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Export incentive suspension impact
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bullish
high
✓ Verified against BSE filing
2-Minute Summary
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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.
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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.
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.
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Guidance and risk preview
Management expects overall revenue growth to reach mid-teens in FY27, driven by export recovery, English Oven expansion, and domestic biscuit impro...
The government suspended export incentives from August, impacting EBITDA margin by ~1% of revenue.
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