Raw material inflation (peanuts)
Peanut prices have seen an uptick, which could pressure gross margins if sustained.
BIKAJI / Q3-FY26 / risks
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Bikaji Foods International · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Slow recovery in focus states
Focus states grew only 10.2% in 9M FY26, below the 15-17% target, partly due to sweets/gifting shift and weak western snacks in H1.
Stock-out issues due to retailer destocking
Retailers destocked ahead of GST rate cuts, causing temporary stock-outs and lost sales, though management downplayed the impact.
Competitive pressure in impulse pack
Impulse pack growth was only 6.8% in 9M FY26, and margin impact from mix shift could be 10-20 bps, though management expects offset via efficiency.