Bikaji Foods International Ltd
Bikaji Foods International Limited is one of India's largest fast-moving consumer goods ("FMCG") brands. The company's product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs (assortment), frozen food, mathri range, and cookies.[1]
- Market Cap ₹ 16,130 Cr.
- Current Price ₹ 643
- High / Low ₹ 821 / 592
- Stock P/E 61.7
- Book Value ₹ 64.1
- Dividend Yield 0.19 %
- ROCE 19.7 %
- ROE 17.5 %
- Face Value ₹ 1.00
Pros
- Company has delivered good profit growth of 23.7% CAGR over last 5 years
Cons
- Stock is trading at 10.0 times its book value
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 1,075 | 1,311 | 1,611 | 1,966 | 2,329 | 2,622 | 2,994 | |
| 979 | 1,166 | 1,471 | 1,752 | 1,937 | 2,292 | 2,583 | |
| Operating Profit | 96 | 145 | 140 | 214 | 392 | 330 | 411 |
| OPM % | 9% | 11% | 9% | 11% | 17% | 13% | 14% |
| 8 | 11 | 10 | 23 | 27 | 32 | 47 | |
| Interest | 6 | 3 | 7 | 11 | 11 | 16 | 18 |
| Depreciation | 34 | 33 | 38 | 49 | 60 | 82 | 95 |
| Profit before tax | 64 | 120 | 105 | 177 | 348 | 264 | 345 |
| Tax % | 11% | 25% | 28% | 23% | 24% | 27% | 26% |
| 56 | 90 | 76 | 136 | 263 | 194 | 254 | |
| EPS in Rs | 23.18 | 37.10 | 3.12 | 5.50 | 10.61 | 8.01 | 10.30 |
| Dividend Payout % | 9% | 5% | 3% | 14% | 9% | 12% | 12% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 18% |
| 3 Years: | 15% |
| TTM: | 14% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 24% |
| 3 Years: | 24% |
| TTM: | 30% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 16% |
| 1 Year: | -12% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 17% |
| 3 Years: | 19% |
| Last Year: | 17% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 24 | 24 | 25 | 25 | 25 | 25 | 25 |
| Reserves | 505 | 581 | 796 | 931 | 1,193 | 1,358 | 1,582 |
| 54 | 87 | 160 | 170 | 166 | 231 | 299 | |
| 94 | 124 | 122 | 146 | 145 | 313 | 333 | |
| Total Liabilities | 677 | 817 | 1,102 | 1,271 | 1,530 | 1,927 | 2,240 |
| 407 | 423 | 511 | 661 | 812 | 986 | 1,034 | |
| CWIP | 3 | 36 | 49 | 70 | 12 | 98 | 150 |
| Investments | 36 | 69 | 126 | 20 | 31 | 56 | 44 |
| 230 | 290 | 416 | 520 | 674 | 787 | 1,011 | |
| Total Assets | 677 | 817 | 1,102 | 1,271 | 1,530 | 1,927 | 2,240 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 55 | 117 | 57 | 171 | 245 | 193 | 304 | |
| -58 | -114 | -232 | -123 | -199 | -122 | -289 | |
| -26 | -9 | 169 | -5 | -54 | -56 | 0 | |
| Net Cash Flow | -29 | -6 | -5 | 43 | -8 | 16 | 15 |
| Free Cash Flow | 14 | 43 | -50 | 86 | 118 | 72 | 127 |
| CFO/OP | 69% | 93% | 70% | 102% | 82% | 78% | 97% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 14 | 13 | 17 | 15 | 16 | 14 | 13 |
| Inventory Days | 22 | 26 | 27 | 21 | 20 | 22 | 22 |
| Days Payable | 8 | 20 | 16 | 14 | 14 | 14 | 12 |
| Cash Conversion Cycle | 27 | 20 | 28 | 21 | 22 | 22 | 23 |
| Working Capital Days | 7 | -4 | 14 | 19 | 16 | 28 | 24 |
| ROCE % | 19% | 13% | 18% | 29% | 18% | 20% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Direct Distribution Reach Number of Outlets |
|
|||
| Family Pack Revenue Share % of Food Sales |
||||
| Core States Revenue Share % of Revenue |
||||
| Ethnic Snacks Revenue Share % of Food Sales |
||||
| Total Installed Capacity Metric Tonnes |
||||
| Total Sales Volume Tonnes |
||||
| Western Snacks Revenue Share % of Food Sales |
||||
| Retail Store Count (THF) Number of Stores |
||||
Extracted by Screener AI
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
9 Jul - Newspaper Publication for Notice of 31st AGM and Record Date
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
4 Jul - Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
-
Announcement under Regulation 30 (LODR)-Updates on Acquisition
4 Jul - Bikaji invested $29,00,000 in US subsidiary Bikaji USA for a manufacturing plant on July 4, 2026.
-
Announcement under Regulation 30 (LODR)-Updates on Acquisition
2 Jul - Bikaji completed 74% acquisition of JBDSPL for ₹1.48 lakh; subsidiary effective July 2, 2026.
- Closure of Trading Window 25 Jun
Annual reports
Concalls
-
May 2026TranscriptPPTREC
-
Feb 2026Transcript PPT REC
-
Nov 2025Transcript PPT REC
-
Jul 2025Transcript PPT REC
-
May 2025Transcript PPT REC
-
Feb 2025Transcript PPT REC
-
Oct 2024Transcript PPT
-
Jul 2024Transcript PPT
-
May 2024Transcript PPT
-
Feb 2024Transcript PPT
-
Nov 2023Transcript PPT
-
Aug 2023Transcript PPT
-
May 2023Transcript PPT
-
Jan 2023Transcript PPT
-
Jan 2023TranscriptAI SummaryPPT
-
Dec 2022TranscriptAI SummaryPPT
Leadership[1]
a) 3rd largest ethnic snacks company in India.
b) Largest manufacturer of Bikaneri Bhujia producing 35,588 tonnes annually.
c) 2nd largest manufacturer of handmade papad in India.
d) Market leader in family pack segment which represented ~63%of food products sale (9MFY26)