Bikaji's margin slips again as Q4 revenue falls sequentially
Year-on-year profit growth was supported by higher other income and lower interest, while the second straight quarterly margin decline kept Bikaji below the peer median.
Filed 21 May 2026, 19:55 IST · after market close · Bikaji Foods International Ltd (BIKAJI)
Key takeaways
- Consolidated Q4FY26 net profit rose 40.38% YoY, but other income contributed 22.98% of pre-tax profit.
- Sequentially, revenue fell 8.75% and operating margin narrowed 0.28 percentage points as expenses declined 8.46%.
- Operating margin at 12.17% was 4.58 percentage points below the 16.75% median of 26 reported FMCG peers.
Price around the results
Profit growth had a sizeable non-operating contribution
Consolidated revenue grew 17.48% YoY, broadly matching the 17.4% rise in expenses, and operating profit increased 18.07%. Net profit grew faster at 40.38% because other income rose 78.31% and interest costs fell 21.73%; other income accounted for 22.98% of pre-tax profit. The tax rate was nearly unchanged YoY, rising 0.39 percentage points.
Q4 margin slipped for a second straight quarter
Revenue fell 8.75% sequentially, while expenses declined 8.46%, so costs fell more slowly than revenue and operating margin narrowed 0.28 percentage points. The margin has now declined from 15.44% in Q2FY26 to 12.45% in Q3FY26 and 12.17% in Q4FY26. Bikaji's Q4 operating margin was 4.58 percentage points below the 16.75% median for 26 FMCG peers that had reported, placing it eighth from the bottom.
Brand activity focused on consumer reach and pack architecture
Management said the Paytm consumer offer lifted sales and increased consumer engagement. The company said it launched its first targeted Bhujia campaign, while its UP campaign used a new brand ambassador, new partners and a new state focus within the overall budget. Management also said it revamped the logo and packaging, including pack-size optimisation and industry benchmarking, and identified Bikaji as the market leader in family packs.
The initial market reaction was within the usual range
The stock fell 1.69% on the first session after the results and 3.60% by the next session, before the move reached 0.07% by the fifth session. Across the last eight result reactions, the stock rose four times and fell four times, with a median absolute move of 2.21%; the first-day decline was therefore within its typical range, while the second-day fall was larger. The results were filed after market close.
Q4FY26 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q4FY26 | Q3FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹721 cr | ₹790 cr | -8.75% | +17.48% |
| Other income | ₹18 cr | ₹11 cr | +56.48% | +78.31% |
| Expenses | ₹633 cr | ₹692 cr | -8.46% | +17.40% |
| Operating profit | ₹88 cr | ₹98 cr | -10.80% | +18.07% |
| Operating margin (%) | 12.17% | 12.45% | — | — |
| Interest | ₹4 cr | ₹4 cr | -5.12% | -21.73% |
| Depreciation | ₹24 cr | ₹24 cr | +1.12% | -0.86% |
| Profit before tax | ₹77 cr | ₹82 cr | -5.23% | +41.11% |
| Tax | ₹21 cr | ₹19 cr | +9.59% | +43.07% |
| Net profit | ₹56 cr | ₹62 cr | -9.86% | +40.38% |
| EPS (₹) | ₹2.25 | ₹2.48 | -9.27% | +26.40% |
Operating margin of 12.17% compares with a Fast Moving Consumer Goods sector median of 16.75% across 26 peers that have reported Q4FY26.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -1.69% | -1.97% |
| Next session | -3.60% | — |
| 5 sessions | +0.07% | +1.22% |
| 15 sessions | -0.74% | — |
| 30 sessions | -3.26% | — |
Volume on the results session was 2.08× its 20-day average.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
New initiatives
- The Paytm consumer offer increased sales and helped Bikaji engage with consumers.
- Bikaji launched its first targeted Bhujia campaign to build brand dominance in the category.
- Bikaji's UP campaign introduced a new brand ambassador, new partners and a new state focus within the overall budget.
- Bikaji revamped its logo and packaging, including optimised pack sizes and industry benchmarking.
Competition
- Bikaji is identified as the market leader in the family pack segment.
What to watch
- Whether operating margin recovers from 12.17% after the second straight quarterly decline.
- Whether revenue moves back above Rs 720.88 cr after the 8.75% sequential fall.
- Whether other income's 22.98% share of pre-tax profit moderates in the next quarter.