Bikaji Foods Q2 FY27 Results (NSE: BIKAJI)
Signal: Steady quarter
The read
The key inflection is sequential revenue recovery to ₹85,654.83 lakh, +28.9% QoQ, but the trajectory remains margin-sensitive: total expenses rose 13.8% YoY against 9.8% revenue growth, taking PAT down 9.2% and H1 PAT down 4.1% despite the recovery.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹856.55 Cr | +9.8% | +28.9% |
| Net profit | ₹70.44 Cr | -9.2% | |
| EPS | ₹2.81 | -9.4% | |
| EBIT margin | N/A |
P&L walk
Standalone revenue rose 9.8% YoY, but total expenses grew 13.8%, pushing profit before tax down 17.1% and PAT down 9.2%; the quarter also included a ₹383.90 lakh exceptional impairment.
Key positives
- Revenue from operations increased 9.8% YoY to ₹85,654.83 lakh and recovered 28.9% QoQ from ₹66,438.08 lakh.
- Standalone property, plant and equipment rose to ₹69,945.05 lakh from ₹66,305.34 lakh, while capital work-in-progress increased to ₹14,816.31 lakh from ₹14,685.17 lakh.
- H1 operating cash flow remained positive at ₹9,936.16 lakh despite a 5.5% YoY decline.
Key concerns
- Total expenses grew 13.8% YoY to ₹78,368.76 lakh, 4.0 percentage points faster than revenue, resulting in a 9.2% PAT decline.
- Finance costs increased 12.4% YoY to ₹398.36 lakh while net debt rose to ₹26,287.84 lakh from ₹17,723.42 lakh at March 31, 2026.
- H1 PAT declined 4.1% YoY to ₹13,501.00 lakh, indicating that the sequential Q2 recovery has not yet restored the prior-year earnings trajectory.
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