Bikaji Foods International Ltd. (BIKAJI) AI Stock Analysis

• Market Cap: ₹165.14B
• Dividend Yield: 0.13%
• Average Volume (3M): 65.73K
• Price to Earnings (P/E): 67.0
• Beta (1Y): 1.02
• Revenue Growth: 11.04%
• EPS Growth: -26.83%
• Country: IN
• Employees: 2,559
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 2.50
• Shares Outstanding: 250,592,710
• 10 Day Avg. Volume: 27,345
• 30 Day Avg. Volume: 65,728
• PEG Ratio: -3.51
• Price to Book (P/B): 12.53
• Price to Sales (P/S): 6.79
• P/FCF Ratio: 245.13
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹900.00
• Price Target Upside: 25.10% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: ₹706.00 ▼(-1.87% Downside)

Bikaji Foods' overall score is driven by strong financial performance, despite challenges in profitability margins and cash flow consistency. Technical indicators and valuation suggest caution, with the stock appearing overvalued and showing bearish momentum.

Positive Factors

Revenue Growth

Sustained multi-year revenue growth reflects expanding distribution, product adoption and market penetration in the packaged snacks category. This scale supports operating leverage, supplier negotiating power and the ability to invest in brand and capacity over the next 2–6 months and beyond.

Balance Sheet Strength

A conservative leverage profile and stronger equity base provide financial flexibility to fund capex, navigate input-cost volatility and pursue growth without overreliance on external debt. This structural strength reduces refinancing and solvency risk over the medium term.

Improved Gross Margin

Material improvement in gross margins points to better procurement, pricing power or production efficiency in core snack lines. Sustained higher gross margins are a durable driver of profitability resilience amid commodity swings and support reinvestment into distribution and marketing.

Negative Factors

Net Margin Volatility

Volatile and recently declining net margins reduce earnings predictability and constrain return on equity. If cost pressures persist, management must sustain pricing or structural cost cuts; otherwise margin instability could impair long-term cash generation and investor returns.

Inconsistent Free Cash Flow

Irregular free cash flow, driven by variable capex, limits the firm's ability to consistently fund expansion, deleverage or return capital. Over the medium term, this unpredictability can hinder strategic investments and reduce buffer against demand or input-cost shocks.

Declining EPS

Negative EPS growth signals earnings per share under pressure, reflecting margin compression, cost headwinds or dilution. Persisting EPS declines weaken shareholder returns and may constrain the company's capacity to raise equity or attract long-term investors.

Bikaji Foods International Ltd. Business Overview & Revenue Model

Company Description

Bikaji Foods International Limited produces and sells food products in India. It offers bhujia, namkeen, sweets, papads, chips, and other snacks as well as oven-fresh products under the Bikaji brand name. The company sells its products through distributors, as well as online. It exports its products to North America, Europe, the Asia Pacific, the Middle East, Africa, and the United Kingdom regions. The company was formerly known as Shivdeep Industries Ltd. Bikaji Foods International Limit was founded in 1986 and is based in Bikaner, India.

How the Company Makes Money

Bikaji Foods International Ltd. generates revenue through multiple channels, primarily focusing on the sale of its packaged snacks and food products. The company sells its products through various distribution networks, including retail outlets, wholesale distributors, and e-commerce platforms. Key revenue streams include direct sales of its food products to consumers, bulk sales to retailers, and exports to international markets. Additionally, BIKAJI has formed strategic partnerships with various retail chains and online marketplaces to enhance its market reach. Factors contributing to its earnings include a growing demand for ready-to-eat and snack foods, effective marketing strategies, and an expanding product portfolio that caters to diverse consumer preferences.

Bikaji Foods International Ltd. Financial Statement Overview

Summary

Bikaji Foods shows strong revenue growth and a stable balance sheet with low leverage. However, profitability margins and cash flow consistency need improvement for sustainable performance.

Income Statement

Bikaji Foods has demonstrated strong revenue growth, increasing from INR 10,721.8 million in 2020 to INR 26,218.5 million in 2025. The gross profit margin improved significantly, indicating efficient cost management. However, the net profit margin showed some volatility, declining in the latest period due to increased costs impacting net income. Overall, the company is on a positive growth trajectory with robust revenue increases, but needs to manage expenses better to stabilize net profitability.

Balance Sheet

The company's balance sheet displays a stable financial position with a healthy equity base, as the equity ratio improved over the years. The debt-to-equity ratio remains low, suggesting conservative leverage practices. However, the return on equity has shown some fluctuations, hinting at varying profitability levels. Overall, the balance sheet reflects financial stability with a strong equity position, but earnings consistency should be improved.

Cash Flow

Bikaji Foods has shown a mixed performance in cash flow metrics. Operating cash flow has been positive, supporting operational activities. However, free cash flow growth has been inconsistent due to fluctuating capital expenditures. The operating cash flow to net income ratio indicates efficient cash conversion, but more consistent free cash flow generation is needed for long-term sustainability.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	26.69B	25.53B	22.34B	19.63B	16.08B	13.08B
Gross Profit	7.24B	8.47B	4.46B	3.23B	2.36B	3.59B
EBITDA	3.36B	3.28B	4.19B	2.34B	1.50B	1.55B
Net Income	2.02B	2.01B	2.66B	1.37B	779.51M	902.07M
Balance Sheet
Total Assets	0.00	19.37B	15.34B	12.72B	11.02B	8.17B
Cash, Cash Equivalents and Short-Term Investments	2.55B	2.55B	1.36B	1.45B	1.26B	937.08M
Total Debt	0.00	2.31B	1.66B	1.70B	1.60B	874.34M
Total Liabilities	-14.81B	4.56B	3.17B	3.18B	2.81B	2.10B
Stockholders Equity	14.81B	13.83B	12.18B	9.56B	8.21B	6.06B
Cash Flow
Free Cash Flow	0.00	706.92M	1.16B	799.85M	-515.74M	427.62M
Operating Cash Flow	0.00	1.93B	2.45B	1.71B	574.74M	1.17B
Investing Cash Flow	0.00	-1.31B	-1.99B	-1.23B	-2.32B	-1.14B
Financing Cash Flow	0.00	-557.23M	-539.22M	-48.55M	1.69B	-90.64M

Bikaji Foods International Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 719.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BIKAJI, the sentiment is Negative. The current price of 719.45 is above the 20-day moving average (MA) of 685.76, above the 50-day MA of 711.39, and below the 200-day MA of 733.08, indicating a bearish trend. The MACD of -18.94 indicates Positive momentum. The RSI at 33.01 is Neutral, neither overbought nor oversold. The STOCH value of 56.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:BIKAJI.

Bikaji Foods International Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LTFOODS	71 Outperform	₹129.11B	19.86	―	0.74%	18.77%	5.76%
BECTORFOOD	66 Neutral	₹68.49B	50.24	―	0.45%	10.82%	-8.21%
ZYDUSWELL	66 Neutral	₹141.82B	55.97	―	0.28%	14.55%	-20.61%
HNDFDS	65 Neutral	₹55.78B	43.64	―	―	19.77%	28.22%
BIKAJI	64 Neutral	₹165.14B	67.02	―	0.13%	11.04%	-26.83%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
HERITGFOOD	58 Neutral	₹33.33B	20.27	―	0.54%	9.83%	-0.92%

Bikaji Foods International Ltd. Corporate Events

Bikaji Foods Ramps Up Retail, Bakery and Snack Investments with New Capital Deployment

Bikaji Foods International Ltd. has approved a series of capital and financing moves aimed at strengthening its retail footprint and expanding into adjacent categories. The board cleared an additional investment of up to ₹50 crore in its wholly-owned subsidiary Bikaji Foods Retail Ltd. to bolster retail operations, and greenlit a joint venture and shareholders’ agreement with Managing Director Deepak Agarwal and Bakemart founder Thayekunni Khaleel to build a frozen and bakery business in India via Bikaji Bakes Pvt. Ltd. The company also sanctioned loan agreements of up to ₹5 crore to subsidiary Petunt Food Processors Pvt. Ltd. and up to ₹8 crore to contract manufacturing unit Dadiji Snacks Pvt. Ltd., alongside an investment of up to ₹25 crore in Jai Barbareek Dev Snacks Pvt. Ltd. through optionally convertible debentures, collectively signaling an aggressive push to deepen manufacturing, product diversification and distribution capabilities across its snack and bakery portfolio.