Bikaji Foods International Limited (NSE: BIKAJI | BSE: 543653)
Source: Bikaji Foods International Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Bikaji Foods International Limited |
| Corporate Identity Number (CIN) | L15499RJ1995PLC010856 |
| ISIN | INE00E101023 |
| NSE Symbol & BSE Scrip Code | BIKAJI (NSE) | 543653 (BSE) |
| Date of Incorporation / Founding Year | Incorporated in 1995; Brand ‘Bikaji’ launched in 1993 |
| Founders / Key Founding Figures | Late Shri Shiv Ratan Agarwal |
| Registered Office & Corporate Headquarters | Registered Office: F 196-199, F 178 & E 188, Bichhwal Industrial Area, Bikaner, Rajasthan – 334006. Corporate Office: E-558-561, C-569-572, E-573-577, F-585-592, Karni Extension, RIICO Industrial Area, Bikaner, Rajasthan – 334004 |
| Telephone & Investor Relations Contact | T: +91-151-2250350 | E: cs@bikaji.com |
| Chairman / Managing Director & CEO | Mr. Deepak Agarwal (Chairman and Managing Director) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Mr. Rishabh Jain (Chief Financial Officer) | Mr. Rahul Joshi (Head – Legal and Company Secretary) |
| Promoter & Holding Group | Shiv Ratan Agarwal (Deceased), Shiv Ratan Agarwal (HUF), Deepak Agarwal |
| Industry / Sector Classification | Packaged Foods / Ethnic Snacks / FMCG |
| Total Employees / Permanent & Contractual Workforce | 3,040 Permanent Employees |
| Manufacturing Plants / Branches / Offices Count | 10 Manufacturing Facilities across Bikaner, Tumkur, Kamrup, Mumbai, and Muzaffarpur |
| Countries / States Served | 47 Countries Served Internationally; 34 States and Union Territories across India |
| Statutory Auditors | Ashok Shiv Gupta & Co. and M S K A & Associates LLP |
| Registrar and Share Transfer Agent (RTA) | Beetal Financial and Computer Services Private Limited |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
Bikaji Foods International Limited has established itself as one of India’s preeminent packaged food and ethnic snacks enterprises. Rooted in the rich culinary heritage of Bikaner, Rajasthan, the company has successfully scaled its operations from a traditional regional business into a globally recognized brand. Bikaji’s portfolio spans across core ethnic snacks, packaged sweets, western snacks, papad, and frozen foods, addressing diverse consumption occasions and evolving consumer preferences across Indian and international markets.
Driven by disciplined execution, manufacturing excellence, robust supply chain efficiencies, and continuous product innovation, the company continues to expand its market footprint. With a strong commitment to quality, authenticity, and responsible growth, Bikaji combines traditional recipes with modern industrial capabilities to deliver consistent products to millions of households worldwide.
The Founders, Promoters & Their Legacy
The foundation of the Bikaji brand was laid by the late Shri Shiv Ratan Agarwal, whose vision, perseverance, and entrepreneurial spirit transformed a traditional Bikaneri snacks business into a globally recognized enterprise. Under his leadership, the organization nurtured a culture founded on trust, quality, integrity, and long-term relationships while preserving the authentic taste of Bikaner.
Following his passing, Mr. Deepak Agarwal took on the responsibility of Chairman and Managing Director, leading the company with a deep sense of purpose to honour the legacy created by the founder while preparing Bikaji for its next phase of growth. The management team remains committed to upholding the core values that have defined the organization since its inception.
The Journey: History & Evolution
The journey of Bikaji reflects decades of steady expansion and brand building. The brand ‘Bikaji’ was launched in 1993, followed by the incorporation of the company in 1995. Over the years, the enterprise secured strategic private equity investments from Lighthouse Group and IIFL India Funds, scaled manufacturing capabilities, established pan-India distribution, and listed on Indian stock exchanges in 2022.
Recent milestones include the acquisition of Ariba Foods Private Limited, Bhujialalji Private Limited, and Petunt Food Processors Private Limited, alongside the establishment of a US-based wholly owned subsidiary (Bikaji Foods International USA Corp), the incorporation of the Bikaji Foundation for philanthropic initiatives, and strategic joint ventures in bakery and international markets.
The Corporate Umbrella
Bikaji operates a diversified corporate structure comprising multiple wholly owned subsidiaries, subsidiaries, and associate entities designed to capture growth across specialized verticals. These include Petunt Food Processors Private Limited, Bikaji Foods International USA Corp, Ariba Foods Private Limited, Bikaji Foods Retail Limited, Bikaji Bakes Private Limited, Bikaji Foundation, and associate company Bhujialalji Private Limited.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
The company structures its operations across distinct product categories, each addressing specific consumption occasions, evolving consumer preferences, and defined market opportunities. Ethnic snacks remain the cornerstone of the business, complemented by expanding portfolios in western snacks, packaged sweets, papad, and frozen foods.
The Product & Service Catalog
Bikaji offers a comprehensive product catalog spanning Bikaneri Bhujia, a wide range of traditional namkeens, packaged sweets with extended shelf-life, handmade papads produced through a decentralised women-led model, western snacks including extruded products and pellets, frozen foods, and specialty bakery and café offerings.
The Names You Know
The flagship brand ‘Bikaji’ is synonymous with Bikaneri Bhujia, which holds a recognized Geographical Indication (GI) tag. The company also markets products under specialized brand names and operates modern café-style experiential outlets through its retail subsidiary.
Mapping the Domestic & Global Reach
Bikaji serves customers across domestic and international markets, maintaining a distribution network that spans 34 states and union territories in India and 47 countries globally.
| Geography | FY 2025-26 Revenue (₹ in Crores) | FY 2024-25 Revenue (₹ in Crores) (Restated) | Latest YoY (%) |
|---|---|---|---|
| India (Domestic) | 2,852.65 | 2,522.84 | +13.07% |
| Outside India (Exports) | 141.21 | 93.92 | +50.35% |
| Total Revenue from Operations | 2,993.86 | 2,616.77 | +14.41% |
The Brick & Mortar Footprint
The company operates 10 manufacturing facilities strategically located across Bikaner (Rajasthan), Tumkur (Karnataka), Kamrup (Assam), Mumbai (Maharashtra), and Muzaffarpur (Bihar). These facilities provide the scale, flexibility, and supply chain efficiency required to support domestic and international distribution reaching nearly 14 lakh retail outlets.
📊 The Financial Health: The Numbers Simplified
Earnings, Expenses, & Take-Home Profits
| Particulars | Year ended March 31, 2026 (₹ in Crores) | Year ended March 31, 2025 (₹ in Crores) (Restated) | Latest YoY (%) |
|---|---|---|---|
| Revenue | |||
| Revenue from operations | 2,993.86 | 2,616.77 | +14.41% |
| Other income | 51.41 | 32.16 | +59.86% |
| Total income | 3,045.27 | 2,648.93 | +14.96% |
| Expenses | |||
| Cost of materials consumed | 1,879.41 | 1,676.39 | +12.11% |
| Purchases of stock-in-trade | 69.33 | 107.02 | -35.22% |
| Changes in inventories of finished goods and work-in-progress | (4.24) | (8.80) | -51.82% |
| Employee benefits expense | 198.28 | 158.52 | +25.08% |
| Depreciation, amortisation and impairment expenses | 95.05 | 81.53 | +16.58% |
| Finance costs | 17.84 | 14.45 | +23.46% |
| Other expenses | 440.50 | 355.36 | +23.96% |
| Total expenses | 2,696.16 | 2,384.46 | +13.07% |
| Profit before exceptional items & tax | 349.11 | 264.46 | +32.01% |
| Exceptional items | (4.35) | – | – |
| Profit before tax | 344.76 | 264.46 | +30.36% |
| Tax Expense | |||
| Current tax | 93.72 | 67.49 | +38.87% |
| Adjustment of tax relating to earlier periods | 0.88 | (0.31) | N/M |
| Deferred tax charge/(credit) | (3.52) | 3.04 | N/M |
| Deferred tax charge/(credit) relating to earlier periods | (0.72) | – | – |
| Income tax expense | 90.35 | 70.22 | +28.67% |
| Profit for the year | 254.41 | 194.24 | +30.98% |
Assets, Borrowings, & Net Worth
| Particulars | As at March 31, 2026 (₹ in Crores) | As at March 31, 2025 (₹ in Crores) (Restated) | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| Non-Current Assets | |||
| Property, plant and equipment | 798.35 | 784.99 | +1.70% |
| Capital work-in-progress | 150.30 | 95.74 | +56.99% |
| Investment properties | 29.14 | 8.28 | +251.93% |
| Goodwill | 30.38 | 30.38 | 0.00% |
| Other Intangible assets | 60.82 | 60.71 | +0.18% |
| Intangible assets under development | 0.84 | 2.07 | -59.42% |
| Right-of-use assets | 114.89 | 102.11 | +12.52% |
| Financial assets – Investments | 19.88 | 20.04 | -0.80% |
| Financial assets – Loans | 48.11 | 30.21 | +59.25% |
| Financial assets – Other financial assets | 54.91 | 19.32 | +184.21% |
| Deferred tax assets (net) | 8.66 | 6.58 | +31.61% |
| Non-current tax assets (net) | 4.08 | 3.02 | +35.10% |
| Other non-current assets | 53.26 | 25.38 | +109.85% |
| Total Non-Current Assets | 1,373.60 | 1,188.82 | +15.54% |
| Current Assets | |||
| Inventories | 117.40 | 107.94 | +8.76% |
| Financial assets – Investments | 23.82 | 36.00 | -33.83% |
| Trade receivables | 107.10 | 100.88 | +6.17% |
| Cash and cash equivalents | 39.86 | 24.80 | +60.73% |
| Bank balances other than cash and cash equivalents | 276.62 | 194.25 | +42.40% |
| Financial assets – Loans | 3.08 | 1.29 | +138.76% |
| Financial assets – Other financial assets | 90.15 | 91.13 | -1.08% |
| Other current assets | 207.91 | 188.96 | +10.03% |
| Total Current Assets | 865.94 | 745.25 | +16.19% |
| TOTAL ASSETS | 2,239.54 | 1,934.07 | +15.79% |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity share capital | 25.07 | 25.06 | +0.04% |
| Other equity | 1,581.92 | 1,358.03 | +16.49% |
| Non-controlling interest | 100.42 | 97.41 | +3.09% |
| Total Equity | 1,707.41 | 1,480.49 | +15.33% |
| Non-Current Liabilities | |||
| Non-Current Borrowings | 6.20 | 10.61 | -41.56% |
| Lease liabilities (non-current) | 70.09 | 57.09 | +22.77% |
| Other financial liabilities (non-current) | 30.39 | 28.07 | +8.27% |
| Provisions (non-current) | 5.25 | 3.17 | +65.62% |
| Deferred tax liabilities (net) | 56.84 | 59.42 | -4.34% |
| Other non-current liabilities | 12.36 | 12.68 | -2.52% |
| Total Non-Current Liabilities | 181.13 | 171.02 | +5.91% |
| Current Liabilities | |||
| Current Borrowings | 203.56 | 142.91 | +42.44% |
| Lease liabilities (current) | 19.49 | 20.34 | -4.18% |
| Trade payables (Micro and small enterprises) | 12.23 | 10.77 | +13.56% |
| Trade payables (Other than micro and small enterprises) | 52.59 | 58.13 | -9.53% |
| Other financial liabilities (current) | 32.55 | 21.53 | +51.18% |
| Other current liabilities | 20.13 | 21.55 | -6.59% |
| Provisions (current) | 7.09 | 6.23 | +13.80% |
| Current tax liabilities (net) | 3.38 | 1.10 | +207.27% |
| Total Current Liabilities | 351.00 | 282.55 | +24.23% |
| TOTAL LIABILITIES | 532.13 | 453.58 | +17.32% |
| TOTAL EQUITY AND LIABILITIES | 2,239.54 | 1,934.07 | +15.79% |
Cash Flow: Tracking the Money Movement
| Particulars | Year ended March 31, 2026 (₹ in Crores) | Year ended March 31, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Net cash generated from operating activities (A) | 304.10 | 192.76 | +57.76% |
| Net cash used in investing activities (B) | (289.35) | (130.62) | +121.52% |
| Net cash generated/(used) in financing activities (C) | 0.37 | (55.03) | N/M |
| Net increase in cash and cash equivalents (A+B+C) | 15.12 | 7.11 | +112.66% |
| Cash and cash equivalents at the beginning of the year | 22.62 | 6.82 | +231.67% |
| Cash and cash equivalent on acquisition of subsidiary | – | 8.74 | – |
| Exchange difference on translation of foreign operations | 0.12 | (0.05) | N/M |
| Cash and cash equivalents at the end of the year | 37.86 | 22.62 | +67.37% |
Funding the Future: CapEx, CWIP & R&D Spending
The company continued to make significant capital investments during the year, directing ₹178.42 Crores towards the purchase of property, plant and equipment, intangibles under development, capital work-in-progress, and right-of-use assets. Capital work-in-progress stood at ₹150.30 Crores as at March 31, 2026, primarily comprising expenditures for new production facilities and lines.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
| Name of Entity | Relationship | Country | % Shareholding | Turnover (₹ in Crores) | Profit / (Loss) After Tax (₹ in Crores) |
|---|---|---|---|---|---|
| Petunt Food Processors Private Limited | Subsidiary (Wholly Owned w.e.f. March 06, 2026) | India | 100.00% | 2,400.81* | (541.53*) |
| Bikaji Foods International USA Corp | Wholly Owned Subsidiary | USA | 100.00% | 2,313.92* | (471.44*) |
| Ariba Foods Private Limited | Subsidiary | India | 55.00% | 5,730.61* | (273.83*) |
| Bikaji Foods Retail Limited | Wholly Owned Subsidiary | India | 100.00% | 203.32* | (214.67*) |
| Bikaji Bakes Private Limited | Wholly Owned Subsidiary | India | 100.00% | 0.00 | (62.06*) |
| Bikaji Foundation | Wholly Owned Subsidiary (Section 8) | India | 100.00% (Guarantee) | 0.00 | (0.05) |
| Bhujialalji Private Limited | Associate | India | 49.00% | – | – |
*Note: Figures reported in subsidiary accounts reflect respective functional currencies and reporting scales as disclosed in Form AOC-1.
Strategic Investments & Treasury Holdings
The group maintains treasury investments in mutual funds, corporate bonds, unquoted preference shares, and optionally convertible debentures, ensuring liquidity management and financial optimization across operations.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
| Name of Director / KMP | Designation | DIN / Membership No. | Category |
|---|---|---|---|
| Mr. Deepak Agarwal | Chairman and Managing Director | 00192890 | Executive Director |
| Mrs. Shweta Agarwal | Whole-Time Director | 00619052 | Executive Director |
| Mr. Sachin Kumar Bhartiya | Non-Executive and Non-Independent Director | 05014606 | Non-Executive – Non-Independent |
| Mr. Nikhil Kishorchandra Vora | Non-Executive and Independent Director | 00161853 | Independent Director |
| Mr. Pulkit Anilkumar Bachhawat | Non-Executive and Independent Director | 07685824 | Independent Director |
| Mrs. Richa Manoj Goyal | Non-Executive and Independent Director | 00159889 | Independent Director |
| Mr. Siraj Azmat Chaudhry | Non-Executive and Independent Director | 08259108 | Independent Director |
| Mr. Sunil Sethi | Non-Executive and Independent Director | 02122147 | Independent Director |
| Mr. Rishabh Jain | Chief Financial Officer | – | Key Managerial Personnel |
| Mr. Rahul Joshi | Head – Legal and Company Secretary | ACS 33135 | Key Managerial Personnel |
| Mr. Manoj Verma | Chief Operating Officer | – | Key Managerial Personnel |
| Mr. Shambhu Dayal Gupta | President – Corporate Affairs and Finance | – | Key Managerial Personnel |
Who Owns the Stock? Shareholding Pattern
| Category | Number of Holders | Number of Shares | % of Issued Capital |
|---|---|---|---|
| Promoters | 10 | 18,52,39,398 | 73.88% |
| Mutual Funds | 80 | 2,99,49,278 | 11.94% |
| Insurance Companies | 15 | 1,33,44,282 | 5.32% |
| Public (Retail & Others) | 1,12,164 | 88,09,159 | 3.51% |
| Other Bodies Corporate | 245 | 8,77,744 | 0.35% |
| Non-Resident Indians (Repatriable & Non-Repatriable) | 1,818 | 3,71,899 | 0.15% |
| Hindu Undivided Family (HUF) | 1,691 | 2,68,089 | 0.11% |
| Key Managerial Personnel | 4 | 74,300 | 0.03% |
| Alternate Investment Funds – III | 2 | 38,623 | 0.02% |
| Body Corporate – Ltd Liability Partnership | 33 | 15,768 | 0.01% |
| Trusts | 2 | 901 | 0.00% |
| Total | 1,16,148 | 25,07,36,400 | 100.00% |
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
Bikaji possesses a formidable market position backed by strong brand equity, a GI-tagged flagship product (Bikaneri Bhujia), and an extensive multi-channel distribution reach spanning 14 lakh outlets. The company benefits from integrated manufacturing capabilities across 10 plants, rigorous quality control systems adhering to global standards, and disciplined operational execution that drives margin expansion.
What Could Go Wrong? Key Challenges & Business Risks
Key risks include raw material price volatility (particularly in flour, lentils, and edible oils), intense competition within the organized and unorganized snacking sectors, potential supply chain disruptions, changing consumer preferences, and evolving regulatory compliance requirements.
The Next Chapter: Growth & CapEx Initiatives
The company is focused on expanding its direct retail coverage, accelerating penetration in focus geographies, scaling frozen foods and export operations, entering strategic joint ventures (such as the partnership with Chaudhary Group in Nepal and bakery ventures), and driving operational leverage across its manufacturing network.
The Verdict: Strategic Outlook & Conclusion
Bikaji Foods International Limited enters its next growth phase with a refreshed corporate identity, a diversified multi-category portfolio, robust financial performance, and a disciplined approach to sustainability and capital allocation. The company remains well-positioned to capitalize on structural shifts towards organized branded foods and deliver sustainable long-term value to its shareholders.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.bikaji.com