Mrs. Bectors Food Specialities (BECTORFOOD) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue reached ₹6,305.35m, up 14.3% YoY; EBITDA rose 19.1% to ₹82.5 Cr and PAT rose 25.3% to ₹457.37m.

• H1 revenue was ₹11,792.81m, up 15.1%; EBITDA increased 21.2% and PAT 25.4%.

Financial highlights

• Q2 gross profit was ₹291.6 Cr, up 19.7% YoY; gross margin was 46.2% versus 44.2% a year earlier.

• Q2 EBIT rose 23.7% to ₹64.5 Cr; PAT margin improved to 7.3% from 6.6%.

• H1 gross profit rose 19.8% to ₹550.5 Cr; EBIT was ₹119.3 Cr, up 23.5%.

• Standalone Q2 revenue and PAT were ₹5,999.70m and ₹412.28m; H1 revenue and PAT were ₹11,070.32m and ₹764.97m.

Outlook and guidance

• FY revenue growth is expected in the mid-teens; H2 growth is forecast at mid-to-high teens, including Q2-end and Q3 price increases.

• Q3 EBITDA margin objective is near 13.1%; Q4 target is 13.5%, potentially closer to 14%.

• Medium-term EBITDA margin target remains 14%-15%, with 14% the first milestone; progress is expected over coming years.

• Q2 price increases were ~3% versus Q1; full-year increase expectation is ~5%-6%.

• Export growth outlook remains mid-teens for FY; biscuit volume growth is expected to progress from 4%-5% toward high single digits.