Bikaji Foods International (BIKAJI) Q2 25/26 earnings summary

Executive summary

• Achieved robust Q2 FY26 results with revenue from operations at INR 8,303 mn, up 15.2% year-over-year, and volume growth at 10.8%.

• Gross margin improved to 35.0% and EBITDA margin to 15.4%, with EBITDA up 20.1% YoY and PAT up 13.5% YoY.

• Ethnic Snacks growth was muted at 4.6% due to GST transition and market disruptions, but sweets grew 32.3% and exports surged 77.3%.

• Temporary distributor de-stocking ahead of GST rate revision impacted September, but demand normalized post-transition.

• The merger of Vindhyawasini Sales Private Limited was completed, with financials restated to reflect the pooling of interests method.

Financial highlights

• Q2 FY26 EBITDA: INR 1,282 mn (15.4% margin), PAT: INR 777 mn (9.4% margin), Adjusted PAT: INR 808 mn.

• Gross margin (excluding PLI) at 34%, the strongest in the last eight quarters.

• Export revenue exceeded INR 50 crore, driven by investments in Ariba Foods and expanded market coverage.

• Family packs grew 18.8%, impulse packs 3.3% in Q2; H1 impulse packs up 5.7%, family packs up 17.6%.

• Standalone revenue from operations for H1 FY26 was ₹124,542.88 lakhs, up from ₹111,746.83 lakhs year-over-year.

Outlook and guidance

• Expecting high-teen growth in Ethnic Snacks for Q3 and Q4 as GST impact normalizes.

• Double-digit volume growth anticipated for Q3 overall, with Western Snacks and Ethnic Snacks both expected to rebound strongly.

• No major CapEx required for the next 2–2.5 years; capacity sufficient for planned growth.

• The company is expanding internationally and domestically through strategic investments and acquisitions.