# Bikaji Foods International (BIKAJI) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/bikaji

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹477
- Change: -3.13%
- As of: 2026-11-06
- 1D return: -3.13%
- 5D return: +5.68%
- 1M return: +1.78%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

BIKAJI is exhibiting a sharp, high-conviction daily bounce within a broader multi-timeframe downtrend. On 2026-11-05, the stock surged +4.1% to ₹492.4, accompanied by an extreme volume spike (6.92x normal) and a prior upward gap on 2026-11-02. This momentum has pushed price above the 20-day EMA and SMA, but it remains below the 50-day/200-day EMAs/SMAs and the Supertrend, which are still bearish. The weekly trend is firmly established as bearish (ADX 30.94), while the monthly trend is weakly bearish (ADX 18.47). Price sits in the upper-middle of its 20-day range (+72.6%) but near the lower end of its 252-day range (+14.4%). Immediate resistance lies at ₹495.1 (0.55% above) and ₹501.3 (1.81% above), with support at ₹487.5 (1.00% below). A monthly 'Inside Bar' pattern is currently active, suggesting potential for continued volatility or breakout. The stock remains under significant pressure, with a current drawdown of -38.6% and annualized volatility of +30.8%.

- Daily Momentum Surge: Price rose +4.1% on 2026-11-05 with extreme volume (6.92x ratio), breaking above short-term moving averages but remaining below long-term bearish structures.
- Multi-Timeframe Divergence: Weekly trend is strongly bearish (ADX 30.94); Monthly trend is weakly bearish (ADX 18.47); Daily trend is developing (ADX 24.91).
- Key Levels: Resistance at ₹495.1 and ₹501.3; Support at ₹487.5 and ₹480.2. Price is 0.55% below nearest resistance.
- Risk Context: Current drawdown is -38.6%; Annualized volatility is +30.8%. Active monthly 'Inside Bar' suggests pending directional move.

- Inside Bar
- Doji
- Outside Bar
- Bearish Engulfing Reversal
- Harami

### News Context

Bikaji Foods International reported Q2 FY27 results on November 5, 2026, revealing a divergence between top-line growth and bottom-line compression. Revenue increased 13.1% year-on-year to ₹938.5 crore, driven by strong performance in ethnic and western snacks segments. However, net profit fell 11.3% to ₹70.78 crore as EBITDA declined 7.4% to ₹119 crore, with margins narrowing to 13%. The company attributed the profit squeeze to rising input costs, specifically fuel and edible oil, alongside higher marketing expenditure. Additionally, packaged sweets revenue dropped due to Diwali timing shifts moving into the next quarter, while papad sales were impacted by supply-chain challenges. Despite the quarterly revenue beat, shares rallied only 4.12% post-results, reflecting ongoing margin pressures; the stock remains down over 33% year-to-date and trades significantly below its 52-week high.

- Q2 FY27 revenue grew 13.1% YoY to ₹938.5 crore, but net profit contracted 11.3% to ₹70.78 crore due to margin erosion.
- EBITDA fell 7.4% to ₹119 crore (13% margin) as rising fuel/edible oil costs and higher marketing spend offset top-line gains.
- Packaged sweets revenue declined due to Diwali calendar shifts, while papad sales faced headwinds from supply-chain disruptions.
- Shares rose 4.12% on the news but remain down 33% YTD and well below 52-week highs.

- [Bikaji Foods' Q2 profit falls 11 pc to Rs 71 crore](https://ianslive.in/bikaji-foods-q2-profit-falls-11-pc-to-rs-71-crore--20261105194107)
- [Bikaji Foods Q2 profit falls 11% on higher expenses despite 13% revenue growth](https://www.cnbctv18.com/market/stocks/bikaji-foods-share-price-q2-profit-falls-11-on-higher-expenses-despite-13-revenue-growth-20028122.htm)
- [Bikaji Foods shares rally 4% as Q2 revenue hits ₹938.5 crore, but margins squeeze on rising costs](https://www.thehindubusinessline.com/markets/stock-markets/bikaji-foods-shares-rally-4-as-q2-revenue-hits-9385-crore-but-margins-squeeze-on-rising-costs/article71669630.ece)

### What Changed

Bikaji Foods International reported unaudited financial results for Q2 and H1 FY27 (ended September 30, 2026) on November 5, 2026. Revenue from operations grew 13.0% year-on-year to ₹9,385 million in Q2, driven by strong performance in ethnic and western snacks segments. However, profitability contracted: EBITDA fell 7.4% to ₹1,187 million with margins narrowing to 12.6%, and PAT declined 11.3% to ₹70.78 crore. The company attributed margin pressure to rising input costs (fuel and edible oil), higher marketing expenditure, a shift in Diwali timing affecting packaged sweets sales, and supply-chain challenges impacting papad volumes. On the same day, shares rose 4.12% to ₹492.40, though the stock remains down over 33% year-to-date.

- Q2 FY27 revenue grew 13.0% YoY to ₹9,385 million, but EBITDA fell 7.4% to ₹1,187 million, compressing margins by 280 basis points to 12.6%.
- PAT declined 11.3% to ₹70.78 crore due to higher input costs, marketing spend, and seasonal/supply constraints in packaged sweets and papad segments.
- Shares rallied 4.12% to ₹492.40 on November 5, 2026, following the disclosure of H1 FY27 results showing ₹16,728 million in revenue.
- Installed manufacturing capacity stands at 325,320 metric tonnes as of September 30, 2026.

- [Bikaji Foods' Q2 profit falls 11 pc to Rs 71 crore](https://ianslive.in/bikaji-foods-q2-profit-falls-11-pc-to-rs-71-crore--20261105194107)
- [Bikaji Foods Q2 profit falls 11% on higher expenses despite 13% revenue growth](https://www.cnbctv18.com/market/stocks/bikaji-foods-share-price-q2-profit-falls-11-on-higher-expenses-despite-13-revenue-growth-20028122.htm)
- [Bikaji Foods shares rally 4% as Q2 revenue hits ₹938.5 crore, but margins squeeze on rising costs](https://www.thehindubusinessline.com/markets/stock-markets/bikaji-foods-shares-rally-4-as-q2-revenue-hits-9385-crore-but-margins-squeeze-on-rising-costs/article71669630.ece)
- [Bikaji Foods International Limited has informed the Exchange about Newspaper Publication of the Unaudited Financial Results for the quarter and half year ended on September 30, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_06112026115356_72.pdf)
- [Bikaji Foods International Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026155448_69.pdf)
- [Bikaji Foods International Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "Financial Results for H1 FY27 & Q2 FY27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026160648_70.pdf)
- [Bikaji Foods International Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026161224_71.pdf)

### Official Filings

Bikaji Foods International Limited reported unaudited financial results for Q2 and H1 FY27 (ended September 30, 2026), showing continued revenue growth alongside margin compression. Revenue from operations rose 13.0% year-over-year to ₹9,385 million in Q2, while EBITDA margin contracted by 280 basis points to 12.6%. For the half-year, revenue grew 12.8% to ₹16,728 million with an EBITDA margin of 13.0%. The company’s credit profile remains stable, with ICRA reaffirming its long-term facility rating at AA- with a Stable outlook on October 29, 2026. Shareholding data as of September 30, 2026, indicates high promoter concentration at 73.88%, with public holding at 26.12%. An earnings conference call is scheduled for November 6, 2026, to discuss these results.

- Q2 FY27 revenue increased 13.0% YoY to ₹9,385 million, but EBITDA margin fell 280 bps to 12.6%, indicating cost pressures or pricing dynamics despite top-line growth.
- H1 FY27 consolidated revenue reached ₹16,728 million (up 12.8%), with PAT at ₹1,284 million and EPS at ₹5.22; installed manufacturing capacity stands at 325,320 metric tonnes.
- ICRA reaffirmed Bikaji’s long-term bank facilities rating at AA- with a Stable outlook and short-term rating at A1+ on October 29, 2026, reflecting steady credit standing.
- Promoters hold 73.88% of shares as of September 30, 2026, leaving limited free float (26.12%); institutional investors such as Quant MF and Edelweiss MF hold minor stakes.

- [Bikaji Foods International Limited has informed the Exchange about Newspaper Publication of the Unaudited Financial Results for the quarter and half year ended on September 30, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_06112026115356_72.pdf)
- [Bikaji Foods International Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026155448_69.pdf)
- [Bikaji Foods International Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "Financial Results for H1 FY27 & Q2 FY27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026160648_70.pdf)
- [Bikaji Foods International Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026161224_71.pdf)
- [Bikaji Foods International Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_29102026131311_66.pdf)
- [BIKAJI FOODS INTERNATIONAL LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20521_WebXMLFile_20261027_155316734.xml)
- [Financial Results |Meeting Date: 05-Nov-2026](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_26102026104757_64.pdf)
- [Board Meeting Intimation |Meeting Date: 05-Nov-2026](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_20521_WebXMLFile_20261026_105257038.xml)
- [BIKAJI FOODS INTERNATIONAL LIMITED has informed the Exchange about Board Meeting to be held on 05-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Quarterly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_20521_WebXMLFile_20261026_105257038.xml)
- [AS ON DATE : 30-Sep-2026 | PR_AND_PRGRP: 73.88 | PUBLIC_VAL: 26.12 | EMPTR: 0 | NDS_REVISED_STATUS: - | SUBMISSION_DT: 16-Oct-2026 | REVISION_DT: -](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1739691_16102026014201_WEB.xml)

### Fundamentals

Bikaji Foods International demonstrates a robust operational trajectory with strong earnings quality and expanding balance-sheet capacity. For the first half of FY2026-27, revenue from operations grew sequentially from ₹734 crore in Q1 to ₹939 crore in Q2, while net profit rose from ₹59.5 crore to ₹69 crore. This momentum aligns with historical trends: sales compounded at 13% over three years and 17% over five years, with TTM profit growth reaching 29%. Earnings quality is supported by improving cash conversion; CFO/EBITDA share increased to 93% in Mar 2026 from 81% in Mar 2024, indicating efficient working capital management despite a slight rise in the Cash Conversion Cycle to 25 days.

Financial health remains solid with high returns on equity (18% last year) and ROCE stabilizing at 22% in Mar 2026 after a dip to 20% in Mar 2025. The company is actively investing for future growth, evidenced by Capital Work-in-Progress (CWIP) rising sharply to ₹147 crore by Mar 2026 and total assets increasing to ₹2,558 crore as of Sep 2026. Borrowings have also risen to ₹301 crore (current) as of Sep 2026, reflecting funding for these expansion plans. Shareholding patterns show promoters retaining a dominant 73.88% stake in Sep 2026, while DIIs increased their holding to 17.34%, signaling institutional confidence. The primary checkpoint moving forward is monitoring whether the expanded asset base translates into sustained margin improvement and cash flow generation as new capacities come online.

- Revenue and profit momentum: H1 FY2026-27 saw sequential revenue growth from ₹734 crore (Q1) to ₹939 crore (Q2), with net profit rising from ₹59.5 crore to ₹69 crore.
- Strong earnings quality: TTM profit growth stands at 29%, and cash conversion efficiency improved significantly, with CFO/EBITDA share reaching 93% in Mar 2026.
- Expansionary phase: CWIP surged to ₹147 crore by Mar 2026, and total assets grew to ₹2,558 crore as of Sep 2026, funded partly by increased borrowings of ₹301 crore (current).
- Stable returns and ownership: ROCE stabilized at 22% in Mar 2026, and promoter holding remained high at 73.88% in Sep 2026, with DII participation increasing to 17.34%.

### Bull Case

Bikaji Foods International demonstrated top-line resilience in Q2 FY27, with revenue rising 13.1% year-on-year to ₹938.5 crore. This growth was driven by strong performance in the Ethnic Snacks and Western Snacks segments, indicating sustained consumer demand for these core product categories despite broader margin pressures. The company’s shares rallied 4.12% following the report, reflecting market appreciation for the volume growth even as net profit contracted 11.3% to ₹70.78 crore due to higher input costs and marketing expenses. Additionally, the decline in packaged sweets revenue was attributed to a shift in the Diwali festive calendar to the next quarter, suggesting that this segment may see a rebound in subsequent periods. While the stock remains down over 33% year-to-date and trades below its 52-week high, the underlying revenue expansion provides a foundational basis for recovery if cost efficiencies are realized or festive tailwinds materialize.

- Q2 FY27 revenue grew 13.1% YoY to ₹938.5 crore, supported by strong sales in Ethnic and Western Snacks segments.
- Packaged sweets revenue dip linked to Diwali timing shift, potentially creating upside in the next quarter.
- Shares rose 4.12% on the back of top-line growth, offsetting concerns over an 11.3% drop in net profit to ₹70.78 crore.
- Margin pressure from rising fuel and edible oil costs highlights the need for operational efficiency to sustain profitability.

- [Bikaji Foods' Q2 profit falls 11 pc to Rs 71 crore](https://ianslive.in/bikaji-foods-q2-profit-falls-11-pc-to-rs-71-crore--20261105194107)
- [Bikaji Foods Q2 profit falls 11% on higher expenses despite 13% revenue growth](https://www.cnbctv18.com/market/stocks/bikaji-foods-share-price-q2-profit-falls-11-on-higher-expenses-despite-13-revenue-growth-20028122.htm)
- [Bikaji Foods shares rally 4% as Q2 revenue hits ₹938.5 crore, but margins squeeze on rising costs](https://www.thehindubusinessline.com/markets/stock-markets/bikaji-foods-shares-rally-4-as-q2-revenue-hits-9385-crore-but-margins-squeeze-on-rising-costs/article71669630.ece)
- [Bikaji Foods International Limited has informed the Exchange about Newspaper Publication of the Unaudited Financial Results for the quarter and half year ended on September 30, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_06112026115356_72.pdf)
- [Bikaji Foods International Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026155448_69.pdf)
- [Bikaji Foods International Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "Financial Results for H1 FY27 & Q2 FY27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026160648_70.pdf)
- [Bikaji Foods International Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026161224_71.pdf)
- [Bikaji Foods International Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_29102026131311_66.pdf)
- [BIKAJI FOODS INTERNATIONAL LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20521_WebXMLFile_20261027_155316734.xml)
- [Financial Results |Meeting Date: 05-Nov-2026](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_26102026104757_64.pdf)

### Bear Case

Bikaji Foods International faces a dual pressure of margin erosion and significant price depreciation. For Q2 FY27, net profit declined 11.3% year-on-year to ₹70.78 crore, despite a 13.1% revenue increase to ₹938.5 crore. EBITDA fell 7.4% to ₹119 crore, compressing margins to 13% due to rising input costs (fuel, edible oil) and higher marketing spend. Operational headwinds included a supply-chain challenge affecting papad sales and a timing shift in the Diwali festival that delayed packaged sweets revenue. Market sentiment remains cautious; the stock is down 33.3% year-to-date and trades 38.6% below its recent peak. Technical indicators across daily, weekly, and monthly timeframes are bearish, with the Supertrend signaling downward momentum and moving averages sloping negatively.

- Margin Contraction: EBITDA fell 7.4% to ₹119 crore while revenue grew 13.1%, narrowing margins to 13% amid rising fuel, edible oil, and marketing costs.
- Profit Decline: Net profit dropped 11.3% YoY to ₹70.78 crore for Q2 FY27, driven by operational pressures and supply-chain issues impacting papad sales.
- Price Underperformance: The stock has fallen 33.3% year-to-date and is currently 38.6% below its high, trading at ₹492.4 on November 5, 2026.
- Bearish Technical Setup: Daily, weekly, and monthly Supertrends are bearish, with negative slopes on EMA-20 and SMA-50, indicating sustained downward pressure.

- [Bikaji Foods' Q2 profit falls 11 pc to Rs 71 crore](https://ianslive.in/bikaji-foods-q2-profit-falls-11-pc-to-rs-71-crore--20261105194107)
- [Bikaji Foods Q2 profit falls 11% on higher expenses despite 13% revenue growth](https://www.cnbctv18.com/market/stocks/bikaji-foods-share-price-q2-profit-falls-11-on-higher-expenses-despite-13-revenue-growth-20028122.htm)
- [Bikaji Foods shares rally 4% as Q2 revenue hits ₹938.5 crore, but margins squeeze on rising costs](https://www.thehindubusinessline.com/markets/stock-markets/bikaji-foods-shares-rally-4-as-q2-revenue-hits-9385-crore-but-margins-squeeze-on-rising-costs/article71669630.ece)
- [Bikaji Foods International Limited has informed the Exchange about Newspaper Publication of the Unaudited Financial Results for the quarter and half year ended on September 30, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_06112026115356_72.pdf)
- [Bikaji Foods International Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026155448_69.pdf)
- [Bikaji Foods International Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "Financial Results for H1 FY27 & Q2 FY27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026160648_70.pdf)
- [Bikaji Foods International Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026161224_71.pdf)
- [Bikaji Foods International Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_29102026131311_66.pdf)
- [BIKAJI FOODS INTERNATIONAL LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20521_WebXMLFile_20261027_155316734.xml)
- [Financial Results |Meeting Date: 05-Nov-2026](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_26102026104757_64.pdf)

### FAQs

**How did Bikaji Foods perform in Q2 FY27, and why did profits fall despite revenue growth?**

For Q2 FY27 (ended September 30, 2026), Bikaji reported a 13.0% year-on-year revenue increase to ₹9,385 million. However, net profit declined by 11.3% to ₹70.78 crore. This divergence occurred because EBITDA fell 7.4% to ₹1,187 million as margins contracted due to rising input costs (fuel and edible oil) and higher marketing expenditure.

**What specific factors impacted segment performance in the quarter?**

Growth was driven by strong demand in Ethnic and Western Snacks segments. Conversely, the Packaged Sweets segment saw revenue decline due to the Diwali festive calendar shifting to the next quarter. Additionally, Papad sales dipped amid supply-chain challenges, contributing to overall margin pressure.

**What is the current market valuation and technical trend for Bikaji shares?**

As of November 5, 2026, the stock closed at ₹492.4 with a market capitalization of approximately ₹11,857 crore. The stock remains under significant pressure, down 33.3% year-to-date and 32.6% over the past year. Technical indicators show a bearish trend across daily, weekly, and monthly timeframes, with the price trading well below its 52-week high.

- [Bikaji Foods' Q2 profit falls 11 pc to Rs 71 crore](https://ianslive.in/bikaji-foods-q2-profit-falls-11-pc-to-rs-71-crore--20261105194107)
- [Bikaji Foods Q2 profit falls 11% on higher expenses despite 13% revenue growth](https://www.cnbctv18.com/market/stocks/bikaji-foods-share-price-q2-profit-falls-11-on-higher-expenses-despite-13-revenue-growth-20028122.htm)
- [Bikaji Foods shares rally 4% as Q2 revenue hits ₹938.5 crore, but margins squeeze on rising costs](https://www.thehindubusinessline.com/markets/stock-markets/bikaji-foods-shares-rally-4-as-q2-revenue-hits-9385-crore-but-margins-squeeze-on-rising-costs/article71669630.ece)
- [Bikaji Foods International Limited has informed the Exchange about Newspaper Publication of the Unaudited Financial Results for the quarter and half year ended on September 30, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_06112026115356_72.pdf)
- [Bikaji Foods International Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026155448_69.pdf)
- [Bikaji Foods International Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "Financial Results for H1 FY27 & Q2 FY27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026160648_70.pdf)
- [Bikaji Foods International Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026161224_71.pdf)
- [Bikaji Foods International Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_29102026131311_66.pdf)
- [BIKAJI FOODS INTERNATIONAL LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20521_WebXMLFile_20261027_155316734.xml)
- [Financial Results |Meeting Date: 05-Nov-2026](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_26102026104757_64.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹491.77
- Risk regime: Higher Price Risk

### Support levels
- 448.05
- 473.6333333333333
- 454.8666666666667

### Resistance levels
- 501.3
- 668.3
- 693.93896484375

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -3.13% |
| return_10 | +3.08% |
| return_1m | -0.85% |
| return_1y | -34.34% |
| return_20 | +1.78% |
| return_3m | -23.59% |
| return_5 | +5.68% |
| return_6m | -30.13% |
| return_since_start | -37.15% |
| return_ytd | -35.40% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -43.68% |
| annualized_volatility | +30.81% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Bikaji Foods International Limited Q2 FY2026-27: Revenue grows 13%, profit declines

Bikaji Foods International’s revenue from operations rose 13.0% year on year to ₹938.5 crore in Q2 FY2026-27, while profit for the period fell 11.2% to ₹69.0 crore. Revenue and profit both increased sequentially, but cash generated from operations of ₹90.5 crore was below investing outflows of ₹143.4 crore, leaving free cash flow negative at ₹52.9 crore.

## Revenue rose, but profit remained below the year-earlier quarter

Revenue from operations increased 27.8% from ₹734.3 crore in Q1 FY2026-27, a rise of ₹204.3 crore. Total expenses rose 28.2% sequentially to ₹854.4 crore from ₹666.7 crore, slightly outpacing revenue growth. Other expenses increased 29.6% to ₹141.9 crore, and finance costs rose 36.4% to ₹7.1 crore. Cost of materials consumed was ₹649.4 crore in Q2.

Profit before tax was ₹92.9 crore, up 15.0% from Q1 but down 13.5% from ₹107.3 crore in Q2 FY2025-26. Profit for the period increased 15.9% sequentially from ₹59.5 crore, but declined 11.2% from ₹77.7 crore a year earlier. Basic and diluted earnings per share were ₹2.82, compared with ₹2.40 in Q1 and ₹3.18 in Q2 FY2025-26. Trailing-twelve-month EPS was ₹9.95.

## Operating cash flow did not cover investing outflows

Cash flow from operating activities was ₹90.5 crore in Q2, against an investing outflow of ₹143.4 crore. Free cash flow was negative ₹52.9 crore, while financing activities provided ₹35.7 crore. Cash and cash equivalents stood at ₹26.5 crore on 30 September 2026, compared with ₹39.9 crore on 31 March 2026.

Property, plant and equipment increased to ₹928.9 crore from ₹798.4 crore at 31 March, while capital work in progress rose to ₹156.3 crore from ₹150.3 crore. Goodwill was ₹35.2 crore, up from ₹30.4 crore at the same date.

## Working-capital balances were higher at quarter-end

At 30 September 2026, inventories stood at ₹223.2 crore, compared with ₹117.4 crore at 31 March, and trade receivables were ₹186.9 crore, up from ₹107.1 crore. Trade payables increased to ₹116.7 crore from ₹64.8 crore. Current assets were ₹1,001.7 crore and current liabilities were ₹520.6 crore, compared with ₹865.9 crore and ₹351.0 crore, respectively, at 31 March.

## Key Takeaway

Q2 combined strong sequential growth in revenue and profit with year-on-year declines in profit before tax and profit for the period. Operating cash generation was positive but did not cover investing outflows, while inventories and receivables were substantially higher than at 31 March—key features of the quarter’s earnings and cash-flow profile.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +73.88%
- FII holding: +4.74%
- DII holding: +17.34%
- Mutual fund holding: +13.43%
- Retail holding: +3.39%
- Promoter pledged: +0.00%

### Major reported shareholders

- Late Shiv Ratan Agarwal — +33.70%
- Shiv Ratan Agarwal HUF — +24.41%
- Deepak Agarwal — +14.30%
- QUANT MUTUAL FUND - QUANT SMALL CAP FUND — +3.46%
- EDELWEISS TRUSTEESHIP CO LTD AC- EDELWEISS MF AC-EDELWEISS SMALL CAP FUND — +1.86%
- HSBC MUTUAL FUND - HSBC SMALL CAP FUND — +1.78%
- HDFC LIFE INSURANCE COMPANY LIMITED — +1.69%
- Sushila Agarwal — +1.45%
- ADITYA BIRLA SUN LIFE MUTUAL FUND - ADITYA BIRLA SUN LIFE SPECIAL OPPORTUNITIES FUND — +1.39%
- ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED — +1.16%

## Official filings

- 2026-11-06 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_06112026115356_72.pdf)
- 2026-11-06 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20521_WebXMLFile_20261106_194036925.xml)
- 2026-11-06 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_06112026193553_73.pdf)
- 2026-11-06 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20521_WebXMLFile_20261106_194215089.xml)
- 2026-11-06 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20521_WebXMLFile_20261106_203540551.xml)
- 2026-11-05 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026155448_69.pdf)
- 2026-11-05 — Press Release: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026160648_70.pdf)
- 2026-11-05 — Earnings Presentation: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_05112026161224_71.pdf)
- 2026-10-29 — Credit Rating Update: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_29102026131311_66.pdf)
- 2026-10-27 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20521_WebXMLFile_20261027_155316734.xml)
- 2026-10-26 — Board Meeting Notice: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_26102026104757_64.pdf)
- 2026-10-26 — Board Meeting Notice: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_20521_WebXMLFile_20261026_105257038.xml)
- 2026-10-26 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_20521_WebXMLFile_20261026_105257038.xml)
- 2026-10-16 — Shareholding Disclosure: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1739691_16102026014201_WEB.xml)
- 2026-10-09 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_09102026135057_61.pdf)
- 2026-09-25 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_25092026120940_55.pdf)
- 2026-09-25 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_20521_WebXMLFile_20260925_121228723.xml)
- 2026-08-27 — Press Release: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_27082026085209_53.pdf)
- 2026-08-20 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_20082026140353_49.pdf)
- 2026-08-20 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_20082026185258_50.pdf)
- 2026-08-12 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_12082026165951_48.pdf)
- 2026-08-12 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20521_WebXMLFile_20260812_170427794.xml)
- 2026-08-06 — Earnings Presentation: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20521_WebXMLFile_20260806_195424349.xml)
- 2026-08-06 — Generic Announcement: Bikaji Foods International Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_20521_WebXMLFile_20260806_195536328.xml)
- 2026-08-06 — Generic Announcement: Bikaji Foods International Limited has provided a link to the audio recording of their earnings conference call for the quarter ended June 30, 2026. The call, which discussed the unaudited financial results, was conducted on August 6, 2026. No unpublished price-sensitive information was shared during the call, and the recording is also available on the company's website. — [Official attachment](https://nsearchives.nseindia.com/corporate/BIKAJIFOODS_06082026194805_47.pdf)

## News and market events

- 2026-11-05 — IANSLIVE.IN: **Bikaji Foods' Q2 profit falls 11 pc to Rs 71 crore** — Bikaji Foods International reported an 11.3% year-on-year decline in net profit to Rs 70.78 crore for Q2 FY27, despite a 13.1% revenue increase driven by strong growth in ethnic and western snacks segments. Profitability was pressured as EBITDA fell 7% to Rs 119 crore, with margins narrowing to 13%, while the packaged sweets segment saw revenue drop due to Diwali timing shifts and papad sales declined amid supply-chain challenges. — [Source](https://ianslive.in/bikaji-foods-q2-profit-falls-11-pc-to-rs-71-crore--20261105194107)
- 2026-11-05 — CNBC-TV18: **Bikaji Foods Q2 profit falls 11% on higher expenses despite 13% revenue growth** — Bikaji Foods International reported an 11.3% year-on-year decline in net profit to ₹70.78 crore for Q2 FY27, despite a 13.1% revenue increase driven by strong growth in ethnic and western snacks segments. The company attributed the contraction in packaged sweets revenue to a shift in the Diwali festive calendar to the next quarter and noted a dip in papad sales due to supply chain issues. — [Source](https://www.cnbctv18.com/market/stocks/bikaji-foods-share-price-q2-profit-falls-11-on-higher-expenses-despite-13-revenue-growth-20028122.htm)
- 2026-11-05 — The Hindu: **Bikaji Foods shares rally 4% as Q2 revenue hits ₹938.5 crore, but margins squeeze on rising costs** — Bikaji Foods International shares rose 4.12% after the company reported a 13% year-on-year revenue increase to ₹938.5 crore for Q2 FY27, driven by strong growth in its Ethnic Snacks and Western Snacks segments. However, profitability faced pressure as EBITDA fell 7.4% and margins contracted due to rising input costs, particularly fuel and edible oil, alongside higher marketing expenditure. Despite the quarterly top-line growth, the stock remains down over 33% year-to-date and trades significantly below its 52-week high. — [Source](https://www.thehindubusinessline.com/markets/stock-markets/bikaji-foods-shares-rally-4-as-q2-revenue-hits-9385-crore-but-margins-squeeze-on-rising-costs/article71669630.ece)
- 2026-09-30 — The Hindu: **Edible oil duty cut may ease pressure on namkeen prices and pack sizes** — Landed costs could fall 4-9%; snack makers yet to commit on ₹5 and ₹10 packs before Diwali — [Source](https://www.thehindubusinessline.com/economy/cheaper-edible-oil-may-help-save-the-grams-in-a-10-snack-pack-this-diwali/article71521448.ece)
- 2026-09-28 — Times of India: **Edible oil duty cut may lift margins of snack makers** — BENGALURU: The cut in edible oil import duties could ease costs for makers of biscuits, noodles and fried snacks, but cheaper packs may not follow — [Source](https://timesofindia.indiatimes.com/business/india-business/edible-oil-duty-cut-may-lift-margins-of-snack-makers/articleshow/134528847.cms)
- 2026-09-23 — MONEYCONTROL: **Bikaji Foods shares snap 2-day fall to rise 7% as CEO maintains FY27 sales, volume outlook** — stock — [Source](https://www.moneycontrol.com/news/business/markets/bikaji-foods-shares-snap-2-day-fall-to-rise-7-as-ceo-maintains-fy27-sales-volume-outlook-14036452.html)
- 2026-09-11 — BUSINESSTODAY: **Consumer stocks: Systematix stays cautious on ITC shares; prefers Marico, Bikaji Foods, Dodla Dairy** — ITC, ITC shares, Systematix Institutional Equities, consumer stocks, consumer staples, cigarette volumes, cigarette demand, Marico, Bikaji Foods International, Dodla Dairy, Dabur India, Godrej Consumer Products, Hindustan Foods, Patanjali Foods, Britannia Industries, CCL Products, Colgate-Palmolive India, Hindustan Unilever, Nestle India, Prataap Snacks, Tata Consumer Products, ITC target price, Marico target price, Bikaji Foods target price, Dodla Dairy target price — [Source](https://www.businesstoday.in/markets/stocks/story/consumer-stocks-systematix-stays-cautious-on-itc-shares-prefers-marico-bikaji-foods-dodla-dairy-554875-2026-09-11)
- 2026-09-09 — Mint: **Sugar rush leaves packaged-food makers with bitter choices | Mint** — Sugar is the biggest raw material for companies that use it across candies, confectionery, chocolates, biscuits, baked goods, sweets and beverages. — [Source](https://www.livemint.com/industry/retail/sugar-costs-push-packaged-food-makers-towards-price-hikes-smaller-packs-11788839180703.html)
- 2026-09-08 — Times of India: **Robust GDP, record forex: Why economic boom is still taking a bite out of your breakfast** — India Business News: India’s economy clocked a herculean 7.8% growth in the April-June quarter of FY27. But is the average Indian feeling the boom?Despite global turbulenc. — [Source](https://timesofindia.indiatimes.com/business/india-business/robust-gdp-record-forex-why-economic-boom-is-still-taking-a-bite-out-of-your-breakfast/articleshow/133924981.cms)
- 2026-09-07 — Economic Times: **A bitter pill for sweet lovers as sugar prices put festive mithai, chocolates and biscuits at risk of a hike** — Consumer goods companies are planning price hikes due to high sugar costs. Bikaji Foods is already implementing a two percent increase on its sweets. Companies face significant cost increases compared to recent months. This pressure comes after previous price adjustments for commodity inflation. Further price increases or grammage cuts are anticipated in packaged foods. — [Source](https://economictimes.indiatimes.com/industry/cons-products/fmcg/a-bitter-pill-for-sweet-lovers-as-sugar-prices-put-festive-mithai-chocolates-and-biscuits-at-risk-of-a-hike/articleshow/133865853.cms)
- 2026-09-06 — Economic Times: **Ahead of Market: 10 things that will decide stock market action on Monday** — Indian benchmark indices ended slightly higher on Friday, with the Sensex rising 363 points and Nifty closing below 23,898. Investors monitored global market cues, US economic data, and inflation reports, while stock-specific action drove intraday activity across major sectors in a sideways-moving market environment. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-stock-market-action-on-monday/articleshow/133834844.cms)
- 2026-09-01 — CNBC-TV18: **Vardhman Textiles, Graphite India, ITC lead Nifty 500 gainers as Prestige Estates, KEI Industries fall at market open** — Some Nifty 500 stocks rallied at market open, led by a sharp volume spike in one counter, while others slid on profit booking — here's a look at today's top gainers and losers. — [Source](https://www.cnbctv18.com/market/nifty-500-top-gainers-losers-market-open-vardhman-textiles-graphite-india-itc-adani-green-19981152.htm)
- 2026-08-27 — BUSINESS: **Bikaji Foods rises after forging strategic partnership with bakery expert Thayekunni Khaleel** — Bikaji Foods International added 2.28% to Rs 624.65 after the company announced a strategic partnership with Thayekunni Khaleel, a world-renowned technical expert in the bakery industry, through Bikaji Bakes (BBPL). — [Source](https://www.business-standard.com/markets/capital-market-news/bikaji-foods-rises-after-forging-strategic-partnership-with-bakery-expert-thayekunni-khaleel-126082700179_1.html)
- 2026-08-06 — CNBC-TV18: **Bikaji Foods targets 15% profit margin in FY27, says COO Manoj Verma** — Bikaji Foods COO Manoj Verma said the Rajasthan-based FMCG company projects 15-16% value growth and 11% volume growth for the year, with focus-state markets outpacing core markets. Export shipments to the US declined due to rising freight costs, though demand remained steady. Bikaji plans to add 50,000 outlets this year and continues to see rapid growth on quick commerce channels. — [Source](https://www.cnbctv18.com/market/earnings/rajasthan-bikaji-foods-targets-15-profit-margin-in-fy27-coo-manoj-verma-q1-earnings-results-boardroom-19963278.htm)
- 2026-08-06 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: Nifty Defence index rises over 2%; HAL, Ideaforge top gainers** — Sensex Today | Stock Market LIVE Updates: The markets are once again moving on a cautious note, with the Nifty trading flat around the 24,600 mark. The Nifty Bank is also in the same state, trying to scale the 58,000 mark. Titan, Reliance and Eternal are the top gainers. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-hdfc-bank-aurobindo-cummins-biocon-pb-fintech-lic-trent-share-price-liveblog-19962846.htm)
- 2026-08-06 — CNBC-TV18: **Q1 Results LIVE Updates: Swiggy rises 5% on 5-year growth strategy; Ixigo, Lupin report today** — Q1 Results LIVE Updates; Trent, Britannia, Lupin, Samvardhana Motherson, Apollo Tyres, Blue Star, Premier Energies, HCC, NCC, PG Electroplast, Emcure Pharma, Firstsource Solutions are some of the many companies that will be reporting their results during the course of Thursday's trading session on Dalal Street. Result reactions today come from PB Fintech, Aurobindo Pharma, Cummins India, GE Vernova T&D, ION Exchange and many others. Watch this space for all the LIVE Q1 result updates, management and brokerage commentary along with stock moves. — [Source](https://www.cnbctv18.com/market/q1-results-live-updates-cummins-ge-vernova-td-pb-fintech-trent-britannia-hero-lupin-samil-pgel-apollo-tyres-sci-ncc-hcc-premier-energies-share-price-liveblog-19962840.htm)
- 2026-08-06 — The Hindu: **Sensex today | Stock Market Live: Stock to buy today: Tata Steel (₹191.25)** — Sensex, Nifty, Share Prices LIVE: Tata Steel is poised for a breakout above ₹193, with the potential to rally to ₹210. Buy at ₹191, accumulate near ₹187, and book profits at ₹210. — [Source](https://www.thehindubusinessline.com/markets/sensex-nifty50-today-stock-market-live-updates-6-august-2026/article71309748.ece)
- 2026-08-05 — CNBC-TV18: **Why Bikaji's booming sales didn't translate into higher profits this quarter** — Bikaji Foods reported 12.5% revenue growth in the June quarter, driven by strong demand for ethnic and western snacks. However, higher input costs weighed on profitability, leaving net profit largely unchanged despite improved gross margins. — [Source](https://www.cnbctv18.com/business/companies/bikaji-foods-q1-results-pat-flat-at-rs-60-crore-revenue-rises-12-5-pc-19962722.htm)

## Business profile

**Strategic vision:** Indian branded foods company specializing in snacks and sweets.

### Business segments
- **Traditional Indian Snacks:** This segment includes a diverse range of traditional savory snacks like Namkeens, Bhujia, and Papads, as well as sweets.
- **Western Snacks and Frozen Food:** The company has expanded its offerings to include Western snacks and frozen food items, catering to a broader market.
- **Foodservice:** Bikaji operates in the foodservice segment with restaurant sales and frozen/snack-based foodservice offerings.

### Competitive strengths
- Established brand recognition for traditional Indian snacks.
- Extensive manufacturing and distribution network across India.
- Presence in international markets catering to diaspora communities.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/bikaji
Markdown representation: https://faxioms.com/stocks/bikaji?render=md