Bikaji Foods International (BIKAJI) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw strong revenue growth, with consolidated operations up to ₹80,136.05 lakhs and standalone revenue at ₹73,067.88 lakhs, driven by double-digit growth in core snack categories and robust marketing campaigns.

• Underlying volume growth reached 8.4%, with PAT for Q3 FY26 at ₹6,241.37 lakhs (consolidated) and ₹6,479.38 lakhs (standalone), reflecting over 120% YoY growth.

• Major marketing initiatives, refreshed brand logo, and expanded distribution to 1.4 million outlets supported category growth.

• Retail business revenue grew 86% in Q3, with 23 stores and plans for further expansion.

• Board approved additional investments, a merger, and a joint venture for bakery and frozen businesses.

Financial highlights

• Gross margin for Q3 FY26 was 34.7%-35%, with EBITDA margin at 12.5%-14.2% and PAT margin at 7.8%-8.9%.

• Q3FY26 EBITDA increased 77% YoY to INR 984 mn; 9MFY26 EBITDA up 27% YoY to INR 3,228 mn.

• EPS for Q3 FY26 was ₹2.48 (consolidated) and ₹2.58 (standalone); 9MFY26 EPS was 8.05.

• Family packs contributed about 62% of Q3 sales value.

• Market capitalization reached INR 18,789 crore as of December 31, 2025.

Outlook and guidance

• Management expects 14%-16% growth in core categories over the next 3-6 quarters, with EBITDA margin projected to improve by at least 50 basis points.

• Distribution reach to be further expanded, with continued focus on product innovation and marketing.

• No material impact expected from new labour codes or regulatory changes.