Bikaji Foods International Ltd

Bikaji Foods International Limited trading window closed from October 01, 2026 till 48 hours after the declaration of unaudited standalone and consolidated financial results for the quarter and half year ending September 30, 2026

Partnership details

• Bikaji transfers 30% equity in BBPL to Thayekunni Khaleel and retains 70%.
• BBPL remains a subsidiary of Bikaji Foods.
• Partnership aims to bring world-class bakery practices to India and build scalable bakery business.
• BBPL will leverage Bikaji's distribution network and consumer reach.

Transaction details

• Sale completed on 26 Aug 2026; 30% BBPL stake sold to Mr. Thayekunni Khaleel.
• BBPL ceases to be a WOS; Bikaji retains 70% stake as a subsidiary.
• Consideration received: ₹30,000 for the 30% stake.
• BBPL FY2026: turnover NIL, revenue NIL, income ₹319.83 thousand, net worth ₹(6,128.46) thousand.
• BBPL is a related party; sale falls under Section 188 and Reg 23.
• Promoter group directors are on BBPL; sale at arm's length.
• Not part of any Scheme of Arrangement; not a slump sale.

Deepak Agarwal – Chairman & MD

• Re-appointment of Deepak Agarwal as Chairman & MD for a 3-year term (Feb 1, 2027–Jan 31, 2030).
• Relationship: Spouse of Shweta Agarwal.
• Profile: long-tenured director since 2002; 24+ years in the food industry.
• Not debarred or disqualified by SEBI or other authorities.

Shweta Agarwal – Executive Director

• Re-appointment of Shweta Agarwal as Executive Director for a 3-year term (Feb 1, 2027–Jan 31, 2030).
• Profile: allied with the company since 2006; 19+ years in the food industry.
• Relationship: Spouse of Deepak Agarwal.
• Not debarred or disqualified by SEBI or other authorities.

Nikhil Kishorchandra Vora – Non-Executive & Independent Director

• Re-appointment of Nikhil Vora as Non-Executive Independent Director for a second 5-year term (Dec 8, 2026–Dec 7, 2031).
• Profile: Financial expert; founder/CEO of Sixth Sense Ventures Advisors LLP; 30+ years experience.
• Not debarred or disqualified by SEBI or other authorities.

Pulkit Anilkumar Bachhawat – Non-Executive & Independent Director

• Re-appointment of Pulkit Bachhawat as Non-Executive & Independent Director for second 5-year term (Dec 8, 2026–Dec 7, 2031).
• Profile: Finance and investment expert; founder of Right Pillar Advisors Private Limited; 10+ years.
• Not debarred or disqualified by SEBI or other authorities.

Richa Manoj Goyal – Non-Executive & Independent Director

• Re-appointment of Richa Goyal as Non-Executive Independent Director for second 5-year term (Dec 8, 2026–Dec 7, 2031).
• Profile: Legal expert with 23+ years in corporate/IP law; proprietor of Richa Goyal & Associates.
• Not debarred or disqualified by SEBI or other authorities.

Siraj Azmat Chaudhry – Non-Executive & Independent Director

• Re-appointment of Siraj Chaudhry as Non-Executive Independent Director for second 5-year term (Aug 24, 2026–Aug 23, 2031).
• Profile: 27+ years in agriculture/food processing; multiple leadership awards.
• Not debarred or disqualified by SEBI or other authorities.

AGM Details

• AGM held on 20-08-2026 at 11:30 A.M. via VC/OAVM.
• Record date: 13-08-2026; last date for postal ballots: 20-08-2026.

Key resolutions and outcomes

• Item 1 (Ordinary): Adopt standalone and consolidated financial statements for year ended March 31, 2026 — Passed.
• Item 2 (Ordinary): Final dividend of ₹1.25 per equity share — Passed.
• Item 3 (Ordinary): Re-appoint Deepak Agarwal as Director (rotating) — Passed.
• Item 4 (Special): Re-appoint Deepak Agarwal as Chairman and MD — Passed.
• Item 5 (Special): Re-appoint Shweta Agarwal as Whole-Time Director — Passed.
• Item 6 (Special): Re-appoint Nikhil Vora as Independent Director — Passed.
• Item 7 (Special): Re-appoint Pulkit Bachhawat as Independent Director — Passed.
• Item 8 (Special): Re-appoint Richa Goyal as Independent Director — Passed.
• Item 9 (Special): Re-appoint Siraj Chaudhry as Independent Director — Passed.

Dividend

• Final dividend of ₹1.25 per equity share approved.

Director changes and appointments

• Deepak Agarwal re-appointed as Director (rotating) and as MD/Chairman.
• Shweta Agarwal re-appointed as Whole-Time Director.
• Nikhil Vora re-appointed as Independent Director.
• Pulkit Bachhawat re-appointed as Independent Director.
• Richa Goyal re-appointed as Independent Director.
• Siraj Chaudhry re-appointed as Independent Director.

Auditors / Related party transactions

• No related party transactions disclosed.
• No auditor changes announced.

AGM Details

• Date and time: 20 August 2026, 11:30 AM IST.
• Mode: VC/OAVM.
• Meeting duration: 11:30 AM to 12:25 PM IST.
• Remote e-voting: Aug 17–19, 2026; on-site voting during AGM.
• Proceedings hosted on company website.

Resolutions

• Adopt standalone and consolidated financial statements for year ended 31 March 2026.
• Declare final dividend of ₹1.25 per equity share.
• Re-appoint Deepak Agarwal by rotation.
• Re-appointment of Deepak Agarwal as Chairman and MD.
• Re-appointment of Shweta Agarwal as Whole-Time Director.
• Re-appointment of Nikhil Kishorchandra Vora as Non-Executive Independent Director.
• Re-appointment of Pulkit Anilkumar Bachhawat as Non-Executive Independent Director.
• Re-appointment of Richa Manoj Goyal as Non-Executive Independent Director.
• Re-appointment of Siraj Azmat Chaudhry as Non-Executive Independent Director.

Voting Status

• Results of e-voting to be announced; Scrutinizer consolidating results.

Dividend

• Final dividend of ₹1.25 per equity share for FY ended March 31, 2026.

Directors

• Deepak Agarwal re-appointed as Chairman and MD.
• Shweta Agarwal re-appointed as Whole-Time Director.
• Nikhil Kishorchandra Vora re-appointed as Independent Director.
• Pulkit Anilkumar Bachhawat re-appointed as Independent Director.
• Richa Manoj Goyal re-appointed as Independent Director.
• Siraj Azmat Chaudhry re-appointed as Independent Director.

Auditors

• Joint Statutory Auditors: M S K A & Associates LLP and Ashok Shiv Gupta & Co.
• Joint Secretarial Auditors: S. K. Joshi & Associates.

Financial Performance

• Q1 FY27 revenue grew about 12.5% year-on-year.
• Overall volume grew 7.7%; top-line growth 12.5%.
• EBITDA margin rose to about 13.5% this quarter from 12.2% last quarter.
• Ad spend added 40–50 bps pressure on gross margin this quarter.
• Two price increases in last 90 days; no hikes till festive season.
• PLI contributes about 150 bps to EBITDA this year; full margin recovery in 1.5–2 years.

Capacity and Execution

• ASRS investment not live yet; ~1 lakh sq ft added in Bikaner, enabling ~1.2–1.3 lakh cartons.
• THF expansion line: ~10 stores this year; THF growth 50–60% YoY for 3–4 years.
• Direct reach at quarter end: 3,70,000 outlets plus.
• Q-commerce growth exceeded 100% in the quarter.

Geography and Channel Trends

• Core states growth ~11%; focus states ~19%; other states ~5.6%.
• Exports flat or down ~2.2% due to US tariff disturbances.
• Papad performance impacted by monsoon and weather disruptions.

Growth Initiatives and International

• Nepal JV: plant near Birgunj-Kathmandu; INR15 crore each; start in 8–9 months.
• Nepal production to reduce import duties and improve competitiveness.
• US expansion: current 3–4% contribution; could reach about 5.56% in 3–4 years.
• Bikaji Bakes bakery trials; full production later this year; currently no material ARR.

Guidance and Outlook

• FY27 margin target 13.5% including PLI; long-term target 15%.
• Full-year ad spend target around 2% of sales.
• Next two quarters likely higher ad spend; margins expected to normalize afterward.
• Core market growth expected in mid-teens to 13–15%; UP growth around 30%+.

Q&A Highlights

• Retail THF expansion: ~10 stores this year; THF growth 50–60% YoY for 3–4 years.
• Bengal labour disruption: decentralization of Bhujia production outside Bikaner.
• UP growth: ~37% in latest quarter; full-year ~30%+ for UP.
• Exports volatility: freight and tariffs; US market growth remains a longer-term driver.
• Pricing stance: two hikes in last 90 days; no further hikes till festive season.

Meeting Details

• Date and time: August 06, 2026 at 12:00 P.M. IST.
• Type and mode: group earnings call, virtual.
• Event/organiser: earnings conference call for investors and analysts (Bikaji Foods).
• Recording: audio recording available; hosted on the company website.

Participants

• Key participant: Head – Legal and Company Secretary.

Purpose

• Discuss unaudited standalone and consolidated results for quarter ended June 30, 2026.

Additional Notes

• No unpublished price sensitive information was shared during the call.

Business Overview

• Core business: branded ethnic snacks with pan-India direct distribution.
• Installed capacity as of 30 Jun 2026 totals 325,320 MT across Bhujia, Namkeen, Sweets, Western Snacks, Papad, Others.
• Strategic focus includes direct distribution expansion, ecommerce growth, new campaigns, and international markets (Singapore FHA, USA).

Operational Highlights

• Q1 FY27 volume growth 7.7% and value growth 12.5% YoY.
• Q1 FY27 revenue from operations 7,343 mn; total revenue 7,474 mn; EBITDA 990 mn; PAT 595 mn.
• Gross margin 35.7% and EBITDA margin 13.5%.
• Pan-India distribution reach expanded to 14.46 lakh outlets.
• E-commerce launched 10+ products; 5 western snacks; new Bachchan campaign; cinema advertising in 13 cities.

Financial Performance

• Total revenue from operations grew 12.5% YoY to 7,343 mn; QoQ +1.9%.
• Total revenue (consolidated) for quarter ended 30 Jun 2026 was 7,474 mn with 131 mn other income.
• Gross profit 2,621 mn; gross margin 35.7%.
• EBITDA 990 mn; EBITDA margin 13.5%; PAT 595 mn; PAT margin 8.1%.