Mrs. Bectors Food Specialities reported consolidated revenue growth of 8.4% YoY in Q3 FY26, reaching INR533.3 crores. The Biscuits vertical saw 5.7% YoY growth, while the Bakery vertical (led by English Oven) delivered a strong 13.2% YoY growth. EBITDA margin for the quarter was 12.9%. Management highlighted strategic drivers including export normalization post-trade agreements and expansion in the English Oven brand.
Q3 FY26 Financial Performance Summary
Mrs. Bectors Food Specialities Limited announced results for the third quarter of the financial year 2026, driven by a resilient performance across its segments. Consolidated revenue from operations reached INR533.3 crores in Q3 FY26, marking an 8.4% year-on-year growth. The consolidated EBITDA for the quarter stood at INR68.4 crores, reflecting an 11.4% YoY growth, leading to an EBITDA margin of 12.9% (up 44 bps from Q3 FY25). Profit After Tax (PAT) for the quarter was INR38.1 crores, a 10.1% YoY increase.
Segment Performance Breakdown
The Biscuits segment reported revenue growth of 6%, reaching INR325 crores in Q3 FY26, up from INR308 crores in Q3 FY25. Management noted that domestic biscuit growth, while impacted by GST 2.0 transition, saw sequential improvement, supported by the gifting portfolio showing over 20% growth.
The Bakery segment (including Retail Bakery and Institutional) showed significant strength, with revenue of INR198 crores against INR175 crores in Q3 FY25, a 13% YoY growth. The English Oven brand was the key driver, recording strong 13.2% YoY growth.
Nine Months Financial Results
For the 9 months ended FY26, consolidated revenue grew by 9.1% YoY to INR1,557.7 crores. The consolidated EBITDA margin for the 9-month period stood at 12.6%, compared to 9 months FY25’s 9.1% growth.
Operational Expansion and Strategy
Management expressed optimism regarding the India-U.S. trade agreement, anticipating it will significantly benefit the export ecosystem by reducing punitive tariffs from 50% to 18%, helping regain export momentum. Furthermore, the company has expanded its manufacturing footprint, successfully commissioning its Kolkata plant in January, facilitating entry into the East region. The Khopoli plant commissioning is also targeted in the coming months.
The English Oven brand is focusing on strategic expansion into new geographies, including Hyderabad, and scaling up its ready-to-eat frozen dessert range to participate beyond breakfast. On the domestic biscuit front, the strategy focuses on deeper penetration within 400 kilometers of the Indore and Punjab plants and launching differentiated, premium products.
Margin Outlook and Future Growth Drivers
The company declared an interim dividend of INR0.6 per equity share. While Q3 PAT was impacted by provisioning for new Labour Code amendments, management expects margins to improve structurally. The expected growth driver for FY27 includes export business returning to mid-teens to high-teens growth, supported by favorable trade terms. English Oven is also expected to remain a high-growth engine, potentially adding 1 or 2 more cities.
Q&A Insights on Competition and Margins
Regarding competitive pressure in the domestic biscuit market, management attributed recent sluggishness partly to the GST 2.0 transition and past commodity price spikes starting October/November ’24, which heavily pressured profitability. The current focus is on investing in distribution and brand marketing to achieve low teens growth in the domestic biscuit segment in the next financial year.
In the bakery segment, Quick Commerce (QSR) now contributes almost 33% to 34% of English Oven’s revenues, a contribution that has doubled over the last 12 months. Regarding export incentives that were suspended, management is mitigating the impact by utilizing duty-free raw material imports, expecting to recover the impact within the next 4 to 6 months.
Source: BSE
