Bikaji Foods International Ltd.

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bikaji.comBSE: 543653NSE: BIKAJI

Market Cap₹ 13,753 Cr.

Current Price

High / Low₹ 801 / 547

Stock P/E53.2

Book Value₹ 66

Price to Book9.73

Dividend Yield0.23 %

ROCE21.6 %

ROE17.1 %

Face Value₹ 1

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ABOUT

AI Sector View

AI GENERATED

Fast Moving Consumer Goods

Hold

Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.

Confidence

62%

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PROS

Company has delivered good profit growth of 23.0% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 23.5%
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 18.0% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.04x)

CONS

Total debt has risen sharply - up 36.6% year on year
Stock is trading at 9.7x its book value
Though reporting repeated profits, the company pays out little dividend (12.1%)
Expensive relative to growth - PEG of 2.3
Rich enterprise valuation - EV/EBITDA of 33.5x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Fast Moving Consumer GoodsFMCGConsumer Food

Part ofNIFTY TOTAL MKT NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	NESTLEIND	1384.00	70.03	266878.70	0.87	9586.80	1382.67	63781.80	1157.04	98.35	23.86
2.	VBL	416.25	41.58	140795.10	0.36	1525.36	15.08	8650.57	20.77	20.73	27.04
3.	BRITANNIA	4970.00	45.97	119711.54	1.82	593.38	14.08	4999.97	10.26	56.48	16.77
4.	JUBLFOOD	470.40	71.52	31039.12	0.26	100.03	6.03	2569.65	13.66	25.56	19.77
5.	HATSUN	1222.80	78.20	27237.66	0.49	60.58	—	2363.72	17.61	17.40	10.81
6.	MILKYMIST	293.30	177.78	22579.51	0.00	646.79	—	9734.46	—	13.79	14.77
7.	ZYDUSWELL	552.65	93.43	17583.15	0.22	118.90	-7.04	1437.00	67.54	4.42	16.82
8.	DEVYANI	137.95	0.00	17008.40	0.00	171.04	7576.84	15805.16	1064.74	8.98	16.09
9.	LTFOODS	437.85	23.74	15204.47	0.69	183.45	8.87	3151.83	27.92	19.77	11.26
10.	BIKAJI	548.50	53.20	13752.89	0.23	59.47	1.62	734.26	15.26	21.65	13.48
11.	MANORAMA	2063.45	52.81	13024.99	0.04	78.66	67.55	404.01	39.53	35.00	26.29
12.	KWIL	43.05	0.00	10114.99	0.00	50.70	354.77	878.30	99.34	—	11.77

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	482	608	624	521	555	703	696	594	637	815	776	707	734
	416	521	549	453	480	614	658	537	556	702	692	633	667
Operating Profit	65	87	75	68	75	90	38	57	81	113	84	74	68
OPM %	13.58%	14.31%	11.97%	12.98%	13.45%	12.73%	5.47%	9.65%	12.66%	13.85%	10.84%	10.45%	9.21%
	6	6	6	12	7	8	8	10	10	8	11	18	13
Interest	2	3	3	3	3	3	4	5	5	5	4	4	5
Depreciation	13	16	16	15	18	19	21	25	23	24	24	24	26
Profit before Tax	56	75	62	155	78	93	39	55	79	107	82	77	81
Tax %	25.85%	20.48%	26.04%	24.85%	26.01%	26.48%	27.41%	26.83%	25.52%	27.63%	23.78%	27.50%	26.34%
Net Profit	0	0	0	0	58	69	28	40	59	78	62	56	59
	1.67	2.45	1.87	4.64	2.33	2.75	1.15	1.79	2.39	3.18	2.48	2.25	2.40

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	901	1,075	1,311	1,611	1,966	2,329	2,617	2,994	3,032
	808	980	1,166	1,471	1,752	1,937	2,288	2,583	2,694
Operating Profit	93	95	145	140	214	392	329	411	338
OPM %	10.37%	8.84%	11.07%	8.70%	10.87%	16.83%	12.57%	13.73%	11.16%
	9	8	11	10	23	27	32	47	50
Interest	4	5	3	7	11	11	15	18	18
Depreciation	23	34	33	38	49	60	82	95	98
Profit before Tax	76	64	120	105	177	348	264	345	347
Tax %	32.86%	11.42%	24.79%	27.60%	23.19%	24.28%	26.55%	26.21%	26.40%
Net Profit	51	56	90	76	136	263	194	254	255
EPS	2.11	2.32	3.71	3.15	5.49	10.61	8.01	10.30	—
Dividend Payout %	9.55%	8.63%	5.39%	9.60%	13.64%	9.42%	12.48%	12.14%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 18%
3 Years:: 15%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 23%
3 Years:: 23%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: 3%
1 Year:: -29%

RETURN ON EQUITY

10 Years:: —
5 Years:: 17%
3 Years:: 19%
Last Year:: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	24	24	24	25	25	25	25	25
Minority Interest	0	0	2	-0	-1	-2	97	100
	445	505	581	793	919	1,189	1,352	1,577
	62	61	87	146	134	127	232	318
Trade Payables	29	14	42	43	53	59	69	65
	89	139	168	221	141	132	152	146
Total Liabilities	650	743	905	1,227	1,271	1,530	1,927	2,231
	394	402	419	507	656	806	978	1,004
Capital Work in Progress	13	3	36	49	70	12	96	150
	3	37	69	126	20	31	56	44
	38	36	57	73	78	82	108	117
	0	0	0	0	0	104	101	107
Cash & Bank	96	88	87	90	96	177	219	316
	105	178	237	381	351	317	370	491
Total Assets	650	743	905	1,227	1,271	1,530	1,927	2,231

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	90	66	139	99	218	245	193	304
Cash from Investing	-92	-58	-119	-232	-123	-199	-131	-289
Cash from Financing	40	-31	-9	169	-5	-54	-55	0
	17	-34	-6	-5	43	-8	7	15

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75.10	74.98	74.98	74.92	74.92	73.92	73.92	73.88	73.88
	7.51	7.48	7.69	7.33	6.64	6.34	4.92	4.68	4.61
	13.32	12.78	11.95	12.21	13.37	14.77	16.62	17.28	17.51
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	4.06	4.76	5.37	5.56	5.07	4.97	4.55	4.15	4.02

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-27

Press Release

2026-08-27 - Bikaji Foods International Limited has informed the Exchange regarding a press release dated August 27, 2026, titled "Partnership with World-Renowned Bakery Expert Thayekunni Khaleel to Drive the Next Phase of Growth for Bikaji Bakes Private Limited".

2026-08-26

Sale or disposal

2026-08-26 - Bikaji Foods International Limited has informed the Exchange about Sale of 30 % Equity Stake in Bikaji Bakes Private Limited, a non-material Wholly -Owned Subsidiary

2026-08-20

Appointment

2026-08-20 - Bikaji Foods International Limited has informed the Exchange regarding Re-Appointment of Mr Nikhil Kishorchandra Vora as Non- Executive Independent Director of the company w.e.f. December 08, 2026 at 31st Annual General Meeting.

2026-08-20

Appointment

2026-08-20 - Bikaji Foods International Limited has informed the Exchange regarding Re-Appointment of Mr Pulkit Anilkumar Bachhawat as Non- Executive Independent Director of the company w.e.f. December 08, 2026 at 31st Annual General Meeting.

2026-08-20

Appointment

2026-08-20 - Bikaji Foods International Limited has informed the Exchange regarding Re-Appointment of Mrs Richa Manoj Goyal as Non- Executive Independent Director of the company w.e.f. December 08, 2026 at 31st Annual General Meeting.

2026-08-20

Appointment

2026-08-20 - Bikaji Foods International Limited has informed the Exchange regarding Re-Appointment of Mr Siraj Azmat Chaudhry as Non- Executive Independent Director of the company w.e.f. August 24, 2026 at 31st Annual General Meeting.

2026-08-20

Appointment

2026-08-20 - Bikaji Foods International Limited has informed the Exchange regarding Re-Appointment of Mrs Shweta Agarwal as Executive Director of the company w.e.f. February 01, 2027 at 31st Annual General Meeting.

2026-08-20

Appointment

2026-08-20 - Bikaji Foods International Limited has informed the Exchange regarding Re-Appointment of Mr Deepak Agarwal as Chairman & Managing Director of the company w.e.f. February 01, 2027 at 31st Annual General Meeting.

2026-08-20

Shareholders meeting

2026-08-20 - Bikaji Foods International Limited has informed the Exchange about Shareholders meeting

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