Bikaji Foods International Limited (BFIL) was formerly known as Shivdeep Industries Limited. As per its credit rating report, the company is engaged in the processing of food products. It offers bhujia, namkeens, papads, rasgulla, gulab jamun, sohan papri, frozen snacks, and sweets. The company markets its products under the brand 'Bikaji'. It also exports to more than 25 countries. It operates an online portal ‘bikaji.com’.

BIKAJI'S Product Portfolio

-Ethnic Savories

-Ethnic Sweets

-New Age & Western Snacks

-Frozen Food Range

Peer comparison metrics on home snacks companies - Prataap Snacks vs DFM Foods vs Bikaji.

Bikaji makes higher EBITDA margins despite DFM having 10% higher Gross margins. Source: ICICI Sec analysis of Bikaji DRHP.

Revenue( Cr.)	FY19	FY20	FY21	FY22	4 years CAGR
Bikaji Foods	901.4	1074.6	1310.7	771.7	-4%
DFM Foods	483.6	507.9	524.1	412.9	-4%
Prataap Snacks	1170.6	1393.8	1171.1	1035.2	-3%

EBIT	FY19	FY20	FY21	FY22
Bikaji Foods	70.5	60.4	111.6	53.7
DFM Foods	54.4	30.4	42.5	-12.5
Prataap Snacks	45.6	31.9	8.5	13.5

PAT	FY19	FY20	FY21	FY22
Bikaji Foods	50.9	56.4	90.3	40.9
DFM Foods	32.8	24.4	28.7	-9.9
Prataap Snacks	44.6	46.9	14.2	5.9

PAT Margin	FY19	FY20	FY21	FY22
Bikaji Foods	5.70%	5.20%	6.90%	5.30%
DFM Foods	6.80%	4.80%	5.50%	-2.40%
Prataap Snacks	3.80%	3.40%	1.20%	0.60%

Operation Analysis	Manufacturing Facility	Market Leader	Super Stockist	Distributors	SKUs
Bikaji Foods	7	Bhujia	43	2082	256
DFM Foods	2	Extruded Chips	240	1300+	18
Prataap Snacks	15	Rings	240+	4300+	100+