Bikaji Foods International Limited has shared the transcript of its Q2 FY’27 Earnings Conference Call, held on November 6, 2026. The call highlighted an encouraging performance, with top-line growth close to 13% for the quarter. Management discussed strong growth in the snacking business (20% plus value growth), overall volume growth of 5%, and efforts to navigate raw material price increases and plan for upcoming price corrections. The company also provided insights into its distribution network expansion and the performance of its THF (The Healthy Food) segment.
Bikaji Foods International Q2 FY’27 Earnings Call Highlights
Bikaji Foods International Limited hosted its Q2 FY’27 Earnings Conference Call on November 6, 2026, discussing financial results for the quarter and half-year ended September 30, 2026. The management team, including CFO Mr. Rishabh Jain and COO Mr. Manoj Verma, presented key operational and financial highlights.
Financial Performance and Growth Drivers
The company reported an encouraging performance for the quarter, with its top-line growth reaching close to 13%. The snacking business showed robust growth, with value growth at 22% and volume growth at over 15%. Focus market performance saw growth at 7.6%, and core market growth stood at 17.5%.
Looking at combined Q2 and Q3 performance, management expects high teen growth at a year-to-date (YTD) level, aiming for 17% plus growth. The sweets and gifting segment, which saw a shift from Q2 to Q3 due to Diwali, is anticipated to contribute significantly in the upcoming quarter. Overall volume growth for the company stood at 5%.
Margin Analysis and Pricing Strategies
Gross margin for Q2 was reported at 34.4%. The company experienced a gross margin hit of approximately 1.7% in its core snacking business due to multiple raw material price increases from March to April, particularly for pulses. While prices were not increased in September and October, a price correction of close to 3% is planned post-Diwali, effective from around November 15th. Softening edible oil and crude prices are also anticipated to benefit packing material costs in the fourth quarter.
Distribution and Market Expansion
In terms of distribution, Bikaji Foods added approximately 20,000 outlets in the quarter, with plans to overdeliver year-end targets. The company implemented several demand-creation initiatives, including a focus on small packs (INR 5 and INR 10) with a Paytm cashback campaign. Marketing efforts included new TVCs with Amitabh Bachchan and a tie-up with ‘Mirzapur’.
The core business segments, Ethnic Snacks and Western Snacks, saw growth of 19.7% and 44% respectively. Packaged Sweets showed a shift to Q3, with a combined Q2 and Q3 performance to be considered. The company is also expanding its retail presence, aiming for 40 stores by year-end, with THF doing well and opening new stores.
Future Outlook and Guidance
The focus market is projected to grow upwards of 20-23%, with overall company growth expected to be in high teens. For the full year, Bikaji Foods anticipates closing the year on a high teen growth, around 17%. The company expects Q3 to be challenging in terms of margins due to cost pressures and a lack of immediate price increases, but anticipates a strong Q4 with normalized margins. Full-year operating margin is projected to be around 12.6% to 13% at H1, with an exit run rate of 13% plus EBITDA in Q4.
Regarding the Bikaneri Bhujia GI tag, the company clarified that production must occur in Bikaner to retain the tag. For other locations, it will be sold as ‘Besan Bhujia’. The company is investing in advertisement to build momentum, with a focus on maintaining its A&P spend at approximately 2% of the budget.
Source: BSE
