Bikaji Foods International Limited (NSE:BIKAJI), a leading manufacturer of ethnic and western snacks headquartered in Bikaner, Rajasthan, has reported a period of significant growth and strategic evolution for the quarter and nine months ended December 31, 2025. The company’s performance highlights a robust trajectory in both financial health and market expansion.
Robust Growth Trends and Financial Performance
Bikaji demonstrated strong financial momentum in Q3 FY26, with revenue from operations reaching INR 7,900 million, a 10.7% year-on-year (YoY) increase. This growth was supported by an 8.4% underlying volume growth during the quarter.
The company’s Profit After Tax (PAT) saw a remarkable surge of 122.3% YoY, totaling INR 622 million. For the nine-month period, revenue rose 13.3% to INR 22,730 million, while the EBITDA margin stood at a healthy 14.2%. Ethnic snacks remain the dominant contributor to the product mix, accounting for 67.4% of total revenue.
Strategic Acquisitions and Joint Ventures
A key milestone in the company’s recent history is its aggressive expansion into new categories and subsidiaries. In January 2026, the Board of Directors approved an additional investment of up to INR 50 crore in the wholly-owned subsidiary, Bikaji Foods Retail Limited.
To diversify its portfolio, Bikaji entered into a Joint Venture cum Shareholders Agreement with the founder of ‘Bakemart’ to undertake frozen and bakery business operations through Bikaji Bakes Private Limited.
Furthermore, the company approved a INR 25 crore investment in Jai Barbareek Dev Snacks Private Limited via optionally convertible debentures. The company also authorized strategic loan agreements for subsidiaries and contract units, including Petunt Food Processors and Dadiji Snacks, to bolster operational capacity.
Key Brand Achievements and Market Reach
Bikaji successfully executed a brand refresh, introducing a new logo featuring a royal shield that emphasizes its Rajasthani heritage and legacy. Marketing efforts have achieved high impact through partnerships with mega-influencers like Amitabh Bachchan for national campaigns and Pankaj Tripathi for deep regional resonance in Uttar Pradesh. These initiatives helped expand the company’s total retail reach to 13.93 lakh outlets as of December 31, 2025. Digital engagement also reached new heights, with social media campaigns garnering 2.76 million views.
Market Updates and Operational Resilience
The company’s market valuation reflects its strong performance, with its market capitalization rising to INR 18,789 crore as of late 2025, representing a 24% CAGR over two years and outperforming the BSE Sensex. Operationally, Bikaji has transitioned its inventory valuation policy from First-In First-Out (FIFO) to the Weighted Average Cost (WAC) method to improve reporting accuracy in its manufacturing environment.
While the company faced a challenge with a fire incident at a contract manufacturing facility in Patna, resulting in an exceptional loss of INR 435.14 lakhs, it continues to pursue insurance claims and maintain manufacturing stability through its diverse nationwide production hubs. Current capacity utilization stands at approximately 46%, with a strategic target to reach 70% by FY29.