Bikaji's Volume Recovery Strengthens After a Soft FY25, Driven by Consistent Sequential Momentum
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The Big Picture
Bikaji Foods International has navigated a volatile FY25 marked by demand softness in traditional trade and category-wide moderation. However, 2QFY26 marked a decisive recovery — volumes hit an all-time high of 43,877 tonnes, reflecting improved festive demand and broader distribution reach.
Why It Matters
The volume recovery signals that Bikaji's execution is gaining traction again. With quick-commerce and modern trade expanding rapidly, the company's ability to sustain sequential momentum will be critical for reclaiming double-digit growth in the ethnic snacks category.
Key Insights
Volume Recovery
- Record volumes in 2QFY26 at 43,877 tonnes
- Recovery from 28,883t low in 4QFY24 (+52%)
- Strong festive quarter performance consistent
- Sequential momentum building steadily
YoY Volatility
- YoY growth ranges from 3.0% to 29.5%
- High base effects causing fluctuations
- Seasonality impacts quarter comparisons
- Sequential trend more reliable indicator
The data indicates that Bikaji has moved from a period of uneven quarterly performance to a more consistent growth trajectory. Despite fluctuations in YoY growth — from a high of ~29.5% to a low of ~3% — absolute volumes are trending upward, suggesting improved distribution, better demand execution, and sustained category penetration. The strong 2QFY26 print implies that Bikaji's core markets are expanding again.
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