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/E50.8

Book Value₹ 69

Price to Book9.34

Dividend Yield0.23 %

ROCE21.9 %

ROE17.4 %

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 24.6% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 24.3%
Company has delivered good sales growth of 16.6% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.00x)
Company comfortably covers its interest (31.2x coverage)
Company generates healthy free cash flow

CONS

Total debt has risen sharply - up 39.4% year on year
Stock is trading at 9.3x its book value
Though reporting repeated profits, the company pays out little dividend (11.6%)
Expensive relative to growth - PEG of 2.1
Rich enterprise valuation - EV/EBITDA of 34.0x

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	477	597	613	513	548	698	660	568	608	780	717	654	678
	412	509	537	445	472	606	621	506	525	665	636	577	602
Operating Profit	65	88	76	67	76	91	38	62	83	115	81	77	76
OPM %	13.67%	14.80%	12.41%	13.10%	13.84%	13.11%	5.79%	10.91%	13.65%	14.77%	11.29%	11.79%	11.20%
	6	6	6	11	7	8	6	7	8	0	10	14	11
Interest	2	2	2	2	2	2	3	3	3	4	3	2	3
Depreciation	13	15	15	15	17	18	18	18	18	18	18	19	19
Profit before Tax	58	78	65	155	80	96	41	65	85	109	84	84	87
Tax %	25.43%	21.58%	24.38%	24.92%	25.87%	25.86%	25.86%	25.39%	25.57%	28.83%	23.11%	24.16%	25.69%
Net Profit	43	61	49	116	60	71	30	48	63	78	65	64	65
	1.73	2.46	1.96	4.64	2.38	2.85	1.18	1.93	2.52	3.10	2.58	2.54	2.58

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	608	781	902	1,075	1,308	1,599	1,944	2,295	2,541	2,817	2,829
	534	681	810	981	1,163	1,456	1,732	1,900	2,204	2,402	2,480
Operating Profit	74	100	93	94	145	142	212	394	336	415	349
OPM %	12.10%	12.81%	10.27%	8.73%	11.10%	8.90%	10.90%	17.19%	13.24%	14.74%	12.34%
	6	3	10	8	11	10	22	26	28	32	35
Interest	3	5	4	5	3	7	9	9	11	12	12
Depreciation	12	17	22	34	33	37	45	56	70	73	74
Profit before Tax	64	82	76	62	120	109	181	356	282	362	364
Tax %	31.90%	35.50%	32.86%	11.16%	25.13%	26.61%	23.35%	24.17%	25.76%	25.65%	25.68%
Net Profit	44	53	51	55	90	80	138	270	210	269	270
EPS	18.78	22.63	21.09	2.28	3.69	3.23	5.54	10.77	8.37	10.73	—
Dividend Payout %	10.66%	8.84%	9.53%	8.76%	5.42%	9.36%	13.52%	9.28%	11.95%	11.65%	—

COMPOUNDED SALES GROWTH

10 Years:: 18%
5 Years:: 17%
3 Years:: 13%

COMPOUNDED PROFIT GROWTH

10 Years:: 21%
5 Years:: 25%
3 Years:: 25%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 16%
5 Years:: 17%
3 Years:: 19%
Last Year:: 17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	23	23	24	24	24	25	25	25	25	25
	236	284	446	504	580	795	923	1,197	1,391	1,644
	117	121	67	61	83	128	110	113	157	216
Trade Payables	18	22	29	14	39	41	51	50	52	46
	60	91	81	139	77	218	132	118	128	119
Total Liabilities	455	541	648	742	803	1,206	1,240	1,503	1,753	2,050
	228	310	393	400	402	476	602	748	751	724
Capital Work in Progress	83	47	13	3	33	48	70	12	92	147
	2	3	3	37	87	146	41	60	180	238
	26	31	38	36	56	70	75	71	88	95
	0	0	0	0	0	0	0	110	94	105
Cash & Bank	1	67	103	88	87	89	96	175	190	248
	116	83	97	178	138	378	358	326	359	493
Total Assets	455	541	648	742	803	1,206	1,240	1,503	1,753	2,050

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	55	97	85	63	140	101	223	243	214	294
Cash from Investing	-72	-63	-67	-54	-129	-220	-131	-207	-192	-311
Cash from Financing	32	-10	58	-26	2	157	-2	-45	-8	8
	-3	5	55	-29	-6	-4	43	-10	14	-9

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	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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