Bikaji Foods FY26 Results (NSE: BIKAJI)
Signal: Steady quarter
The read
Q4FY26 standalone revenue growth of 15.8% YoY to ₹657 Cr, with PAT surging 31.3% to ₹63.6 Cr driven by revenue growth, lower finance costs (-36.9% YoY) and higher other income (+93.6% YoY). Operating margin remained flat at 12.8% YoY as input cost pressure (raw material % up 70bps) was offset by lower other expenses. Full-year FY26 PAT ₹269 Cr (+28.3% YoY) on revenue ₹2,759 Cr (+11.6% YoY) — a 170bps PAT margin expansion. The company announced strategic expansion through subsidiary investments (Bikaji Bakes, Jai Barbareek Dev Snacks for contract manufacturing, Bikaji USA) and recommended a final dividend of ₹1.25/share. Key concern: net debt increased to ₹193 Cr (from ₹144 Cr in FY25) as borrowings funded capex and subsidiary acquisitions. Auditor's report is unmodified — no red flags.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | 65,731 Lakh | +15.8% | -8.2% |
| EBIT | 8,387 Lakh | +29.1% | |
| Net profit | 6,361 Lakh | +31.3% | |
| EPS | ₹2.54 | +31.6% | |
| EBIT margin | 12.8% |
P&L walk
Consolidated financial results not separately tabled in filing; standalone figures presented with note that the company has subsidiaries but no consolidated P&L is printed — likely consolidated results are same as standalone given 100% subsidiaries, but not explicitly provided.
Key positives
- Q4 revenue grew 15.8% YoY to ₹65,731 lakh — consistent double-digit growth trajectory.
- PAT grew 31.3% YoY (₹6,361 lakh) despite flat margins — driven by higher other income (+93.6%) and lower finance costs (-36.9%).
- Full-year PAT margin expanded ~170bps YoY (from 8.0% to 9.8% of revenue).
- Finance cost declined sharply (-36.9% YoY) despite higher borrowings — suggests lower interest rate or better debt restructuring.
- Board approved strategic expansion into baked snacks (Bikaji Bakes) and contract manufacturing (Jai Barbareek Dev Snacks) broadening product portfolio.
- Unmodified audit opinion and clean auditor's report — no qualification or emphasis of matter.
- EPS growth (31.6%) aligned with PAT growth — no dilution.
Key concerns
- Operating margin flat at 12.8% YoY — input cost as % of revenue increased 70bps YoY, indicating raw material inflation partially absorbed.
- Net debt increased to ₹193 Cr (from ₹144 Cr in FY25) — borrowings funded capex, subsidiary investments and working capital; debt-to-equity still low at ~0.12.
- Q4 sequential revenue declined 8.2% vs Q3FY26 (seasonal pattern) — but YoY growth remains solid.
- Other income (₹14.06 Cr) boosted PAT significantly — core operating PAT (excluding other income and lower finance costs) would have grown less.
- Full-year capex (PPE purchase + CWIP additions) not explicitly quantified, but CWIP jumped from ₹9,168 lakh to ₹14,685 lakh indicating ongoing expansion spending.
Research and educational content only. Not investment advice.