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Bikaji Foods International Limited (BIKAJI) Fair Value & Analysis

Consumer Defensive · IN · Market cap ₹160B

BF Bikaji Foods International Limited BIKAJI · NSE
Price₹609.60
Fair Value₹213.56
Upside-65.0%
Quality60/100
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Mixed Growth
Thin margins · 8.6% net margin
Low debt · generates free cash flow
0.19% dividend yield
Mixed vs. peers (8/14)
Moderate moat 57/100
Evidence: Medium Range ₹118.62 – ₹266.78 Share as image

Fair value as of: Aug 2, 2026

From 26 valuation models · updated 11 days ago

Share price −5.1% over the past month.

A solid business, but screening 65% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (₹266.78). The favourable scenario is already priced in.
  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (₹118.62 to ₹266.78) leaves room in how you read the outcome.
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Price vs Fair Value (4 years)

₹975.56 ₹308.86 Fair Value ₹213.56 Nov 2022 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

45‑month range ₹308.86 – ₹975.56 · fair‑value band ₹118.62 – ₹266.78 · the ₹609.60 price screens above the ₹213.56 fair value. Dashed = 300-day average. As of Aug 2, 2026.

Full chart & analysis →

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Analysis

Bikaji Foods International Limited (BIKAJI) currently trades at ₹609.60, while our model-based Fair Value estimate is ₹213.56, implying the stock looks roughly 65.0% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Bikaji Foods International Limited generated revenue of ₹29.9B at a net margin of 8.6%. Revenue grew 17.5% year over year. It earns a return on equity of 16.0%. The balance sheet holds a net cash position of ₹172M. Fundamentals as of Aug 2, 2026

Our scenario range runs from ₹118.62 (bear case) to ₹266.78 (bull case); at ₹609.60, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 26% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -11% fair-value upside, at -65%, BIKAJI screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹93.24 ₹179.09 ₹326.17 80
Residual Income ₹68.69 ₹94.46 ₹354.11 76
Rev-Margin DCF ₹120.32 ₹226.88 ₹379.69 74
All 26 models by family
DCF Models
FCF DCF ₹96.09 ₹162.31 ₹336.34 38
Owner Earnings ₹115.51 ₹231.46 ₹461.79 31
5Y Revenue Exit ₹120.32 ₹230.49 ₹398.84 39
5Y EBITDA Exit ₹145.44 ₹286.94 ₹487.94 41
5Y P/E Exit ₹147.19 ₹294.19 ₹478.48 38
10Y Revenue Exit ₹108.01 ₹216.54 ₹391.24 36
10Y EBITDA Exit ₹129.81 ₹260.90 ₹492.42 37
10Y P/E Exit ₹131.02 ₹263.99 ₹483.69 35
Earnings-Based
Graham-Dodd ₹70.04 ₹438.91 ₹613.01 54
Lynch FV ₹126.47 ₹180.67 ₹234.86 50
PEG = 1.0 ₹126.47 ₹180.67 ₹234.86 46
EPV ₹97.91 ₹112.16 ₹124.64 59
Dividend Discount
Gordon GGM ₹9.18 ₹19.08 ₹30.27 70
DDM Multi-Stage ₹9.18 ₹16.09 ₹20.03 61
Multiples
P/E Multiple ₹162.23 ₹216.30 ₹270.38 63
P/S Multiple ₹131.33 ₹175.10 ₹218.88 58
P/B Multiple ₹131.33 ₹175.10 ₹218.88 55
EV/EBIT ₹172.83 ₹226.31 ₹279.79 53
EV/EBITDA ₹172.03 ₹225.25 ₹278.47 54
EV/Revenue ₹126.89 ₹175.97 ₹225.05 43
Asset-Based
NCAV (Graham) ₹32.05 ₹42.94 ₹64.09 50
Growth DCF
Growth DCF ₹93.24 ₹179.09 ₹326.17 80
Rev-Margin DCF ₹120.32 ₹226.88 ₹379.69 74
Economic Profit
Residual Income ₹68.69 ₹94.46 ₹354.11 76
ROIC Compounder ₹115.84 ₹163.81 ₹221.51 72
Growth Earnings
Growth-Adj P/E ₹180.45 ₹257.79 ₹335.13 68

Widest divergence: Growth Earnings (₹257.79) versus Dividend Discount (₹16.09). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹29.9B
Revenue growth (YoY) +17.5%
Net margin 8.6%
Return on equity 16.0%
Free cash flow ₹1.4B FY2026
P/E ratio 62.1
More key figures
Operating margin 8.8%
EPS (TTM) ₹10.31
Dividend yield 0.2%
EPS growth (YoY) +25.8%
Net cash ₹172M FY2026

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 61 · Market factors (momentum, volatility) 43

Profitability 67
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 28
Disciplined investing over empire-building
Low Volatility 91
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 12
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Bikaji Foods International Limited, together with its subsidiaries, manufactures, purchases, and sells snack food products in India and internationally. It offers bhujia, namkeen, sweets, papad, pellets, chips, and other snacks, as well as frozen foods, gift packs, mathris, and cookies under the Bikaji brand.

Full company description

Bikaji Foods International Limited, together with its subsidiaries, manufactures, purchases, and sells snack food products in India and internationally. It offers bhujia, namkeen, sweets, papad, pellets, chips, and other snacks, as well as frozen foods, gift packs, mathris, and cookies under the Bikaji brand. The company sells its products through supermarkets, hypermarkets, convenience stores, specialty outlets, and online platforms. The company was formerly known as Shivdeep Industries Ltd. Bikaji Foods International Limited was founded in 1986 and is headquartered in Bikaner, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Bikaji Foods International Limited reported revenue of ₹29.9B in FY2026 versus ₹16.1B in FY2022, a compound +16.8%/yr. Reported net income was ₹2.6B in FY2026, compounding +34.9%/yr from FY2022.

Growth Quality 81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹29.9B
Latest YoY
+17.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.1%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.0%
Avg. growth/yr (7Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.7%
Revenue +16.8%/yr
FY22 ₹16.1B
FY23 ₹19.6B
FY24 ₹22.3B
FY25 ₹25.5B
FY26 ₹29.9B
Net income +34.9%/yr
FY22 ₹780M
FY23 ₹1.4B
FY24 ₹2.7B
FY25 ₹2.0B
FY26 ₹2.6B

BIKAJI screens 65% overvalued. Compare with Nestlé India Limited →

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Cite: Fair Value Calculator (2026). "Bikaji Foods International Limited Fair Value". https://www.fairvalue-calculator.com/stock/BIKAJI

Peer Group

Packaged Foods · 651 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 60 · Above median
Fair Value upside −65% · Bottom 25%
Return on equity (TTM) 16% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 9% · Top 25%
Operating margin (TTM) 9% · Above median
Revenue growth 18% · Top 25%
Dividend yield (TTM) 0.2% · Bottom 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 62.1× · Pricier than 75% of peers
P/B 9.99× · Pricier than 75% of peers
P/S (TTM) 5.36× · Pricier than 75% of peers
P/FCF 1.2× · Cheaper than median
EV/EBITDA 38.3× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 27
FUTURE 88 · sector 19
PAST 64 · sector 27
HEALTH 100 · sector 96
DIVIDEND 4 · sector 47

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Uni-President Enterprises Corp 1216 79.00 TWD 68.72 TWD -13%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%

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Frequently asked questions

Is Bikaji Foods International Limited (BIKAJI) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of ₹213.56 versus a price of ₹609.60, about −65% (overvalued).
What is the fair value of BIKAJI?
Our model-based fair value for Bikaji Foods International Limited is ₹213.56 (as of Aug 2, 2026), built from audited fundamentals. The current price is ₹609.60.
What is the quality score of BIKAJI?
Bikaji Foods International Limited has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Bikaji Foods International Limited (BIKAJI)?
Bikaji Foods International Limited reported trailing-twelve-month revenue of about ₹29.9B (latest available figure, as of Aug 2, 2026).
What is the net profit margin of BIKAJI?
The net profit margin of Bikaji Foods International Limited is about 8.6%, meaning it keeps roughly 8.6% of revenue as net income. Based on the latest reported figures.
Does Bikaji Foods International Limited pay a dividend?
Bikaji Foods International Limited currently shows a dividend yield of about 0.19% relative to its recent price (as of Aug 2, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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