Bikaji Foods International Ltd

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%.

Financial highlights

• Revenue from operations: INR 7,343 million, up 12.5% YoY
• EBITDA: INR 990 million; margin 13.5%
• PAT: INR 595 million; margin 8.1%
• EPS: INR 2.40
• Gross margin: 35.7%

Volume and reach

• Volume growth: 7.7% YoY
• Focus markets growth: 18.9% YoY
• Direct coverage increased to ~3.7 lakh outlets; +17,255 YoY

Segment performance

• Ethnic Snacks revenue up 11.4% YoY; ~75.7% of revenue
• Western Snacks revenue up 21.3% YoY
• Packaged Sweets revenue up 4.4% YoY
• Papad revenue de-grew 6.5% YoY

Target & JV

• Target: CG Bikaji Private Limited, Nepal; JV to manufacture, trade and market snacks.
• Incorporation: CG Bikaji Pvt Limited, Nepal, 01-Dec-2025.
• Joint venture with CG Savory Corp Private Limited; BFIL and CG 50:50 ownership.
• Investment in CG Bikaji: up to ₹15 crore; cash consideration.
• Operations not commenced; turnover not disclosed.
• Authorized capital: NPR 20,00,00,000.

UAE subsidiary

• Wholly-owned subsidiary in Abu Dhabi: Bikaji Foods UAE Limited.
• Investment up to AED 1,00,00,000; 100% holding.
• Subject to KEZAD and other regulatory approvals.
• Purpose: strengthen international supply chain in the Middle East.

ESOP details

• Stock options: 100,000 under Bikaji ESOP Scheme 2021 – Scheme I.
• Exercise price ₹500; 1 option = 1 equity share.
• Vesting: 40% first grant, 30% second, 30% third.
• All options rank pari-passu with existing equity.

Timeline & related party

• Completion in tranches; tentative within 10 months.
• Related party status: CG Bikaji is BFIL related party; arm's length.

Financial results

• Unaudited standalone and consolidated results for quarter ended June 30, 2026 approved.
• Limited Review Reports noted; no material misstatement identified.

Regulatory and disclosure actions

• Newspaper publication of results with QR code details approved.
• Regulatory filing under Reg 47; results hosted on the company's website.
• Trading window opened from August 8, 2026 for designated persons.
• Results to be hosted on Bikaji's website.

Strategic investments and corporate actions

• Approved investment in CG Bikaji Private Limited, Nepal, up to ₹15 crore.
• Approved incorporation of a wholly-owned subsidiary in Abu Dhabi, UAE.
• Approved grant of 100,000 ESOPs under Bikaji ESOP Scheme 2021 – Scheme I.

Post-quarter developments

• Acquired 74% stake in Jai Barbareek Dev Snacks Private Limited for INR 1.48 lakh.
• Jai Barbareek Dev Snacks becomes subsidiary effective July 2, 2026.

Auditor remarks

• Auditors’ reviews found no material misstatement in results.