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15 Days Price Change

Bikaji Foods Unlisted Share

₹395 0 | 0%

Market Cap ₹ 9856Cr.

Current Price ₹ 395

Lot Size

52W High

EPS 3.2

P/B 12

Face Value 1

Debt to Equity 0

Stock P/E 123.3

Book Value ₹ 33

Company

52W Low

Demat Account Both

ISIN INE00E101023

Valuation

No. of Shares 24.95Cr.

Bikaji Foods Unlisted Share Price

| |

Price

Overview Inc. Year: 1987Industry: Consumer Food

Bikaji Foods International Limited was founded in 1987 by Shivratan Agarwal, grandson of Gangabhishan Agarwal, who is the founder of Haldiram. Shivratan Agarwal wanted to forge his own identity which leads to the creation of the brand Bikaji (formerly known as Shivdeep Industries Ltd.) The name 'Bikaji' is derived from Bika Rao - the founder of Bikaner (name of a place) and Ji, used as a mark of respect. Bikaji Foods is known for its savories and sweets around the world. They produce and sell food products such as namkeen, bhujia, papads, chips, western snacks, packed sweets, frozen food, cookies, and more. To promote their western snack segment, Bikaji Foods has launched Bikaji Cafe and Bikaji Funkeen brands. The company has also launched an online retail platform and a mobile application in the year 2020 which allow consumers to easily browse through their products.

Bikaji Foods International Ltd's Unlisted Share Price are updated on our website on a daily basis, to stay updated with the share price you can visit our website every two days or register with us to get daily updates on WhatsApp.

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Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

Financial Data (in cr.)

FY18 FY19 FY20 FY21 FY22 YOY % FY22 CAGR % FY22
Net Sales 783.2 901.4 1074.6 1310.7 1598.7 22 19.5
Total Income 788.6 910.6 1082.9 1322.2 1608.6 21.7 19.5
Net Profit 53 50.9 56.4 90.3 80 -11.4 10.8
Shareholder Funds 307.2 469.8 529.2 607.5 822.6 35.4 27.9
Total Assets 522.5 630.9 676.6 817.1 1081 32.3 19.9
EPS 2.13 2.04 23.18 3.62 3.2 -11.6

Financial Docs

Type Period/Date Document
Annual Report 2022-03
Annual Report 2021-03
Annual Report 2020-03
Annual Report 2019-03
Annual Report 2018-03
DRHP 2022-02-22

Bikaji Foods Investment Thesis

Company Overview:

The company is one of India’s largest fast-moving consumer goods (“FMCG”) brands with an international footprint, selling Indian snacks and sweets, and are among the fastest growing companies in the Indian organized snacks market. Bikaji founder and promoter Mr. Shiv Ratan Agarwal is one of the pioneers in the Indian snack industry and has more than three decades of experience in this industry. 

To ensure production of superior quality products in snacks and sweets segment, the company has given paramount importance by significantly investing in strengthening the brand recall and consumer goodwill over the years. The company is one of the pioneers in the Indian packaged snacks industry which has given a novel twist to classic Indian snacks with a contemporary taste along with maintaining the regional flavors to address the evolving consumer preferences in India and internationally.

Diversified product portfolio: 

The company has a growing domestic and global presence with a well-diversified product basket of more than 250 products that ranges from wholesome bites to indulgent treats, such as namkeen, sweets, papad, western snacks, chips and cookies. Namkeen is the highest selling category followed by Bhujia, Sweets, Papad and Others contributing to 37%, 36 %, 12 %, 7 % and 8 % of the total sales in Fiscal 2021. The diversified products basket comprises of the following:

  • Largest producer of Bikaneri bhujia - In Fiscal 2021, Bikaji was the largest manufacturer of Bikaneri bhujia with annual production of 26,690 tonnes. The facility of manufacturing Bikaneri bhujia is largely automated one ensuring the consistency in quality and taste. The Bikaneri bhujia was given the Geographical Identification (GI) tag in 2010 since it is a popular cottage industry of Bikaner, providing employment to a large group of people in the region. None other than the registered users are allowed to use the name of “Bikaneri bhujia” as generic product. The company is amongst the first to introduce convenient pouch packaging for Bhujia. The company was instrumental in transitioning and adapting to the packaging innovations by starting packaging Bikaneri bhujia in single-layered pouches and soon shifting to 4-layer colored packaging to retain the freshness of the product, avoid contamination, increase its shelf life and appeal. User friendly and attractive packaging has helped enhance the brand identity of Bikaji in the product segment.

  • One of the largest manufacturers of packaged sweets - Bikaji is one of the largest manufacturers of packaged rasgulla with the annual capacity of 24,000 tonnes and one of the largest manufacturers of Soan Papdi and Gulab Jamun with annual capacity of 23,040 tonnes and 12,000 tonnes respectively. Though the product is handmade in nature involving human intensive operations, high quality production is achieved due to automated backend nature of operations. 

  • Second largest manufacturer of handmade papad - Majority of the papad produced by the company is Handmade and is well-known as their specialty product with focus on unmatched taste. However, they also manufacture machine made Papads. The company is the second largest manufacturer of Handmade papad with an annual production capacity of 9,000 tonnes in Fiscal 2021. The company produces diverse range of papads ranging in size from small disco papads of 1.5 inch to big 9 inch papads and popular variants such as Baat Cheet Papad, Aas Pass papad and Dil Khush Papad.

  • Strong Presence in Family pack segment sales - Amongst their competitors, the company is the market leader in family pack segment and recorded highest share of 63% amongst its other SKUs of INR 5 and INR 10 packs during Fiscal 2021. This reflects their brand resilience, driven by taste and the brand preference. The products in the family pack segment are considered as trustworthy with consumption at multiple occasions by families who believe in superior quality and consistency. Bikaji has offered their products in pouches of various sizes – from a small pack of 14-18 grams to a family party pack of 1 kg to serve wide range of consumers across all SECs’ in rural and urban markets. The snack products are available in different price points to cater to the entire spectrum of mass and niche markets. 

  • Enhancing brand equity by roping celebrity as brand ambassador - To further enhance its brand equity, the company has chosen Amitabh Bachchan as its brand ambassador who is one of the most popular celebrities across all age, socio economic groups, gender, rural and urban regions with tag line “Amitji Loves Bikaji” since 2019Bikaji’s advertisement expenses percentage to sales are the highest across the Indian traditional snacks product category. Bikaji reported ~ 2.34 % of advertisement expenses in Fiscal 2021 which is by far the highest amongst its competitors in traditional snacks product category.

  • Strengthening presence in E-comm, new gen and institutional channels - The importance of consuming packaged snacks and sweets with focus on quality and hygiene assumed paramount significance during Covid 19 pandemic. Collaborating with leading e-commerce players such as Amazon, Grofers, Swiggy, Milkbasket, Big Basket etc to sell their products. Actively making sales across other e-commerce platforms such as Udaan, Shop Kirana, Store King, Deal Share etc which are primarily B2B platforms to help the company increase their reach and penetration deeper in the market. Bikaji has a strong presence in Railway stations across which gives immense visibility and major purchase space. The company is also under process of getting listed in Canteen Stores Department (CSD), having more than 30,000 stores.

Pan India Presence: 

The company’s vision is to expand across geographies and emerge as a dominant pan-India player. Apart from its home turf of Rajasthan, the company has a very strong presence in the states such as Bihar and Assam. The company has over the years established market leadership in the ethnic snacks market in its core three states and have gradually expanded their footprint across India, with operations across 22 states and 3 union territories serviced through 2130 distributors. 

In their core markets Rajasthan, Assam and Bihar, the company has established deep penetration in Fiscal 2021 enjoys ~44.5%, ~58.1% and ~29.2% respectively, of the market share of total organized Indian ethnic snack category in such states. 

The current annual production capacity for ethnic & western snacks, sweets and papad in Rajasthan is 2.15 lakh tonnes and 12,000 tonnes for western snacks in Karnataka. A contract manufacturing unit has been set up in Kolkata for manufacturing chips, corn rings and fingers. New facilities are also being planned in the states including Bihar, UP and Rajasthan. 

Export

Apart from strong domestic presence, the company is a leading exporter of Indian ethnic snacks, sweets, frozen food besides savories from India with exports in 35 countries of North America, Asia Pacific, Middle East, EU, Africa and UK regions. Exports contributed ~ 5.09 % of the total sales predominantly in North America and Asia Pacific regions during Fiscal 2021. 

Shareholding Pattern: 

Peer Comparison: 

Possible Market opportunity for Bikaji 

Financials:

*ROTA- Return on Tangible Assets

Valuation:

*Share price as of 29 Sep 2022

The Business is generating more than 20% on tangible assets an average basis. The management is prudently employed capital to generate 15% ROCE on an average in last 3 years. There is a 94-95% retention ratio which means growth of the Business can be measured by ROE (=ROE*(1-payout ratio)). The cumulative CFO of last 3 years (excluding FY22) is 11% higher than pre-tax earnings which means business is able to collect cash on timely basis where cash conversion happens in almost 20 days. FY22 is year they have done major capex on new stores and explore new areas. Interest coverage ratio is pretty good there is less pressure of interest payments.

News:

https://economictimes.indiatimes.com/markets/ipos/fpos/bikaji-foods-international-files-drhp-for-rs-1000-crore-ipo/articleshow/89770150.cms

Valuation is very much lower than other food consumer peers like Nestle, Tasty Bites Eatables, ITC.

According to VcCircle news WhiteOak capital was picked up 2% stake at 7200Cr. Valuation which is 6.65x of current share price.

https://www.vccircle.com/white-oak-capital-buys-2-stake-in-ipo-bound-bikaji-foods-valuation-at-over-900-mn

https://www.vccircle.com/avendus-fund-buys-into-bikaji-foods-as-lighthouse-makes-another-partial-exit

https://www.business-standard.com/article/companies/cci-approves-lighthouse-funds-additional-stake-buy-in-bikaji-foods-121081001901_1.html

Bikaji Foods Unlisted Shares: FAQs

1. Is trading in Bikaji Foods International Ltd's unlisted shares legal in India?

Yes trading in unlisted shares is undoubtedly legal in India. The trading takes place in the over-the-counter market through various platforms like Sharescart.com.

2. Is unlisted shares regulated by SEBI?

No, SEBI does not regulate the unlisted share market but certain rules and regulations of SEBI are applicable in the unlisted market space as well, such as, the DP charges for each transaction, stamp duty, lock-in period and more.

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You will get the best price for Bikaji Foods International Ltd and a hassle-free buying experience only on Sharescart.com platform.

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Bikaji Foods International Ltd's unlisted shares can be easily purchased at Sharescart.com by following a few easy steps. Given below are the steps involved in the buying of these shares:

Step 1 - Confirmation on the number of shares you want to purchase of Bikaji Foods International Ltd at a trading price.

Step 2 - Submission of the necessary document like your Client Master Report. Certain additional documents will also be asked for by our representative if required such as a cancelled cheque and your PAN Card if you are paying from a secondary bank account which is not mentioned in your CMR.

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5. How can I sell Bikaji Foods International Ltd unlisted shares?

Bikaji Foods International Ltd's unlisted shares can be easily sold at Sharescart.com by following a few easy steps. Given below are the steps involved in the of selling of these shares:

Step 1- Confirmation on the number of shares you want to sell of Bikaji Foods International Ltd and at what price you want to sell.

Step 2- At Sharescart, we will find a suitable buyer for you according to your requirements and if you accept the trade we will move on to the transfer and the payment aspect of the trade.

Step 3- The Sharescart representative will provide you with the Demat account details to transfer your Bikaji Foods International Ltd shares. They will also notify you about the additional details required from your end before the transfer of shares such as client master copy, delivery instruction slip, and more.

Step 4- Once the transfer is complete, the payment would be credited to your bank account within 24 hours, depending on the holidays.

6. What is the minimum ticket size for investment in Bikaji Foods International Ltd unlisted shares?

Over the years the minimum ticket size for investment has dropped as more and more people have started investing in the Unlisted market. Currently, the minimum ticket size for Bikaji Foods International Ltd is between 30K to 50K.

7. How to check if Bikaji Foods International Ltd shares are credited to my account?

Brokers or dealers provide you with a trading facility means you can buy and sell shares with your broker but when you buy shares the Depository holds your shares. There are mainly two depositories NSDL and CDSL.

If you want to check your shares in NSDL and CDSL you need to download the application (NSDL Speede App or CDSL myeasi).

  • You need to download the Application.
  • Login or Register yourself.
  • Fill in your DP Id and Client Id (NSDL DP Id starts with IN and CDSL DP & Client Id in numeric).
  • After registration, log on to your account and go to Dashboard.
  • You can see all your holding (Listed, Unlisted, Mutual Fund) there.

8. What will be the tax bearing on Bikaji Foods International Ltd?

The taxation on the Bikaji Foods International Ltd shares may vary depending on 2 Factors:

  • Short-term capital or long-term capital.
  • Pre-IPO stage (unlisted shares) or Post-IPO stage (listed shares)

Short-term capital

Unlisted shares - In unlisted shares, the taxation of short-term capital gain i.e. less than 24 months is taxable according to the investor's income tax slab.

Listed Shares - In listed shares, the taxation for short-term capital gains i.e. less than 12 months is at 15%

Long-term capital

Unlisted shares - The taxation for long-term capital gain i.e. more than 24 months is taxable at 20% with indexation benefits.

Listed Shares - The taxation for long-term capital gains i.e. more than 12 months is at 10% after an exemption of 1 lakh. There are no indexation benefits in listed shares.

9. What is the lock-in period of Bikaji Foods International Ltd shares?

According to the current rule issued by SEBI last year in August 2021, the lock-in period is brought down from 1 year to 6 months. This was done to entice more investors to invest their money in pre-IPO companies and startups. The lock-in period of Bikaji Foods International Ltd varies depending on which type of investor you are:

  • Foreign Venture Capital Investor - These investors have a lock-in period of 6 months from the procurement date of Bikaji Foods International Ltd shares.
  • Alternative Investment Funds II - These investors don't have to serve any lock-in period.
  • Other investors - These investors include body corporate, retail, high net-worth individuals. The lock-in period for them is 6 months from the date of listing of Bikaji Foods International Ltd enlisted shares.

10. How to check Bikaji Foods International Ltd unlisted share price daily?

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