BIKAJI Q4 FY26 Results Analysis: PAT Surges 31%, Margin Expands 103 bps

BIKAJI's Q4 FY26 numbers came in strong, with revenue of Rs. 2,934.74 Cr (+15.16% YoY) and PAT growth of +30.97% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

BIKAJI delivered a strong FY26 with revenue growth of 15.16% meeting management's guidance and EBITDA margin expansion of 103 bps to 13.57%, beating the +50 bps FY27 target ahead of schedule. PAT grew 30.97% with strong cash conversion (CFO/PAT 119.5%) and improving working capital. Export momentum (58.7% YoY) and narrowing subsidiary losses (40.7% improvement) provide diversification. Employee and other expense growth (25.1% and 24.0%) reflect investments in distribution expansion that should drive future growth.

Key Investment Insights

Key Positives

• Revenue grew 15.16% YoY to Rs.2,934.74 Cr, meeting management's 15% CAGR guidance
• EBITDA margin expanded 103 bps to 13.57%, beating +50 bps FY27 target
• PAT grew 30.97% YoY to Rs.254.41 Cr, EPS up 28.55% to Rs.10.31
• Operating cash flow at Rs.304.10 Cr with CFO/PAT ratio of 119.5%
• Working capital improved significantly: absorption down from Rs.7,606 Lakh to Rs.3,841 Lakh
• Export growth accelerated to 58.7% YoY in 9M, now 5.7% of revenue mix
• Subsidiary losses narrowed 40.7% from Rs.650 Lakh to Rs.385 Lakh
• Debt/equity remains conservative at 0.12x with strong interest coverage of 22.8x

Risk Factors

• Employee costs grew 25.1% YoY, faster than revenue growth of 15.2%
• Other expenses rose 24.0% YoY, reflecting distribution and branding investments
• Fire loss of Rs.435.14 Lakh at Dadiji Snacks recorded as exceptional item
• Core market mix declined 230 bps (68.2% vs 70.5% in 9M), focus markets flat
• Subsidiary drag of 4.2% on consolidated PAT (Rs.258.26 Cr vs Rs.269.07 Cr standalone)
• Current borrowings increased 42.4% to Rs.203.56 Cr for working capital