MBFSL Q2 revenue hits Rs 630.5 crore, bakery outpaces biscuit sales

Mrs. Bectors Food Specialities Limited reported record consolidated Q2 FY27 revenue of Rs 630.5 crore, up 14.3% year on year, as bakery revenue rose 22% to Rs 237 crore and outpaced the biscuit segment's 9% increase to Rs 383 crore. Consolidated profit after tax rose 25.3% to Rs 45.7 crore.

How did MBFSL's Q2 FY27 revenue change?

MBFSL's consolidated revenue increased to Rs 630.5 crore in Q2 FY27 from Rs 551.4 crore in Q2 FY26 and Rs 548.7 crore in Q1 FY27. That represents year-on-year growth of 14.3% and quarter-on-quarter growth of 14.9%, according to the unaudited results for the quarter ended 30 September 2026. Managing Director Anoop Bector described Rs 630.5 crore as the company's highest-ever quarterly revenue.

The first half also recorded a higher revenue base. H1 FY27 consolidated revenue was Rs 1,179.3 crore, compared with Rs 1,024.4 crore in H1 FY26, an increase of 15.1%. The quarterly rise from Rs 548.7 crore in Q1 FY27 to Rs 630.5 crore in Q2 FY27 accounted for Rs 81.8 crore of additional revenue, while the year-on-year quarterly increase was Rs 79.1 crore.

MBFSL's segment chart gives a two-year view of revenue progression. It shows total revenue, including contract-manufacturing revenue, at Rs 496 crore in Q2 FY25, Rs 551 crore in Q2 FY26 and Rs 631 crore in Q2 FY27, with the latest quarterly figure rounded in that chart. The increase from Q2 FY25 to Q2 FY27 was 27%, compared with 14.3% year-on-year growth in the detailed financial table.

Why did MBFSL's bakery revenue grow faster than biscuits?

MBFSL's bakery revenue rose 22% year on year to Rs 237 crore in Q2 FY27, while biscuit revenue rose 9% to Rs 383 crore. Bakery therefore added Rs 43 crore from Q2 FY26, versus a Rs 33 crore increase in biscuits. The bakery figure includes retail bakery and institutional business, while the biscuit result includes domestic and export biscuits.

The gap is more pronounced over two years. Bakery revenue increased from Rs 167 crore in Q2 FY25 to Rs 237 crore in Q2 FY27, or 42%, whereas biscuit revenue rose from Rs 320 crore to Rs 383 crore, or 20%. Biscuits remained MBFSL's larger reported segment by revenue in Q2 FY27, at Rs 383 crore against Rs 237 crore for bakery, but bakery delivered the faster growth rate on both the one-year and two-year comparisons.

MBFSL said its bakery operations cover retail bakery and institutional customers, while its English Oven brand serves the premium bakery category. The company also said its new bakery facilities in Kolkata and Khopoli are progressively scaling up. The release does not quantify the capacity of either facility, their revenue contribution, or the timing at which they may reach a stated utilisation level.

How did MBFSL's profit growth compare with sales growth?

MBFSL's profit after tax, or PAT, rose 25.3% year on year to Rs 45.7 crore in Q2 FY27, exceeding the 14.3% increase in revenue. Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 19.1% to Rs 82.5 crore, while gross profit rose 19.7% to Rs 291.6 crore. Management attributed the earnings growth to premiumisation, operational efficiencies and disciplined cost management despite inflationary pressures and a challenging operating environment.

Margins were higher than a year earlier, although gross margin was lower than in the immediately preceding quarter. Q2 FY27 gross profit margin was 46.2%, against 44.2% in Q2 FY26 and 47.2% in Q1 FY27. EBITDA margin was 13.1%, compared with 12.6% a year earlier and unchanged from Q1 FY27, while PAT margin increased to 7.3% from 6.6% in Q2 FY26 and 7.1% in Q1 FY27.

For H1 FY27, EBITDA rose 21.2% to Rs 154.6 crore from Rs 127.5 crore in H1 FY26, and PAT increased 25.4% to Rs 84.5 crore from Rs 67.4 crore. H1 FY27 gross profit was Rs 550.5 crore, up 19.8% from Rs 459.4 crore, and gross margin reached 46.7% from 44.8%. The six-month EBITDA margin was 13.1%, compared with 12.4%, while the PAT margin rose to 7.2% from 6.6%.

What is MBFSL planning after the Q2 FY27 result?

MBFSL said it will continue to build its market presence through premiumisation, product innovation, brand investments and distribution expansion. Management linked its outlook to a diversified product portfolio, an expanding distribution network and sustained demand for premium offerings. These are management statements rather than quantified revenue, margin or volume guidance for later quarters.

The company's stated route to wider reach includes the Kolkata and Khopoli bakery facilities that are progressively scaling up. MBFSL also described its distribution model as pan-India and multi-channel, with modern trade and e-commerce expansion, and said its biscuit exports reach more than 70 countries. The release does not provide Q2 FY27 export revenue, e-commerce revenue, channel-level sales, capital expenditure or a commissioning schedule for the two facilities.

The Q2 FY27 results also show the operating areas that require continued tracking. Management cited inflationary pressure, while the release's safe-harbor statement identifies risks including industry conditions, political and economic changes, tax laws, labour relations, exchange rates, technology and financing costs. No forecast is supplied for the effects of those factors on future revenue, gross margin or PAT.

Conclusion

MBFSL's Q2 FY27 result combined record quarterly revenue of Rs 630.5 crore with faster growth in bakery than biscuits and a 25.3% rise in PAT to Rs 45.7 crore. Bakery generated Rs 237 crore and expanded 42% over two years, compared with 20% for biscuits, while EBITDA margin improved by 0.5 percentage points year on year to 13.1%.

The next reported results will show whether the Kolkata and Khopoli bakery facilities continue to scale up and whether bakery can maintain its lead over biscuit growth. Investors can also watch the effect of the inflationary pressures cited by management on the Q2 FY27 gross margin of 46.2%, which was below Q1 FY27's 47.2% despite being above Q2 FY26's 44.2%.