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Motilal Oswal Report
Motilal Oswal expects Bikaji Foods International Ltd. to benefit from accelerating demand for branded snacks, shifting consumer preferences, and increasing traction within modern trade and ecommerce channels.
The company is driving growth through expansion into new categories, such as western snacks, cookies, and frozen foods, supported by distribution gains in both urban and rural markets.
Bikaji is set to deliver industry leading growth, with a compound annual growth rate of 15% in revenue, 29% in Ebitda, and 39% in PAT (excluding production linked incentive) over FY25-28.
The brokerage reiterates Buy rating with a DCF-based target price of Rs 900 (based on an implied P/E of 55x on FY28E).
Key risks: geographical concentration risk due to heavy reliance on core markets and the potential entry of new competitors in Rajasthan.
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