Bikaji Foods International makes bhujia, namkeen, packaged sweets, papad and western snacks, and heads into its sweets-heavy festive quarter with input costs still rising. The print will speak to whether the >15% FY27 growth target stays on track and whether the 13%-13.5% EBITDA margin guide (including PLI) holds against edible oil, pulse and packaging inflation with MRPs frozen until Diwali.
| Results date | November 05, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 720.33 Cr (+13.07% YoY) |
| Previous quarter PAT | Rs. 59.47 Cr (+1.62% YoY) |
| Previous quarter EBITDA margin | 13.5% |
| Market cap | Rs. 11,635.42 Cr |
| CMP | Rs. 464.05 |
Per the board-meeting intimation, the Board meeting is scheduled on November 05, 2026 to consider the Q2/H1 FY27 results; the trading window is shut from October 01 until 48 hours after declaration.
The earnings call is scheduled for November 06, 2026 at 12:00 PM IST for the Q2/H1 FY27 results. The Q1 FY27 earnings call audio recording was published on www.bikaji.com.
At the 31st AGM held on August 20, 2026, shareholders approved a final dividend of Rs. 1.25 per share (125% of the Rs. 1 face value) for FY26. This relates to FY26 and is separate from any agenda for the November 05, 2026 board meeting.
Q2 is the sweets-heavy festive quarter that management is leaning on to close the gap to its >15% FY27 growth target, after Q1 grew 12.5% with volumes up 7.7%. The margin story is the quarter's key tension: edible oil retail prices were up 14% to 19.5% YoY as of September 23, chana rose 23% YoY by end-September, and Brent averaged roughly 40% higher YoY for the quarter, all absorbed while MRPs stay frozen until Diwali.
The September 24 edible-oil duty cut offers relief, but with only about 23 days of inventory cover, most of the estimated 4-5% landed-cost decline for palm and soybean oil is a Q3 benefit rather than a Q2 one; the company expects oil costs to decline 3-4% and had planned to hold retail prices through Diwali.
Management has guided A&P spend higher in these two quarters at about 2% of sales for FY27 — the same lever that held Q1 EBITDA growth to +2.8% against +12.5% revenue growth — against a Q2 FY26 EBITDA margin base of 15.4%. The call is likely to cover the margin bridge versus the 13%-13.5% FY27 guide, the volume-versus-price split, the post-Diwali pricing stance, and export recovery after the 2.2% Q1 decline.
Guidance scorecard: growth, margin and pricing: Management's FY27 targets face their biggest festive-quarter test in Q2.
International, distribution and retail execution: Several multi-year build-outs have concrete near-term milestones.
Operating metric trajectory: Volume and segment trends set the base for the growth target.
Other follow-ups from prior calls: Open items management has promised or that need reconciliation.
The CFO clarified on the Q1 FY27 call that the FY27 EBITDA margin guidance of 13%-13.5% is including PLI. The 15% operating margin is a long-term aspiration over the next 3 years, not a current-year target.
Management targets a current-year EBITDA margin of 13.5% with at least 50 bps YoY improvement, within the 13%-13.5% full-year FY27 range including PLI. Q1 FY27 printed a 13.5% EBITDA margin, down 130 bps YoY.
Management has stated the 15% operating margin is a long-term aspiration for the next 3 years, explicitly not a current-year target. The FY27 target is 13.5% with at least 50 bps YoY improvement.
The GST rate cut from 12% to 5% shrank unorganized players' discount room from about 12% to 5%, benefiting organized players like Bikaji. Management said the impact plays out over 2-4 quarters, and core ethnic snacks growth accelerated to 13.3% in Q3 FY26 from 5-6% in H1.
Consolidated revenue rose 13.07% YoY to Rs. 720.33 Cr in Q1 FY27, with focus states growing almost 2x core states (~19% vs ~11%) and western snacks up 21.3%. Growth was dampened by supply issues in the first 45 days, including a 3-4 day supply shutdown after the Chairman's passing.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.