Profit before tax (PBT) soared 111.79% to Rs 81.56 crore during the quarter. EBITDA grew 77.1% YoY to Rs 98.4 crore with a margin of 12.5% (up by 466 bps YoY) due to favorable raw material prices as compared to base quarter.
Revenue from ethnic snacks grew 13.3% YoY and accounted for around 67.4% of overall revenue. Western snacks recorded strong growth of 22.6% YoY to Rs 58 crore, contributing approximately 8.0% of total revenue. Revenue from papad increased 14.6% YoY to Rs 47.5 crore. Packaged sweets revenue stood at Rs 89.7 crore, declining 17.1% YoY, and accounted for around 12.3% of overall revenue, primarily due to a seasonal shift with Q2 in the current year compared to Q3 last year.
The retail business witnessed significant traction, with revenue nearly doubling to Rs 47.1 crore during the quarter, registering an 86.6% YoY growth compared with Rs 25.2 crore in Q3 FY25.
Volume grew 8.4% YoY to 39,218 million tonnes in Q3 FY26 as against 36,173 million tonnes in Q3 FY25.
Meanwhile, the company’s board approved the additional investment of up to Rs 50 crore in Bikaji Foods Retail, a wholly-owned subsidiary, by way of additional subscription to its share capital.
Additionally, the company’s board approved the execution of the joint venture cum shareholders agreement entered into by and amongst the Bikaji Foods International, Deepak Agarwal, managing director and Thayekunni Khaleel (founder of Brand ‘Bakemart’), to synergize the combined experience and expertise efforts of the parties to the agreement to undertake the frozen and bakery business in India, on a joint venture basis, through Bikaji Bakes.
Further, the company’s board approved the execution of a loan agreement of up to Rs 5 crore with Petunt Food Processors, subsidiary of the company and loan agreement of up to Rs 8 crore with Dadiji Snacks, contract manufacturing unit. Additionally, the board approved an investment of up to Rs 25 crore in Jai Barbareek Dev Snacks, through issuance of 2,50,00,000 optionally convertible debentures.
Deepak Agarwal, managing director(MD), Bikaji Foods International, said, “The company delivered a resilient performance during Q3 and 9M FY26, with revenues growing by 10.7% and 13.3% respectively. This growth was primarily driven by the strong momentum in our Ethnic Snacks portfolio, which recorded growth of 13.3% in Q3 and 9.6% over the nine-month period. Demand remained robust across all product categories, underscoring the strength of our brands and their sustained consumer appeal. All categories delivered healthy double-digit growth, except packaged sweets, which were impacted by seasonality due to early Diwali in current year.
Exports continued to be a key growth driver, registering a significant increase of 39.1% in Q3 and 58.7% during 9M FY26, supported by wider distribution and increased penetration across international markets. To address inflationary pressures and enhance margin resilience, the Company implemented a series of strategic initiatives, including selective price increases and focused cost efficiency programs. These measures helped sustain growth momentum, particularly within our core categories
Our retail business has also begun contributing meaningfully to overall performance, with revenues growing over 150% year-on-year, reflecting improved store productivity and expanding consumer engagement.”
Bikaji Foods International is the third largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets, and is the second fastest growing company in the Indian organised snacks market. As of December 31, 2025, the company has operations in more than 25 states and 4 union territories in India. The company also exports its products to over 25 international countries, including North America, Europe, the Middle East, Africa, and Asia Pacific.