Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Bikaji Foods International Limited (BIKAJI)
Large CapFMCG stocks · Large cap · NSE
Bikaji Foods International Limited manufactures and sells Indian snacks (Namkeen), sweets, and Western snacks. The company focuses on expanding its distribution footprint, leveraging e-commerce, and growing its family pack segment. It is also investing in retail and export capabilities.
Data qualityFresh enough for analysisQuote updated 22 Oct, 05:50 pm ISTDetails
Quote22 Oct, 05:50 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result06 Aug, 01:17 am IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 34.8 (n=42)
Technical timing lens
Trend score and candlestick chart
20Bearishfull bear SMA stack · SMA20 -13.8% / mo · RSI oversold · MACD + · near 52W low · sector -6.5pp vs Nifty 500 (3M)
Stock trend: 28
Sector RS: 9
Sector 3M: -12.1% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BIKAJID candles · FIT view-30.6%Latest close ₹467.05 on 2026-10-22
Bar
+0.7%
RSI
30
MACD hist
0.77
52W pos
4%
2026-10-22O ₹464.00H ₹469.00L ₹456.55C ₹467.05Vol 1.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BIKAJINifty FMCGNifty 500
- BIKAJI
- -26.6%
- Nifty 500
- -6.2%
- Nifty FMCG
- -12.6%
- Vs Nifty 500
- -20.4 pp
Chart stats
22 Oct 2026- From 52W high
- -39.2%
- 52W range position
- 4%
- ATR (14)
- 4.0%
- Volume vs 20D
- 0.29x
- Avg traded value
- ₹25.3 Cr
- 20D price channel
- ₹455.7 - ₹607.5
₹768.5
₹455.7 - ₹768.5
₹18.5
Latest completed session
20-session average
39.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE47
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +12.4% · PAT +0.0% YoY
Technical
Bearish20
Price trend and sector-relative-strength timing.
Valuation
Legacy model-0.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT 0% YoY · margin compression · Rev +12% YoY
Filed 05 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹734 Cr | +12.4% | +1.8% |
| EBITDA | ₹99 Cr | +3.1% | +12.5% |
| Operating margin | 13.0% | -200 bps | +100 bps |
| PAT | ₹59 Cr | +0.0% | +5.4% |
| PAT margin | 8.0% | -100 bps | +27 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 45.50
- P/B
- 7.39
- EV/EBITDA
- 23.85
- Market Cap
- 11890.00Cr
Profitability
- ROE
- 17.50%
- ROCE
- 19.80%
- ROA
- 11.43%
- Dividend Y
- 0.26%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 24.00%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 22.94×
- Altman Z
- 9.24
- Book Value
- 64.10
Cash Flow
- FCF Yield
- 0.13%
- FCF Positive Y
- 5/5
- OCF
- 304.00 Cr
- EPS TTM
- 10.31
Shareholding
- Promoter Hold
- 73.88%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 734+1.8% vs prev
Net Profit
₹ CrLatest: 59.0+5.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 30. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~16.0% over last month) — short-term momentum negative.
- RSI(14) at 30 — oversold zone; bounce conditions.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
5
RS percentile
Stage 4 Downtrend
1M return
-15.6%
3M return
-26.6%
6M return
-29.2%
1Y return
-36.6%
RS 1D
+1
RS 20D
-6
Sector rank
#14
Industry rank
#18
Stage evidence
- Price is 24.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
263 observations
22 Oct 2026Value 67.44+0.90%
RS vs Nifty 50067
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth16/25
Quality11/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
47
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
47/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Fair-value margin of safety is negative at -0.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
45.5
PB
7.4
EV/EBITDA
23.9
ROE
17.5%
ROCE
19.8%
FCF Yield
0.1%
Debt/Equity
0.2
MoS
-0.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
47
Previous: 47
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-0.7%
Previous: -0.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
47
47
47
47
47
47
47
47
47
47
47
47
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹121.94
-283.0% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹463.95
-0.7% MoS
PEG
1.90
Comparable companies
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DIAMONDYD
Small
Prataap Snacks Limited
FMCG
match 138
22
200.0
1.6%
-6126%
OVERVALUED
ANNAPURNA
SME
Annapurna Swadisht Ltd.
FMCG
match 137
60
7.8
9.7%
+73%
UNDERVALUED
GOPAL
Small
Gopal Snacks Limited
FMCG
match 135
27
57.6
4.7%
-27%
OVERVALUED
ITALIANE
SME
Italian Edibles Ltd.
FMCG
match 134
49
11.2
8.6%
+67%
FAIR VALUE
HONASA
Large
Honasa Consumer Limited
FMCG
match 133
43
59.0
15.7%
-28%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-12T07:53:51.552Z
Management commentary snapshot
Q4 FY26 revenue grew 18% YoY, with core market up 15% and Family pack up 20%. FY26 revenue reached INR 2,994 crores with 9.5% volume growth. Gross margin for Q4 was 35.6%, and FY26 EBITDA margin was 13.7%.
Bikaji delivered strong Q4 performance, driven by effective marketing campaigns and benefits from GST reduction, leading to robust volume growth. While raw material inflation and Q1 production disruptions pose near-term challenges, management's focus on distribution expansion, e-commerce, and maintaining gross margins suggests continued momentum. The ability to sustain growth in focus markets and Western snacks will be key.
Growth engines
Distribution Footprint Expansion
Achieved 3.5 lakh direct outlets, with a target to reach 5 lakh outlets in the next 3 years, primarily in focus states.
E-commerce & Quick Commerce
E-com/Q-com grew ~100% YoY, now 3% of business. Management sees continued huge growth, leveraging new categories and premium offerings.
Family Pack Segment
Family pack segment grew 20% in Q4 FY26, outperforming Impulse (14% growth), driven by marketing campaigns.
Exports
Exports crossed INR 100 crores for the first time in FY26, growing at 50-60% YoY, with similar momentum expected for FY27.
Capacity and execution
Sweets Factory
Plan to increase capacity in sweets with a new factory coming up in Bikaner to address production constraints during festive seasons.
Warehouse
A big warehouse has been installed, with trials started two weeks prior and full operation expected by June 15. It will increase finished goods storage capacity from <2 days to 6-8 days.
Tailwinds
Government GST Reduction
GST reduction from the government in H2 FY26 helped regain momentum in the overall snacking category.
Effective Marketing Campaigns
Two campaigns, 'Bhujia ho toh Bikaji' and 'Kya Baat Hai Ji', significantly boosted momentum, especially in large packs and core geographies.
Formalization in Sweets Segment
Management expects a significant shift from unorganized to organized players in the sweets category, presenting a growth opportunity.
Headwinds
Raw Material Inflation
Significant increase in edible oils (12-14%) and packaging material (25-30%) due to geopolitical events, though packaging costs have moderated.
Q1 Production Disruptions
Production loss of 4-5 days in Q1 FY27 due to labor movement for Bengal elections and factory shutdown following the Chairman's demise.
Risk radar
Commodity Price Volatility
Fluctuations in edible oil and packaging material prices, influenced by global events, pose a challenge to maintaining gross margins.
Competition from Regional Players
Despite GST changes, regional and local players continue to exist and compete, particularly in the INR5 and INR10 pack segments.
Sweets Business Seasonality
80% of sweets business comes in 4 festive months, leading to over-utilization then and poor utilization in the remaining 8 months.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Q4 results highlight recent momentum from marketing campaigns and GST changes, crucial for assessing sequential performance. FY26 results provide a comprehensive view of annual volume growth and overall financial health, important for a seasonal business.
Sector KPIs management disclosed
Volume Growth
Q4 volume growth was upward of 16%, highest in any quarter. Overall FY26 volume growth was 9.5%.
Gross Margin
Consolidated gross margin for Q4 FY26 was 35.6%. Full year gross margin was 35.1%, up 240 basis points YoY (Q4) and 120 basis points YoY (FY26) including PLI.
Distribution Expansion
Achieved target of crossing 3.5 lakh direct outlets. Target is to reach 5 lakh outlets in 3 years, with majority of new stores coming from focus states.
Input Cost Trends
Edible oil prices increased 12-14%, packaging material increased 25-30% (but moderated). Pulses and flour prices have not seen major price rises.
Management forward view
FY27 Growth Targets
Targeting 13% +/- growth from core states and 20% growth from focus states for FY27.
Gross Margin Maintenance
Management aims to maintain the same gross margin percentage in FY27, supported by a 3% price hike taken in April.
Ad Spend Strategy
Ad budget for FY27 will remain close to 2% of sales, similar to last year, with focus on building on previous campaigns.
THF (Retail) Growth
THF (retail business) is targeted to grow 50-60% YoY for the next 2-3 years, with plans to open 8-10 stores annually.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross Margin (Consol) | 35.1% (FY26) | Ability to maintain gross margin percentage in FY27 amidst commodity price volatility and increased ad spend. |
| Focus Market Growth | Not significantly different from core markets in Q4/FY26. | Focus states growing at 1.5x the rate of core states (target 20% vs 13%+/-). |
| Western Snacks Growth | 8% YoY in Q4 FY26. | Return to 20%+ YoY growth, as management expects, to increase its contribution to overall revenue. |
| Sweets Business Growth | 9% in FY26. | Improvement to 11-12% growth and successful implementation of 'all-season' sweets strategy to reduce seasonality. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 48th percentile within FMCG. Main check: financial discipline is weak at 58/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
72 docs text-extracted · 29 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · FMCG: 48th pctile, median 79 · Large: 65th pctile, median 73
Evidence depth
Financial-only
72 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
74
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 73.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.1%.
- ▸5 years of positive FCF.
Trust risks
- ▸ROCE trend is -2.5%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bikaji Foods International Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Diversification / Disinvestment 26 Aug - Bikaji sold 30% stake in BBPL for ₹30,000 on August 26, 2026; BBPL remains subsidiary.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1d - Earnings Conference Call to be held on August 06, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 27 Aug - Bikaji Bakes partners with bakery expert Khaleel; 30% stake transferred, Bikaji retains 70%.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 20 Aug - 31st AGM approved reappointment of CMD, executive director, and four independent directors.
Source: Bse
AnnouncementJul 2026
Jul 2026 · 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.
Source: Bse
AnnouncementJul 2026
Jul 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.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul - Newspaper Publication for Notice of 31st AGM and Record Date
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Aug - Bikaji Foods announced Q1 FY27 results: revenue rose 12.5% to 7,343 mn, PAT 595 mn.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Aug - Newspaper Publication of the Unaudited Financial Results for the quarter ended on June 30, 2026
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 8 Jun - Bikaji Foods held one-to-one analyst and institutional investor meetings in London on June 8, 2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.