Motilal Oswal Recommends 'BUY' on Bikaji Foods, Sets Target Price at INR 900

• Bikaji Foods International (BFL) reported a 10.5% revenue growth to INR 7.9 billion, driven by an 8.4% year-over-year volume increase.
• EBITDA and APAT saw significant growth of 77.3% and 123.8% year-over-year, respectively.
• Western Snacks led growth at over 22.6%, followed by Papad (14.6%) and Ethnic Snacks (13.3%), while Packaged Sweets declined due to seasonality.
• Management expects continued double-digit volume growth for the next 2-3 years, aiming to add approximately 50k outlets annually.
• Motilal Oswal reiterates a 'BUY' rating with a DCF-based target price of INR 900, despite trimming FY26E/FY27E earnings estimates.

Why It Matters: Motilal Oswal recommends buying Bikaji Foods with a target of INR 900, citing strong growth and future potential.