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Indian packaged snacks maker selling namkeen (savory snacks), sweets and papad, competing mainly with Haldiram's.
Indian packaged snacks maker selling namkeen (savory snacks), sweets and papad, competing mainly with Haldiram's.
Sells in low-priced packs through distributors to small grocery stores, so its reach depends on the distribution network more than on any one product. Bikaneri bhujia, a fried gram-flour snack, is the signature item. The founder Shiv Ratan Agarwal's family remains in control.
In one line: India's smaller Frito-Lay for traditional Indian snacks.
Moat: narrow (brand, distribution). Strong regional brand heritage (Bikaner) and expanding pan-India distribution in a fragmented snacks market.
Headquarters: Bikaner, India · Founded: 1993 · Employees: 3,732
Size Bikaji Foods International (BIKAJI.NS) is an India Consumer Staples company (Food: Specialty/Candy) with a market value of $1.27B, the 531st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹476.35 on 6 Nov 2026.
Performance Over six months the shares fell 29.4%, against -16.9% for the median peer and 0.0% for the India market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 13.8% over the last twelve months (peer median +5.4%); the operating margin is 10.2% (peer median 6.4%).
Valuation It trades at 37.4× forward earnings against a peer median of 23.9× (4th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 39% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.6 points below its cost of capital (14.4% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹30.8B | ₹29.4B | ₹25.5B | ₹22.4B | ₹19.7B |
| Revenue growth | — | +15% | +14% | +14% | — |
| Gross profit | ₹7.78B | ₹5.66B | ₹4.21B | ₹4.46B | ₹3.26B |
| EBITDA | ₹4.13B | ₹3.67B | ₹2.75B | ₹3.03B | ₹2.25B |
| Net income | ₹2.59B | ₹2.58B | ₹2.01B | ₹2.66B | ₹1.37B |
| Free cash flow | n/a | ₹1.42B | ₹815M | ₹1.25B | ₹818M |
| Capital expenditure | n/a | ₹1.78B | ₹1.23B | ₹1.28B | ₹912M |
| Total debt | n/a | ₹2.99B | ₹2.31B | ₹1.66B | ₹1.70B |
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| Measure | BIKAJI.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.5% | -0.2% | 10th lowest of 21 |
| 6-month return | -29.4% | -16.9% | 2nd lowest of 20 |
| Distance from 52-week high | -38.0% | -30.0% | 6th lowest of 21 |
| Revenue growth (TTM) | +13.8% | +5.4% | 7th highest of 21 |
| Operating margin | 10.2% | 6.4% | 8th highest of 21 |
| Forward P/E | 37.4× | 23.9× | 4th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 38.6% | 3.1% | most demanding of 11 |
| Growth delivered (Del g) | +17.5% | +9.4% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | +21.1 pp | -11.3 pp | most demanding of 11 |
| ROIC minus cost of capital | -0.6 pp | +0.4 pp | 9th lowest of 21 |
| EV / EBITDA | 28.9× | 9.7× | 2nd most expensive of 13 |
| Net debt / EBITDA | -0.3× | 0.7× | 4th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bikaji Foods International BIKAJI.NS | India | $1.27B | -29% | +14% | 10% | 37.4× | 38.6% | +17.5% |
| Morinaga & 2201.T | Japan | $1.28B | -8% | +3% | 9% | 12.3× | -5.7% | +7.1% |
| Shandong Bailong Chuangyuan Bio-Tech 605016.SS | China | $1.24B | -28% | +19% | 32% | 18.4× | 8.8% | +22.5% |
| Manorama Industries MANORAMA.NS | India | $1.31B | +22% | +60% | 24% | 39.3× | 33.4% | +46.9% |
| Fufeng 0546.HK | Hong Kong | $1.31B | -37% | +1% | 4% | 7.4× | n/a | n/a |
| Nisshin OilliO 2602.T | Japan | $1.22B | +13% | +8% | 3% | 18.0× | 3.1% | +10.5% |
| Italmobiliare ITM.MI | Italy | $1.20B | -8% | +8% | 14% | 12.0× | n/a | n/a |
| Snowsky Salt Industry 600929.SS | China | $1.20B | -29% | +32% | 1% | 54.7× | n/a | n/a |
| Huabao International 0336.HK | Hong Kong | $1.34B | -25% | +13% | 3% | 25.3× | 16.2% | -2.7% |
| Lotte 004990.KS | South Korea | $1.18B | -27% | +1% | 2% | 69.5× | n/a | n/a |
| CCL Products (India) CCL.NS | India | $1.37B | -20% | +24% | 13% | 25.8× | 17.9% | +29.1% |
| Yantai China Pet Foods 002891.SZ | China | $1.39B | -15% | +21% | 4% | 32.6× | n/a | n/a |
| Flowers Foods FLO | United States | $1.42B | -20% | +2% | 6% | 8.8× | -7.6% | +3.7% |
| Qianhe Condiment & Food 603027.SS | China | $1.43B | -21% | -6% | 14% | 23.9× | 3.1% | +8.8% |
| Jiangxi Qiyunshan Food 2797.HK | Hong Kong | $1.10B | n/a | -7% | 17% | n/a | n/a | n/a |
| Chacha Food 002557.SZ | China | $1.46B | -17% | +8% | 8% | 15.8× | n/a | n/a |
| JinJian Cereals Industry 600127.SS | China | $1.08B | +64% | +1% | -1% | n/a | n/a | n/a |
| Star Lake Bioscience 600866.SS | China | $1.07B | -26% | -3% | 0% | 37.2× | n/a | n/a |
| NIPPN 2001.T | Japan | $1.50B | +8% | +2% | 5% | 11.3× | n/a | n/a |
| Kagome 2811.T | Japan | $1.51B | +3% | +3% | 7% | 24.0× | 2.2% | +10.0% |
| ORION 001800.KS | South Korea | $1.06B | -4% | +15% | 15% | n/a | -16.5% | +8.3% |