BIKAJINSEMay 26, 2026

Bikaji Foods International Limited

9,140words

148turns

13analyst exchanges

3executives

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Management on call

Rishabh Jain

CHIEF FINANCIAL OFFICER – BIKAJI FOODS INTERNATIONAL LIMITED

Manoj Verma

CHIEF OPERATING OFFICER – BIKAJI FOODS INTERNATIONAL LIMITED

Ambesh Tiwari

S-ANCIAL TECHNOLOGIES PRIVATE LIMITED

Key numbers — 40 extracted

18%

has been a great quarter from many perspective, be it top line where top line growth was close to 18% plus. And in top line also the core market hasn't grown at upward of 15%, which was from last man

15%

line growth was close to 18% plus. And in top line also the core market hasn't grown at upward of 15%, which was from last many quarters. It was growing at 10% to 12%. But yes, in this quarter, it ha

10%

e core market hasn't grown at upward of 15%, which was from last many quarters. It was growing at 10% to 12%. But yes, in this quarter, it has grown at good growth. Export has been doing very well

12%

market hasn't grown at upward of 15%, which was from last many quarters. It was growing at 10% to 12%. But yes, in this quarter, it has grown at good growth. Export has been doing very well from la

20%

paign, Bhujia ho toh Bikaji after September and Kya Baat Hai Ji. So, Family pack has grown up for 20%. E-com Q-com has now became 3% of overall business, which is significant and growth has grown ove

r September and Kya Baat Hai Ji. So, Family pack has grown up for 20%. E-com Q-com has now became 3% of overall business, which is significant and growth has grown over close to 100%. And that's the

100%

om has now became 3% of overall business, which is significant and growth has grown over close to 100%. And that's the target what we're taking for this year also. From campaign perspective, of cour

35.6%

From bottom line perspective, largely from consolidated consol financial, our gross margin is at 35.6%. This also includes PLI. But yes, overall, there's a 240 basis points year-on-year because PLI wa

240 basis point

nsol financial, our gross margin is at 35.6%. This also includes PLI. But yes, overall, there's a 240 basis points year-on-year because PLI was included last year also. From an EBITDA perspective, EBITDA is cl

12.2%

on-year because PLI was included last year also. From an EBITDA perspective, EBITDA is close to 12.2%. So lastly, in this quarter, we started 2 campaigns end of last quarter -- mid of last quarter la

1.5%

this year also. And our ad cost increased this quarter compared to last year to tune of 1.5%. And from EBITDA, overall we closed to INR88 crores of EBITDA with PAT margin of close to 8%. O

INR88 crore

creased this quarter compared to last year to tune of 1.5%. And from EBITDA, overall we closed to INR88 crores of EBITDA with PAT margin of close to 8%. Overall, from a year perspective, so largely our overa

Guidance — 20 items

Rishabh Jain

opening

“And that's the target what we're taking for this year also.”

Rishabh Jain

opening

“But yes, this year, we have plan to increase the capacity in sweets, which is going on.”

Manoj Verma

opening

“So, we delivered the target what we have taken for ourselves was to cross 3.5 lakh outlets, which is what team has done.”

Rishabh Jain

opening

“They crossed INR100 crores revenue this year and target is to grow 50%, 60% year-on-year for next 2, 3 years.”

Manoj Verma

“But yes, overall, if you look at this quarter will be well in line with what you said.”

Rishabh Jain

“Overall, the price rise was close to 3%, which will be manageable, which can manage this increased RM PM price.”

Manoj Verma

“And to your question that going forward, if we look at the quarter 3, there it was 25% growth in Western snacks itself.”

Manoj Verma

“So, we will get back to that stuff and Western snacks will grow 20% plus if you look at them.”

Manoj Verma

“But going forward, this will fall in place.”

Manoj Verma

“However, to your question and so what we intend to do is of our 1.5x growth system.”

Risks & concerns — 7 flagged

So, in spite of certain price being passed to the consumer, yet we haven't seen any slowdown in terms of the demand.

— Manoj Verma

But overall, Western snacks was also on a little slowdown.

— Manoj Verma

So that will suffice the overall cost pressure what we got largely.

— Rishabh Jain

So when we say Bhujia also Bikaji, that was a very straight campaign because we witnessed in the first half that there was a slowdown in Bhujia category per se.

— Manoj Verma

One is that if they are seeing decline, they say that I want to hold it.

— Manoj Verma

Now the part 2 would be a different communication the challenge statement, identified challenge statement or opportunity, we will try and address with the campaign.

— Manoj Verma

So, was there a capacity constraint that's where the growth in last 3 years was around 6% CAGR or like any other reasons you wanted to cite for the sweets business slowdown?

— Nitin Gupta

Q&A — 13 exchanges

Yes, thanks and congrats on good performance. My question was now Q1 almost 50 days are gone. So, are you seeing good momentum continue in Q1 also based on the sales and volume trajectory in Q4? Any divergence you're seeing in Q1?

Manoj Verma

Hi, Avnish, so momentum, what we are seeing is it's a continued momentum. So, post November, the way of the trajectory we are on, this continues. This also is the outcome of the kind of investment in demand generation, what we have done thus far and is keeping us on the same trajectory. So, in spite of certain price being passed to the consumer, yet we haven't seen any slowdown in terms of the demand. Also, like we're seeing -- we've seen 2 turbulence in this last 50 days. One, largely Bengal election and the factory, most of the labours are Bengali. So largely some of the labours have moved t

Hi. This is Percy Panthaki here. Sir, what is the quantum of price hikes that you have taken?

Rishabh Jain

Yes. So, the price hike was close to 3%. And do you think you will have to take more given where the commodity costs are currently? Currently, as of now, this is manageable for us. We can manage the same DM largely at this current increase what we have taken. We actually, we had good amount of packing material orders, which we have blocked. And what we see that the PM prices came down from the price rise increase what we've seen in early days of war, but it has came down significantly. So, it's manageable. Okay. Secondly, I wanted to ask, if I look at your EBITDA margins first half of the year

Yes. Hi. Good afternoon. Am I audible?

Rishabh Jain

Yes, you are. Thanks and congrats on a good set of numbers. Just wanted to firstly understand if you could quantify the capex amount that you alluded in your opening remarks. What amount? Capex amount? So, capex largely what we'll be doing, there's 2 capex, the sweet factory, which is coming in Bikaner. And so, this year, we'll be doing close to INR100 crores of capex. That's the plan, less than or close to INR100 crores capex. Overall per annum… That is big warehouse, which is came in. The capex has been done. It will came in install in, I think, in the next 15, 20 days. So that will suffice

Yes. Hi, sir. Thanks for the opportunity. Sir, my first question is -- am I audible?

Management

So, my first question is regarding the core versus focus market. So ideally, the long-term aspiration of the business is to grow the focus market at least by 1.3 to 1.5 times. However, if you see the fourth quarter or FY '26 as a whole, the growth rates are not that different. So what is holding us back from getting those sort of growth rates into the focus market?

Manoj Verma

So, if you look at in terms of the growth of focus markets vis-a-vis category is over-indexed in that sense, which means Bikaji’s performance of whatever we are doing now is doing -- is ahead of category. However, to your question and so what we intend to do is of our 1.5x growth system. So, there have been certain challenges that have been -- which keeps coming and we keep addressing. So, like I just spoke about that UP, one of the large focus market, we made those investments and results started coming in. So going forward, what we see and what we have been saying would continue that the foc

Yes. Hi, team. Thank you for the opportunity. Just wanted to check out of our direct reach of about 3.5 lakh outlets, what would be the split in terms of how much is in focus markets, how much is in core, et cetera? And also, if you can -- so we have a target of about 5 lakh in 3 years, about 50,000 per annum. Of that 5 lakh, what is our target split in terms of how much would be in focus and core and the others?

Manoj Verma

Yes. So currently, if you look at out of 3.5 lakh outlets, so about 120,000 outlets is in core states. So here, the distribution is more led to the wholesaler. So whereas if you look at indirect reach is about 8.2 lakh. Coming on to focus states. So we cover about 1.7 lakh outlets in the focus state. And here, our indirect reach, I mean, so the wholesale channel and the other stuff. Our overall reach here is 3.5 lakh outlets. And in the other states, we cover about 60,000 outlets. This all adds up to 3.5 lakh outlets. Going forward, the increase is to come from the core as well because that's

Yes. Thanks for the opportunity. Sir, just wanted to check on focused market. Last time you called out that Delhi market was not performing well, while UP has been doing good. So, on a full year basis, how the 2 major market have been doing in the focus market, UP and Delhi?

Manoj Verma

Sorry, Delhi and which one? UP. So UP, if you look at in terms of TAM, so out of 6 markets, UP is equal to rest of the 5 – on the focused states. So that's the size of price for UP. Delhi is not as big in terms of -- I mean, however, it is -- it has a weight, but not as big the TAM there. In terms of our performance, UP has outperformed, so has brought in the overall numbers, whereas Delhi, as we said last time, that has not done well. And we have not invested also behind Delhi as much in this stuff. So, Delhi has brought these -- the growth numbers down only. In UP, what kind of growth we're

Yes, hi, Manoj, Rishabh, thank you for the opportunity. Just 2, 3 questions. About 3, 4 months before, there was a lot of noise around GST rationalization, unorganized player will exit. There is a lot of momentum, which you said that the unorganized player will be able -- will not be able to compete at INR5, INR10 or maybe compliance burden will happen. So, in your experience, given this framework, which is now implemented, which are the states you have seen this has been beneficiary to us? Or is there realistically anything has happened because parallelly, we might have got the benefit of 5%,

Manoj Verma

So, I think very nice question, Shirish. And if you look at what we did, so the Family pack there, this is no impacted more in that stuff. So -- and as our numbers are, I'm sure other companies also would have done better. In this INR5 and INR10 play, the regional and local nuances are also very, very high. So, it is like a few new players get in and few get weed off kind of a stuff. So that's what is the phenomena and the trends what we see. But going forward, if you look at -- so it will not -- and this is what we always have been calling it out on our calls, that the results of the impact w

Yes. Thanks for taking my question. My first question pertains to the very first question around like people movement from our factory. So, when you have highlighted for West Bengal labourers have moved from 20th April to 10th May. So I just wanted to reconfirm like how many days of sales got impacted. So that time answering to that, you had confirmed 4 days. I just wanted to double check on that.

Rishabh Jain

So largely, there are 2 things. One is overall few labour movement from Bikaner to Bengal, and there was a loss of a Chairman where our factory got close for 2.5 days. So overall, close to 4 to 5 days, 4, 4.5 days loss of production was there in -- and now like it's close around 16 -- from 16, 17 from this Month, all the labours have come back and our production is in full swing. So -- so we'll try to cover this. But yes, until now the loss is 4 to 4.5 days. Okay. So 4 to 5 days, like it's more of a scattered impact, not a continuous impact. Okay. Its fine. And second, just wanted to understan

Yes, hello. Am I audible?

Manoj Verma

Yes, you are. Okay. Thank you for this opportunity and congratulations for your results. I was asking that as lifestyle changes, are you planning to enter into a healthy snack segment? See, frankly speaking, there's nothing called healthy snack. There could be less unhealthy snacking, right? And in our portfolio also, there's a long list of SKUs which fall in that space. So, in terms of future ready, we are, right? And there's a range. But today, if you look at the contribution of these categories is by far low. Today, the companies which are surviving is purely on the q-com platform, you will

Yes. Hello. Thank you for taking my questions. First of all, I'd like to pay my heartfelt tribute to the Founder Chairman Shiv Ratan Agarwal ji. So, I have actually 2 short questions. The first one is as a company is trying to build consumption habit of Bhujia and other Indian snacks in the Western countries, so how are the consumers' behavior evolving? Are we seeing a good momentum and the consumer primary in the western market, primarily is consumer of the Indian origin? Or are we also attracting mainstream Western consumers?

Manoj Verma

So is this you're talking from the export standpoint, right? Hello? Hello, this question is more from exports lens or from domestic, I mean so if you can clarify. I'll answer accordingly. No, it is for export oriented. Yes. Thank you. So one is that there's a huge Indian diaspora, right? So that is our primary TG , which is what we focus on. And there, if you look at the two approach of growing business, one is the new growth category. So, for the category leaders, or if we were 50% market share. Then our task would be that how do I grow consumption grow users, right, throughputs or occasions

Yes, hi. Thanks for the follow-up. Am I audible now?

Manoj Verma

Yes, you are audible. So just wanted to pick your brain on this Western snacks portfolio again. Just wanted to understand why do you think the industry growth is coming low for the Western snack front? And the other part to this question is that if the industry growth is kind of moderated I mean lower than Ethic snacks, how do we plan to grow higher? Is it distribution expansion or like innovation in products what else? So, I'll take your latter question first. See, one is that we have very small share. If you look at all India level at Western snacks is 1.1% market. So, it's a drop in the oce

Thank you so much for taking time out for the call. It was a good interaction and we tried and answered most of the questions. Still anyone felt left out, happy to get connected separately or through our relation manager. With this, thank you so much and look forward to connect again.

Management

Speaking time

Manoj Verma

Rishabh Jain

Moderator

Darshit Vora

Percy Panthaki

Shirish Pardeshi

Avnish Roy

Soham Samanta

Ronak Shah

Nitin Gupta

Opening remarks

Ambesh Tiwari

Thank you. Good afternoon, everyone, and thank you for joining the Bikaji Foods International Q4 FY '26 Earnings Conference Call. From the management team, we have with us Mr. Rishabh Jain, CFO; and Mr. Manoj Verma, COO. I now request Mr. Rishabh Jain to take us through the key opening remarks, after which we will have the floor open for question-and-answer session. Thank you, and over to you, sir.

Rishabh Jain

Hello. Thank you all for joining the investors call of Bikaji Foods International Limited. Before starting this, one thing which we have recently lost a Chairman on 23rd of April. This was a great loss for the company as it is for the family. He was great visionary and a board leader and was influential figure for the company as well as complete Bikaji. All thanks fraternity. Now I can start. So largely, this quarter has been a great quarter from many perspective, be it top line where top line growth was close to 18% plus. And in top line also the core market hasn't grown at upward of 15%, which was from last many quarters. It was growing at 10% to 12%. But yes, in this quarter, it has grown at good growth. Export has been doing very well from last 4, 5 quarters. Family pack, which is a key and for this, we also started 2 campaign, Bhujia ho toh Bikaji after September and Kya Baat Hai Ji. So, Family pack has grown up for 20%. E-com Q-com has now became 3% of overall business, which is

Manoj Verma

Yes. Thanks, Rishabh. So, one of the key growth drivers, what we had called out was the continuous increase of footprint, which is distribution. So, we delivered the target what we have taken for ourselves was to cross 3.5 lakh outlets, which is what team has done. And this increase has come across all our core focus in other geographies. These campaigns, what Rishabh just spoke about, did extremely well, and that was one of the reasons for our higher growth in the large pack. So large packs has outperformed and these marketing campaigns have worked very well. From core geography standpoint, Bhujia also Bikaji was a major and a great success. And the number speaks louder than what I would say. It is that if we -- if one is to look H1 versus H2, so there is a multiple growth in that stuff. And in UP, we did the campaign, Kya Baat Hai Ji while looping in Pankaj Tripathi in that, this campaign also did very well for us. And that's what is the reason that we look at quarter 4, so our Famil

Rishabh Jain

From key initiative perspective, this year also has been very significant for us as we have won SAP go-live this year in December. We also won Darwinbox go-live. There is new logo launch in January this year. We completely changed our packaging, revamped our complete packaging, changed logo, our investment in the Hazelnut factory last year. So, this year has been very good for the brand. They crossed INR100 crores revenue this year and target is to grow 50%, 60% year-on-year for next 2, 3 years. Our annual report has been ranked 42nd in American Communication Professionals. And from export perspective also, we have crossed INR100 crores first time this year. From revenue from operation perspective, in quarter 4, we have crossed close to INR720 crores of revenue with EBITDA of INR88 crores and PAT of INR56 crores. From a working capital perspective, our working capital cycle is largely same compared to last year, largely same. There's not much increase in working capital cycle. From raw

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