Key Metrics 
Check Before You Invest 
10 Yrs X-Ray 
Profit & Loss 
Valuation 
Analyst Note 
Balance Sheet 
Cash Flow 
Financial Ratio 
Qtr. Results 
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About
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
₹631.55 -4.05 (-0.64%)
As on 23-Jul'26 16:59
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
₹631.55 -4.05 (-0.64%)
As on 23-Jul'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹15,835 Cr.
Current Price
₹631.6
52-Week Low / High
₹592 / 821
TTM EPS
₹10.7
TTM Sales
₹2,817 Cr.
Book Value per Share
₹66.8
P/E Ratio
58.85
Lower than its 5-year historical median
Industry PE
54
Price to Book (P/B)
9.46
Lower than its 5-year historical median
Price to Sales (P/S)
5.62
Lower than its 5-year historical median
EV/EBITDA
34.56
Lower than its 5-year historical median
Dividend Yield
0.16%
Profitability Efficiency
Return on Equity (ROE)
17.44%
Outperforms industry median
Return on Capital Employed (ROCE)
21.87%
Outperforms industry median
Return on Assets (ROA)
14.15%
Operating Profit Margin
13.3%
Net Profit Margin
9.55%
Gross Profit Margin
15.3%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
10.72%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
23.44%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
28.33%
Asset Quality
Promoter Holding
73.88%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,649 Cr.
Equity
₹25.1 Cr.
Face Value
₹1
All Time Low / High
₹303.05 / 1005.00
Check Before You Invest
Quality
Very GoodValuation
FairCheck Valuation charts
Price Trend
Semi Strong
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?
Revenue growth of Bikaji Foods International Ltd vs industry peers?
Bikaji Foods International Ltd revenue CAGR is 18.74%, compared to the industry median CAGR of 7.03%, indicating faster growth and gaining its market share.
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.
Stock return of Bikaji Foods International Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 19.32% 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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 19.5% | 19.2% | 20.9% | 16.1% | 12.1% | 19.4% | 14.2% | 18.8% | 30.5% | 20.5% | - |
| Value Creation Index ⓘ | 0.5 | 0.4 | 0.6 | 0.2 | -0.1 | 0.4 | 0.0 | 0.4 | 1.3 | 0.5 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 551 | 608 | 781 | 902 | 1,075 | 1,308 | 1,599 | 1,944 | 2,295 | 2,541 | 2,817 |
| Sales YoY Gr. | - | 10.4% | 28.4% | 15.5% | 19.1% | 21.8% | 22.2% | 21.6% | 18% | 10.7% | - |
| Adj EPS ⓘ | 1.8 | 1.9 | 2.3 | 2.1 | 2.3 | 3.7 | 3.3 | 5.6 | 10.8 | 8.4 | 10.7 |
| YoY Gr. | - | 4.4% | 22.9% | -10.4% | 10.6% | 62.5% | -11.8% | 71.3% | 92.5% | -22.6% | - |
| BVPS (₹) ⓘ | 9.9 | 11.1 | 13.2 | 19.3 | 21.7 | 24.9 | 32.9 | 38 | 48.8 | 56.5 | 66.8 |
| Adj Net Profit ⓘ | 42 | 43.8 | 53.9 | 50.4 | 55.6 | 90.5 | 81.9 | 140 | 271 | 210 | 269 |
| Cash Flow from Ops. ⓘ | 34 | 37.6 | 78.4 | 63.8 | 51.2 | 121 | 59.8 | 177 | 243 | 214 | - |
| Debt/CF from Ops. ⓘ | 2.9 | 3.1 | 1.8 | 1.1 | 1 | 0.7 | 2 | 0.6 | 0.4 | 0.6 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 18.5% | 18.8% | 16.7% | 10.7% | ||||
| Adj EPS ⓘ | 18.6% | 29.6% | 36.7% | -22.6% | ||||
| BVPSⓘ | 21.4% | 21.1% | 19.8% | 15.8% | ||||
| Share Price | - | - | 10.3% | -18.6% | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 19.7 | 17.9 | 19 | 13 | 11.1 | 16 | 11.5 | 15.7 | 24.8 | 15.9 | 17.4 |
| Op. Profit Mgn % ⓘ | 11.6 | 12.1 | 12.8 | 10.3 | 8.8 | 11.2 | 9.1 | 11.1 | 17.3 | 13.3 | 15 |
| Net Profit Mgn % ⓘ | 7.6 | 7.2 | 6.9 | 5.6 | 5.2 | 6.9 | 5.1 | 7.2 | 11.8 | 8.3 | 9.6 |
| Debt to Equity ⓘ | 0.4 | 0.5 | 0.5 | 0.2 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0 |
| Working Cap Days ⓘ | 42 | 59 | 59 | 49 | 58 | 56 | 70 | 80 | 72 | 73 | 50 |
| Cash Conv. Cycle ⓘ | 3 | 12 | 17 | 17 | 18 | 17 | 17 | 19 | 17 | 17 | 29 |
Profit And Loss
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 608 | 781 | 902 | 1,075 | 1,308 | 1,599 | 1,944 | 2,295 | 2,541 | 2,817 |
| Operating Expenses ⓘ + | 534 | 681 | 810 | 981 | 1,163 | 1,456 | 1,732 | 1,900 | 2,204 | 2,402 |
| Operating Profit ⓘ | 74 | 100 | 93 | 94 | 145 | 142 | 212 | 394 | 336 | 415 |
| Operating Profit Margin (%) | 12.1% | 12.8% | 10.3% | 8.7% | 11.1% | 8.9% | 10.9% | 17.2% | 13.2% | 14.7% |
| Other Income ⓘ + | 6 | 5 | 10 | 8 | 11 | 10 | 22 | 26 | 28 | 41 |
| Interest ⓘ | 3 | 5 | 4 | 5 | 3 | 7 | 9 | 9 | 11 | 12 |
| Depreciation ⓘ | 12 | 17 | 22 | 34 | 33 | 37 | 45 | 56 | 70 | 73 |
| Profit Before Tax ⓘ | 64 | 82 | 76 | 62 | 120 | 109 | 181 | 356 | 282 | 362 |
| Tax ⓘ | 21 | 29 | 25 | 7 | 30 | 29 | 42 | 86 | 73 | 93 |
| Profit After Tax | 44 | 53 | 51 | 55 | 90 | 80 | 138 | 270 | 210 | 269 |
| PAT Margin (%) | 7.2% | 6.8% | 5.7% | 5.2% | 6.9% | 5.0% | 7.1% | 11.8% | 8.3% | 9.6% |
| Adjusted EPS (₹) | 1.9 | 2.3 | 2.1 | 2.3 | 3.7 | 3.2 | 5.6 | 10.8 | 8.4 | 10.7 |
| Dividend Payout Ratio (%) | 10.70% | 8.80% | 9.50% | 8.80% | 5.40% | 9.40% | 13.50% | 9.30% | 12% | 11.70% |
Valuation of Bikaji Foods Inter. - Standalone
Analyst's Notes
No data found!
Balance Sheet
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 260 | 307 | 470 | 528 | 604 | 820 | 948 | 1,222 | 1,416 | 1,669 | |
| Debt + | 117 | 121 | 67 | 39 | 77 | 108 | 91 | 75 | 121 | 188 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 18 | 22 | 29 | 14 | 39 | 41 | 51 | 50 | 52 | 46 | |
| Others Liabilities ⓘ | 60 | 91 | 81 | 161 | 83 | 237 | 151 | 156 | 164 | 146 | |
| Total Liabilities ⓘ | 455 | 541 | 648 | 742 | 803 | 1,206 | 1,240 | 1,503 | 1,753 | 2,050 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 228 | 310 | 393 | 400 | 402 | 476 | 602 | 746 | 751 | 724 | |
| CWIP ⓘ | 83 | 47 | 13 | 3 | 33 | 48 | 70 | 12 | 94 | 147 | |
| Investments ⓘ | 2 | 3 | 3 | 37 | 87 | 146 | 41 | 60 | 180 | 238 | |
| Inventories | 26 | 31 | 38 | 36 | 56 | 70 | 75 | 71 | 88 | 95 | |
| Trade Receivables | 26 | 34 | 39 | 42 | 47 | 77 | 85 | 110 | 94 | 105 | |
| Cash Equivalents | 1 | 67 | 103 | 88 | 87 | 89 | 96 | 175 | 190 | 248 | |
| Others Assets ⓘ | 89 | 49 | 58 | 136 | 91 | 301 | 273 | 328 | 357 | 492 | |
| Total Assets ⓘ | 455 | 541 | 648 | 742 | 803 | 1,206 | 1,240 | 1,503 | 1,753 | 2,050 | |
Cash Flow
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 38 | 78 | 64 | 51 | 121 | 60 | 177 | 243 | 214 | 294 |
| Cash Flow From Investing Activity ⓘ + | -72 | -63 | -67 | -54 | -129 | -220 | -131 | -207 | -192 | -311 |
| Cash Flow From Financing Activity ⓘ + | 32 | -10 | 58 | -26 | 2 | 157 | -2 | -45 | -8 | 8 |
| Net Cash Flow ⓘ | -3 | 5 | 55 | -29 | -6 | -4 | 43 | -10 | 14 | -9 |
Financial Ratio
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 17.85 | 18.63 | 13.13 | 11.12 | 15.85 | 11.23 | 15.66 | 24.87 | 15.9 | 17.44 |
| ROCE (%) | 19.2 | 20.94 | 16.14 | 12.1 | 19.44 | 14.17 | 18.79 | 30.52 | 20.45 | 21.87 |
| Asset Turnover Ratio | 1.45 | 1.57 | 1.53 | 1.55 | 1.69 | 1.66 | 1.63 | 1.71 | 1.59 | 1.53 |
| PAT to CFO Conversion(x) | 0.86 | 1.47 | 1.25 | 0.93 | 1.34 | 0.75 | 1.28 | 0.9 | 1.02 | 1.09 |
| Working Capital Days | ||||||||||
| Receivable Days | 14.50 | 14.20 | 14.70 | 13.70 | 12.30 | 13.50 | 14.90 | 15.30 | 14.40 | 12.50 |
| Inventory Days | 14.80 | 13.40 | 14 | 12.70 | 12.90 | 13.80 | 13.20 | 11.30 | 11.20 | 11.50 |
| Payable Days | 20.60 | 16.40 | 17.60 | 12.90 | 12.40 | 14.70 | 14 | 14.10 | 12.10 | 10.90 |
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
Bikaji Foods International Ltd FAQs
The current trading price of Bikaji Foods Inter. on 23-Jul-2026 16:59 is ₹631.5.
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 22-Jul-2026 the market cap of Bikaji Foods Inter. stood at ₹15,835.3 Cr
The latest P/E ratio of Bikaji Foods Inter. as of 22-Jul-2026 is 58.85.
The latest P/B ratio of Bikaji Foods Inter. as of 22-Jul-2026 is 9.46.
The 52-week high of Bikaji Foods Inter. is ₹820.9 and the 52-week low is ₹591.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bikaji Foods Inter. is ₹2,817 ( 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 Semi Strong which suggest that the price of Bikaji Foods International Ltd is likely to Rise-somewhat 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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