Emkay Global Financial's research report on Bikaji Foods International
Bikaji's growth narrative continues to swiftly improve under its professional management, which has a dual focus—strengthening core operations and enhancing fundamentals through strategic M&A initiatives. Notably, Ariba Foods is expected to drive Bikaji's aspirations in the frozen snacks category and bolster its branded outlet network, while The Hazelnut Factory positions the company in the upmarket segment with a focus on QSR. With organic business growth recovering to the low teens, a mid-single-digit revenue contribution from M&A initiatives and with margin improvement on the horizon, we anticipate a robust ~35% earnings growth over FY25–27E.
Outlook
We maintain BUY with Mar-26E target price of Rs 775, based on 60x P/E.
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