BIKAJI · Fast Moving Consumer Goods · filed 5 Nov 2026
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.
Bikaji Foods International Ltd. reported revenue of ₹939 cr (+13.0% on the year) and net profit of ₹69.0 cr (−11.2% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −15.3% on the year, against −11.2% for reported profit.
None of the 16 checks that could run raised a question.
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