Earnings calls / BIKAJI · August 6, 2026

Bikaji Foods International Ltd Q1 FY27 Earnings Call Summary

Q1 FY27 revenue grew 12.5% YoY (volume +7.7%) with EBITDA margin at 13.5%, aided by ~150 bps from PLI income and operating leverage. The real driver was a two-half story: first 45 days hit by plant shutdowns and labor shortage, but last 45 days saw ~20% growth as supply constraints eased. Management guided 12-13% festive-quarter sweets growth and expects THS stores to clock INR 6-8 crore annual sales each. Main risks are exports down 2.2% YoY on freight costs up 2-3x and US tariff uncertainty, and papad down 6.5% on early monsoons.

Revenue
Margin
Demand
Guidance
Tone

Event Participants

Executives

2 Rishabh Jain, Manoj Verma

Analysts

9 Abhishek Mathur, Abneesh Roy, Ambesh Tiwari, Anand Shah, Nitin Gupta, Percy Panthaki, Shirish Pardeshi, Soham Samanta, Vijay Janghi

Financials & KPIs

Metric Reported Commentary
Revenue Growth 12.5% YoY Volume +7.7%; growth was a "story of two halves" – first 45 days impacted by plant shutdowns (chairman's demise, Bengal elections, labor movement), but last 45 days saw ~20% growth
Volume Growth 7.7% YoY Suppressed by ~5 days of plant downtime in April and Bengali labor shortage until mid-May; production constraints eased from June onwards
EBITDA Margin 13.5% Up 130 bps QoQ from 12.2%, aided by operating leverage and gross margin improvement; partially offset by coal costs (+30-40 bps) and higher ad spends (+40-50 bps)
Ethnic Snacks Growth +11.4% YoY Core category recovered strongly post-disruption; demand picking up across all product ranges
Western Snacks Growth +21.3% YoY Fastest-growing segment, benefiting from new product launches and strong Q-com channel presence
Sweets Growth +4.4% YoY Festive season (Q2-Q3) expected to drive acceleration; guided 12-13% growth for festive quarters
Papad Growth -6.5% YoY Handmade, weather-dependent; early monsoons disrupted drying/supply; ~6% of overall business
Core States Growth +11% YoY Rajasthan-led, impacted by supply constraints in April-May (Bhujia manufacturing concentration in Bikaner)
Focus States Growth +19% YoY UP grew ~37% driven by Pankaj Tripathi campaign; all focus states growing strongly
Other States Growth +5.6% YoY Emerging markets growing at a slower pace
Exports Growth -2.2% YoY First negative quarter; freight costs up 2x-3x due to crude oil, US tariff uncertainty deferred shipments; demand intact
Retail Business Growth +71.8% YoY Store count increased from 15 to 28; THS stores targeting INR 6-8 crore annual sales each
Direct Outlet Reach 370,000+ Added 17,000 outlets in Q1; continued expansion a key growth driver
PLI Income ₹12.5 crore (Q1) Annual PLI of ~₹50 crore booked equally across quarters; ~150 bps contribution to EBITDA

Geographic & Segment Commentary

  • Core States: Grew ~11% YoY, but April-May supply disruptions

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