Altman Z″
Needs current assets and current liabilities.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
Trading at 43.7x earnings against its own median of 75.5x: 2.5 standard deviations below its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Borrowings rose 56% over two years while the company also carries ₹238 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Borrowings moved to ₹217 cr from ₹139 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Capital work-in-progress has stayed high (20% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
CWIP ₹147 cr vs ₹12 cr two years earlier, against fixed assets ₹751 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Operating cash is 109% of trailing profit — the earnings are converting to real cash, not just accruals.
Why this reading: A positive signal: cash conversion at or above ~0.9 means reported profit is showing up as actual cash.
Operating cash ₹294 cr against trailing net profit ₹269 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Debt rose over 3 years, and most of it (280%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹79 cr largely matched by an asset build of ₹221 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Both revenue and profit grew over the last year (10.5% and 27.1%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹2,872 cr, trailing profit ₹272 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Free cash flow swings between positive and negative across the cycle.
Why this reading: Surfaced for context, not as a concern — it only becomes meaningful if it persists or pairs with other signals.
Latest ₹158 cr, negative in 5 of 12 years.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are -1.3% of assets. Free cash flow negative in 5 of 12 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Revenue grew faster than the capital behind it, which is what operating leverage looks like: the existing asset base is working harder.
cumulative operating cash flow ÷ cumulative net profit
₹1,427 cr ÷ ₹1,333 cr, over 12 years
1.07×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹269 − ₹294) cr ÷ average assets
-1.3%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
9.5% × 1.37 × 1.22
16.1%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹374 cr ÷ ₹12 cr
31.17×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹217 cr ÷ ₹1,674 cr
0.13×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +33% vs revenue +45%, FY2023 to FY2026
-12pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Fast Moving Consumer Goods). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 73.92% to 73.88% across these quarters.
FII trimmed from 6.34% to 4.61% across these quarters.
MF rose from 11.04% to 13.12% across these quarters.
Other trimmed from 8.70% to 8.39% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 16 | 14 | 13 | 17 | 16 | 18 | 13 | 14 |
| Inventory days
How long stock sits before it sells | 26 | 22 | 26 | 26 | 20 | 18 | 21 | 21 |
| Payable days
How long the company takes to pay suppliers | 20 | 8 | 18 | 15 | 14 | 12 | 12 | 10 |
| Cash conversion cycle
Debtor + inventory − payable days | 22 | 27 | 21 | 28 | 22 | 23 | 22 | 25 |
| Working capital days | 4 | 7 | -2 | 15 | 21 | 20 | 29 | 25 |
| ROCE %
Return on capital employed | 16.0% | 12.0% | 19.0% | 14.0% | 18.0% | 30.0% | 20.0% | 22.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Underlying volume growth | 5% | — | 7% |
| Price growth | 8% | — | — |
| Gross margin | 34.4% | 35.7% | 35% |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the FMCG framework (named in the filing read). Primary valuation lens: P/E against volume growth.
Read more closely in this sector: Volume against price in reported growth · Ad spend cut to protect margin.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 1,308 | 1,599 | 1,944 | 2,295 | 2,541 | 2,817 |
| Other income | 11 | 10 | 22 | 26 | 28 | 32 |
| Depreciation | 33 | 37 | 45 | 56 | 70 | 73 |
| Finance cost | 3 | 7 | 9 | 9 | 11 | 12 |
| Profit before tax | 120 | 109 | 181 | 356 | 282 | 362 |
| Net profit (owners) | 90 | 80 | 138 | 270 | 210 | 269 |
| EPS (₹) | 3.69 | 3.20 | 5.55 | 10.77 | 8.37 | 10.73 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 598 | 613 | 606 | 565 | 713 | 676 | 585 | 624 | 796 | 731 | 667 | 678 |
| Other Income | 6 | 6 | 11 | 7 | 8 | 7 | 7 | 8 | 0 | 10 | 14 | 11 |
| Expenses | 509 | 537 | 445 | 472 | 604 | 621 | 506 | 525 | 665 | 636 | 577 | 579 |
| Depreciation | 15 | 15 | 15 | 17 | 17 | 18 | 18 | 18 | 18 | 18 | 19 | 19 |
| Finance cost | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 4 | 3 | 2 | 3 |
| Profit before tax | 78 | 65 | 155 | 80 | 97 | 42 | 65 | 85 | 109 | 84 | 84 | 87 |
| Net Profit | 61 | 49 | 116 | 60 | 72 | 31 | 48 | 63 | 78 | 65 | 64 | 65 |
| EPS | 2.45 | 1.96 | 4.64 | 2.38 | 2.88 | 1.23 | 1.93 | 2.52 | 3.10 | 2.58 | 2.54 | 2.58 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 24 | 25 | 25 | 25 | 25 | 25 |
| Reserves | 580 | 798 | 934 | 1,200 | 1,397 | 1,649 |
| Borrowings | 83 | 141 | 138 | 139 | 177 | 217 |
| Net block | 406 | 480 | 607 | 753 | 756 | 751 |
| CWIP | 33 | 48 | 70 | 12 | 94 | 147 |
| Investments | 87 | 146 | 41 | 60 | 180 | 238 |
| Total Assets | 803 | 1,081 | 1,240 | 1,503 | 1,753 | 2,050 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 121 | 60 | 177 | 243 | 214 | 294 |
| Cash from investing | -129 | -220 | -131 | -207 | -192 | -311 |
| Cash from financing | 2 | 157 | -2 | -45 | -8 | 8 |
| Free cash flow | 51 | -33 | 89 | 120 | 104 | 158 |
| Net change in cash | -6 | -4 | 43 | -10 | 14 | -9 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.
Bikaji Foods International Ltd. reported revenue of ₹939 cr for July to September 2026, +13.0% on the year and +27.8% on the quarter. That is slower than this quarter has grown in recent years (+17.8% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹3,071 cr, +13.1% on the four before.
Operating profit (EBITDA) was ₹119 cr, a margin of 12.6%, −279 bps on the year and −83 bps on the quarter. Over the last 8 quarters the margin has ranged from 8.3% to 15.9%, averaging 13.2%. Operating costs grew +16.8%, faster than revenue at +13.0%, so operating profit grew less than sales.
Net profit was ₹69.0 cr, −11.2% on the year and +16.0% on the quarter, with earnings per share of ₹2.82. Profit before other income, one-offs and tax fell 15.3%, so 4 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹257 cr, +17.2% on the four before.
Of the 5 companies in FMCG that have reported Q2 FY27 so far, Bikaji Foods International Ltd. ranks 5th on revenue growth; the sector median is +26.9%. Its margin moved −279 bps on the year against a sector median of −653 bps.
FMCG growth splits into volume and price. When margins rise while revenue grows slowly, the cause is usually easier input costs rather than stronger demand.
On earnings per share of ₹10.34 over the last four quarters, the stock at ₹479.85 trades at 46.4 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
Source: Results filing
Could not run on this quarter: Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹187 cr | ₹107 cr | ▲ 74.5% |
| Inventory | ₹223 cr | ₹117 cr | ▲ 90.1% |
| Cash | ₹26.5 cr | ₹39.9 cr | ▼ 33.5% |
| Bank balances | ₹278 cr | ₹277 cr | ▲ 0.7% |
| Long-term borrowings | ₹43.7 cr | ₹6.2 cr | ▲ 604.5% |
| Short-term borrowings | ₹301 cr | ₹204 cr | ▲ 47.7% |
| Trade payables | ₹117 cr | ₹64.8 cr | ▲ 80.1% |
| Net block | ₹1,053 cr | ₹913 cr | ▲ 15.3% |
| Capital work in progress | ₹156 cr | ₹150 cr | ▲ 4.0% |
| Equity | ₹1,707 cr | ₹1,607 cr | ▲ 6.2% |
| Total assets | ₹2,558 cr | ₹2,240 cr | ▲ 14.2% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹90.6 cr | ₹104 cr |
| Capital expenditure | −₹138 cr | −₹83.2 cr |
| Investing cash flow | −₹144 cr | −₹124 cr |
| Financing cash flow | ₹35.7 cr | ₹47.8 cr |
| Dividends paid | −₹31.3 cr | — |
Operating cash flow was 0.71× profit. Receivables at 20 days of sales (+7 days against the last year end). Inventory at 24 days of sales (+10 days).
Other matter: “”The Statement includes the interim financial results of ten subsidiaries which are not subject to review, whose interim financial results reflect total assets of INR 56,720.61 lakhs as at September 30, 2026, total revenue of INR 9,366.19 lakhs and INR… Read in full
The Statement includes the interim financial results of ten subsidiaries which are not subject to review, whose interim financial results reflect total assets of INR 56,720.61 lakhs as at September 30, 2026, total revenue of INR 9,366.19 lakhs and INR 16,055.42 lakhs, total net loss after tax of INR 474.90 lakhs and INR 990.44 lakhs and total comprehensive loss of INR 433.99 lakhs and INR 953.17 lakhs for the quarter ended September 30, 2026 and for the period from April 01, 2026, to September 30, 2026 respectively and cash outflows (net) of INR 1,715.10 lakhs for the period from April 01, 2026, to September 30, 2026, as considered in the Statement. These interim financial results have been furnished to us by the Management and our conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on such management prepared unaudited interim financial results. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.
Filing p. consolidated limited review report p.1-2
₹0.0 cr still unused. “No deviation or variation in the utilization of proceeds raised from public issue reported.”
Completed acquisition of 74% equity share capital of Jai Barbareek Dev Snacks Private Limited on July 02, 2026 for ₹0.01 crore, generating goodwill of ₹4.86 crore. (p. consolidated note 6)
Tax: Consolidated tax expense of ₹23.92 crore (current tax ₹23.69 crore, deferred tax ₹0.24 crore) on Profit before tax of ₹92.88 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Underlying volume growth | 5% | — | 7% |
| Price growth | 8% | — | — |
| Gross margin | 34.4% | 35.7% | 35% |
Worked out from filed numbers. Price and Mix Realization Growth: Total operational revenue growth (13.0%) - Underlying volume growth (5.0%) = 8.00% price/mix realization impact
Q2 FY27 revenue from operations grew 13.0% YoY, driven by 5.0% underlying volume growth and ~8.0% price/product-mix realization growth.
Balanced revenue expansion supported by positive volume growth (+5.0% YoY) across core Ethnic and Western Snacks categories.
Marketing and brand building spends were increased during the quarter; EBITDA margin moderated 280 bps YoY to 12.6% (vs 15.4% in Q2 FY26) primarily due to higher marketing spends and elevated fuel costs.
The company prioritized long-term brand equity and market penetration over cutting advertising spend to shield short-term margins.
Read using the FMCG framework (named in the filing read). Primary valuation lens: P/E against volume growth.
Read more closely in this sector: Volume against price in reported growth · Ad spend cut to protect margin.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Festive Sweets Performance Recovery Guidance | Packaged Sweets category is poised to benefit from festive demand in Q3 FY27 due to the Diwali shift in the calendar | Q3 FY2026-27 | unchanged or first given |
Held for next quarter's said-then-did check.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹613 cr | ₹606 cr | ₹565 cr | ₹713 cr | ₹676 cr | ₹585 cr | ₹624 cr | ₹830 cr | ₹731 cr | ₹667 cr | ₹734 cr | ₹939 cr |
| YoY | — | — | +18% | +19% | +10% | −3% | +10% | +16% | +8% | +14% | +18% | +13% |
| EBITDA margin | 12.4% | 26.6% | 16.5% | 15.3% | 8.3% | 13.5% | 15.9% | 15.4% | 13.0% | 13.6% | 13.5% | 12.6% |
| Other income, % of PBT | 9% | 7% | 9% | 8% | 17% | 11% | 9% | 11% | 12% | 17% | 16% | 9% |
| Exceptional items | — | — | — | — | — | — | — | −₹4.4 cr | — | — | — | — |
| Tax rate | 24% | 25% | 26% | 26% | 26% | 25% | 26% | 28% | 23% | 24% | 26% | 26% |
| Net profit | ₹49.0 cr | ₹116 cr | ₹60.0 cr | ₹72.0 cr | ₹31.0 cr | ₹48.0 cr | ₹63.0 cr | ₹77.7 cr | ₹65.0 cr | ₹64.0 cr | ₹59.5 cr | ₹69.0 cr |
| YoY | — | — | +40% | +18% | −37% | −59% | +5% | +8% | +110% | +33% | −6% | −11% |
| Core profit YoY | — | — | +40% | +24% | −41% | −60% | +5% | +12% | +111% | +21% | −12% | −15% |
| EPS | ₹1.96 | ₹4.64 | ₹2.38 | ₹2.88 | ₹1.23 | ₹1.93 | ₹2.52 | ₹3.18 | ₹2.58 | ₹2.54 | ₹2.40 | ₹2.82 |
| Flags | · | · | ✓ | ✓ | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.