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  2. Reports Mrs Bectors Food Specialities Ltd: Q2FY26 Result Update
194.55 -5.35 (-2.68%)

Mrs Bectors Food Specialities Ltd: Q2FY26 Result Update
28-11-2025

  • Mrs. Bectors reported a healthy top-line performance in Q2 FY26, with revenue rising 11% YoY to Rs. 551.4 crore, supported by broad-based growth across Biscuits and Bakery. Gross profit grew 3.7% YoY, though margin compression persisted due to product-mix, Director general of foreign trade (DGFT) incentive suspension, and lower freight-related accounting benefits. 

  • EBITDA declined 1.7% YoY, with margins contracting to 12.6% from 14.2% last year. PAT stood at Rs. 36.5 crore, down 6% YoY, impacted by lower operating margins and higher depreciation.

  • Despite short-term pressures, underlying demand remained robust. Biscuits benefited from strong export momentum and resilient domestic volumes despite temporary GST-related disruption. 

  • Bakery continued its double-digit growth trajectory led by English Oven and expanding retail distribution. Capacity additions at Dhar and upcoming bakery units in Kolkata and Khopoli are expected to support scale and margin expansion in coming quarters.

Business Segments

  1. Biscuit Portfolio:

  • The Biscuit segment delivered 10% YoY growth, reaching Rs. 350 crore. Domestic biscuits witnessed approximately a 1% impact due to GST-related destocking, but underlying demand remained healthy. 

  • Exports registered double-digit growth, supported by strong customer engagement, continued product development work with global retailers and targeted diversification across markets. 

  • Despite temporary tariff-related uncertainty in the US, order flows were largely stable, and the company expects sentiment to improve as trade discussions progress.

  1. Bakery Portfolio:

  • The Bakery segment posted 16% YoY growth to Rs. 194 crore, driven by English Oven’s strong performance and continued retail expansion. Quick commerce remains a key growth driver, improving visibility and penetration across metro markets. 

  • The B2B/QSR segment grew at a lower rate in Q2 but is expected to recover in the upcoming quarter. Capacity expansion continues to strengthen the segment Dhar has ramped up, Kolkata bakery is expected this quarter, and Khopoli (one of the largest bakery plants) will be commissioned in Q4FY26, significantly enhancing distribution and cost efficiency.

Operational Highlights: 

  • The company continued to expand distribution reach. Direct biscuit reach stands at 5–5.5 lakh outlets, with weighted distribution growing sharply under the Cremica Preferred Outlet programme. Bakery direct reach improved to ~40,000 outlets, up 10% YoY.

  •  New product development contributed 2–3% of revenue, with strong response to shortbread, mini crackers, kids’ formats and the clean-label “NatorBaked” range.

Capex Update

  • Management has earmarked ~Rs. 400 crore Capex for FY26, marking a major expansion year. Funds are directed toward scaling biscuit and bakery capacity by ~30% through new plants at Dhar (commissioned in Q1FY26), Kolkata (Q3FY26 launch), and the major Capex Khopoli bakery facility (Q4FY26 commissioning), along with ongoing Bhiwadi expansion. 

  • These investments strengthen national reach and reduce logistics costs. With this cycle completing, Capex will normalise to ~Rs. 100 crore in FY27, improving cash flows and operating leverage.

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