Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,814.70 last close on 23 Oct 2026 −0.74%
Research updated
Bikaji Foods International Ltd.
NSE: BIKAJIConsumer DefensivePackaged Foods
- Last close
- ₹462.75
- Day change
- −₹4.30 (−0.92%)vs
- Market cap
- ₹11,889 crIndian rupees
- Research updated
- 1 report
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About Bikaji Foods International
Bikaji Foods International Ltd. is a prominent player in the Indian packaged food industry, specializing in traditional snacks, sweets, and ready-to-eat products. The company is renowned for its diverse range of offerings that cater to the taste preferences of Indian consumers, including popular items like Bhujia, Namkeen, achar, and a variety of sweets. Rooted in traditional Indian recipes, Bikaji has successfully combined nostalgia with modern-day packaging and distribution strategies to cater to both domestic and international markets. Headquartered in Bikaner, Rajasthan, Bikaji Foods emphasizes quality and authenticity, leveraging its deep connection to India's rich culinary heritage. The company plays a significant role in the FMCG sector, contributing to the growing demand for ready-to-eat and convenience foods among urban populations. Through its extensive distribution network, Bikaji Foods International Ltd. not only serves local markets but also exports to numerous countries, enhancing its global footprint. In doing so, the company supports India’s larger economic fabric by generating employment and championing traditional Indian food on a global stage.
- Sector
- Consumer Defensive
- Industry
- Packaged Foods
- Listing
- NSE: BIKAJI
- Employees
- 3,040
- Headquarters
- Bikaner, India
- ISIN
- INE00E101023
- Website
- bikaji.com
Public research · Report of
Business model & financial foundation
Bikaji Foods (NSE: BIKAJI), Packaged foods and ethnic snacks: revenue of ₹2,994 crore in FY26 (+14.4% on FY25), an EBITDA margin of 13.7%, net profit of ₹258.3 crore and net cash of ₹130.6 crore.
- Revenue, FY26 (₹ crore)
- 2,994
- consolidated
- Revenue growth, FY26
- +14.4%
- on FY25
- EBITDA margin, FY26
- 13.7%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 258.3
- to owners
- Return on equity, FY26
- 17.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -130.6
- Borrowings less cash and current investments
- Market capitalisation (₹ crore)
- 13,564
- at the close of 17 Oct 2026
Company profile
Bikaji manufactures and sells bhujia, namkeen, packaged sweets, papad and western snacks under its eponymous brand, alongside frozen foods and a growing premium retail business. Core markets remain the largest revenue contributor; direct distribution expansion and focus-state penetration drive incremental volume. PLI income is included in revenue and ends after FY27.
| Item | Value |
|---|---|
| Legal name | Bikaji Foods International Limited |
| Exchange and ticker | NSE: BIKAJI; BSE: 543653 |
| ISIN | INE00E101023 |
| CIN | L15499RJ1995PLC010856 |
| Sector | Consumer Defensive |
| Industry | Packaged foods and ethnic snacks |
| Headquarters | Bikaner, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | M S K A & Associates LLP and Ashok Shiv Gupta & Co. (since 2024) |
| Market capitalisation | ₹13,564 crore (17 Oct 2026) |
| Shares outstanding | 25.06 crore shares (FY26) |
| Price | ₹474.1 (close, 17 Oct 2026) |
| 52-week range | ₹460.1 - ₹768.5 (to 17 Oct 2026) |
| Website | https://www.bikaji.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Petunt Food Processors Private Limited | 100% | Food processing |
| Bikaji Foods International USA Corp | 100% | US distribution platform |
| Ariba Foods Private Limited | 55% | Frozen foods |
| Bikaji Foods Retail Limited | 100% | Retail and investments in cafe/sweets business |
| Bikaji Bakes Private Limited | 100% | Bakery expansion |
| Bhujialalji Private Limited | 49% | Associate, snacks |
| Hazelnut Factory Food Products Private Limited | 48.99% | Premium sweets, bakery and cafe; associate at FY26 year end |
Holding percentages at 31 Mar 2026. Subsequent stake changes and new entities tracked in capital.json.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 73.92% | 73.88% | 73.88% | 73.88% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 4.92% | 4.68% | 4.61% | 4.74% |
| Domestic institutions | 16.62% | 17.28% | 17.51% | 17.34% |
| of which mutual funds | 11.56% | 11.94% | 13.12% | 13.43% |
| Retail | 4.54% | 4.15% | 4.01% | 4.05% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Bikaji manufactures and sells ethnic snacks (bhujia and namkeen, about three-quarters of category sales), packaged sweets, papad and western snacks, plus frozen foods and a premium retail business consolidated from October 2024. Revenue from operations includes PLI incentive income: 51.36cr in FY26 and 59.84cr in FY25. Q1 FY27 market mix was core 72.4%, focus 14.3%, others 9.0% and exports 4.3%. Installed capacity was 325,320 tonnes at 30 Jun 2026; FY26 utilisation was about 48%. The board reviews one reportable segment. The company controls brand, plants and direct distribution. It does not control edible-oil and pulse prices, and freight for its US exports.
| Peer | Why the dossier compares them |
|---|---|
| Gopal Snacks (GOPAL) | Closest listed ethnic snacks manufacturing comparator |
| Britannia Industries (BRITANNIA) | Packaged foods brand and distribution economics |
| Nestle India (NESTLEIND) | Premium branded packaged foods and returns benchmark |
| Tata Consumer Products (TATACONSUM) | Diversified branded consumer foods; distribution expansion |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations including PLI | 1,608 | 1,963 | 2,329 | 2,617 | 2,994 |
| Cost of revenue (vendor classification) * | 1,185 | 1,413 | 1,540 | 1,809 | 1,986 |
| Other operating costs (vendor classification) * | 190.3 | 222.6 | 276.7 | 319.7 | 384.6 |
| EBITDA (vendor classification) * | 153.7 | 234.5 | 414.8 | 356.1 | 459.1 |
| EBIT * | 110.4 | 185.6 | 355.4 | 274.8 | 355.2 |
| Finance costs | 5.36 | 8.68 | 10.6 | 14.4 | 17.8 |
| Profit before tax | 105.0 | 176.9 | 347.9 | 264.5 | 344.8 |
| Total tax expense | 29.0 | 41.0 | 84.5 | 70.2 | 90.4 |
| Profit for period total | 76.0 | 135.9 | 263.5 | 194.2 | 254.4 |
| Diluted EPS INR per share | 3.12 | 5.49 | 10.63 | 8.01 | 10.30 |
| Materials plus purchases plus inventory change | 1,508 | 1,775 | 1,945 | ||
| Employee benefits expense | 116.7 | 158.5 | 198.3 | ||
| Other operating expenses | 312.8 | 355.4 | 440.5 | ||
| EBITDA excluding other income | 391.3 | 328.3 | 410.6 | ||
| Other income | 27.3 | 32.2 | 51.4 | ||
| Depreciation amortisation and impairment expenses | 60.1 | 81.5 | 95.0 | ||
| Exceptional items signed | 0.00 | 0.00 | -4.35 | ||
| Profit attributable to non-controlling interests | -2.24 | -6.50 | -3.85 | ||
| Profit attributable to owners | 265.7 | 200.7 | 258.3 | ||
| Share of associates and JV profit loss | 0.00 | 0.00 | 0.00 | ||
| PLI incentive included in revenue | 93.1 | 59.8 | 51.4 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity attributable to owners | 820.7 | 954.3 | 1,218 | 1,383 | 1,607 |
| Borrowings current plus non-current excluding leases | 159.7 | 169.5 | 118.7 | 153.5 | 209.8 |
| Cash equivalents plus other bank balances | 2.50 | 16.8 | 177.4 | 219.1 | 316.5 |
| Trade receivables | 73.3 | 79.2 | 103.5 | 100.9 | 107.1 |
| Inventories | 72.9 | 78.4 | 82.1 | 107.9 | 117.4 |
| Trade payables MSME plus others | 42.8 | 53.4 | 58.9 | 68.9 | 64.8 |
| Net property, plant and equipment * | 27.0 | 54.1 | 73.2 | 102.1 | 114.9 |
| Capital work in progress * | 66.3 | 94.5 | 49.6 | 120.7 | 200.1 |
| Total assets * | 1,102 | 1,272 | 1,534 | 1,937 | 2,240 |
| Current investments | 0.00 | 36.0 | 23.8 | ||
| Borrowings less cash and current investments | -58.7 | -101.5 | -130.6 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 53.8 | 166.8 | 244.7 | 192.8 | 304.1 |
| Free cash flow (vendor definition) * | -51.6 | 80.0 | 116.4 | 70.7 | 125.7 |
| Dividends paid (the provider's sign: an outflow is negative) * | -5.00 | -2.49 | -18.7 | -25.0 | -25.1 |
| Purchase PPE including CWIP and capital advances | -107.8 | -85.6 | -128.3 | -122.8 | -178.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 24.95 | 24.95 | 24.99 | 25.04 | 25.06 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations including PLI | 720.6 | 713.5 | 611.0 | 652.7 | 830.3 | 790.0 | 720.9 | 734.3 |
| Cost of revenue (vendor classification) * | 480.5 | 507.9 | 442.5 | 424.4 | 539.7 | 516.0 | 464.4 | 472.2 |
| Other operating costs (vendor classification) * | 94.2 | 107.7 | -147.0 | 87.2 | 109.8 | 123.8 | 119.7 | 109.5 |
| EBITDA (vendor classification) * | 114.7 | 63.4 | 78.5 | 106.3 | 140.5 | 109.7 | 105.5 | 112.2 |
| EBIT * | 96.1 | 42.8 | 54.9 | 83.3 | 112.5 | 85.7 | 81.2 | 85.9 |
| Finance costs | 2.83 | 4.16 | 4.83 | 4.72 | 5.13 | 4.10 | 3.89 | 5.17 |
| Profit before tax | 93.1 | 38.5 | 54.8 | 78.6 | 107.3 | 81.6 | 77.3 | 80.7 |
| Total tax expense | 24.7 | 10.6 | 14.7 | 20.0 | 29.6 | 19.4 | 21.3 | 21.3 |
| Profit for period total | 68.4 | 28.0 | 40.1 | 58.5 | 77.7 | 62.2 | 56.0 | 59.5 |
| Diluted EPS INR per share | 2.75 | 1.15 | 1.79 | 2.39 | 3.18 | 2.48 | 2.24 | 2.40 |
| Materials plus purchases plus inventory change | 480.5 | 507.9 | 408.2 | 424.4 | 539.7 | 516.0 | 464.4 | 472.1 |
| Employee benefits expense | 39.7 | 43.9 | 41.0 | 44.8 | 52.6 | 51.8 | 49.1 | 53.6 |
| Other operating expenses | 93.7 | 106.2 | 87.7 | 87.2 | 109.8 | 123.8 | 119.7 | 109.5 |
| EBITDA excluding other income | 106.7 | 55.6 | 74.1 | 96.3 | 128.2 | 98.4 | 87.7 | 99.0 |
| Other income | 7.75 | 7.65 | 10.0 | 10.00 | 12.3 | 11.3 | 17.8 | 13.1 |
| Depreciation amortisation and impairment expenses | 18.6 | 20.5 | 24.5 | 23.0 | 23.7 | 24.0 | 24.3 | 26.2 |
| Exceptional items signed | 0.00 | 0.00 | 0.00 | 0.00 | -4.35 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | -0.58 | -0.79 | -4.64 | -1.37 | -2.10 | -0.01 | -0.37 | -0.67 |
| Profit attributable to owners | 69.0 | 28.7 | 44.7 | 59.9 | 79.8 | 62.2 | 56.4 | 60.1 |
| Share of associates and JV profit loss | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PLI incentive included in revenue | 15.0 | n.d. | 14.9 | n.d. | n.d. | n.d. | n.d. | n.d. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 22.9% | 22.1% | 18.6% | 12.3% | 14.4% |
| EBITDA margin | 16.8% | 12.5% | 13.7% | ||
| Net margin | 11.4% | 7.7% | 8.6% | ||
| Return on equity | 24.5% | 15.4% | 17.3% | ||
| Return on capital employed | 13.2% | 17.6% | 28.9% | 19.1% | 21.2% |
| Return on assets | 18.9% | 11.6% | 12.4% | ||
| Net debt (₹ crore) | -58.7 | -101.5 | -130.6 | ||
| Net debt / EBITDA | -0.15x | -0.31x | -0.32x | ||
| Interest cover | 20.6x | 21.4x | 33.4x | 19.0x | 19.9x |
| Asset turnover | 1.68x | 1.65x | 1.66x | 1.51x | 1.43x |
| Receivable days | 17 | 15 | 16 | 14 | 13 |
| Inventory days (on revenue) | 17 | 15 | 13 | 15 | 14 |
| Payable days (on revenue) | 10 | 10 | 9 | 10 | 8 |
| Cash conversion | 0.92x | 0.96x | 1.18x | ||
| Capex intensity | 6.7% | 4.4% | 5.5% | 4.7% | 6.0% |
| Free cash flow (₹ crore) | -54.1 | 81.2 | 116.4 | 70.0 | 125.7 |
| Dividend payout | 7.0% | 12.5% | 9.7% | ||
| EPS, diluted (₹) | 3.12 | 5.49 | 10.63 | 8.01 | 10.30 |
| Book value per share (₹) | 32.89 | 38.25 | 48.75 | 55.23 | 64.13 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS INR per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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