Management Guidance: Bikaji Foods’ plan for Q3 performance; CAGR, exports, margins and more

Synopsis: This FMCG company had its management state guidance for the upcoming Q3 and the future ahead; let’s dive into what the management has said about the future outlook. 

The shares of this company, which is one of India’s largest fast-moving consumer goods brands and has a product range that includes six principal categories: bhujia, namkeen, packaged sweets, papad, and western snacks, were in focus today after the management gave its guidance for the upcoming quarter and year. 

With a market cap of Rs 17,967 crore, the shares of Bikaji Foods International Ltd has given a closing at Rs 717 on Friday. The shares have given a return of 125% since their listing in November 2022 and are trading at a PE of 83.2, whereas their industry PE is 48.6. 

Management Guidance. 

Bikaji Foods sounds confident about the road ahead, expecting double-digit or near double-digit growth to continue. The company is keeping its focus firmly on ethnic snacks, which remain its strongest and most consistent category, while sweets will continue to be more seasonal in nature. Management also believes that Q3 should shape up to be a solid quarter, with healthy volume growth driven by steady demand across its core product lines.

As the company expands, its regional mix is starting to evolve. While its core markets currently contribute about 70%. Uttar Pradesh is emerging as a major growth driver, with expectations of around 25% CAGR as distribution strengthens and brand visibility rises. On profitability, Bikaji expects margins to hover near 15%, supported in part by benefits from the PLI scheme, showing that the company is aiming for a balance between growth and efficiency.

Bikaji is also putting more weight behind its global ambitions. The move to have its India sales head oversee the US and Canada markets signals a sharper focus on international expansion. Over the next 3 to 4 years, the company is targeting about 40% export growth, tapping into rising demand for Indian snacks overseas. Management also clarified that the recent stake sale was only to fund the family office, with no further selling planned, reassuring investors about promoter stability.

Financials and others. 

The revenue from operations is at Rs 830 crore in Q2 FY26 versus Rs 721 crore in Q2 FY25, which is an increase of about 15 percent YoY. Similarly, the net profit has increased by about 13% when we compare the Q2 FY25 profit of Rs 69 crore with the Q2 FY26 profit of Rs 78 crore. 

Bikaji has built a strong and well-balanced manufacturing base, with a total installed capacity of 325,320 metric tonnes. Its production spans key categories such as bhujia (57,600 MT), namkeen (141,540 MT), packaged sweets (62,280 MT), western snacks (39,300 MT), papad (11,400 MT), and other products (13,200 MT), showing how widely the company caters to both traditional and modern snacking preferences.

What strengthens this even further is the smart placement of its plants across India. The Bikaner facility benefits from easy access to key raw materials, the Guwahati and Kolkata units help serve the eastern markets efficiently, and the Tumkur plant supports faster distribution in the south. These locations help cut logistics costs and ensure fresher, faster delivery across regions.

Together, this mix of high capacities and strategically located plants gives Bikaji a solid manufacturing backbone, allowing it to scale smoothly, meet growing demand and maintain product quality across all its major categories.

Bikaji Foods International Limited is one of India’s leading ethnic snack companies, backed by over three decades of experience in crafting traditional products. Known for delivering high-quality, hygienic and affordable snacks, the company has built strong consumer trust while expanding its portfolio to include bhujia, namkeen, packaged sweets, papad and western snacks. 

After its successful stock market listing, Bikaji has focused on strengthening its manufacturing capabilities and growing its global reach. Today, it stands as India’s third-largest ethnic snacking company and the world’s largest producer of the famous Bikaneri bhujia, reflecting both its rich heritage and leadership in the category.

Written by Leon Mendonca. 

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