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Revenue
₹533.3 Cr
verified against source
Revenue YoY
8.4%
reported change
EBITDA
₹68.4 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Mrs. Bectors reported Q3 FY26 revenue of INR 533.3 Cr (+8.4% YoY), with EBITDA margin expanding 44 bps to 12.8%. Biscuits grew 5.7% (impacted by GST 2.0 transition and US tariff uncertainty), while bakery (English Oven) delivered 13.2% growth led by strong brand momentum. PAT rose 10.1% to INR 38.1 Cr. Management guided for mid-teens revenue growth in FY27, driven by export recovery (US tariff cut from 50% to 18%), English Oven geographic expansion (Kolkata, Hyderabad, Capoli plant commissioning), and domestic biscuit improvement targeting low-teens growth. EBITDA margin is expected to reach 14% by H1 FY27. Key risk: export incentive suspension may take 4-5 months to fully offset via duty-free imports, pressuring near-term margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects overall revenue growth to reach mid-teens in FY27, driven by export recovery, English Oven expansion, and domestic biscuit improvement.
- Management targets EBITDA margin of 14% in the first half of FY27, up from 12.8% in Q3 FY26, aided by mix improvement and export incentive normalization.
- Domestic biscuit business expected to achieve low-teens growth in FY27, driven by distribution expansion and premium product launches.
- The Capoli plant (breads: 1.32 lakh/day, buns: 1 million/day) will be commissioned in the next few months, enhancing capacity for Maharashtra and Bombay expansion.
Risks flagged
- The government suspended export incentives from August, impacting EBITDA margin by ~1% of revenue. Management expects to offset via duty-free imports in 4-5 months, but full recovery is uncertain.
- The domestic biscuit market remains highly competitive with large national and regional players. Management expects low-teens growth but execution risks persist.
- While the India-US trade deal reduces tariffs from 50% to 18%, final terms are unclear until March. Further reductions to zero could be a tailwind, but any reversal would hurt exports.
- B2B bakery (QSR) grew only mid-single digits in Q3 due to macro demand weakness. Recovery depends on QSR store expansion and new customer additions, which may take time.
Key quotes
- We would have got to 14% but for the export incentive which kind of suddenly was put under suspension by the government right otherwise we would have been at 14% in this quarter.
- We are very clearly investing as we shared last time we investing in a 4 to 500 kilometers range from our both Indor plant as well as from our Punjab plant and going deeper in our penetration coverage.
- India is back into their mind which was even the buyer was confused as much as we were confused right it was very difficult to create a supply chain so effectively I think in going forward India is going to emerge as a big player in sports and food products.
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