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Bikaji Foods International Ltd (BIKAJI)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543653 NSE: BIKAJI Consumer Food | Small Cap | Bikaji Foods Inter. Share Price

₹549 -18.20 (-3.21%)

As on 11-Sep'26 15:54

Bikaji Foods International Ltd (BIKAJI)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543653 NSE: BIKAJI Consumer Food | Small Cap | Bikaji Foods Inter. Share Price

₹549 -18.20 (-3.21%)

As on 11-Sep'26 15:54

Key Metrics
Valuation Multiples
Market Cap
₹14,222 Cr.
Current Price
₹549
52-Week Low / High
₹567 / 801
TTM EPS
₹10.3
TTM Sales
₹3,018 Cr.
Book Value per Share
₹66.3
P/E Ratio
55.01
Lower than its 5-year historical median
Industry PE
51.9
Price to Book (P/B)
8.56
Lower than its 5-year historical median
Price to Sales (P/S)
4.71
Lower than its 5-year historical median
EV/EBITDA
30.17
Lower than its 5-year historical median
Dividend Yield
0.23%
Profitability Efficiency
Return on Equity (ROE)
17.08%
Outperforms industry median
Return on Capital Employed (ROCE)
21.65%
Outperforms industry median
Return on Assets (ROA)
12.24%
Operating Profit Margin
13.7%
Net Profit Margin
8.5%
Gross Profit Margin
14.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
10.88%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
24.92%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
30.98%
Asset Quality
Promoter Holding
73.88%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,637 Cr.
Equity
₹25.1 Cr.
Face Value
₹1
All Time Low / High
₹303.05 / 1005.00

Bikaji Foods International stock performance

Key Ratios
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Check Before You Invest

Valuation

Fair

Price Trend

Weak
Q.1 Is Bikaji Foods International Ltd a good quality company?
Bikaji Foods International Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Bikaji Foods International Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Bikaji Foods International Ltd vs industry peers?
Bikaji Foods International Ltd revenue CAGR is 16.58%, compared to the industry median CAGR of 8.84%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Bikaji Foods International Ltd?
Promoters hold 73.88% of the Bikaji Foods International Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Bikaji Foods International Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 2.58% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Bikaji Foods International Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 19.2%20.9%16.1%12.1%19.4%14.2%18.8%30.5%20.5%21.9%-
Value Creation
Index
0.40.60.2-0.10.40.00.41.30.50.6-

Growth Parameters

Sales 6087819021,0751,3081,5991,9442,2952,5412,8172,815
Sales YoY Gr.-28.4%15.5%19.1%21.8%22.2%21.6%18%10.7%10.9%-
Adj EPS 1.92.32.12.33.73.35.610.88.410.910.8
YoY Gr.-22.9%-10.4%10.6%62.5%-11.8%71.3%92.5%-22.6%30.4%-
BVPS (₹) 11.113.219.321.724.932.93848.856.566.669.2
Adj Net
Profit
43.853.950.455.690.581.9140271210274271
Cash Flow from Ops. 37.678.463.851.212159.8177243214294-
Debt/CF from Ops. 3.11.81.110.720.60.40.60.6-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 18.6%16.6%13.2%10.9%
Adj EPS 21.6%24%24.8%30.4%
BVPS22%21.8%20.6%17.8%
Share Price - - 1.8% -29.1%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
17.9191311.11611.515.724.815.917.715.9
Op. Profit
Mgn %
12.112.810.38.811.29.111.117.313.314.714.7
Net Profit
Mgn %
7.26.95.65.26.95.17.211.88.39.79.6
Debt to
Equity
0.50.50.20.10.10.20.10.10.10.1-
Working Cap
Days
5959495856708072737550
Cash Conv.
Cycle
1217171817171917171729

Valuation of Bikaji Foods Inter. - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales9011,0751,3111,6111,9662,3292,6172,994
Operating Expenses + 8089801,1661,4711,7521,9372,2882,583
Manufacturing Costs163185209255298308336393
Material Costs5286177889921,1911,3071,5561,689
Employee Cost 55657090104117159198
Other Costs 6111399134159206237302
Operating Profit 9395145140214392329411
Operating Profit Margin (%) 10.4%8.8%11.1%8.7%10.9%16.8%12.6%13.7%
Other Income + 98111023273251
Exceptional Items 0000000-4
Interest 453711111518
Depreciation 2334333849608295
Profit Before Tax 7664120105177348264345
Tax 257302941847090
Profit After Tax 51569076136263194254
PAT Margin (%) 5.7%5.3%6.9%4.7%6.9%11.3%7.4%8.5%
Adjusted EPS (₹)2.12.33.73.15.510.68.010.3
Dividend Payout Ratio (%)9.60%8.60%5.40%9.60%13.60%9.40%12.50%12.10%
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 4705296068189441,2151,3771,602
Share Capital 2424242525252525
Reserves 4455055817939191,1891,3521,577
Debt +62397912511488134205
Long Term Debt341714414718116
Short Term Debt282265846770123198
Minority Interest002-0-1-297100
Trade Payables2914424353596965
Others Liabilities 89161176242161171250258
Total Liabilities 6507439051,2271,2711,5301,9272,231

Fixed Assets

Net Fixed Assets +3944024195076568049781,004
Gross Block4715125646888731,0791,3371,443
Accumulated Depreciation77110145181217275359438
CWIP 1333649701298151
Investments 3376912620315644
Inventories383657737882108117
Trade Receivables3942477379104101107
Cash Equivalents 9688879096177219316
Others Assets 66136190308272319368491
Total Assets 6507439051,2271,2711,5301,9272,231
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 695512257171245193304
PBT 7664120105177348264345
Adjustment 2135284357497889
Changes in Working Capital -7-32-9-50-16-76-85-37
Tax Paid -21-12-17-41-47-76-65-93
Cash Flow From Investing Activity + -92-58-119-232-123-199-131-289
Capex -73-41-74-108-87-127-121-186
Net Investments -25-24-57-116-25-57-58-103
Others 6712-8-11-1549-1
Cash Flow From Financing Activity + 40-31-9169-5-54-550
Net Proceeds from Shares 1220015001396
Net Proceeds from Borrowing 000366-28-41-19
Interest Paid -4-5-3-8-12-13-14-18
Dividend Paid -5-5-5-5-2-19-25-25
Others -74-21-1-53-71656
Net Cash Flow 17-34-6-543-8715
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)10.8411.2915.9210.6815.4224.4114.9917.08
ROCE (%)14.7612.3119.3913.5818.2529.4919.4621.65
Asset Turnover Ratio1.41.561.61.571.611.71.541.48
PAT to CFO Conversion(x)1.350.981.360.751.260.930.991.2
Working Capital Days
Receivable Days15.6013.6012.3013.1013.80141412.30
Inventory Days15.4012.6012.9014.1013.7012.301313.40
Payable Days20.2012.9013.1015.7014.8015.701514.50

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Bikaji Foods International Ltd FAQs

The current trading price of Bikaji Foods Inter. on 11-Sep-2026 15:54 is ₹549.0.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Bikaji Foods Inter. stood at ₹14,221.8 Cr

The latest P/E ratio of Bikaji Foods Inter. as of 10-Sep-2026 is 52.58.

The latest P/B ratio of Bikaji Foods Inter. as of 10-Sep-2026 is 8.20.

The 52-week high of Bikaji Foods Inter. is ₹801.4 and the 52-week low is ₹567.2.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bikaji Foods Inter. is ₹2,815 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Bikaji Foods International Ltd is a good quality company.

The key valuation ratios of Bikaji Foods International Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Bikaji Foods International Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Bikaji Foods International Ltd

The company was originally incorporated as “Shivdeep Industries Limited” as a public limited company under the Companies Act, 1956 at Bikaner, pursuant to a certificate of incorporation dated October 6, 1995 issued by the Registrar of Companies, Rajasthan at Jaipur (“RoC”) and received a certificate of commencement of business from the RoC on October 27, 1995, following its conversion from the erstwhile partnership firm, “Shivdeep Food Products” to “Shivdeep Industries Limited”. Subsequently, the name of the Company was changed from “Shivdeep Industries Limited” to “Bikaji Foods International Limited” pursuant to the Shareholders’ resolution dated September 8, 2011 and a fresh certificate of incorporation dated October 5, 2011 was issued by the RoC to reflect the change in name.

The company is the third largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets, and is the second fastest growing company in the Indian organised snacks market. It has given a novel twist to classic Indian snacks with a contemporary taste along with maintaining the regional flavours to address the evolving consumer preferences in India and internationally. The company’s history and lineage traces back to Gangabishan Agarwal, founder of Haldiram brand. His grandson, Shiv Ratan Agarwal, its founder and one of its Promoters, continued his legacy and developed extensive experience in the Indian ethnic snacks industry. Shiv Ratan Agarwal launched the Bikaji brand in the year 1993 with an indepth understanding of Indian tastes and preferences. It has over the years established market leadership in the ethnic snacks market in its core states of Rajasthan, Assam and Bihar with extensive reach, and has gradually expanded its footprint across India.

The company has various operational manufacturing facilities that are operated by it, with four facilities located in Bikaner (Rajasthan), one in Guwahati (Assam), one facility in Tumakuru (Tumkur) (Karnataka) held through of one its subsidiary Petunt Food Processors to cater to the southern markets in India and one facility in Muzaffarpur (Bihar) held through the other subsidiary Vindhyawasini Sales Private Limited to cater to its core market of Bihar, respectively.

Business area of the company

The company is one of India's largest fast-moving consumer goods (FMCG) brands. The company's product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs (assortment), frozen food, mathri range and cookies.

Awards, accreditations or recognitions

  • 2008: Rajasthan State Award for Export Excellence.
  • 2009: Government of Rajasthan State Award for Export Excellence.
  • 2022: National MSME Award for Business excellence.

Major events and milestones

  • 1986: Establishment of co-partnership business under the name and style of Shivdeep Food Products.
  • 1993: Inception of the brand “Bikaji”.
  • 1994: Initiated exports to UAE.
  • 1995: Conversion of Shivdeep Food Products (partnership) to a public limited company.
  • 1996: Initiated exports to Australia.
  • 2006: Amalgamation of four group companies, i.e., Bikaji Foods Private Limited, Shivdeep Food Products Private Limited, Bikaji Marketing Limited, and Dipu’s Foods Private Limited with the company for consolidate business.
  • 2008: Opened its first restaurant Bikaji Food Junxon in Mumbai.
  • 2014: Raised funds through private equity investment from India 2020 Maharaja, Limited.
  • 2016: Commissioned new facility at Karni Industrial Area, Bikaner.
  • 2018: Raised funds through private equity by a mix of primary and secondary investment from IIFL.
  • 2019: Appointment of Amitabh Bachchan as the brand ambassador of Bikaji.
  • 2021: Acquired Petunt Food Processors Private Limited.
  • 2021: Raised funds through private equity investment from Lighthouse India Fund III, Limited.
  • 2022: Acquired 100% of the issued, subscribed and paid-up equity share capital of Vindhyawasini Sales Private Limited.
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