Mrs. Bectors Food Specialities Ltd (NSE: BECTORFOOD) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
Anoop Bector — Managing Director
Manu Talwar — Chief Executive Officer
Analysts:
Raghav Maheshwari — Analyst
Soham Samanta — Analyst
Ronak Shah — Analyst
Harit Kapoor — Analyst
Darshit Vora — Analyst
Chirag Shah — Analyst
Ajay Thakur — Analyst
Resha Mehta — Analyst
Resha Mehta — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Mrs. Bechter’s Food Specialties Limited Q3 and 9M FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call please signal an operator by pressing Star with zero on your Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anub Bechtar, Managing Director and Promoter Task. Thank you. And over to you sir.
Anoop Bector — Managing Director
Thank you so much and good evening everyone. On behalf of Mrs. Vector Food Specialties Ltd. I extend a very warm welcome to all participants joining us for our quarter three results discussion call for the financial year 2026. Today I am joined by Mr. Manu Talwar, our Chief Executive Officer and Mr. Praveen Kumar Goel, whole time Director and Chief Financial Officer. We also have with us our Investor Relations Advisor from mufd. In time, I hope everyone had an opportunity to review our investor deck and press release which have been uploaded on the stock exchanges as well as on our company website.
The company reported revenue from operations of INR 533.3 crores in the third quarter of FY26 reflecting a growth of 8.4% year on year. The biscuits vertical delivered a resilient 5.7% year on year growth impacted by GST 2.0 transition as well as continued uncertainty due to punitive tariffs. The bakery vertical recorded a strong 13.2% year on year growth led by English oven brand EBITDA percent came in at 12.9% which is 44bp as up over quarter three of the financial year 2025. Amid a dynamic global trade environment, many India based manufacturers with growing international linkages like us navigated a period of uncertainty in the recent times.
The proposed trade agreement between India and the United States marks a meaningful step forward in economic, strategic and geopolitical terms, reinforcing India’s position as a globally competitive manufacturing and sourcing hub. We express our sincere gratitude to honorable Prime Minister Shri Narendra Modi for envisioning the same and for progressive trade facilitation measures and tariff rationalization from 50% to 18% which has strengthened confidence in the India’s export ecosystem, enhanced the attractiveness of Indian food and SMCG manufacturing for a long term global partnerships and advanced the vision of Vixit Bharat. This development will enable us in regaining momentum and strengthening our sports vertical.
On the domestic front, implementation of GST 2.0 reforms led to transitionary inventory impact. However, the significant benefits to the consumer bode well for the category and we are already witnessing the consumption picking up post GST rationalization. We passed on the full benefits to consumer through MRP reductions and increased garages enhancing value for the consumer. On the bakery front, English Oven continues to be the key driver of performance supported by sustained momentum from our QSR partnerships. English Oven’s strong trajectory is underpinned by brand pull, Health first initiatives and distribution excellence. I’m happy to share that. I’m happy to share with you that we successfully commissioned our Kolkata plant in January, making our foray into East.
Further, we expanded the English own brand into Hyderabad market marking a strategic entry into a key growth region. We are progressing towards commissioning of the Kapoli plant targeted in the next few months which will further enhance our capacity and operational flexibility. Together these initiatives are expected to strengthen our presence across key markets, improve supply chain efficiencies and support sustained growth through deeper regional penetration. Our new product development strategy remains anchored around building a strong health oriented portfolio with the full rollout of Zero mega range and Nature Baked reinforcing our better for you Positioning the foray into Ready to eat desserts under the frozen range continues to scale up enabling English Oven to participate beyond breakfast and snacking in a household.
The ready to eat pipeline remains robust with key launches planned over the coming quarters. On the biscuits front, we had a successful Diwali season with the gifting portfolio realizing a 20% plus growth introduction and scaling up of Golden Bites Fruit and Nut and Pista Almond Cookies Almond Cookies the bakery cookies complements our strategy of premiumization in general trade along with quick commerce first products like Zero Meza Coconut which continues to do well. Rounding up the quarter, we had a very successful collaboration with Blinkit with Blinkit on Christmas where our flagship Danish butter cookie tins penetrated 3 lakh plus households and generated brand goodwill.
Before we move to our financial performance for the quarter, I am pleased to share that we have declared an interim dividend of INR 0.6 per equity share. Talking about the financial performance, our biscuit segment reported revenue growth of 6% which stood at INR 325 crores in Q3FY26 as compared to INR 308 crores in Q3FY25. The segment has grown by 21% over Q3FY24. Our bakery segment revenue for Q3FY26 stood at INR 198 crores against INR 175 crores in Q3FY25 thus registering a growth of 13% on a year on year basis. Including retail, bakery and institutional segment, this segment has grown by 36% over Q3FY24.
The consolidated revenues for the current year stood at INR 533.3 crores versus INR 492.1 crores in Q3FY25 thus registering a growth of 8.4% on a year. On year basis, EBITDA stood at INR 68.4 crores resulting in a growth of 11.4% on a year. On year basis. The EBITDA margins for the quarter stood at 12.8%. CAG stood at INR 38.1 crores for the quarter resulting in a growth of 10.1% on a year on year basis. And part Pad margins for Q3FY26 stood at 7.1%. Moving to 9 months financials, FY26. The consolidated revenue for 9 months FY26 stood at INR15.57.7 crores versus INR1427.8 crores in 9 months FY25 thus registering a growth of 9.1%.
EBITDA for 9 months. FY26 stood at INR 195.9 crores. EBITDA margin for 9 months. FY26 stands at 12.6%. PAT for 9 months FY26 stood at IRR 105.5 crores in Q3 PAT is impacted on account of provisioning owing to new Labor Code amendments. With this, I request you to open the floor for questions and answers. Thank you so much.
operator
Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and. Two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Raghav Maheshwari from Kamaya Kya Wealth Management. Please go ahead.
Raghav Maheshwari — Analyst
Yeah. Hi. Thanks for the opportunity. So my first question is on the Copoli expansion. As we move closer towards commissioning this plant, could you help us quantify the peak revenue potential from this particular Facility at optimum utilization. And you know, what is the timeline that you are assuming for that, for reaching towards that optimum level?
Anoop Bector — Managing Director
You know, this plant is actually quite a large facility and has been, you know, the infrastructure has been created for much more than what we have. But at the moment what I can guide you is that the plant capacity for breads would be, you know, around 1 lakh 32 thousand breads a day. And in case of band, we would be doing around a million buns a day. So you know, this was actually in the buns case it is going to be double than what we have in case of bread, it’s going to be much larger because breads was a very small business and we were getting it done from outside.
So these two factories are in the next few years are going to be commendable and would give a very, very good quality brands and we are looking at good growth numbers. On the exact side how many years I’ll take, I don’t have those numbers with me but whenever, you know, I mean we have the next three years plans which you know, we can share it later but at the moment this is the best what I can tell you.
Raghav Maheshwari — Analyst
Okay, sir, so could you help us with the asset turn on this capex if not revenue potential?
Anoop Bector — Managing Director
Yeah. So asset turnover on this asset is like I said, the infrastructure has been created for a much bigger business. Right. So asset turnover I think will be, you know, on the lower side will be Manu, Manu, can you share this guy?
Manu Talwar — Chief Executive Officer
So you know, as the facility has been built for longer tenure than in bakery especially, we need to invest in one go for the five, seven years of capacity. So in next two to three years time we should start hitting an asset turn of two, two and a half for this plant will take about three years to get to that asset.
Raghav Maheshwari — Analyst
Noted, sir. And sir, my second question is on the export side which has been a strong performer for us. And with this, you know, trade deal likely coming into effect from Q1 onwards and the EU FDA also now concluded we are expecting a favorable shift in the operating environment. So could you help us quantify what kind of, you know, financial enhancement we should expect from these developments? And like do you primarily see this as a volume driver or. We can also see a structural improvement in EBITDA margins.
Anoop Bector — Managing Director
You know, so this has been relatively new, right? I mean it’s just happened. But yes, this will relatively, you know, improve any manufacturer from India’s ability to sell in the, in the EU and America. And we are very, very hopeful of you Know, getting a big benefit out of this opening from you know, a 50% punitive tariff to 18% tariff. So hopefully, you know, we, we would be able to, you know, have a lot of value addition in the, in the business.
Raghav Maheshwari — Analyst
Okay sir. And sir, if you can list down some growth drivers for FY27.
Manu Talwar — Chief Executive Officer
So our growth driver for FY27, yes, definitely. Export will be a better growth driver this year because of the whole trade treaty and some other uncertainty. Although export has been growing at a over last four years, been growing on an average of high double digit in the last four years. But this year has been a low on account of this tariffs and other things. So we expect export to get back into a good growth engine for us to get into mid teens to high teens kind of growth. Similarly, bakery, English Oven continue to expand as you would have heard in the MD speech that we have opened up Calcutta and so we opened up our east region.
We have also opened up another big city on bakery in the southern region. Right. And we continue to kind of expand in the region. So English Oven should continue his journey of growing and our Kapoli plant which is getting commissioned in next few months time. So we have very aggressive plans for Bombay and Maharashtra in terms of growth. So English Oman will remain a high growth engine for us. We’re probably expecting another one or two cities further getting added during this financial year. Coming financial year. Right. Domestic biscuit business again has seen a sequential improvement in growth in this quarter over the last quarter and trends are looking good.
We are very clearly investing as we shared last time, we are Investing in a 400-500km range from our both Indore plant as well as from our Punjab plant and going deeper in our penetration coverage. So that also should be good. Coming on a B2B business of bakery. Yes, B2B business on a bakery side QSR is still on a low burn, but we’re very confident that now there should be turnaround there. But what we did over the last two, three years, we added a frozen business and the frozen business has built into a good business which has become almost 20% of our B2B bakery business and has a great growth potential.
And so we expecting that again to leverage and to grow that part of the business. And also as mentioned in the speed, we have started introducing some of the frozen product in our retail. These are some of the pilots which we have done in the NCR and but we see that also should start stabilizing and growing there. So these are some of the few growth engines across the business area which would help us grow well in the coming financial year.
Raghav Maheshwari — Analyst
Noted, sir. That helps, sir. And what is the percentage of B2B as compared to like on the total.
Manu Talwar — Chief Executive Officer
Revenue B2B bakery, you’re asking?
Raghav Maheshwari — Analyst
No. So overall business is basically in the bakery. What is the percentage of B2B revenue?
Manu Talwar — Chief Executive Officer
You talking of B2B bakery or you’re talking exports and B2B put together?
Raghav Maheshwari — Analyst
I’m talking about exports and bakery put together, Sir.
Manu Talwar — Chief Executive Officer
Exports and B2B bakery put together should. Be. Should be closer to 45, 46%, 47% around that. Yeah.
Anoop Bector — Managing Director
But what is the QSR as a, as a B2B? You know, I think more relative would be the Indian B2B which is our QSR business.
Manu Talwar — Chief Executive Officer
Another thing which I want to take opportunity of highlighting here is that. You. See our Krimika brand biscuit, we have a large domestic business but Kremika brand is also very large business Internationally. We are selling Krimika brand over 50 countries. Kremica brand has done also very well in this financial year. It is contributing over 50% of our revenues internationally which is in our export division. So the Kremica brand, you know, from your question point of view, the Krimika brand is both there internationally as well as domestic and it’s a fairly large business both in India as well as outside India.
Raghav Maheshwari — Analyst
Okay sir, thank you so much sir, all the best.
operator
Thank you very much. Ladies and gentlemen, to ensure management can answer questions from all the participants, please limit your questions to two per participant. The next question is from the line of Soham Samantha from Motilal Oswal. Please go ahead.
Soham Samanta — Analyst
Yeah, thank you for the opportunity sir. Just wanted to check is it fair to assume that our export growth for this quarter lower double digit while the domestic is flat to marginal on year on year.
Manu Talwar — Chief Executive Officer
So our export has grown lower in this quarter. So our export growth was single digit and our domestic growth was a high single digit, almost touching double digit. It was around that much. But yes, export was a low segment.
Soham Samanta — Analyst
You have to say domestic is high single digit and majorly it will come from volume. Come from, sorry, volume.
Soham Samanta — Analyst
This domestic biscuit.
So there has been GST changes and all that which has obviously led to higher. So we have definitely grown in volumes in this quarter. But. It’S also the value growth. So if we assume that high single digit, in that case what will be the volume? Low single digit volume. Let me get back to you.
Anoop Bector — Managing Director
I think there have been lot of changes, you know, because the GST 2.0 changes, you know, so I think at this point of time comparison might not be right because we have been in the transition.
Soham Samanta — Analyst
Okay. Okay. As a last on a margin, how do you look right now? Because in Q3 last quarter also we are targeting 14% plus. So how do you look? Q4 and FY27.
Manu Talwar — Chief Executive Officer
You see as I explained you last time that for US margin starting from quarter one of next financial year, as I said that we can look at in the H1 of Next Financial year we should start getting to the 14% range.
Soham Samanta — Analyst
Okay. And what about the gross? Gross. So any marginal improvement you can see from gross margin as well in a quarterly cycle gross margin.
Manu Talwar — Chief Executive Officer
So in the gross market, in the gross margin you’re asking, right? Yeah, the gross margin. I will be able to give more clarity in the next call. We are just in the process of concluding our aop so to exactly comment on the gross margin side, which will be little tough but yes, you can, you can expect some, you know, also some marginal improvement there. Okay. As a last thing that in this quarter, what is the bakery? B2B growth. Sorry, B2C growth. English IT is mid teens. Yeah, it’s a high high teens growth. Thank you.
operator
Thank you. The next question is on the line of Ronak Shah from Equerria Securities Private Limited. Please go ahead.
Ronak Shah — Analyst
Yeah, thanks for the opportunity. Sir. My first question is regarding the domestic biscuits. So as the market leader has already highlighted that the competition is very high. So, so can it can we elaborate that considering the high competition from local plus your larger national players, the growth rate into the domestic biscuits will going to be include the high single to low double digit only in yet.
Manu Talwar — Chief Executive Officer
Domestic biscuit business has been for a while a very highly competitive and intense business. And in a territory of north India, definitely the highly competitive business both with big player and local. We have seen a sequential improvement over the last quarter in this quarter in the growth. And yes, you’re very right. We do expect in next two quarters to march towards the low teens kind of growth. And that’s what we are targeting to achieve in the next financial year.
Ronak Shah — Analyst
Okay. Okay. So it is fair to assume that double digit growth will come from the second half of FY27 into the biscuits. Domestic biscuits especially.
Manu Talwar — Chief Executive Officer
No, no. We should have you see as I said growth. Even in this quarter we had a high single digit growth. So we see sequentially with gst. In fact also the consumer GST impact also turning positive quarter on quarter, it should keep improving.
Ronak Shah — Analyst
Okay, got it. My second question is on bakery part. So though we have talking around 13 to 14% sort of growth. But it sounds bit conservative considering the TAM plus the opportunity plus the activation in terms of the clean label and all which we are doing. So what has caused or slower the growth rate and going forward by when we are we are again targeting a high double digit or high teens sort of growth rate into the B3 segment.
Manu Talwar — Chief Executive Officer
So I, I just, I think mentioned that in the English oval we have grown high teens. It’s only the B2B business which had a lower growth. That’s why average is around 13.5 14% there. So English owned continues to march at a good growth rate and shall continue to do that as well as expand further. We are very, very firm on becoming a pan India strong brand over the next two years sign and that’s why we added two more geographies in this quarter, last quarter and why we are building these geographies. And our Bombay Maharashtra geography will see a huge expansion as we updated you.
The Kaholi plant will come up soon in next few months time and we are also likely to add another few cities in this financial year. So English owned growth is robust and will continue to be robust.
Ronak Shah — Analyst
Got it. And the last piece on the exports part, so can you highlight some qualitatively how we are diversifying apart from the USA and from the profitability front considering the lower carries now being into the system, are we expecting a significant improvement into the US exports and the margin as well?
Anoop Bector — Managing Director
Yeah, I’ll go ahead see what is happening is Mrs. Becktor, you know has always invested and has built up a capability to export export biscuits to not only, you know, every segment of countries. Right. So we are exporting to around 60, 70 countries today and out of them US is one of them. South America is big for us. Europe is going to be turning out to be good opportunity UK with the new FTA Europe with new FTA us you know for the last six months from, you know we had seen, you know all projects coming onto hold.
So we feel, you know Mrs. Bechter is fully ready, geared up, you know to get the benefit of these opportunities. So we will see you know, good value, not value biscuits but premiumization from our perspective which you will deliver to these markets.
Manu Talwar — Chief Executive Officer
And anup I would request to you also you can brief them how we have upgraded our capability on, on you know, distinctive biscuit categories.
Anoop Bector — Managing Director
You know, I mean today Mrs. Becktor is one of the largest suppliers of Danish cookie tins to the U.S. right. And so we have built the Indore plant was specifically built with the Mind that, you know we are going to be feeding the US market. So you know, so for the last six months is the time Indore plant had started. We were actually, you know, we didn’t want to use that capacity into India because that plant could make very specific good products. So now things will get activated. We already have used this time, last six months to prepare the products.
You know, we. So I think the benefits will come in now very clearly to the company.
Ronak Shah — Analyst
Okay, okay. If, if I may permit for last one, can you just highlight on the export incentive which has been forced from the government. Are there any updates on that part?
Anoop Bector — Managing Director
Yeah, so you know that absolutely. Right. So there was definitely in the last six months from August onwards we have not been able to get those benefits. And in fact if those benefits had come in our margins would have shown a very different sort of numbers. Right. But what our company has now done is we are going to be utilizing that. We start importing raw materials which are duty free because for our exports we can import rm, you know, raw materials. Against advanced lessons. We are, we are going to start doing this slowly. I think in the next six months we should be geared up to recover the damages.
Ronak Shah — Analyst
Okay, so in terms of quantification, can it be into the range of 20 to 30 odd bits of your margin?
Manu Talwar — Chief Executive Officer
No, it is our impact on our overall revenue would be Almost close to 1% here. Close to that.
Ronak Shah — Analyst
Thanks. Thanks sir.
operator
Thank you very much. The next question is from the line of Hareet Kapoor from Investec. Please go ahead.
Harit Kapoor — Analyst
Yeah, good evening. So this had two or three questions. One was on you know, the growth rates. So you’ve spoken a lot about how you expect business to accelerate. Should we assume that given that export business starts to normalize hopefully early next year and even your capacity in bread comes through only in Q1 that these growth rates on the revenue side are Q1, FY27 onwards kind of a picture. And Q4 also will be in similar to, you know, slightly up and down band. Is that the right way to kind.
Manu Talwar — Chief Executive Officer
Of think about near term growth on the. You’re right. Yeah, that’s. That’s the right way to think. Yeah, got it. That’s, that’s what is going to happen. Is that from Q1 we should start seeing improvement in our growth rate and it should kind of build up. And looking at the situation now, trade TV sign, nothing much going adverse largely we should be, you know, targeting to get for the next financial year close to mid teens kind of growth, you.
Anoop Bector — Managing Director
Know, so all these deals are getting signed And US is getting signed in March. And you know, so I think UK and Europe are also going to be signed probably in the second quarter or something. So you know, over the years I think the on the growth side things look into a much stronger wicket.
Harit Kapoor — Analyst
Got it, Got it. The first half performance in Bakery was about 17 odd percent growth. Q3 has been 13. This the lower growth versus first half, you would attribute it entirely to B2B. Is it
Manu Talwar — Chief Executive Officer
so not largely. I would say largely is B2B is a reason. Yes. But in the Q1 out in the H1 our growth were higher. You see, I just give you a brief. We had a price increase in October or November of 24th. Right. So H1 was cycling, you know, that advantage also. But overall and, but this quarter, this quarter again our growth have been high teens in the bakery.
So if I kind of try and normalize that, the growth has been pretty consistent there with 1 or 2% here and there. But yes, the H1 had advantage of cycling the low price time. Right.
Harit Kapoor — Analyst
So you’re seeing that the bakery business is more volume led growth this time is what you’re trying to in Q3. Yeah. And just as a comment, I would recommend if you could, you know, also give, I know your tonnages across are very different but you know, henceforth or whenever possible, if you can also give a broad range of where the volume growths have been either separately for biscuits and bakery or overall for the business.
Because that helps us understand the pricing differential. Also because in the B2B business we can’t really pick it up in the market. So if possible, if you can kind of do that math, that will be fantastic. My next question was on the margin side. So look, the export incentive has not been there this quarter. It was only there for one month in Q2. It was there for two months in Q2. But still we’ve seen a sequential improvement in the gross margin. I think an earlier participant also had a gross margin question. But from your perspective is this improvement is driven by mix because B2C has done better in both biscuits and in breads or is it also an rm, some RM benefits also kind of starting to flow through.
Now how would you interpret this sequential.
Anoop Bector — Managing Director
Improvement in gross margin? Let me first clarify on the RM margins, you know we had, we have always believed in predictability, right? Yes. So we have one of those companies who didn’t get the benefits of lower prices. So that one thing because you know we did, we had done our hedging till March. So you know, so there are no benefits which have come in and from the raw material side. But Manu can explain you the best the rest, you know.
Manu Talwar — Chief Executive Officer
Yeah, yeah, yeah, yeah. So I think Anup has covered that answer and it’s largely the business, business makes and efficiencies. Right. So rgm, Revenue growth management and business mix and some bit of efficiency which has helped us to improve that margin over last quarter. Last quarter, yeah. Q2 or Q3.
Harit Kapoor — Analyst
Got it, got it. And last question was Anuji, you know this export incentive thing and you looking to import now, does that completely offset, whenever you start kind of offsetting this impact with your import strategy, does that completely offset the.
Anoop Bector — Managing Director
In fact, you know, we had been waiting that this was suspended. It was not, you know, it was not, it did not, it was not finished or you know, so it was only suspended. So you know, we kept believing that this will come back. It was just a short term thing. Correct. You know what incentives because we people have been a very high value drivers, right. I mean for us our Danish cookie tins are very highly priced. So you know, for as a percentage, you know, what we used to get, I mean I think we’ll not probably be able to recover hundred percent of what we were getting, but we will target to get towards that, you know, I mean, but it is going to take us five, three, four, five months, six months because I have to create this complete import. We have already targeted few raw materials which we have already started.
We’ve started sending the pos. But I think in the next four, five months we will be, you know, we will get out of it.
Harit Kapoor — Analyst
Understood, Understood. And despite you saying that, so it will take four or five months in your view. But even though it will take four.
Anoop Bector — Managing Director
Months, the optimization, reach optimization, right? Yeah. Not four or five months to start, you’ve already started, but it will reach four or five months to optimize it. Right.
Harit Kapoor — Analyst
Perfect. Perfect. Perfect. Wish you all the best. Thank you. Yeah, thank you.
operator
Thank you very much. The next question is from line of Darshit Vora from Assets. Assetsi Mehta Institutional Equities. Please go ahead.
Darshit Vora — Analyst
Am I audible?
operator
Yeah, yeah.
Darshit Vora — Analyst
So thank you and good evening. Thanks for the opportunity. I most of my questions have been answered but I had one part with respect to the larger competitor has, you know, hinted at a strategy towards competing seriously. So do we have any kind of launch that we are either making or have, you know, in pipeline to compete with the players even in the regional competition.
Manu Talwar — Chief Executive Officer
So you’re talking of ka domestic biscuit business, right?
Darshit Vora — Analyst
Yes, yes.
Manu Talwar — Chief Executive Officer
Okay. So in A domestic biscuit business. As I said that the two prong strategies, which is one is obviously we explained you that how we are going to penetrate deeper within the 400 km of our Punjab and Indore to right. And drive the distribution, growth and expansion there. Second, alongside that, while we are investing behind our brands and varieties which are doing well like coconut, bourbon, digestive and all, we have also over the last eight, nine months, if you look at we have launched series of premium products which MD had mentioned in his speech also, right.
Which are premium cookies as well as some of the health variety and some in terms of premium like sourdough and other product. Right. So objective is to now the products which we have launched over the last nine months time we also invest behind to keep building those products. You know, so objective behind that is that we are very clear now that what we will be launching is a differentiated product which we have done. Right. And we want to build these products over the years because you know, getting into the again, me too kind of product doesn’t give you that differentiated strength in a highly competitive business.
So these are the two, three large strategies which we are on, on execution mode now. And these will be our sources of growth for our RGM of domestic biscuits. All right.
Darshit Vora — Analyst
All right. And secondly, just extrapolating this competition point to the bakery business as well. On the QCOM front, we have seen some of the Q1 companies as well coming out with their brands and some other smaller companies also launching their own brands in the bakery side, even the premium ended weekly side. So have we seen some kind of impact of that? Competition.
Manu Talwar — Chief Executive Officer
Is also very competitive platform. But you know, we have been a early starter in year 22 in Quickcom as we continue to invest on this platform. We’re very confident of this platform kind of growing, you know, in a changing consumer environment. And that’s what has happened. So we have a stronger share in Quick Calm business, much ahead of our general trade share and we continue to grow very, very aggressively there. So Quick calm in English OAN is now contributing almost 33, 34% of our revenues. Right. And this is kind of improving every quarter and every year.
So if I remember right, over the last one year itself we would have doubled, we have doubled our revenue contribution. So a English woman is a high growth business. In this high growth business, Quickcon has contributing almost 33, 34% and this contribution has literally doubled over the last 12 months. Right. So it’s a strong journey. We have a stronghold, we’re investing behind it and we remain ahead in this journey versus many other players.
Darshit Vora — Analyst
Okay, that’s great to hear. And finally, just also on the export, sorry, the B2B part. So we have seen certain newer brands and players also entering certain international brands also entering the chain QSR space. So do we, or have we seen some plant additions or new brand additions in our B2B portfolio or do we plan to add some.
Anoop Bector — Managing Director
I would not know, you know, if you would tell us which brand you’re talking about, we can tell you we’re part of them or not any, because we have Tim Hortons, you know, which is a coffee chain. We supply to them. So but we need to know, I mean, you know, we supply to most of the burger guys. So we hold a very strong position over there. So you need to tell us who’s the person who’s come in, you know, so that probably we can know because otherwise we will not come to know otherwise.
Manu Talwar — Chief Executive Officer
All the new premium range is where we are present with our frozen range also getting very strong. So we are offering them variety of products. Right. And we are still in discussion on many of the new products with these chains. So in terms of customer additions on our B2B bakery side, there has been a robust performance, especially led by the frozen range of our products because our share in a bun business in Quickcom is already upward of 80, 85%. Right. So.
Darshit Vora — Analyst
All right, thank you so much.
operator
Thank you very much. The next question is from the line of Chirag Shah from White Pine Investments Management. Please go ahead.
Chirag Shah — Analyst
Yeah, thanks for the opportunity. Sir, just a question on this. India US Tariff. So as things are, is it back to normal business or there is some added tailwind and if yes, which countries generally we compete with, which gives us some advantage.
Anoop Bector — Managing Director
You know, we, when, you know, U.S. trade tariff had happened. So, you know, we are covering most of the countries, right. But what we are seeing is, you know, in our journey, in our trade fairs with our people who are visiting, we feel Europe is coming out strong. So Europe would be which was earlier not there was very limited for Indian food products other than ethnic is now getting into the mainstream. So what you have to understand about exports is that we have a very limited ethnic consumer. Our consumer is more mom and pop stores as a general.
We compete with the, the local competition. We’re giving them the local product. So, you know, that is the differential which is there with us. I think Europe is coming out extremely well. We also see America, you know, as they have started responding and you know, coming back onto the old projects which they had put on hold you know, till the time these duties were not clarified. So I think there’s a great opportunity in South America, in Europe, in US as well. So UK is going to be very good.
Chirag Shah — Analyst
So my question, my question was. So it is back to normal business, right? Before the entire tariff tantrums happened, we are back to normal business or there is an advantage that we have.
Manu Talwar — Chief Executive Officer
No, no, we have, we have not, we have not lost any business. But new projects from us stopped coming in which will now start coming. But yes, definitely we had to, we had to part away with some extra discounts or something. You know, small discounts, not very big discounts. So we did not, we. We did not lose business other than. Other than small. Few. Few, yes, few retailers. Yes, we lost, but not, I mean otherwise we would continue.
Chirag Shah — Analyst
I mean, you know, answer. Which country we would be competing for import this if they are importing from A or B or C country, which are the other two countries?
Anoop Bector — Managing Director
India. See, India is very unique. We, you know, China is not our competitor in these products. So as I said, we make for the market. You know, we make, we may, we would product. We will make products for Walmart like most of the tins which are Danish cookie tins which are earlier going from Europe are now going from Mrs. Decta. Okay. So similarly so you know, I mean we do not, we do not have competitors from any other country as such. You know, that’s. What. What is it at the moment. Right. Great.
operator
Thank you. The next question is from the line of Ajay Thakur from Anand Raji Securities. Please go ahead.
Ajay Thakur — Analyst
Hi, thanks for taking my question. So wanted to understand bit more on your strategy 2.0 which you had indicated will be rolled out possibly, you know, in FY26, as in towards the 2026. So I wanted to get a more sense in terms of is it kind of analyzed, you know, or. And when can we expect that rollout to happen? And if you can share some, you know, broader contours of that, it will be helpful.
Manu Talwar — Chief Executive Officer
Yes, I think I answered in one of the beginning question our sources of growth across the business area, which I explained. So export, obviously with this tariff agreement happening and with new capability of some new products coming up in indoor and one or more of plant, we should again see a resurgence of our export growth which has been there well over the past few years. But yeah, this year was little lower. Right. Coming to the. Another biscuit winner, domestic biscuit which on a quarter, on quarter has seen improvement in growth. And we are investing in our distribution coverage in 400km from both our Punjab and Indore plant we have launched series of premium products in the last nine months time we will be again continuing investing behind them too kind of build it and further strengthening our brand marketing as we are carrying out a brand study of both the Kremica and English oven.
So make a go forward strategy on both the brands which will further enhance the growth on the domestic Kremica biscuit side and take it to a low teens kind of growth next year. English Oven as I believe that it continues to be on a strong growth path which has been growing at kind of hygiene stand up growth. And we launched in last few months in Calcutta region and Hyderabad further expanding our geographies. Right. And our Bombay plant will come up in next few months time which will help us good quality bun and bread supplies and we will strengthen our distribution not only in Bombay, in many parts of Maharashtra.
And that will become another large source of growth for English Oven. So English oven continue to grow in the existing new territory. Plus we are planning to add some more territories in the coming financial year. B2B business as I briefed that frozen business is showing a good traction which we built over last two, three years time. And now we have enough on pipelines as a promising for good revenue growth in the next financial year. And QSRs also continue to expand in their invest in their store expansion and there should be a turnaround. So these are the business wide sources of growth and a strategy what you call it for the next financial year.
Ajay Thakur — Analyst
Understood. Also wanted to get a bit more sense on the margin. We have seen small bit of improvement and obviously given the fact that we will be utilizing the duty import duty incentives, duty export incentives. So in that context hopefully the margin should start improving further possibly from Q4 onwards. So what will get more sense in terms of what kind of improvements can we see in Q4 and then going forward?
Manu Talwar — Chief Executive Officer
So as I briefing the previous call that our target was to get to 14%, we would have got to 14% but for the export incentive which kind of suddenly was put under suspension by the government. Right. Otherwise we would have been at 14% in this quarter. So now improving from here to getting to in the 14% range is what we expect in the H1 of the next financial year. That’s the path we are progressing on.
Ajay Thakur — Analyst
Thanks.
operator
Thank you sir. The next question is on the line of Risha Mehta from Green Edge Wealth. Please go ahead ma’. Am.
Resha Mehta — Analyst
Thank you. So you know the first question is on the bakery qsr so fair to say it would have grown, let’s say in mid Single digits for Q3.
Anoop Bector — Managing Director
Yes, yes.
Resha Mehta — Analyst
Okay. And here again would it be fair to assume that you know, since we are already so well penetrated on the BUN side. So any incremental growth here would largely be driven by new categories like frozen foods. Unless you know the macro demand for the QSR improves with C sees the growth from the BUN side as well. Would that be the right understanding?
Manu Talwar — Chief Executive Officer
Yeah, broadly yes. But yes, as we have started our Calcutta plant so that will give us a fill up of the east region business. Even on the BUN side. Right. There are many new small customers also mushrooming where we had a capacity constraint both in Bombay and Bangalore. So Bombay plant coming up will help us to service that new customer which we were as of now not able to service them and add them to our portfolio. Similar is a challenge in Bangalore. And Bangalore also investing in an expanded new plant there in the coming financial year.
So that will help. So yes, so some bit of growth we were not able to capture of new customers in both west and south territory will get available with the capacity falling in place. And the Calcutta region would obviously is a geography new to us other than McDonald’s is what will add to our business. But broadly what you said is right.
Resha Mehta — Analyst
So with that then you know, FY27 onwards can we expect this to touch like a double digit or a high single digit kind of a growth for the bakery QSR?
Manu Talwar — Chief Executive Officer
So bakery B2B business. Yes, we will be targeting a low teens kind of growth in the coming financial year.
Resha Mehta — Analyst
Right now you know the export biscuit business. So while we’ve seen a low single digit growth in Q3, if you could break it up into you know the US and the non US business. So as I understand the US business is almost 20% of our exports business. So how much would have you know, US business de grown and how much would have the non US business grown?
Manu Talwar — Chief Executive Officer
Most of the territories have grown so we don’t share number to that granularity. But broadly yes, our challenge in Q3 was us which is kind of now will be kind of will get get rectified. Right.
Resha Mehta — Analyst
So so okay, so the non US business would have registered a double digit kind of a growth or would we have seen some slowdown?
Manu Talwar — Chief Executive Officer
I. I don’t have, I don’t have ready number as of now. So yeah and we knocked normally don’t get into sharing such a granular number but directionally as I said is true.
Resha Mehta — Analyst
And so the export business also with you know the US trade deal coming through Right. Would that also be a low double digit kind of a number that we are targeting for growth for FY27?
Manu Talwar — Chief Executive Officer
Yes. Yes.
Resha Mehta — Analyst
You know, now that the trade deal has been announced, so are we already seeing like more inquiries from the US business or. It’s, it’s still status quo.
Anoop Bector — Managing Director
You know, we have started, people have started talking to us right back. So like, I mean we had a deal, you know, which we, if the trade deal didn’t, had not had happened, we would have lost the deal because there are certain, you know, businesses which are like the Danish cookie tins is, you know, we are approved supplier with them. But if it was 50%, we would not have got that they were not going to come back to us or we would have had to discount heavily. So which has gone into our favor. So already things have started happening.
India is back into their mind, which was, even the buyer was confused as much as we were confused. Right. It was very difficult to create a supply chain. So effectively, I think going forward, India is going to emerge as a big player in sports and food products and biscuits being one of them. And America being a very large consumer will really, you know, give a benefit. But those companies will benefit who are prepared. You know, like I mentioned earlier, we manufacture for the market, for the US market. We do not manufacture ethnic products. We do ethnic wherever there’s a need.
But, but our main competition happens if I do America, if I’m selling my biscuits into America, I’m doing a cheese cream for them, a cracker for them. It’s a product which they keep eating. They, they are, they are, they are consumers of that product. Right. So it’s not that I’m giving them a Zeera biscuit or something else. So we assure that, you know, things will be much more productive. Right?
Resha Mehta — Analyst
Sure, sure.
Anoop Bector — Managing Director
And it’s too new. In fact, the agreement has, right now we don’t even know. I mean we know we could have 18% tariff, but we don’t know. It might be different. Right. It might be lower, it might be something else. Because in the newspapers we read that certain food items are being considered as zero. Now if that is the case, we don’t know. Right. So I think end of March we’ll have a clear clarity on what is happening. But yes, things are moving in the right direction.
Resha Mehta — Analyst
Understood. And just the last one on the domestic biscuits business. So while you all have articulated the future growth levers for the domestic biscuit business, but I just wanted to, you know, kind of double click on, you know, why the domestic biscuit Business, you know, has been sluggish. So see the GST related disturbance is something that even you know, the industry leader has faced. And if we look at our domestic biscuit business, you know, the growth versus let’s say a Britannia is you know, hardly 200 bisps higher. Why you know we are probably 18 their size.
Right. And so is it, you know, if I exclude the GST part, is it, I mean what is it, you know that has impacted our growth in the domestic biscuit business over the last one year? So is it like a lot of competition? Were we constrained on capacities? Were there any execution gaps? If you could just kind of help me on that.
Manu Talwar — Chief Executive Officer
Let me, let me brief you. Right. That it’s still briefed in the last. Actually, you know, you see domestic biscuit business, if you remember we had a huge commodity spike in prices starting October, November of 24. Right. Palm oil and other things. Right. And with the hyper competition is something which had put a very large adverse pressure on our domestic biscuit profitability and margin. Right. And so it was very important for us to kind of first make sure that we correct our margins there and get the business again to a good sustained level. And that’s what took about you know, close to eight, nine months to get that into mode.
And then we started about a kind of getting into the again distribution expansion, new products and other things few months back which will kind of which will now is getting back into the investing behind a high growth investing on distribution brand both and we have seen a sequential improvement in our growth over the last quarter to this quarter and that journey will continue. So our expectation is to get to into low teens kind of growth in the next coming financial year and we’re confident we should be able to achieve that.
Resha Mehta — Analyst
Sure. Thank you and all the best.
operator
Ladies and gentlemen, due to time constraint, that was the last question. I would now hand the conference over to the management for the closing comments.
Anoop Bector — Managing Director
Thank you everyone for joining us. I hope we have been able to answer all your queries in case you require any further details. You may please contact us or MUFD in time. Our investor relations partner. Thank you very much. Bye.
operator
Thank you once again sir. On behalf of Mrs. Bechter’s Food Specialities Ltd. That concludes this conference. Thank you for joining us. You may now disconnect your lines.