Bikaji September revenue rises 13%, profit falls 11%

Bikaji Foods International Limited reported consolidated revenue from operations of Rs 921.448 crore for the quarter ended September 30, 2026, up 13% from Rs 814.907 crore a year earlier, while profit for the period declined 11% to Rs 68.957 crore from Rs 77.674 crore as material, employee and other expenses increased.

How did Bikaji's September-quarter revenue and profit change?

Bikaji's revenue from operations increased by Rs 106.541 crore year on year to Rs 921.448 crore in the September 2026 quarter. Total revenue from operations, including other operating income, rose to Rs 938.528 crore from Rs 830.299 crore, while total income increased to Rs 947.270 crore from Rs 842.607 crore.

Profit before exceptional items and tax fell to Rs 92.881 crore from Rs 111.670 crore in the September 2025 quarter. The year-earlier period included an exceptional loss of Rs 4.351 crore related to machinery damaged at a contract manufacturer's facility in Patna, Bihar, taking reported profit before tax for that quarter to Rs 107.319 crore.

Bikaji's profit attributable to owners of the parent was Rs 70.782 crore, compared with Rs 79.776 crore a year earlier and Rs 60.143 crore in the June 2026 quarter. Basic and diluted earnings per share were Rs 2.82 each, versus Rs 3.18 in September 2025 and Rs 2.40 in June 2026; Bikaji stated that quarterly earnings per share are not annualised.

Which costs increased in Bikaji's September quarter?

Bikaji's cost of materials consumed rose to Rs 649.360 crore from Rs 543.582 crore a year earlier, an increase of Rs 105.778 crore. Employee benefits expense increased to Rs 62.475 crore from Rs 52.630 crore, and other expenses rose to Rs 141.930 crore from Rs 109.779 crore.

Total expenses increased to Rs 854.389 crore from Rs 730.937 crore. Depreciation, amortisation and impairment expense rose to Rs 27.527 crore from Rs 23.725 crore, while finance costs increased to Rs 7.047 crore from Rs 5.130 crore.

Bikaji recorded a Rs 36.091 crore reduction through changes in inventories of finished goods, stock-in-trade and work-in-progress, compared with a Rs 26.774 crore reduction a year earlier. Purchases of stock-in-trade, however, declined to Rs 2.142 crore from Rs 22.865 crore, but the increase in materials, employee benefits and other expenses exceeded the increase in total income.

What do Bikaji's half-year results show?

Bikaji's revenue from operations for the half year ended September 30, 2026 rose to Rs 1,641.776 crore from Rs 1,451.964 crore in the prior-year half. Total income increased to Rs 1,694.671 crore from Rs 1,505.271 crore over the same periods.

Profit for the six-month period declined to Rs 128.431 crore from Rs 136.202 crore, while profit before tax fell to Rs 173.626 crore from Rs 185.891 crore. Total tax expense decreased to Rs 45.195 crore from Rs 49.690 crore, partly limiting the decline in reported profit.

Materials consumed in the half year rose to Rs 1,130.924 crore from Rs 948.461 crore, employee benefits expense increased to Rs 116.035 crore from Rs 97.385 crore, and other expenses rose to Rs 251.474 crore from Rs 196.987 crore. Purchases of stock-in-trade declined to Rs 8.605 crore from Rs 47.711 crore, while depreciation, amortisation and impairment increased to Rs 53.766 crore from Rs 46.703 crore.

What changed in Bikaji's balance sheet and cash flow?

Bikaji's total assets stood at Rs 2,558.338 crore on September 30, 2026, compared with Rs 2,239.542 crore on March 31, 2026. Property, plant and equipment increased to Rs 928.876 crore from Rs 798.350 crore, inventories rose to Rs 223.198 crore from Rs 117.396 crore, and trade receivables increased to Rs 186.868 crore from Rs 107.102 crore.

Total equity increased to Rs 1,802.980 crore from Rs 1,707.408 crore over the same six-month period. Current borrowings rose to Rs 300.698 crore from Rs 203.556 crore, non-current borrowings increased to Rs 43.677 crore from Rs 6.200 crore, and total liabilities rose to Rs 755.358 crore from Rs 532.134 crore.

Net cash generated from operating activities in the half year was Rs 90.546 crore, below Rs 103.844 crore in the prior-year period. Trade receivables increased by Rs 80.984 crore and inventories increased by Rs 105.672 crore during the latest half year, while cash used in investing activities was Rs 143.996 crore versus Rs 124.029 crore a year earlier.

What acquisition and reporting matters did Bikaji disclose?

Bikaji completed the acquisition of 14,800 equity shares, representing 74% of Jai Barbareek Dev Snacks Private Limited, on July 2, 2026 for cash consideration of Rs 1.48 lakh. The board had approved the transaction on May 21, 2026, and its accounting under Indian Accounting Standard 103, Business Combinations, resulted in goodwill of Rs 4.859 crore.

The consolidated results include Bikaji and its 10 subsidiaries, including Jai Barbareek Dev Snacks from July 2, 2026. Bikaji operates primarily in food products and reports no separate operating segment because its board evaluates performance and allocates resources as a single unit.

The independent auditors said nothing had come to their attention to indicate that the consolidated statement was materially misstated under the applicable reporting framework. They noted that 10 subsidiaries not subject to review had total assets of Rs 567.206 crore at September 30, 2026 and combined net loss after tax of Rs 4.749 crore for the quarter, based on management-prepared unaudited interim results.

Conclusion

Bikaji's September-quarter results show that 13% growth in revenue from operations did not translate into year-on-year profit growth. Revenue increased by Rs 106.541 crore, but materials consumed, employee benefits, depreciation and other expenses also rose, leaving profit for the period Rs 8.717 crore below the September 2025 quarter.

The next results will show the effects of the July 2 acquisition of Jai Barbareek Dev Snacks, which created Rs 4.859 crore of goodwill. Bikaji's subsequent filings will also show whether the increases in inventories, trade receivables and borrowings recorded at September 30, 2026 persist.