Mrs. Bector’s Q2 profit rises 25% as bakery outgrows biscuits

Mrs. Bectors Food Specialities Limited, referred to as Mrs. Bector’s, reported profit after tax of Rs 45.7 crore in the second quarter of fiscal year 2027 (Q2 FY27), up 25.3% year on year, as bakery revenue grew 22% to Rs 237 crore against 9% growth in biscuit revenue to Rs 383 crore.

What drove Mrs. Bector’s Q2 FY27 revenue growth?

Mrs. Bector’s revenue from operations rose to Rs 630.5 crore in Q2 FY27 from Rs 551.4 crore in Q2 FY26, an increase of 14.3%. Revenue also rose 14.9% from Rs 548.7 crore in Q1 FY27, showing sequential growth as well as growth against the prior-year quarter.

The presentation’s rounded revenue comparison shows Rs 631 crore in Q2 FY27, Rs 551 crore in Q2 FY26 and Rs 496 crore in Q2 FY25. That represents 27% growth over two years. Mrs. Bector’s says total revenue includes contract-manufacturing revenue, while its Q2 FY27 scorecard reports net revenue of Rs 630.5 crore and 24-month growth of 27.1%.

How did Mrs. Bector’s bakery and biscuit businesses compare?

Mrs. Bector’s bakery segment was the faster-growing business in Q2 FY27, with revenue increasing 22% year on year to Rs 237 crore from Rs 194 crore. The segment includes retail bakery and institutional business, and its revenue was 42% above Rs 167 crore in Q2 FY25.

Mrs. Bector’s biscuit segment remained the larger contributor, reporting Rs 383 crore of Q2 FY27 revenue, but its growth rate was 9% from Rs 350 crore in Q2 FY26. The biscuit segment includes domestic biscuits, exports and the Canteen Stores Department. Its revenue was 20% above Rs 320 crore in Q2 FY25, compared with bakery’s 42% two-year increase.

The year-on-year growth gap between the two segments was 13 percentage points, based on bakery’s 22% increase and biscuits’ 9% increase. Bakery added Rs 43 crore of revenue from Q2 FY26, while biscuits added Rs 33 crore. The portfolio includes 150 English Oven bakery stock-keeping units and 384 domestic biscuit stock-keeping units.

How did Mrs. Bector’s margins and profit change in Q2 FY27?

Mrs. Bector’s gross profit increased 19.7% year on year to Rs 291.6 crore in Q2 FY27 from Rs 243.6 crore, exceeding the 14.3% rise in revenue. Gross profit margin rose to 46.2% from 44.2%, a 2-percentage-point increase. Gross profit was also higher than Rs 258.9 crore in Q1 FY27, although that quarter’s gross profit margin was 47.2%.

Earnings before interest, tax, depreciation and amortisation rose 19.1% to Rs 82.5 crore from Rs 69.3 crore. Its margin increased to 13.1% from 12.6%, while other expenses increased to Rs 126 crore from Rs 97.4 crore and employee-benefit expense increased to Rs 83 crore from Rs 76.9 crore. Finance costs were unchanged at Rs 3.3 crore year on year.

Mrs. Bector’s profit after tax rose to Rs 45.7 crore from Rs 36.5 crore, matching reported growth of 25.3%. Profit before tax increased 25.3% to Rs 61.2 crore, while total tax expense increased to Rs 15.5 crore from Rs 12.3 crore. Profit after tax margin widened to 7.3% from 6.6%, and profit after tax was also above Rs 38.8 crore in Q1 FY27.

What do Mrs. Bector’s H1 FY27 cash flow and balance sheet show?

Mrs. Bector’s first-half fiscal year 2027 (H1 FY27) revenue from operations increased 15.1% to Rs 1,179.3 crore from Rs 1,024.4 crore in H1 FY26. Earnings before interest, tax, depreciation and amortisation rose 21.2% to Rs 154.6 crore, while profit after tax increased 25.4% to Rs 84.5 crore. The scorecard shows H1 FY27 revenue was 26% above the level two years earlier.

At September 30, 2026, Mrs. Bector’s total equity was Rs 1,333.6 crore, compared with Rs 1,271 crore at March 31, 2026. Total liabilities increased to Rs 531.8 crore from Rs 416.4 crore. Property, plant and equipment rose to Rs 946.6 crore from Rs 855.8 crore, while capital work-in-progress declined to Rs 19.2 crore from Rs 89.9 crore.

Net cash generated from operating activities was Rs 100.9 crore for the period ended September 2026, compared with Rs 107 crore for the period ended September 2025. Cash generated from operations was Rs 124.9 crore versus Rs 130.1 crore, after a working-capital outflow of Rs 38.7 crore compared with an outflow of Rs 4.3 crore a year earlier. Investing cash outflow fell to Rs 78.6 crore from Rs 133.3 crore, and closing cash and cash equivalents were Rs 36.6 crore.

Conclusion

Mrs. Bector’s reported faster growth in bakery than biscuits during Q2 FY27, while both gross profit and profit after tax grew faster than revenue. The first-half figures also show earnings growth ahead of revenue growth, alongside higher property, plant and equipment and a lower investing cash outflow than in the comparable prior-year period.

The next results will show whether bakery maintains its 22% year-on-year growth and whether the Q2 gross profit margin of 46.2% changes after the 47.2% reported in Q1 FY27. The presentation also identifies July and August Cremica Bourbon activity, retail-bakery occasion campaigns for Rakhi and Ganesh Chaturthi, and English Oven multigrain footlong bread as disclosed marketing and product activity to track alongside future segment revenue.