 2025), low ₹548.25 (11 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
−1.7%
12 Aug
Q4 FY26
−1.7%
22 May
Q3 FY26
+2.2%
28 Jan
Q2 FY26
−0.8%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 12.8% a year over 3 years, FY23 to FY26. Operating margin widened to 14.7%.

Year endingFY23FY24FY25FY26
Revenue₹2.0k Cr₹2.3k Cr₹2.5k Cr₹2.8k Cr
Operating profit₹212 Cr₹392 Cr₹337 Cr₹415 Cr
Operating margin10.8%17.1%13.3%14.7%
Interest₹12 Cr₹8 Cr₹10 Cr₹12 Cr
Depreciation₹47 Cr₹58 Cr₹70 Cr₹73 Cr
Net profit₹135 Cr₹269 Cr₹211 Cr₹270 Cr
Net margin6.9%11.7%8.3%9.6%
Cash from operations₹177 Cr₹243 Cr₹214 Cr₹294 Cr
Free cash flow₹89 Cr₹120 Cr₹104 Cr₹158 Cr
ROCE18.0%30.0%20.0%22.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹24 Cr₹25 Cr₹25 Cr₹25 Cr₹25 Cr₹25 Cr
Reserves₹580 Cr₹798 Cr₹934 Cr₹1.2k Cr₹1.5k Cr₹1.6k Cr
Borrowings₹83 Cr₹141 Cr₹138 Cr₹139 Cr₹310 Cr₹217 Cr
Other liabilities₹115 Cr₹118 Cr₹143 Cr₹138 Cr₹383 Cr₹159 Cr
Total liabilities₹803 Cr₹1.1k Cr₹1.2k Cr₹1.5k Cr₹2.2k Cr₹2.0k Cr
Fixed assets₹406 Cr₹480 Cr₹607 Cr₹753 Cr₹988 Cr₹751 Cr
Capital work in progress₹33 Cr₹48 Cr₹70 Cr₹12 Cr₹131 Cr₹147 Cr
Investments₹87 Cr₹146 Cr₹41 Cr₹60 Cr₹52 Cr₹238 Cr
Other assets₹277 Cr₹407 Cr₹523 Cr₹677 Cr₹1.0k Cr₹914 Cr
Total assets₹803 Cr₹1.1k Cr₹1.2k Cr₹1.5k Cr₹2.2k Cr₹2.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +4.14 pp while FIIs trimmed −2.03 pp. The shareholder count shrank 17% to 1,11,049.

Promoters
73.9%
FIIs
4.6%
DIIs
17.5%
Public
4.0%

Since Jun 2025

  • DIIs +4.14 pp
  • FIIs −2.03 pp
  • Public −1.07 pp

How it drifted, 12 quarters

Over this window DIIs went from 13.6% to 17.5% — +4.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 75.2%, FIIs 7.0%, DIIs 13.6%, Public 4.2%.Dec '23: Promoters 75.2%, FIIs 6.9%, DIIs 14.0%, Public 4.0%.Mar '24: Promoters 75.1%, FIIs 7.7%, DIIs 13.5%, Public 3.7%.Jun '24: Promoters 75.1%, FIIs 7.5%, DIIs 13.3%, Public 4.1%.Sep '24: Promoters 75.0%, FIIs 7.5%, DIIs 12.8%, Public 4.8%.Dec '24: Promoters 75.0%, FIIs 7.7%, DIIs 12.0%, Public 5.4%.Mar '25: Promoters 74.9%, FIIs 7.3%, DIIs 12.2%, Public 5.6%.Jun '25: Promoters 74.9%, FIIs 6.6%, DIIs 13.4%, Public 5.1%.Sep '25: Promoters 73.9%, FIIs 6.3%, DIIs 14.8%, Public 5.0%.Dec '25: Promoters 73.9%, FIIs 4.9%, DIIs 16.6%, Public 4.5%.Mar '26: Promoters 73.9%, FIIs 4.7%, DIIs 17.3%, Public 4.2%.Jun '26: Promoters 73.9%, FIIs 4.6%, DIIs 17.5%, Public 4.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 3 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Bikaji Foods International Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Shiv Ratan Agarwal 33.70%unchanged
Shiv Ratan Agarwal HUF 24.41%unchanged
Deepak Agarwal 14.30%unchanged
Quant Mutual Fund - Quant Small Cap Fund - 2 Mutual fund3.46%unchanged
HDFC Life Insurance Company Limited Insurer2.14%unchanged
HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund1.91%−0.05 pp
Edelweiss Trusteeship Co Ltd Ac- Edelweiss Mf Ac- Edelweiss Mid Cap Fund Mutual fund1.84%newly disclosed
Sushila Agarwal 1.45%unchanged
Tata Retirement Savings Fund-Progressive Plan Mutual fund1.26%newly disclosed
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Special Opportunities Fund Mutual fund1.21%newly disclosed
ICICI Prudential Life Insurance Company Limited Insurer1.13%unchanged
Deepak Agarwal HUF 0.01%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in BIKAJI

Filings to Aug 2026

0 new, 5 added, 1 trimmed, 0 sold out — net +3.50 L shares (+12.9%).

Held by funds
₹191 Cr
6 schemes
Biggest holder
Nippon India Focused Fund
₹180 Cr · 2.1% of that fund
SchemeHoldingLast month
Nippon India Focused Fund Nippon India Mutual Fund₹180 Cr+3.48 L
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹7 Cr+0.01 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹3 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

5 added, 1 trimmed — net +3.50 L shares (+12.9%)

Funds are sitting on
+2%
vs est. average cost
Held by funds
₹191 Cr
6 schemes · ≈ 1.3% of the company
Biggest holder
Nippon India Focused Fund
₹180 Cr · 2.1% of that fund
Longest holder
Nippon India Nifty Smallcap 250 Index Fund
3y 6m · since Mar '23

Shares held by these funds +208%

Aug '23 27.10 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹548, this stock must grow earnings at 31% every year for 7 years. Our analysis caps realistic growth at ~25%. At that growth it is worth ₹406 — downside of 26%.

Growth the price implies
31.5% a year
for 7 years, fading to 4%
It has actually compounded at
26.0% a year
net profit, FY23–FY26 · EPS 25.4%
The gap
0.1 pp
-26% downside if it only repeats history
Price today ₹548.25 Value at the reference growth ₹406.22

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Bikaji Foods International Limited

Guides on how to read this kind of business and the numbers that matter.