Nuvama initiates coverage on Bikaji Foods, sees upside potential of over 21%

Domestic brokerage firm Nuvama initiated coverage on Bikaji Foods, with a target price of Rs 885, as the company has emerged as a heavyweight in the rapidly expanding Indian savoury snacks market.

With capex largely incurred, rising asset utilisation shall propel its RoCE to 32% by FY27E. Insatiable scope for savoury snacks, brand equity, favourable trends and expansion make it covetable,” said Abneesh Roy, Analyst at Nuvama.