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
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
95%Questions answered0Evaded / deflected11Questions auditedContradictedNumbers vs filing
Answered
Medium priority
Why is sweets and gifting higher in focus markets?
Asked by Abnish Roy, Noama Institutional Equities
Management directly explained the reason: high modern trade presence in focus states.
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Question
why is sweet and gifting higher in focus market? Is it easier to do that especially in a new market? What is the reason?
Manuj (Management)
the play of modern trade is very high because by virtue of our modern trade presence in all these states reliance and demart. So we are overindexed in these states and there the because modern trade does very well in all these stores. So therefore our sweets and gifting goes very high.
Answered
Medium priority
Why two brand ambassadors in same geography?
Asked by Abnish Roy, Noama Institutional Equities
Management clarified both ambassadors' roles and that Amitabh's contract is extended.
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Question
So Amitab Bach until when do you have him as the brand ambassador as per the agreement and what is the specific reason for having in the same geography Pankash party as the brand ambassador for Namken?
Manuj (Management)
Amitab Bachan is our brand ambassador nationally and internationally and will continue to be our brand ambassador we have extended his contract for another two years. pankati we roped in for a campaign geography specific.
Answered
High priority
Growth driven by throughput or new markets? Margin impact?
Asked by Dan, Threenra Asset Manager
Management clearly explained both drivers and stated no margin impact.
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Question
direct distribution reach has increased to 13.9 lakh outlets. From here should growth be driven more by higher throughput per outlet or by entering new micro markets and how should we think about the margin impact?
Manuj (Management)
growth has come both so it's a two-pronged growth strategy. One is continue to drive growth in core states where growth is more about throughput. In focus and other states it is both. Overall there's no margin impact.
Answered
High priority
Margin impact if impulse pack share increases?
Asked by Dan, Threenra Asset Manager
Management quantified the margin impact and explained offsets.
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Question
if impulse packs start going fast the loan poor market so do you expect any margin or working capital from a mixed prospect?
Manuj (Management)
it will not have major impact because gap between family and impulse pack in overall gross margin is not more than 2%. If impulse becomes 55% it will have less than 10 to 20 basis point impact and we are doing multiple things to offset.
Partial answer
Medium priority
How does management assess ROI of marketing campaigns?
Asked by Dan, Threenra Asset Manager
Management described metrics but did not provide specific ROI or break-even time.
no specific ROI numbersno break-even timeline given
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Question
what internal metrics such as volume up, repeat purchase or outlet productivity used to assess ROI and in what time do these campaigns typically break even.
Manuj (Management)
we look at the efficacy of the campaign via reach agencies. This has correlation with sales team productivity, new stores, throughput. Marketing team has KPI to deliver and sales team has KPI. Those are the measures we track.
Evasive
Low priority
How is company dealing with stock runouts due to retailer behavior?
Asked by Harprit, G Global Consulent Research
Management dismissed the issue as not happening and gave generic FMCG pattern.
denied the premiseno specific action described
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Question
for some retailers they do not purchase on purpose and wait till the 24th of a month which causes stocks run out. So what has the company been doing to deal with this?
Manuj (Management)
schemes start on the first of the month itself. Retailer also loses sales. In FMCG space week four becomes little high and week one are high two and three are regular servicing.
Answered
High priority
Monthly revenue trend and GST rate cut impact on demand?
Asked by Nitin, MK Global
Management provided growth numbers and confirmed positive impact.
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Question
can you please help us understand the monthly revenue trend like I want to assess how the GST rate cut is aiding demand and also want to know your view on the GST benefit aiding demand ahead.
Manuj (Management)
ethnic snacks in first half grew 56% vs this quarter third quarter grew at around 30.3%. We've seen good uptick in family pack and impulse pack. Volume growth in traditional snacks is close to 11-12%. We see good results after GST rate cut.
Answered
High priority
What factors kept gross margin stable despite mix shift?
Asked by Nitin, MK Global
Management explained the product mix improvement offsetting the mix shift.
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Question
despite relatively weaker mix where package sweet aliens down almost around 900 bps sequentially our gross margin correction has been limited to only 40 bps. So what other factors are helping to keep the gross margin stable?
Manuj (Management)
we have seen good growth in our core product which is bikaneri bhujia and that's high in gross margin. Also product mix improvement on focus products which are high in gross margin started two and a half years back.
Answered
High priority
Volume growth contribution from grammage increase due to GST?
Asked by Shirish, Modil
Management quantified the contribution as 1.5-2%.
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Question
if you can split that 8.4% volume growth what is the percentage or what is the contribution has added because of the grammage addition.
Manuj (Management)
increase in grammage in quarter three due to GST has been improving volume growth of about one and a half to 2%.
Answered
High priority
Why is focus market growth only 10% in 9 months? Expectation?
Asked by Shirish, Modil
Management acknowledged underperformance and gave expected growth range.
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Question
when I compare 9 months growth in the focus rate which is just about 10%... is it much lower than your expectation and how much growth we can expect?
Manuj (Management)
10.2% growth is not good. It will not be less than 15% 15-17% should be the bare minimum growth. Disruptions due to GST and western snacks weakness in Q2.
Answered
Medium priority
What is the rationale for the BBPL joint venture?
Asked by Shirish, Modil
Management explained the business segments and revenue potential.
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Question
What is the rational? I mean I know Khalil is a very big man but is the company going to diverse and getting into biscuits and croissants and other segments and what is the scalability of this model?
Manuj (Management)
certainly not biscuits. Three parts: premium breads, croissant, cakes. Business under three heads: frozen export, B2B, domestic. Potential to get us about 100 crores as topline over 3 years.
Answered
Medium priority
Breakup of 46k outlet additions: core vs non-core?
Asked by Tohham, Otilwal
Management provided the breakdown by region.
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Question
we have added almost 46,000 addition. So if you want to give a ballpark breakup of this 46K breakup of core versus non-core addition in the last one year.
Manuj (Management)
most of the addition has come in focus states. 1.65 lakh outlets in focus states, core states about 1.15, rest other states about 55,000 outlets.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Ethnic snacks Q3 growth 30.3% | 30.3% | 11% | Overstated vs filing |
| Focus market growth target 15-17% | 16% | 11% | Overstated vs filing |
| UP growth 13-14% in focus states | 14% | 11% | Overstated vs filing |
| BBPL potential topline 100 cr over 3 years | ₹100 cr | ₹790 cr | Understated vs filing |
| Core states growth target 13% plus-minus | 13% | 11% | Overstated vs filing |
| Focus states growth target upwards of 15% | 15% | 11% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.