1. At a Glance
Bikaji just posted a chatpata Q1: 14% YoY revenue growth, 15% EBITDA margin, and ₹585 Cr in profit (PAT). But at 101x P/E, it’s not just your snacks that are crunchy — it’s the valuation too. The bhujia is hot, but is your wallet getting fried?
2. Introduction with Hook
Imagine walking into a snack aisle and finding Bhujia priced like Birkin bags. That’s Bikaji — where desi flavours meet Nifty ambitions.
Two juicy bites:
- Stock P/E: 101x. No typo.
- Q1 FY26 Revenue: ₹652 Cr, up 14.2% YoY
It’s the Maggi of Rajasthan, but listed like it’s the Gucci of FMCG.
3. Business Model (WTF Do They Even Do?)
Think of Bikaji as the Mukesh Ambani of namkeen.
- 35,588 tonnes of Bikaneri Bhujia every year (you read that right)
- #2 in handmade papads
- #1 in family packs
- Now also gifting, frozen food, and mathri – just in case you forgot your in-laws’ anniversary.
Basically: They sell what’s already in your kitchen, but with better branding and fewer oil stains.
4. Financials Overview
| Metric | FY25 | FY24 | YoY Growth |
|---|---|---|---|
| Revenue | ₹2,617 Cr | ₹2,329 Cr | 12.4% |
| EBITDA | ₹328 Cr | ₹392 Cr | -16.3% |
| PAT | ₹194 Cr | ₹263 Cr | -26.2% |
| OPM | 13% | 17% | -4% |
| ROE | 14.9% | 15% | Flat-ish |
Commentary: Margins dropped like a hot samosa in cold water. Still profitable, but the heat’s down.
5. Valuation
Let’s cut to the chutney:
- P/E: 101x
- Book Value: ₹55.2 → P/BV = 14.3x
- EV/EBITDA: > 60x (yes, really)
Fair Value Estimate:
- P/E-based (assuming 50–60x) = ₹390–₹470
- EV/EBITDA-based = ₹410–₹490
- FV Range: ₹400–₹480
Verdict: Paying 101x for bhujia is like Uber Eats charging ₹999 delivery fee for samosas.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 Results: Revenue ₹652 Cr, EBITDA margin at 14.8%, PAT ₹58.5 Cr
- Volume growth: 7.5% — finally, people eating more, not just speculating
- JV With CG Foods (Nepal): Taking bhujia global, mountain-style
- CSR Subsidiary Formed: Section 8 company approved, ₹5 Cr loan sanctioned
- Concall Hint: Premiumization in snacks coming soon – as if ₹101 P/E wasn’t premium enough
7. Balance Sheet
| Item | FY25 |
|---|---|
| Total Assets | ₹1,937 Cr |
| Total Liabilities | ₹1,937 Cr |
| Reserves | ₹1,358 Cr |
| Borrowings | ₹231 Cr |
Takeaway: Healthy-ish. Not zero carb, but keto-compatible. No scary sugar crashes here.
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Flow |
|---|---|---|---|---|
| FY23 | ₹245 Cr | ₹-199 Cr | ₹-54 Cr | ₹-8 Cr |
| FY24 | ₹193 Cr | ₹-131 Cr | ₹-56 Cr | ₹+7 Cr |
Observation: Free cash flow is the aloo in the samosa – modest, but essential.
9. Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROCE | 18% |
| ROE | 14.9% |
| PAT Margin | 7.2% |
| D/E | 0.12 |
| Inventory Days | 22 |
Line: Looks sexy in a traditional kurta – efficient, profitable, but don’t lift the valuation veil too fast.
10. P&L Breakdown – Show Me the Money
| FY | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY23 | ₹2,329 Cr | ₹392 Cr | ₹263 Cr |
| FY24 | ₹2,617 Cr | ₹328 Cr | ₹194 Cr |
Hot Take: Sales went up, profits went down — someone turned off the fryer mid-shift.
11. Peer Comparison
| Company | Rev (Cr) | PAT (Cr) | P/E | ROE |
|---|---|---|---|---|
| Nestle India | ₹20,201 | ₹3,096 | 76x | 83% |
| Britannia | ₹17,943 | ₹2,195 | 63x | 53% |
| Bikaji Foods | ₹2,700 | ₹195 | 101x | 15% |
| Mrs Bectors | ₹1,742 | ₹121 | 79x | 14% |
Punchline: Bikaji’s bhujia valuation is leading the dance, but the rhythm is… a little off.
12. Miscellaneous – Shareholding, Promoters
| Holder | Mar 2024 | Jun 2025 |
|---|---|---|
| Promoters | 75.10% | 74.92% |
| FIIs | 7.66% | 6.64% |
| DIIs | 13.51% | 13.37% |
| Public | 3.72% | 5.08% |
Trend: Public interest is picking up — maybe it’s the packaging or maybe it’s FOMO. But institutions are cooling down.
13. EduInvesting Verdict™
Bikaji is like that old-school halwai that suddenly got a Shark Tank glow-up. It’s grown well, expanded fast, and now dreams global.
But at 101x earnings, it’s playing in the FMCG Champions League while still figuring out midfield. The story is spicy, but investors need to taste before they overeat.
Verdict: Good brand, great bhujia, but valuation’s fried like Diwali snacks.
Digest responsibly.
Metadata:
Written by EduInvesting Team | 23 July 2025
Tags: Bikaji Foods, FMCG, Namkeen IPO, Snacks Valuation, EduInvesting Premium
