Financial Performance Overview

H1 FY27 Performance (Unaudited Standalone and Consolidated):

  • Revenue from operations: INR 16,728 million, growing 12.8% YoY
  • Volume growth: 6.2% YoY
  • EBITDA: INR 2,177 million
  • EBITDA margin: 13.0%
  • Profit After Tax (PAT): INR 1,284 million
  • Earnings per share (EPS): INR 5.22

Q2 FY27 Performance (Unaudited Standalone and Consolidated):

  • Revenue from operations: INR 9,385 million, growing 13.0% YoY
  • EBITDA: INR 1,187 million
  • EBITDA margin: 12.6%
  • Profit After Tax (PAT): INR 690 million
  • Earnings per share (EPS): INR 2.82
  • Volume growth: 5% YoY
  • Gross margin: 34.4%

Business Segments Performance

H1 FY27 Segment Review:

  • Ethnic Snacks: Revenue increased 15.6% YoY, outperforming overall business growth
  • Packaged Sweets: Revenue declined 8.1% YoY due to change in timing of Diwali festive season
  • Western Snacks: Revenue grew 32.7% YoY
  • Papad: Revenue declined 6.4% YoY due to supply chain issues in handmade papad

Q2 FY27 Segment Review:

  • Ethnic Snacks: Revenue increased 19.7% YoY, continuing to outperform overall business growth
  • Packaged Sweets: Revenue declined 11.3% YoY due to change in timing of Diwali festive season
  • Western Snacks: Revenue grew 44.2% YoY
  • Papad: Revenue declined 6.3% YoY due to supply chain issues in handmade papad

Operational Highlights

  • Core markets registered robust growth of 17.5% YoY
  • Direct distribution coverage increased by approximately 19,200 outlets, taking total reach to 390,000 outlets
  • Growth supported by sustained consumer demand, deeper market penetration, and improving channel traction
  • Sales of food products grew by 13.0% YoY in Q2 FY27

Management Commentary

Deepak Agarwal, Chairman & Managing Director, stated that the company sustained growth momentum in Q2 and H1 FY27, with strong performance across core snacking categories. Ethnic Snacks and Western Snacks witnessed healthy volume and value growth, reflecting brand strength and evolving consumer preferences.

The Packaged Sweets category is expected to benefit from festive demand associated with Diwali in the subsequent quarter due to the shift in festive calendar. The company remains confident in the category's growth potential.

Management highlighted strengths in distribution network, brand building investments, expansion across alternate channels, product innovation, and premiumization. The company continues to strengthen operational capabilities and enhance manufacturing efficiencies to support next phase of growth.

Outlook

The company remains optimistic about the demand environment and confident in sustaining healthy growth momentum in the second half of the financial year. With strong brand portfolio, expanding distribution reach, and continued focus on execution, Bikaji is positioned to capitalize on emerging opportunities in India's organized snacking and packaged foods industry.