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Systematix Report
Systematix has initiated coverage on Bikaji Foods International Ltd., a fmcg company manufacturing traditional Indian sweets ans snacks with a Buy rating. The brokerage estimates a 15% sales CAGR and 22% EPS CAGR over FY25–FY28E, and has set a target price of Rs 750, implying an upside potential of 22% from current levels.
The brokerage highlights multiple company-specific drivers to aid industry outperformance:
- agile network expansion (by 50,000 outlets p.a.) to drive volume-led growth;
- stronger contribution from adjacent high-growth categories of retail/QSR, frozen foods, bakery (c.8% of 9M FY26 sales);
- superior pack/ stock keeping unit mix driving better margins vs peers;
- strong brand-building emphasis with higher advertising and promotion spend vs peers;
- resilient margins despite input-cost inflation spikes, with brand strength and pricing power; and
- upcoming low-capex/ high-free-cash-flow phase, with capacity utilisation slated to improve over the next two-three years, to drive higher margin and return ratios.
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