FMCG Stocks: How did Bikaji Foods and Gopal Snacks perform in Q3?

Synopsis: Shares of two FMCG snack players moved higher after Q3FY26 results. Revenue rose to ₹790 crore and ₹401 crore, while net profit surged to ₹62 crore and ₹15 crore. Strong segment growth, EBITDA up nearly 96%, expanding distribution, and capacity ramp-ups supported improved operational momentum.

India’s FMCG sector thrives as a vital economic driver, fueled by rising rural demand and e-commerce growth. In FY2025, it achieved 7-9% revenue growth amid a market size of $211-245 billion, with rural volumes surging over 8% while urban demand moderated. Premiumization and digital shifts bolster its resilience, positioning it for robust expansion.

Bikaji Foods International Ltd

Bikaji Foods International is a leading Indian FMCG company specialising in ethnic snacks, packaged sweets, and ready-to-eat products. With a strong brand presence across India and overseas, the company leverages an extensive distribution network and in-house manufacturing to cater to evolving consumer tastes.

With a market capitalisation of Rs 16,630.59 crore, the shares were trading at Rs 663.60 per share, increasing around 3 percent as compared to the previous closing price.

The shares of Bikaji Foods International Ltd have seen significant movement after announcing its financial performance in Q3FY26, in which revenue increased by 10 percent on a year-on-year basis from Rs 715 crore in Q3FY25 to Rs 790 crore in Q3FY26. However, on a Quarter-on-Quarter basis, revenue decreased by 5 percent from Rs 830 crore in Q2FY26 to Rs 790 crore in Q3FY26.

Moreover, net profit increased by 121 percent on a yearly basis from Rs 28 crore in Q3FY25 to Rs 62 crore in Q3FY26, meanwhile, on a quarter-on-quarter basis, net profit decreased by  21 percent from Rs 78 crore in Q2FY26 to Rs 62 crore in Q3FY26.

Furthermore, in Q3 FY26, performance showed balanced growth across segments. Ethnic snacks remained the core driver, contributing ~67.4% of revenue with 13.3% YoY growth. Western snacks and papad posted strong growth of 22.6% and 14.6%, respectively. Packaged sweets saw a 17.1% YoY decline due to a seasonal shift, while retail revenue nearly doubled to  Rs 471 million.

Additionally, the Board approved multiple strategic moves to strengthen growth and integration. These include a  Rs 50 crore additional investment in Bikaji Foods Retail, a joint venture for frozen and bakery products under Bikaji Bakes, and loans to subsidiaries for capacity support. Investments in Dev Snacks and convertible debentures highlight focused expansion, brand synergies, and balance-sheet-led growth.

Gopal Snacks Ltd

Gopal Snacks is a well-known Indian snacks manufacturer offering a wide range of namkeens, wafers, and traditional snack products. Backed by a strong regional brand and expanding distribution footprint, the company focuses on consistent quality, affordable pricing, and steady capacity expansion to drive long-term growth.

With a market capitalisation of Rs 3,913.76 crore, the shares were trading at Rs 314.05 per share, increasing around 6 percent as compared to the previous closing price.

The shares of Gopal Snacks Ltd have seen significant movement after announcing its financial performance in Q3FY26, in which revenue increased by 2 percent on a year-on-year basis from Rs 394 crore in Q3FY25 to Rs 401 crore in Q3FY26. However, on a Quarter-on-Quarter basis, revenue increased by 7 percent from Rs 376 crore in Q2FY26 to Rs 401 crore in Q3FY26.

Moreover, net profit increased by 200 percent on a yearly basis from Rs 5 crore in Q3FY25 to Rs 15 crore in Q3FY26, meanwhile, on a quarter-on-quarter basis, net profit decreased by 42 percent from Rs 26 crore in Q2FY26 to Rs 15 crore in Q3FY26.

Gopal Snacks delivered a strong Q3 FY26 performance, with EBITDA surging 95.8% YoY. Gathiya volumes grew 10.6% QoQ and 9.1% YoY, while snack pellets jumped 20.8% QoQ. The ramp-up of the Modasa facility helped restore lost capacity and eased supply chain disruptions.

Gopal Snacks reported strong operational traction in Q3, with other states posting 28.7% YoY growth and higher-value SKUs above Rs 10 growing 12%. Its distribution network expanded to 881 distributors and 93 micro-distributors. A new third-party facility in Chhattisgarh, along with DMS and ERP upgrades and focused marketing, strengthened supply-chain efficiency and brand visibility across modern and quick-commerce channels.

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