Bikaji Foods International Limited — Investor Meet, 18-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Bikaji Foods reported robust Q2 revenue growth of 15.2% and EBITDA at 15.4%, highest in 5 quarters, driven by a balanced product mix and benign commodity prices. Gross margin (ex-PLI) hit 34%, an 8-quarter high. Exports soared 77.3% to over INR 50 Cr.

Ethnic snacks grew 4.6%, impacted short-term by GST changes and an Assam shutdown, but management anticipates high-teens growth in Q3/Q4 as GST benefits stabilize. Packaged sweets surged 32.3% due to early Diwali. The company aims for 3.5 Lakh+ direct outlets by fiscal year-end and 5 Lakh in three years. Capacity utilization is 52% with no major capex for 2-2.5 years. Management expects Q3 volume growth in double digits.