Bikaji Foods International Ltd(BIKAJI)

NSE: BIKAJIBSE: 543653

₹ 466.55+0.85%refreshed 26 Oct, 11:57 am ISTMarket cap: ₹ 11,698 crWebsite: www.bikaji.comUpdated: 24 Oct 2026

About

Bikaji Foods International Ltd is an Indian packaged foods company specialising in ethnic snacks, bhujia, namkeen, packaged sweets, papad, and western snacks, with its flagship Bikaneri Bhujia carrying a Geographical Indication tag. It is the top producer of Bikaneri Bhujia, one of the largest manufacturers of packaged sweets, and second largest in handmade papad production. The company reported FY26 revenue of Rs 2,993.86 cr and sells across India through 14.46 lakh outlets as of Q1 FY27, with exports reaching 43 countries.^[1][2][3]

Product portfolio

Six principal categories: Bhujia, Namkeen, Packaged Sweets, Papad, Western Snacks, and other Snacks; Bikaneri Bhujia is the flagship product and carries a GI tag.^[1]
Western Snacks represented 10.1% of product mix in Q1 FY27, up from 9.2% in Q1 FY26, reflecting ongoing premiumisation of the portfolio.^[3]
Bikaji Bakes Private Limited, a wholly-owned subsidiary incorporated December 28, 2024, focuses on premium frozen bakery products including breads, cakes, croissants, and gluten-free items.^[1]
Bikaji opened its first QSR outlet in Sikar, Rajasthan on February 16, 2025, marking entry into the quick service restaurant business.^[1]

Manufacturing capacity and utilisation

Nine owned facilities: six in Bikaner (three in Karni, three in Bichhwal), one each in Kamrup, Mumbai, and Tumkur.^[1]
Installed capacity by category as of FY25: Namkeen 141,540 MT; Packaged Sweets 62,280 MT; Bhujia 57,600 MT; Western Snacks 39,300 MT; Others 13,200 MT; Papad 11,400 MT.^[1]
Capacity utilisation was approximately 50-52% in Q3 FY26 and ~52% in Q2 FY26, against a target of ~70% over the next 3-4 years.^[4][5]
A new R&D laboratory has been developed at the Karni Plant, Bikaner.^[1]

Key operating numbers

Volume growth was 7.7% YoY in Q1 FY27, following 9.5% for full-year FY26 and 16%+ in Q4 FY26.^[3][6]
Gross margin was 35.7% in Q1 FY27, up 70 bps YoY from 35.0% in Q1 FY26; full-year FY26 gross margin was 35.1%.^[3][6]
Ethnic Snacks grew 11.4% YoY and Western Snacks grew 21.3% YoY in Q1 FY27; Western Snacks had grown only ~8% in Q4 FY26.^[3][6]
Focus states grew 18.9% YoY (INR 975 mn) in Q1 FY27 vs core states at 10.8%; UP alone grew ~37% in Q1 FY27.^[3]
Exports declined 2.2% YoY in Q1 FY27, the first negative print, due to US tariff uncertainty and ocean-freight costs rising 2-3x in four months.^[3]

Distribution and customers

Direct distribution reached 3,70,893 outlets as of June 30, 2026, adding ~17,000 outlets in Q1 FY27; total reach including indirect stands at 14.46 lakh outlets.^[3]
E-commerce and quick-commerce rose to 3% of overall business in FY26, up from 2% in FY25, growing approximately 75-100% YoY.^[6]
Products exported to 43 countries across North America, Europe, the Middle East, Africa, and Asia Pacific; exports crossed INR 100 cr for the first time in FY26.^[1][6]
Costco in the US was a new large-account listing in Q3 FY26, contributing to 39.1% YoY export growth that quarter.^[4]

The Hazelnut Factory (THF) retail business

THF retail revenue grew 71.8% YoY in Q1 FY27 to INR 384 mn; store count rose from 15 to 28 over one year, focused on Tier-2 cities, gifting, and premium sweets (65-70% of store sales).^[3]
THF crossed INR 100 cr in FY26 revenue, growing ~130% YoY; nine-month FY26 retail revenue was INR 965 mn (+153.5% YoY).^[6][4]
Bikaji committed total INR 131 cr to THF investment; INR 60 cr (40% stake) already deployed in FY25, with an additional INR 40 cr raising the stake to approximately 48%.^[4]

Expansion and capex

FY27 capex plan is approximately INR 100 cr, covering a new sweet factory in Bikaner and completion of the Bikaner warehouse.^[6]
An ASRS warehouse (~1 lakh sq ft, capacity for 1.2-1.3 lakh additional cartons) in Bikaner is targeted to go live shortly after Q1 FY27, supporting supply-chain efficiency.^[3]
Bhujia production to be decentralised to a second plant within FY27 to reduce concentration risk at Bikaner.^[3]
Nepal JV plant (50:50 with CG Foods) expected to be operational in 8-9 months from August 2026, with each party investing INR 15 cr; targets top-3 position in Nepal.^[3][5]
Bikaji Bakes JV plant in Bangalore (Bikaji 70%, T.K. Khaleel 30%) to start production within next 2 quarters from Q1 FY27; targeting export, Q-com, and HoReCa channels.^[3][4]

Recent developments

Q1 FY27 operations were disrupted in the first 45 days by the death of the Chairman (3-4 days of plant shutdowns) and Bengali labour migration ahead of state elections; June 2026 was the highest-ever delivery month.^[3]
Two MRP price increases were taken in the four months to June 2026 to offset edible oil and pulse inflation; no further increases planned until after Diwali 2026.^[3]
New CFAs established in Ghaziabad, Raipur, Varanasi, Ahmedabad, and Pune in FY25; distributor network extended in the UAE.^[1]
Amalgamation of Vindhyawasini Sales Private Limited into Bikaji Foods is pending NCLT approval; Bikaji Maa Vindhyawasini Sales Private Limited was struck off effective March 19, 2025.^[1]

Market Cap

₹11,698 Cr

High / Low

₹768 / 447

Stock P/E

44.9

Price / Book

7.2

Book Value

₹64

EPS

₹10.3

No. of Shares

25.07 Cr

ROCE

19.9%

ROE

17.3%

OPM

12.0%

Debt / Equity

0.13

Sales

₹2,994 Cr

Net Profit

₹254 Cr

Promoter holding

73.9%

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