Bikaji Foods International Ltd - Stock Valuation and Financial Performance

BSE: 543653 | NSE: BIKAJI | Consumer Food | Small Cap

Bikaji Foods Inter. Share Price

490.30 -0.55 -0.11%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Bikaji Foods Inter.

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Bikaji Foods International stock performance -

mw4me loader
P/E Ratio (SA):
64.05
Market Cap:
12,276.2 Cr.
52-wk low:
334.1
52-wk high:
605

Is Bikaji Foods International Ltd an attractive stock to invest in?

1. Is Bikaji Foods International Ltd a good quality company?

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

2. Is Bikaji Foods International Ltd undervalued or overvalued?

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.

3. Is Bikaji Foods International Ltd a good buy now?

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.

10 Year X-Ray of Bikaji Foods Inter.:

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

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 23.4%16.4%14.2%13.1%13.8%10.7%10.6%14.7%10.6%13.5%-
Value Creation
Index
0.70.20.10.00.0-0.2-0.20.1-0.2-0-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 4004685516087819021,0751,3081,5991,9442,145
Sales YoY Gr.-17%17.6%10.4%28.4%15.5%19.1%21.8%22.2%21.6%-
Adj EPS 1.21.41.81.92.32.12.33.73.35.27.7
YoY Gr.-11.4%31.4%4.4%22.9%-10.4%10.6%62.5%-11.8%58.2%-
BVPS (₹) 48.49.911.113.219.321.724.932.937.844
Adj Net
Profit
25.132.14243.853.950.455.690.581.9129192
Cash Flow from Ops. 26.954.43437.678.463.851.212159.8173-
Debt/CF from Ops. 1.71.32.93.11.81.110.720.7-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 19.2%20%21.9%21.6%
Adj EPS 17.4%17.6%31.4%58.2%
BVPS28.4%23.5%20.3%15.2%
Share Price - - - 35.4%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
35.123.219.717.9191311.11611.514.618.7
Op. Profit
Mgn %
10.810.511.612.112.810.38.811.29.110.913.3
Net Profit
Mgn %
6.36.97.67.26.95.65.26.95.16.78.9
Debt to
Equity
0.60.40.40.50.50.20.10.10.20.1-
Working Cap
Days
4049425959495856709339
Cash Conv.
Cycle
-6-231217171817171819

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 18.70%

Sales growth is growing at healthy rate in last 3 years 21.86%

Net Profit is growing at healthy rate in last 3 years 31.35%

Sales growth is good in last 4 quarters at 14.47%

No data to display

Latest Financials - Bikaji Foods International Ltd.

Standalone Consolidated
TTM EPS (₹) 7.7 7.5
TTM Sales (₹ Cr.) 2,145 2,175
BVPS (₹.) 44 43.7
Reserves (₹ Cr.) 1,076 1,068
P/BV 11.15 11.23
PE 64.05 65.59
From the Market
52 Week Low / High (₹) 334.05 / 604.95
All Time Low / High (₹) 303.05 / 604.95
Market Cap (₹ Cr.) 12,276
Equity (₹ Cr.) 25
Face Value (₹) 1
Industry PE 65.3

Management X-Ray of Bikaji Foods Inter.:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Bikaji Foods Inter.

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales4004685516087819021,0751,3081,5991,944
Operating Expenses 3574194885346818109811,1631,4561,735
Manufacturing Costs1985181915216718560249265
Material Costs2922854094464485296179369911,215
Employee Cost 25273221385165698597
Other Costs 21232948426211498131159
Operating Profit 434963741009394145142209
Operating Profit Margin (%) 10.7%10.5%11.4%12.1%12.8%10.3%8.7%11.1%8.9%10.7%
Other Income 25265108111015
Interest 2003545379
Depreciation 46712172234333742
Exceptional Items 0000-100000
Profit Before Tax 39485864827662120109173
Tax 1416172129257302945
Profit After Tax 253241445351559080128
PAT Margin (%) 6.2%6.9%7.5%7.2%6.8%5.7%5.2%6.9%5.0%6.6%
Adjusted EPS (₹)1.21.41.81.92.32.12.33.73.25.1
Dividend Payout Ratio (%)18%0%11%11%9%10%9%5%9%15%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 81195231260307470528604820944
Share Capital 20232323232424242525
Reserves 61172208236284446504580795919
Minority Interest0000000000
Debt43469711712167397710891
Long Term Debt24236064464017122626
Short Term Debt19233853762822658265
Trade Payables34383218222914394149
Others Liabilities 23512460918116183237321
Total Liabilities 1823293844555416487428031,2061,405

Fixed Assets

Gross Block109121202266364469510543653707
Accumulated Depreciation142127385476110141177213
Net Fixed Assets95100176228310393400402476494
CWIP 1284838347133334864
Investments 01022333787146154
Inventories17282326313836567071
Trade Receivables14152226343942477790
Cash Equivalents 19656716710388878996
Others Assets25261189495813691301437
Total Assets 1823293844555416487428031,2061,405

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 2754343878645112160173
PBT 39485864827662120109173
Adjustment 61610171936293950
Changes in Working Capital -720-17-20-2-10-35-9-47-4
Tax Paid -11-15-13-14-19-21-12-19-41-47
Cash Flow From Investing Activity -27-95-74-72-63-67-54-129-220-127
Capex -27-85-82-77-67-73-39-71-93-75
Net Investments 0-1080-10-21-52-120-35
Others 0005566-7-7-18
Cash Flow From Financing Activity 1874132-1058-262157-2
Net Proceeds from Shares 089000122001500
Net Proceeds from Borrowing 0000000-9237
Interest Paid -200-3-5-4-5-3-7-9
Dividend Paid -5-6-5-5-5-5-5-5-5-2
Others 844640-1-55-1618-43
Net Cash Flow 1471-3555-29-6-444
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)34.7123.1919.3517.8518.6313.1311.1215.8511.2314.47
ROCE (%)35.9724.4419.5319.220.9416.1412.119.4414.1718.08
Asset Turnover Ratio2.531.831.551.451.571.531.551.691.661.56
PAT to CFO Conversion(x)1.081.690.830.861.471.250.931.340.751.35
Working Capital Days
Receivable Days10111215141514121415
Inventory Days14181715131413131413
Payable Days37463121161813101513

Bikaji Foods International Ltd Stock News

Bikaji Foods International Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Bikaji Foods Inter. on 28-Mar-2024 16:01 is ₹490.3.
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 28-Mar-2024 16:01 the market cap of Bikaji Foods Inter. stood at ₹12,276.2.
The latest P/E ratio of Bikaji Foods Inter. as of 28-Mar-2024 16:01 is 64.05.
The latest P/B ratio of Bikaji Foods Inter. as of 28-Mar-2024 16:01 is 11.15.
The 52-week high of Bikaji Foods Inter. is ₹605.0 and the 52-week low is ₹334.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bikaji Foods Inter. is ₹2,145 ( Cr.) .

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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