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Swing Capital

Bikaji Foods International Ltd

NSE: BIKAJI BSE: 543653FMCG

Bikaji Foods International Limited is one of India's largest fast-moving consumer goods ("FMCG") brands. The company's product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs (assortment), frozen food, mathri range, and cookies.[1]

₹660
52W: ₹592 — ₹821
PE 63.4 · Book ₹61.4 · +975% vs book
Market Cap₹16,540 Cr
Stock P/E63.4Price to Earnings
ROCE20.1%Return on Capital
ROE16%Return on Equity
Div. Yield0.15%Face Value ₹1

Strengths

  • +Company has delivered good profit growth of 30.6% CAGR over last 5 years
  • +Company's median sales growth is 18.6% of last 10 years

Weaknesses

  • −Stock is trading at 10.7 times its book value

Shareholding Pattern

Promoters73.88%
FIIs4.68%
DIIs17.28%
Public4.15%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters75.1%74.98%▼0.174.98%74.92%▼0.174.92%73.92%▼1.073.92%73.88%▼0.0
FIIs7.51%7.48%▼0.07.7%▲0.27.33%▼0.46.64%▼0.76.34%▼0.34.92%▼1.44.68%▼0.2
DIIs13.32%12.78%▼0.511.96%▼0.812.21%▲0.313.37%▲1.214.77%▲1.416.62%▲1.917.28%▲0.7
Public4.06%4.76%▲0.75.38%▲0.65.57%▲0.25.08%▼0.54.97%▼0.14.54%▼0.44.15%▼0.4

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales598613606565713676585624796731
Expenses509537445472604621506525665636
Operating Profit89761619310956799913095
OPM %15%12%27%16%15%8%13%16%16%13%
Net Profit614911660723148637865
EPS ₹2.451.964.642.382.881.231.932.523.12.58

AI Insights

Revenue Trend

TTM revenue at ₹2,734Cr, up 7.8% YoY. OPM at 15%.

Debt Position

Borrowings at ₹241Cr. Debt-to-equity ratio: 0.16x. Healthy balance sheet.

Capex Cycle

CWIP at ₹120Cr (16% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 17.28% (+4.86pp change). FIIs: 4.68% (-0.78pp change). Promoters hold 73.88%.

Margin & Efficiency

ROCE improving from 0% (Mar 2014) to 20% (Mar 2025). Working capital days: 29.

Valuation

PE 63.4x with 20.1% ROCE. Price is 975% above book value of ₹61.4. Dividend yield: 0.15%.

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