Bikaji Foods International Limited posted an 18 per cent jump in revenue from operations to ₹720.9 crore in the fourth quarter of FY26, driven largely by a 16.1 per cent underlying volume growth. For the full year, revenue touched ₹2,993.9 crore, up 14.4 per cent, with gross margins expanding 290 basis points to 35.1 per cent.
But the numbers heading into FY27 come with a caveat. COO Manoj Verma told businessline that the volume surge was partly a one-time effect. “Post-GST, the benefits were passed in terms of volume only… this is not a sustainable one. This is one-off case which has happened,” he said. The company has already taken a price increase of approximately 3 per cent — in family packs and through grammage reduction in impulse packs — to offset rising edible oil costs, a trend that has been further complicated by Prime Minister Narendra Modi’s public appeal earlier this month urging Indians to cut cooking oil consumption by 10 per cent.
Bikaji’s management, however, said demand signals on the ground remain intact. The company’s two brand campaigns — “Bhujia Ho Toh Bikaji” and “Kya Baat Hai Ji,” the latter targeting Uttar Pradesh with actor Pankaj Tripathi as brand ambassador — appear to have moved the needle. Bhujia revenue growth, which was in the low-to-mid single digits before the campaigns, climbed to close to 20 per cent post-launch.
CFO Rishabh Jain attributed the gross margin expansion to a combination of long-term raw material hedging, a sharper focus on high-margin products, and tighter trade discounting. “Two years back, we were not doing long-term hedging, which we started and this has given good result,” Verma said. For FY27, the company’s stated objective is to defend, not expand, those margins given global commodity uncertainty.
The company’s retail store count doubled from 13 to 26 over FY26, with retail revenue jumping 130.9 per cent to ₹134.9 crore — the fastest-growing vertical in absolute percentage terms. Export revenues surged 52.3 per cent year-on-year to ₹146.8 crore, now accounting for about 5 per cent of total revenue, with Bikaji having set up a US entity and deployed India-based talent there to sustain the momentum.
On the product mix, ethnic snacks remained dominant at roughly 69 per cent of revenues, a concentration Verma said the company is not looking to dilute. Western snacks, currently a small slice of the pie, are being pegged for outperformance. “This will be in 20s kind of a stuff… the product mix, if you look at the next three years’ time, this will be a double digit contribution from the Western snack,” he said.
Distribution continued its steady expansion, with direct outlet coverage reaching 3,53,638 outlets as of March 2026, against 2,51,270 in March 2024. Total reach stands at 14 lakh outlets. Rural markets, largely served through wholesale channels, account for 32-35 per cent of revenues.
The company’s installed capacity stood at 3,25,320 metric tonnes as of March 2026. Verma indicated the next capex cycle would be evaluated when utilisation crosses 75 per cent.
On the broader question of organised versus unorganised competition, Verma pointed to the shift underway. “The way shift from unorganised to organised is moving… what I would really look at is that this shift should be even faster,” he said.
Bikaji’s stock has delivered a CAGR of 24 per cent over the past two years against the BSE Sensex’s 14 per cent, with market capitalisation at ₹16,100 crore as of March 31, 2026.