Bikaji Foods International Limited has released the transcript of its Earnings Conference Call for the quarter and nine months ended December 31, 2025. The call, which took place on January 28, 2026, featured insights from CFO Rishabh Jain and COO Manoj Verma. During the call, management highlighted that the quarter showed a "story of 2 halves," with initial softness in the sweets business due to an early Diwali, but strong growth in core ethnic snacks (around 13.5%) and Western snacks (over 20%). The company noted early signs of GST benefits positively impacting volume growth. Key marketing initiatives like the "Bhujia Ho Toh Bikaji" campaign and a UP-specific campaign "Kya Baat Hai Ji" were discussed. Financials indicated stable gross margins around 35% and an EBITDA of approximately 12.5% for the quarter. For the nine-month period, gross margins were at 34.9% with EBITDA at 14.2%. The company has committed an investment of ₹131 crore in its Hazelnut Factory, with ₹60 crore already invested, increasing its stake to 40%. Additionally, a Joint Venture (JV) has been formed with T.K. Khaleel for the bakery segment under "Bikaji Bakes," with Bikaji holding a 70% stake, aiming for a potential ₹100 crore business. Distribution efforts continue, with reach extending to approximately 1.4 million outlets. The company also relaunched its logo with a more vibrant design. Volume growth for Q3 FY26 was 8.4%, driven by ethnic and Western snacks, and papad. Exports have shown strong performance, expected to continue growing at a similar pace for the next 2-3 years. Discussions also covered the company's strategy for dry fruits and nuts, the rationale behind celebrity endorsements (Amitabh Bachchan nationally, Pankaj Tripathi regionally), margin impact from product mix changes, marketing ROI assessment, and the progress of the Nepal JV, which is expected to commence production within eight months. The company's retail business delivered ₹47 crore in Q3 FY26 from 23 stores, with a target to open 10 more stores next year. Management also addressed procurement cost trends, noting stability in potato prices and plans for long-term raw material procurement. Revenue from the "Bikaji Bakes" venture is expected to start from FY27, with a potential of ₹100 crore over three years, operating under a new brand.
