Bikaji Foods International records strong FY26 growth even as the company flags one-off GST-linked gains and continued pressure from elevated edible oil prices
Bikaji Foods International reported an 18 per cent rise in revenue from operations to Rs 720.9 crore in the fourth quarter of FY26, aided by a 16.1 per cent increase in underlying volumes. For the full financial year, revenue grew 14.4 per cent to Rs 2,993.9 crore, while gross margins expanded by 290 basis points to 35.1 per cent.
The company, however, cautioned that the sharp volume growth may not continue into FY27. According to media reports, Manoj Verma, Chief Operating Officer, Bikaji Foods International, that part of the spike was driven by a one-time post-Goods and Services Tax (GST) benefit.
The company has already implemented an approximate 3 per cent price increase through higher pricing on family packs and grammage reductions in impulse packs to offset rising edible oil costs. The move comes amid Prime Minister Narendra Modi’s recent appeal urging Indians to cut cooking oil consumption by 10 per cent.
Despite concerns around inflationary pressures, the management maintained that consumer demand remains healthy. Bikaji’s campaigns, ‘Bhujia Ho Toh Bikaji’ and ‘Kya Baat Hai Ji’, featuring actor Pankaj Tripathi and targeted at Uttar Pradesh, have significantly improved traction for the company’s flagship bhujia segment.
According to the management, bhujia revenue growth, which had earlier remained in the low-to-mid single digits, climbed to nearly 20 per cent following the launch of the campaigns.
Margins And Expansion
Rishabh Jain, Chief Financial Officer, Bikaji Foods International, attributed the improvement in gross margins to long-term raw material hedging, a sharper focus on high-margin products and tighter trade discounting.
Verma said the company had started adopting long-term hedging strategies over the past two years and that the approach had delivered favourable results.
For FY27, the company said its focus would remain on protecting margins rather than expanding them further due to volatility in global commodity prices.
Bikaji also accelerated its retail expansion during FY26. The number of retail outlets doubled from 13 to 26, while retail revenue surged 130.9 per cent to Rs 134.9 crore, making it the fastest-growing business segment in percentage terms.
Export revenue rose 52.3 per cent year-on-year to Rs 146.8 crore and now contributes nearly 5 per cent of total revenue. To strengthen overseas operations, the company has set up a United States entity and deployed India-based talent there.
Focus On Snacks
Ethnic snacks continued to dominate the company’s portfolio, contributing nearly 69 per cent of total revenue. Verma said Bikaji does not intend to dilute this concentration.
At the same time, western snacks, which currently form a smaller part of the portfolio, are expected to outperform over the coming years.
Verma said western snacks are likely to grow at a faster pace and could emerge as a double-digit contributor to the company’s product mix over the next three years.
Distribution expansion also remained a key growth driver. Direct outlet coverage increased to 353,638 outlets as of March 2026, compared with 251,270 outlets in March 2024. Overall distribution reach stood at 1.4 million outlets.
Rural markets, largely serviced through wholesale channels, account for 32-35 per cent of the company’s revenue.
The company’s installed production capacity stood at 325,320 metric tonne as of March 2026. Verma indicated that the next capital expenditure cycle would be evaluated once utilisation levels cross 75 per cent.
On the broader competitive landscape, Verma pointed to the ongoing shift from unorganised to organised players within the snacks market and said the company expects the transition to accelerate further.
Over the past two years, Bikaji’s stock has delivered a compounded annual growth rate (CAGR) of 24 per cent, outperforming the BSE Sensex, which recorded a 14 per cent CAGR during the same period. The company’s market capitalisation stood at Rs 16,100 crore as of 31 March 2026.
