Bikaji Foods International Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 921.45 Cr (+13.10% YoY) and PAT growth of -11.30% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 05, 2026 |
|---|---|
| Revenue (Q2) | Rs. 921.45 Cr (+13.10% YoY) |
| PAT (Q2) | Rs. 70.78 Cr (-11.30% YoY) |
| EBITDA margin | 12.65% (-279 bps YoY) |
| EPS (Q2) | Rs. 2.82 (-11.30% YoY) |
Bikaji delivered 13.1% YoY revenue growth in the festive quarter, but every profit line fell YoY — EBITDA margin compressed 279 bps to 12.65% and PAT to owners declined 11.3% — as input inflation at frozen MRPs and a 29.3% YoY step-up in other expenses outweighed scale gains. H1 margin of 13.02% only holds the floor of management's 13-13.5% FY guide, and the >15% FY growth target now requires H2 growth above 17.2%. Watch Q3 for the guided input-cost relief and festive working-capital unwind against a stretched growth guide.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "in-line with the guided trajectory, with upside skew" from festive pull-forward | Revenue from ops +13.1% YoY, +27.9% QoQ — in-line; no upside skew | Played out |
| EBITDA margin | "flat-to-compressing YoY (Q2 FY26's 15.4% is a high base)" | 12.65%, −279 bps YoY — compression ran deeper than "flat-to" | Played out |
| Gross margin | "compressing at the gross line, contested by mix and leverage" | Q2 34.43% (−57 bps YoY); H1 flat at 34.99% — Q2 compressed; H1 leverage fully offset | Partially |
| H1 ≥13% margin bridge to the FY guide | "holding H1 at ≥13% is the bridge to test" | H1 13.02% — barely | Played out |
| Edible-oil duty-cut relief as a Q3 benefit | "most of the 4–5% landed-cost relief is a Q3, not Q2, benefit" | No cost relief visible in Q2 gross margin — consistent | Not observable |
| Pricing hold, export recovery, volume/state splits | watch items | Not addressed in the filing — remain open for the call | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| EBITDA margin 13–13.5% FY27, incl. PLI | Q1 FY27 earnings call (Aug 06, 2026): "from full year lens, we're targeting close to between 13%-13.5% margin" | H1 FY27 13.02% (Q2 12.65%) — at the lower edge | On Track |
| Overall growth >15% FY27, "driven by the festive season" | Q1 FY27 earnings call (Aug 06, 2026) | H1 total revenue from ops +12.80% (Q2 +13.0%) | Stretch |
| Gross margin maintain (percentage basis) | Q4 FY26 earnings call | H1 34.99% vs H1 FY26 34.99% (flat); Q2 34.43% (−57 bps YoY) — H1 basis | On Track |
| A&P ~2% of sales FY27, heavier in next two quarters | Q1 FY27 earnings call: "In next 2 quarters, ads will be heavy" | Other expenses +29.3% YoY (A&P split undisclosed) — direction | On Track |
| Q2 festive mix would aid EBITDA via high-gross-margin sweets and fixed-cost leverage | Q1 FY27 earnings call | EBITDA −7.4% YoY, margin −279 bps; gross margin −57 bps YoY | Contradicted |
| Two price increases taken; no further MRP increase until Diwali | Q1 FY27 earnings call | No pricing disclosure in the filing; revenue +13.1% YoY at compressed gross margin is consistent with hikes absorbed earlier holding value growth | Too early |
| Heavier A&P in Q2–Q3 will be absorbed within the 13–13.5% FY margin guide | Q1 FY27 earnings call | H1 margin 13.02% holds the guide only at its floor | Too early |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.