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Raw material inflation (peanuts)
View Risks →Bikaji Foods International Limited — Q3 FY26
Bikaji Foods reported Q3 FY26 revenue growth of ~11% YoY, with core ethnic snacks growing 30.5% and western snacks 20%+.
bullish
medium
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Bikaji Foods reported Q3 FY26 revenue growth of ~11% YoY, with core ethnic snacks growing 30.5% and western snacks 20%+. Volume growth was 8.4%, aided by ~1.5-2% from GST-driven grammage increases. EBITDA margin stood at 12.5%, with gross margins stable at ~35% despite ad spend of 4%. Management guided for 14-16% revenue growth in Q4, driven by GST benefits and strong demand. Key risks include potential raw material inflation (peanuts) and slower-than-expected recovery in focus states. The company is investing ₹131 Cr in capacity and formed a JV for premium bakery (Bikaji Bakes), targeting ₹100 Cr revenue in 3 years. 30.5% ethnic snack growth, 8.4% volume growth, 12.5% EBITDA margin, 52% capacity utilization.
बिकाजी फूड्स ने तीसरी तिमाही में पिछले साल की तुलना में करीब 11% ज्यादा कमाई की। देसी नमकीन की बिक्री 30.5% और पश्चिमी स्नैक्स की 20% से ज्यादा बढ़ी। बिक्री की मात्रा 8.4% बढ़ी, जिसमें GST के कारण पैकेट के वजन बढ़ने का भी हिस्सा है। कंपनी का मुनाफा मार्जिन 12.5% रहा और कच्चे माल की लागत स्थिर रही। विज्ञापन पर 4% खर्च हुआ। अगली तिमाही में 14-16% कमाई बढ़ने का अनुमान है, लेकिन मूंगफली के दाम बढ़ने और कुछ राज्यों में धीमी रिकवरी का जोखिम है। कंपनी 131 करोड़ रुपये नई क्षमता में लगा रही है और प्रीमियम बेकरी के लिए साझेदारी की है, जिससे 3 साल में 100 करोड़ की कमाई का लक्ष्य है।
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Read Transcript →Quarter Snapshot
Volume Growth
8.4%
+8.4pp YoY
Volume growth for Q3 FY26, supported by GST rate cuts and grammage increases.
Direct Outlet Reach
1.35L
+46K YoY
Direct distribution reach increased to 1.35 lakh outlets, with most additions in focus states.
Capacity Utilization
52%
Flat YoY
Low utilization provides headroom for volume growth without significant capex.
Exports Growth
86%
+86pp YoY
Exports grew 86% YoY, driven by new accounts like Costco and expansion in US, Canada, Middle East.
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Guidance and risk preview
Management expects 14-16% revenue growth in Q4 FY26, driven by GST benefits and strong demand momentum.
Peanut prices have seen an uptick, which could pressure gross margins if sustained.
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