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Dolat Capital Report
Domestic packaged food industry is expected to grow at 8% compound annual growth rate over FY22-26E. Regional snacks have high acceptance across geographies and is likely to grow faster at ~15%.
Further, favorable micros like changing consumer habits, willingness to try new, favorable demographics and growing acceptance to interregional snacks is likely to accelerate growth for the ethnic packaged food market.
Bikaji Foods International Ltd. is well placed in the ethnic food market with presence across namkeen, bhujia, sweets, handmade papad and western snacks.
As these categories are expected to grow at 10-15% CAGR over next five years, we believe that Bikaji would maintain double digit growth, going ahead.
Further, the management has prior experience of food business as they are from the same family which manages Haldiram brand, packaged food expertise would help for the growth of Bikaji brand.
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