Biscuit segment revenue
INR 325 Cr
+5.7% YoY
Biscuit vertical grew 5.7% YoY, impacted by GST 2.0 transition and US tariff uncertainty.
MRSBECTORSFOODSPECIALITI
Consumer
10 Feb 2026
Mrs Bectors Food Specialities Limited — Q3 FY26
Mrs.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Bakery segment revenue
INR 198 Cr
+13.2% YoY
Bakery vertical grew 13.2% YoY, led by English Oven brand and QSR partnerships.
English Oven quick commerce contribution
33-34%
+100% YoY
Quick commerce now contributes 33-34% of English Oven revenue, doubling over the last 12 months.
Export growth (Q3)
Single digit
Down vs historical high teens
Export growth was single digit in Q3 due to US tariff uncertainty; expected to recover to mid-teens in FY27.
Management Guidance
Mid-teens revenue growth in FY27
Management expects overall revenue growth to reach mid-teens in FY27, driven by export recovery, English Oven expansion, and domestic biscuit improvement.
revenueEBITDA margin target of 14% by H1 FY27
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.
marginsDomestic biscuit growth to low teens in FY27
Domestic biscuit business expected to achieve low-teens growth in FY27, driven by distribution expansion and premium product launches.
growthCapoli plant commissioning in next few months
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.
capexKey Risks
Export incentive suspension impact
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.
high · analyst_questionIntense competition in domestic biscuits
The domestic biscuit market remains highly competitive with large national and regional players. Management expects low-teens growth but execution risks persist.
medium · management_commentaryUS trade deal uncertainty
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.
medium · management_commentaryB2B bakery growth slowdown
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.
medium · analyst_questionNotable 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.