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

Executive summary

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

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

• H1 FY26 revenue reached INR 14,830 mn, up 14.8% year-over-year, with 9.4% volume growth and 7.9% PAT growth.

• Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were approved, reflecting continued growth in revenue and profitability year-over-year.

• Temporary headwinds in September due to distributor de-stocking ahead of GST rate revision, but demand normalized post-transition.

Financial highlights

• EBITDA margin reached 15.4%, the highest in the last five quarters, and gross margin improved to 35.0% in Q2 FY26.

• Q2 FY26 gross profit was INR 2,906 mn, EBITDA at INR 1,282 mn, and PAT at INR 777 mn.

• H1 FY26 standalone revenue was ₹124,542.88 lakhs, consolidated revenue ₹145,196.40 lakhs, and consolidated net profit ₹14,005.13 lakhs.

• 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%.

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, indicating a focus on growth and market penetration.

• Post-GST transition, sales momentum has picked up, indicating a healthy demand environment.