Bikaji Foods International Ltd Q2FY26: The Bhujia Billionaire With a Namkeen Narrative, Sweet Margins & Spicy Drama

1. At a Glance

Picture this:“Thou shalt not eat without snacks,”— if there were a modern addendum to the Bhagavad Gita, Bikaji Foods would’ve sponsored that verse. With a market cap of ₹17,993 crore and a current price hovering at ₹718, Bikaji has gone from a Bikaner kitchen whisper to a national FMCG roar. The company’s stock, though slightly tired with a -7.28% return over the last three months, still wears the aura of a premium snack giant.

In the latest quarter (Q2FY26, or Sep’25), Bikaji served up sales of ₹830 crore and a profit of ₹82.8 crore — both piping hot with 15.1% YoY revenue growth and a 19.7% rise in profit. With a P/E ratio of 83.3 (industry average 53.0), it’s clearly not the cheapest namkeen in the shop, but investors seem happy to pay extra for that “authentic Bikaneri crunch.” ROE sits at 15.5%, ROCE at 18.2%, and a debt-to-equity ratio of just 0.21 keeps the balance sheet leaner than a diet sev.

If snacks were religion, Bikaji would be its temple — massive production, global reach, and Amitabh Bachchan as its chief priest of branding.

2. Introduction

Bikaji is that rare Indian FMCG story where bhujia met balance sheet discipline and said,“Chalo, IPO karte hain.”Once a humble ethnic snack maker from Bikaner, it’s now a ₹17,993 crore culinary empire spanning 2.5 lakh districts and over 10.5 lakh retail outlets. It exports to 30+ countries, proving that even foreigners love a spicy taste of India, as long as it’s vacuum-sealed.

The company has something for everyone: bhujia for the nostalgic, namkeen for the chatty, sweets for your mother-in-law, papad for your dad, and frozen snacks for your Netflix nights. Its 300+ SKUs across six categories scream variety like a Gujarati thali.

But like every Indian success story, it isn’t all laddoos and laughter. A high P/E valuation, a few regulatory headlines (hello ED summon of September 2025), and slowing profit growth (-25.6% TTM) remind us that even the crunchiest snack can get soggy.

Still, Bikaji’s dominance in ethnic snacks and smart moves like the merger with Hanuman Agrofood and the upcoming 50% capacity expansion in FY25 make it one of the most strategically nibbled companies in the FMCG plate.

3. Business Model – WTF Do They Even Do?

In short — they fry things, pack things, and sell happiness disguised as calories.

Bikaji’s business revolves around six snack categories: ethnic snacks (bhujia & namkeen), sweets, western snacks, papad, frozen foods, and others (cookies, khakhra, mathri, etc.). Ethnic snacks contribute a solid 67.1% of revenue — clearly, India still believes in “bhujia over bitcoin.” Packaged sweets make up 15.2%, western snacks 8.3%, papad 5.4%, and others 4.1%.

It operates 5 owned factories, 2 subsidiary-run plants, and 4 contract manufacturing units. The combined installed capacity? A jaw-dropping299,820 metric tonnes— roughly equal to the weight of all excuses made by Indians on their diet plans.

The supply chain is tighter than a packed DTC bus at 8 a.m. — 9 depots, 105 super stockists, and 2,435 distributors across 23 states and 4 UTs.

Their secret sauce? Scale, distribution, and Amitabh Bachchan saying “Bhujia khao, dil se.”

4. Financials Overview

Commentary:Those numbers are as crisp as their sev. Revenue crossed ₹800 crore for the first time, proving festive season demand is real. EBITDA margins