Bikaji Foods International (BIKAJI) Q4 24/25 earnings summary

Executive summary

• FY 2025 focused on internal process improvements, technology upgrades (SAP, Darwinbox), and distribution corrections to support future growth.

• Revenue from operations grew 14.6% year-over-year to INR 25,620 mn for FY25, with underlying volume growth of 10.3%.

• Audited standalone and consolidated financial results for the quarter and year ended March 31, 2025, were approved, with unmodified opinions from joint statutory auditors.

• Investments made in manufacturing, sales organization, and new product categories, including acquisitions.

• Growth was driven by strong demand in core product lines, improved rural penetration, and brand resilience.

Financial highlights

• FY 2025 saw 10.3% volume growth and 14.8% value growth year-over-year, with Q4 volume growth at 8.9%.

• Consolidated gross margin improved to 31.8% in Q4, up from 26% in Q3; full-year consolidated gross margin at 30.7%.

• FY25 EBITDA was INR 2,684 mn (10.5% margin), and PAT INR 1,504 mn (5.9%).

• Standalone revenue from operations for FY25 was ₹2,46,871.17 lakhs, up from ₹2,19,986.35 lakhs year-over-year.

• Earnings per share (EPS) for FY25 stood at ₹8.48 (standalone) and ₹8.02 (consolidated).

Outlook and guidance

• Targeting 12-13% volume growth in FY 2026, with optimism for continued upward momentum.

• Gross margin expected to return to original levels by Q2 FY 2026, aiming for 32.5%.

• Board recommended a final dividend and set a record date for entitlement.

• Steady-state EBITDA margin projected at 15% over the next 4-5 years as capacity utilization rises and PLI income phases out.

• Management expects continued growth, supported by rural recovery and focused execution, but notes ongoing inflationary pressures on key raw materials.