Bikaji Foods International Limited

Consumer Defensive — Packaged Foods · NSE

₹475.70+₹10.75 (+2.31%)

DalalBaazaar Score

68 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by small-cap size, which brings sharper price swings.

In simple words: Strong business and financial position, with modest growth. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of Bikaji Foods International Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Bikaji Foods International Limited, together with its subsidiaries, manufactures, purchases, and sells snack food products in India and internationally.

IndustryPackaged Foods

SectorConsumer Defensive

Employees3,040

Annual revenue₹2,935 Cr

How does it make money?

Turns over ₹2,935 Cr a year. Of every ₹100 of sales, about ₹9 reaches shareholders as profit, with ₹16 left at the operating level before interest, tax and depreciation. Each of its 3,040 employees supports ₹96.5 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹96.5 lakh

Who are its competitors?

The closest listed comparisons in its industry are NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD, TATA CONSUMER PRODUCT LTD, DABUR INDIA LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 18.8% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE51.0%

What is the outlook?

11 analysts covering the stock expect revenue to grow about 13.9% and earnings to grow about 17.6% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+13.9%

Est. earnings growth+17.6%

Analysts11

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +49% while net margin moved +26% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+49%

Margin effect+26%

DalalBaazaar Score

68/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 46.2x is demanding — it needs sustained high growth to justify
✓ P/E is 44% below its own historical median of 82.1x — cheap by its own standards
✗ P/B of 7.42x is a steep premium to book

Quality vs. Valuation

Company Quality

74/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

50/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

46.2x

3Y Median

82.1x

40 monthly readings · mean 83.0x · range 46.0x–130.3x

Sector Median

51.7x

median of 4 sector peers

🟢Current valuation is approximately 44% below its 3y median of 82.1x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟡Against its sector it is priced broadly in line with the peer median of 51.7x.

vs. its own history

Cheap

82.1x median over 40 months · -44%

vs. sector peers

Fair

51.7x median of 4 peers · -11%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

26.5x

PEG

1.97

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 11.9% to 15.6% over 3 years.
Cash generation is improving
Free cash flow is up 57% over 3 years.
Very low debt
Debt/Equity of 0.18x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴Debt has risen sharplyFinancial
Total debt is up 77% over 3 years, from ₹170 Cr to ₹299 Cr.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 18.8% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 11.9% to 15.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 44% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹126 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 11% a year✓ 14.3% CAGR
Latest reported year was 12.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 14%✓ 15.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹126 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.7x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 16%✓ 18.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹11,928 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

46.2x

Expensive

Expensive — verify against sector peers

P/B Ratio

7.42x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹10.3

Profitable

Profitable on a per-share basis

ROE

16.1%

Strong

Strong capital efficiency

ROCE

18.8%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.18x

Low

Conservative leverage

Revenue Growth (YoY)

12.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

0.4%

Modest

Slow profit growth

Dividend Yield

0.26%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹126 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

34.1x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

9.9%

Average

Average margins

Net Margin

8.4%

Average

Average bottom-line conversion

Current Ratio

2.47

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.26

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

514.8 / 563.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

13.4

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,963 Cr	₹2,234 Cr	₹2,553 Cr	₹2,935 Cr	+14.3%
EBITDA	₹234 Cr	₹415 Cr	₹355 Cr	₹459 Cr	+25.1%
EBITDA Margin	11.9%	18.6%	13.9%	15.6%	—
PAT (Net Profit)	₹137 Cr	₹266 Cr	₹201 Cr	₹258 Cr	+23.5%
EPS	₹5.49	₹10.63	₹8.01	₹10.3	+23.3%
ROE	14.4%	21.8%	14.5%	16.1%	—
ROCE	17.6%	27.0%	16.6%	18.8%	—
Total Debt	₹170 Cr	₹166 Cr	₹231 Cr	₹299 Cr	+20.9%
Free Cash Flow	₹80 Cr	₹116 Cr	₹70 Cr	₹126 Cr	+16.3%

🟢 Revenue has grown at 14.3% a year over 3 years.

🟢 EBITDA has grown at 25.1% a year over 3 years.

🟢 EBITDA Margin has risen from 11.9% to 15.6% over 3 years (+3.7 pts).

🟢 PAT (Net Profit) has grown at 23.5% a year over 3 years.

🟢 EPS has grown at 23.3% a year over 3 years.

🟢 ROE has risen from 14.4% to 16.1% over 3 years (+1.7 pts).

🟢 ROCE has risen from 17.6% to 18.8% over 3 years (+1.2 pts).

🔴 Total Debt has grown at 20.9% a year over 3 years.

🟢 Free Cash Flow has grown at 16.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,240 Cr

Total Liabilities

₹532 Cr

Cash & Equivalents

₹40 Cr

Operating Cash Flow

₹304 Cr

Capex

-₹178 Cr

Shareholding (proxy)

Institutional Holding

19.4%

Insider Holding

73.9%

Corporate Actions

Dividend Rate

₹1.25

Ex-Dividend Date

17 Jul 2026

Analyst Consensus

Recommendations

11 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹730.91

+53.6% vs CMP

Target Range

₹545 – ₹800

Peer Comparison

Company	P/E	ROE
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%
TATA CONSUMER PRODUCT LTD	59.3x	7.5%
DABUR INDIA LTD	34.7x	17.2%

Recent News

1 positive2 mixed3 general

Bikaji Foods Share Price: fresh 52-week low and valuation

Univest, 13 Oct

Bikaji Foods International (NSEI:BIKAJI) Stock Price

Simply Wall Street, 09 Oct

Bikaji Foods International Ltd Falls to 52-Week Low of Rs 464 as Sell-Off Deepens

MarketsMojo, 15 Oct

BIKAJI Forecast — Price Target — Prediction for 2027

TradingView, 25 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Bikaji Foods Q4 profit jumps 26% on strong volume growth; declares ₹1.25 dividend

CNBC TV18, 21 MayCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Bikaji Foods shares may gain 46%, says Motilal Oswal on expansion plans

Business Standard, 11 MarCapacity

🟡Mixed / dependsCapacity additions can raise revenue over two to three years, but the capital spend usually pressures free cash flow first. Worth checking whether the capex is funded from operations or from borrowing.

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability

MiddlingRisk

WeakValuation

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑