SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

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

₹654.45 6.45 (1.00%)

As on 02-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

₹654.45 6.45 (1.00%)

As on 02-Jul'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹16,409 Cr.
Current Price
₹654.5
52-Week Low / High
₹592 / 821
TTM EPS
₹10.7
TTM Sales
₹2,759 Cr.
Book Value per Share
₹66.8
P/E Ratio
60.99
Lower than its 5-year historical median
Industry PE
57
Price to Book (P/B)
9.80
Lower than its 5-year historical median
Price to Sales (P/S)
5.95
In line with its 5-year historical median
EV/EBITDA
35.84
Lower than its 5-year historical median
Dividend Yield
0.15%
Profitability Efficiency
Return on Equity (ROE)
16.06%
Outperforms industry median
Return on Capital Employed (ROCE)
20.69%
Outperforms industry median
Return on Assets (ROA)
13.04%
Operating Profit Margin
13.3%
Net Profit Margin
8.37%
Gross Profit Margin
13.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
10.55%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-14.56%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-21.25%
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

Bikaji Foods International stock performance

Key Ratios
mw4me loader

Check Before You Invest

Quality

Locked
Login to view analysis.

Valuation

Locked
Login to view analysis.

Price Trend

Locked
Login to view analysis.
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 18.74%, compared to the industry median CAGR of 7.03%, 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 19.32% based on the current price.

10 Year X-Ray : Login to view analysis.

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'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 19.5%19.2%20.9%16.1%12.1%19.4%14.2%18.8%30.5%20.7%-
Value Creation
Index
0.50.40.60.2-0.10.40.00.41.30.5-

Growth Parameters

Sales 5516087819021,0751,3081,5991,9442,2952,5372,759
Sales YoY Gr.-10.4%28.4%15.5%19.1%21.8%22.2%21.6%18%10.6%-
Adj EPS 1.81.92.32.12.33.73.35.610.88.510.7
YoY Gr.-4.4%22.9%-10.4%10.6%62.5%-11.8%71.3%92.5%-21.6%-
BVPS (₹) 9.911.113.219.321.724.932.93848.856.866.8
Adj Net
Profit
4243.853.950.455.690.581.9140271213269
Cash Flow from Ops. 3437.678.463.851.212159.8177243213-
Debt/CF from Ops. 2.93.11.81.110.720.60.40.6-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 18.5%18.7%16.6%10.6%
Adj EPS 18.8%29.9%37.3%-21.6%
BVPS21.4%21.2%20%16.5%
Share Price - - 17% -11.2%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
19.717.9191311.11611.515.724.81617.4
Op. Profit
Mgn %
11.612.112.810.38.811.29.111.117.313.315
Net Profit
Mgn %
7.67.26.95.65.26.95.17.211.88.49.8
Debt to
Equity
0.40.50.50.20.10.10.20.10.10.10
Working Cap
Days
4259594958567080727450
Cash Conv.
Cycle
312171718171719171729

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales5516087819021,0751,3081,5991,9442,2952,537
Operating Expenses + 4885346818109811,1631,4561,7321,9002,200
Manufacturing Costs9819152167185208249282294312
Material Costs3294464485296177879911,1941,2981,535
Employee Cost 3221385165698598109133
Other Costs 2948426211498131159200220
Operating Profit 63741009394145142212394337
Operating Profit Margin (%) 11.4%12.1%12.8%10.3%8.7%11.1%8.9%10.9%17.2%13.3%
Other Income + 2651081110222630
Exceptional Items 00-10000000
Interest 03545379911
Depreciation 7121722343337455669
Profit Before Tax 5864827662120109181356286
Tax 1721292573029428674
Profit After Tax 41445351559080138270212
PAT Margin (%) 7.5%7.2%6.8%5.7%5.2%6.9%5.0%7.1%11.8%8.4%
Adjusted EPS (₹)1.81.92.32.12.33.73.25.610.88.5
Dividend Payout Ratio (%)11.30%10.70%8.80%9.50%8.80%5.40%9.40%13.50%9.30%11.80%

Valuation of Bikaji Foods Inter. - Standalone

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 2312603074705286048209481,2221,424
Share Capital 23232324242425252525
Reserves 2082362844465045807959231,1971,399
Debt +971171216739771089175119
Long Term Debt6064464017122626100
Short Term Debt385376282265826565119
Minority Interest0000000000
Trade Payables32182229143941515052
Others Liabilities 2460918116183237151156162
Total Liabilities 3844555416487428031,2061,2401,5031,756

Fixed Assets

Net Fixed Assets +176228310393400402476602746731
Gross Block2022663644695105436538111,0101,061
Accumulated Depreciation27385476110141177210264330
CWIP 8383471333348701294
Investments 223337871464160185
Inventories23263138365670757186
Trade Receivables222634394247778511099
Cash Equivalents 6716710388878996175190
Others Assets 1189495813691301273328372
Total Assets 3844555416487428031,2061,2401,5031,756

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 343878645112160177243213
PBT 5864827662120109181356286
Adjustment 6101719362939464460
Changes in Working Capital -17-20-2-10-35-9-47-3-82-69
Tax Paid -13-14-19-21-12-19-41-47-76-64
Cash Flow From Investing Activity + -74-72-63-67-54-129-220-131-207-197
Capex -82-77-67-73-39-71-93-89-124-110
Net Investments 80-1-0-21-52-120-25-56-6
Others 05566-7-7-18-27-81
Cash Flow From Financing Activity + 4132-1058-262157-2-45-3
Net Proceeds from Shares 000122001500139
Net Proceeds from Borrowing 00000-9237-21-16
Interest Paid 0-3-5-4-5-3-7-9-10-11
Dividend Paid -5-5-5-5-5-5-5-2-19-25
Others 4640-1-55-1618-43-840
Net Cash Flow 1-3555-29-6-443-1014

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)19.3517.8518.6313.1311.1215.8511.2315.6624.8716.06
ROCE (%)19.5319.220.9416.1412.119.4414.1718.7930.5220.69
Asset Turnover Ratio1.551.451.571.531.551.691.661.631.711.59
PAT to CFO Conversion(x)0.830.861.471.250.931.340.751.280.91
Working Capital Days
Receivable Days12.3014.5014.2014.7013.7012.3013.5014.9015.3014.70
Inventory Days1714.8013.401412.7012.9013.8013.2011.3011.10
Payable Days38.5020.6016.4017.6012.9012.4014.701414.1012

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 (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Bikaji Foods International Ltd FAQs

The current trading price of Bikaji Foods Inter. on 02-Jul-2026 16:59 is ₹654.5.

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 01-Jul-2026 the market cap of Bikaji Foods Inter. stood at ₹16,409.4 Cr

The latest P/E ratio of Bikaji Foods Inter. as of 01-Jul-2026 is 60.99.

The latest P/B ratio of Bikaji Foods Inter. as of 01-Jul-2026 is 9.80.

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 ₹2,759 ( 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 Somewhat overvalued 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.
To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through: