Bikaji Foods International Limited (NSE:BIKAJI), a leading manufacturer of ethnic and western snacks headquartered in Bikaner, Rajasthan, continues to strengthen its market position through product diversification and nationwide expansion. As a listed company on the BSE and NSE, Bikaji has evolved from a regional player into a dominant national brand with a multi-category presence.
Core Business Areas and Product Mix
The company’s business is anchored by five primary product categories: Bhujia, Namkeen, Packaged Sweets, Western Snacks, and Papad. According to the sources, Ethnic Snacks (including Bhujia and Namkeen) remain the cornerstone of the business, accounting for 67.4% of total revenue in the third quarter of FY26.
- Packaged Sweets: 12.3%
- Western Snacks: 8.0%
- Papad: 6.5%
- Others: 5.8%
The company also distinguishes between sales of family packs, which accounted for 62.8% of revenue in Q3 FY26, and impulse packs, which accounted for 37.2%.
Manufacturing Infrastructure and Operational Reach
Bikaji maintains a robust manufacturing backbone with a total installed capacity of 325,320 metric tonnes as of December 31, 2025. The company operates strategically located facilities to ensure regional market responsiveness and access to raw materials. Key hubs include:
- Bikaner: The legacy hub providing access to essential inputs like pulses.
- Kanpur: Serves as a central logistics node.
- Mumbai and Tumkur: Facilities that strengthen presence in the economic capital and Southern India, respectively.
- Guwahati (Kamrup) and Patna: Support distribution in the North-East and Eastern India.
As of late 2025, current capacity utilization is approximately 46%, with a strategic target to reach 70% by FY29.
Year-on-Year Financial Performance Comparison
The company demonstrated robust growth across all major financial indicators in Q3 FY26 compared to the same period in the previous year:
- Revenue from Operations: Increased by 10.7% YoY, rising from INR 7,135 million to INR 7,900 million.
- Profitability: Profit After Tax (PAT) saw a dramatic surge of 122.3% YoY, reaching INR 622 million.
- EBITDA: Grew by 77.1% YoY to INR 984 million, with the EBITDA margin expanding by 466 basis points to 12.5%.
For the nine-month (9M) period, revenue reached INR 22,730 million, representing a 13.3% increase over 9M FY25. The 9M PAT grew by 28.7% to reach INR 1,984 million.
Operational Efficiency and Margins
Operational excellence is reflected in the company’s margin expansion. The gross margin for Q3 FY26 reached 34.7%, a significant increase of 586 basis points over the previous year. This was supported by an underlying volume growth of 8.4% for the quarter. Furthermore, the company’s retail footprint has expanded to reach 13.93 lakh outlets as of December 31, 2025, reinforcing its nationwide distribution strength
Distribution and Strategic Branding
Bikaji’s growth is driven by a focus on a direct distribution model, which has expanded its total reach to 13.93 lakh (1.39 million) outlets as of December 31, 2025. The company has invested heavily in marketing initiatives, utilizing celebrities like Amitabh Bachchan for national campaigns and Pankaj Tripathi to drive regional resonance in markets like Uttar Pradesh. Recently, the company introduced a refreshed logo featuring a royal shield, symbolizing its Rajasthani heritage and trust.