Bikaji Foods International Ltd. (BIKAJI) AI Stock Analysis

• Market Cap: ₹185.95B
• Dividend Yield: 0.13%
• Average Volume (3M): 65.73K
• Price to Earnings (P/E): 87.4
• Beta (1Y): 0.94
• Revenue Growth: 11.04%
• EPS Growth: -26.83%
• Country: IN
• Employees: 2,559
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 3.25
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 1,118.44
• Revenue Forecast (FY): ₹2.71T

• Rating: 64 Neutral
• Price Target: ₹785.00 ▲(5.79% Upside)

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

The strong revenue growth indicates expanding market reach and product adoption, supporting long-term business sustainability and competitive positioning.

Stable Balance Sheet

A stable balance sheet with low leverage enhances financial flexibility and reduces risk, supporting long-term operational stability and growth opportunities.

Gross Profit Margin Improvement

Improved gross profit margins reflect effective cost control, which can enhance profitability and provide a buffer against cost fluctuations, supporting sustainable growth.

Negative Factors

Profitability Margins

Volatile profitability margins can impact net income stability, posing challenges to sustaining long-term profitability and affecting investor confidence.

Cash Flow Consistency

Inconsistent free cash flow generation can limit investment capacity and financial resilience, impacting the company's ability to fund growth initiatives sustainably.

Earnings Consistency

Fluctuating return on equity indicates inconsistent earnings, which can undermine investor confidence and affect the company's ability to attract long-term capital.

Bikaji Foods International Ltd. Business Overview & Revenue Model

Company Description

Bikaji Foods International Ltd. (BIKAJI) is a prominent Indian snacks and ready-to-eat food company known for its diverse range of traditional Indian snacks, sweets, and savory products. Established in 1987, the company operates primarily in the food processing sector, catering to both domestic and international markets. BIKAJI's core product offerings include Bhujia, Namkeen, Sweets, and a variety of packaged snacks that reflect the rich culinary heritage of India. By focusing on quality and authenticity, the company has built a strong brand presence and a loyal customer base.

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: Positive
• Last Price: 742.05
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BIKAJI, the sentiment is Positive. The current price of 742.05 is above the 20-day moving average (MA) of 718.70, above the 50-day MA of 723.40, and above the 200-day MA of 727.87, indicating a bullish trend. The MACD of 5.11 indicates Negative momentum. The RSI at 60.39 is Neutral, neither overbought nor oversold. The STOCH value of 80.90 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	₹137.65B	21.64	―	0.76%	18.77%	5.76%
BECTORFOOD	66 Neutral	₹76.81B	56.34	―	0.45%	10.82%	-8.21%
ZYDUSWELL	66 Neutral	₹135.65B	53.53	―	0.28%	14.55%	-20.61%
HNDFDS	65 Neutral	₹62.85B	48.64	―	―	19.77%	28.22%
BIKAJI	64 Neutral	₹185.95B	87.37	―	0.13%	11.04%	-26.83%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
HERITGFOOD	62 Neutral	₹43.15B	24.96	―	0.54%	9.83%	-0.92%

Bikaji Foods International Ltd. Corporate Events

Bikaji Foods Expands Investment in US Subsidiary to Boost Market Reach

Bikaji Foods International Limited has increased its investment in its wholly-owned subsidiary, Bikaji Foods International USA Corp, by subscribing to additional common stock worth $150,000. This move is part of Bikaji’s strategy to enhance its market presence in the USA by strengthening its distribution network, ensuring wider reach and improved customer accessibility. Despite this additional investment, Bikaji’s shareholding in the subsidiary remains unchanged at 100%.

Bikaji Foods Confirms Compliance with SEBI Regulations for Q3 2025

Bikaji Foods International Ltd. has announced the issuance of a certificate in compliance with Regulation 74(5) of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018, for the quarter ending September 30, 2025. The certificate, provided by Beetal Financial and Computer Services Pvt. Ltd., confirms that there were no requests for dematerialization or rematerialization of shares from depositories during this period. This announcement reflects the company’s adherence to regulatory requirements, potentially reinforcing its credibility and operational transparency in the market.

Bikaji Foods Hosts Successful Investor Meeting in Bikaner

Bikaji Foods International Ltd. announced the successful completion of a plant visit and group analysts/institutional investors meeting in Bikaner, Rajasthan. The meeting, which adhered to regulatory requirements, aimed to provide insights into the company’s operations without sharing any unpublished price-sensitive information, reflecting Bikaji’s commitment to transparency and stakeholder engagement.