# FMCG - Snacks — company-by-company sector analysis

> FMCG - Snacks: Bikaji Foods International Ltd owns the largest revenue base; Prataap Snacks Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## Bottom line

FMCG - Snacks has underperformed NIFTY 500 by 10.4% over 52 weeks and 2.7% over 13 weeks. 1 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself. Bikaji Foods International Ltd leads with revenue of ₹2,994 crore, based on 3 of 3 comparable companies through Mar 2026.

## Sector relative strength

FMCG - Snacks has underperformed NIFTY 500 by 10.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 2.7%. 1 of 3 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Prataap Snacks Ltd is the strongest against the sector itself at +3.7%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 2.7%
52-week sector return versus NIFTY 500: -10%
Stocks leading NIFTY: 1/3
Stocks leading sector: 1/3

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 3
Combined market value: ₹22.2K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Bikaji Foods International Ltd (BIKAJI): 62/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 25.9/35 | Capital efficiency 19.0/25 | Valuation 16.1/20 | Relative strength 0.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 25.9 + 19 + 16.1 + 0.9 = 61.9
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -4% and the one-year return is -16.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
2. Prataap Snacks Ltd (DIAMONDYD): 58/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 28.1/35 | Capital efficiency 6.6/25 | Valuation 7.1/20 | Relative strength 15.8/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of 11 weeks with a reading, within the last 12
   - Exact sum: 28.1 + 6.6 + 7.1 + 15.8 = 57.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Gopal Snacks Ltd (GOPAL): 31/100 — Adverse evidence; evidence 81%
   - Growth & earnings 15.1/35 | Capital efficiency 8.8/25 | Valuation 5.0/20 | Relative strength 1.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 15.1 + 8.8 + 5 + 1.9 = 30.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

Prataap Snacks Ltd has the strongest one-year price move in FMCG - Snacks at +16.5%. It also leads on Mansfield relative strength against NIFTY at +8.2%. 1 of 3 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Prataap Snacks Ltd (DIAMONDYD): 17%
2. Bikaji Foods International Ltd (BIKAJI): -17%
3. Gopal Snacks Ltd (GOPAL): -20%

### Strongest relative strength versus NIFTY 500
1. Prataap Snacks Ltd (DIAMONDYD): 8.2%
2. Bikaji Foods International Ltd (BIKAJI): -8.2%
3. Gopal Snacks Ltd (GOPAL): -14%

## Revenue Scale & Growth Durability

What the numbers say: Bikaji Foods International Ltd is the scale leader at ₹2,994 crore, 81.1% ahead of Prataap Snacks Ltd. Prataap Snacks Ltd's growth is 18.3% from a ₹1,653 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Bikaji Foods International Ltd is the scale benchmark; Prataap Snacks Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Bikaji Foods International Ltd's growth falls below Prataap Snacks Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Bikaji Foods International Ltd · ₹2,994 crore | 81.1% versus #2 · Prataap Snacks Ltd | 7/8 recent comparable periods | 3/3 companies · 56 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Bikaji Foods International Ltd (BIKAJI): ₹3.0K Cr
2. Prataap Snacks Ltd (DIAMONDYD): ₹1.7K Cr
3. Gopal Snacks Ltd (GOPAL): ₹1.5K Cr

### Revenue growth — fastest growers
1. Prataap Snacks Ltd (DIAMONDYD): 18%
2. Bikaji Foods International Ltd (BIKAJI): 14%
3. Gopal Snacks Ltd (GOPAL): 2.8%

### 20-quarter Revenue history
- BIKAJI: Jun 2021 ₹334 Cr | Sep 2021 ₹438 Cr | Dec 2021 ₹439 Cr | Mar 2022 ₹400 Cr | Jun 2022 ₹419 Cr | Sep 2022 ₹577 Cr | Dec 2022 ₹508 Cr | Mar 2023 ₹462 Cr | Jun 2023 ₹482 Cr | Sep 2023 ₹609 Cr | Dec 2023 ₹624 Cr | Mar 2024 ₹614 Cr | Jun 2024 ₹572 Cr | Sep 2024 ₹721 Cr | Dec 2024 ₹715 Cr | Mar 2025 ₹611 Cr | Jun 2025 ₹653 Cr | Sep 2025 ₹830 Cr | Dec 2025 ₹790 Cr | Mar 2026 ₹721 Cr
- GOPAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹350 Cr | Sep 2022 ₹350 Cr | Dec 2022 ₹363 Cr | Mar 2023 ₹332 Cr | Jun 2023 ₹318 Cr | Sep 2023 ₹358 Cr | Dec 2023 ₹368 Cr | Mar 2024 ₹359 Cr | Jun 2024 ₹354 Cr | Sep 2024 ₹403 Cr | Dec 2024 ₹394 Cr | Mar 2025 ₹317 Cr | Jun 2025 ₹322 Cr | Sep 2025 ₹376 Cr | Dec 2025 ₹401 Cr | Mar 2026 ₹410 Cr
- DIAMONDYD: Jun 2021 ₹280 Cr | Sep 2021 ₹371 Cr | Dec 2021 ₹385 Cr | Mar 2022 ₹361 Cr | Jun 2022 ₹383 Cr | Sep 2022 ₹457 Cr | Dec 2022 ₹426 Cr | Mar 2023 ₹387 Cr | Jun 2023 ₹388 Cr | Sep 2023 ₹434 Cr | Dec 2023 ₹408 Cr | Mar 2024 ₹388 Cr | Jun 2024 ₹421 Cr | Sep 2024 ₹441 Cr | Dec 2024 ₹445 Cr | Mar 2025 ₹401 Cr | Jun 2025 ₹411 Cr | Sep 2025 ₹432 Cr | Dec 2025 ₹462 Cr | Mar 2026 ₹420 Cr

### 20-quarter Revenue growth history
- BIKAJI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 32% | Dec 2022 16% | Mar 2023 16% | Jun 2023 15% | Sep 2023 5.6% | Dec 2023 23% | Mar 2024 33% | Jun 2024 19% | Sep 2024 18% | Dec 2024 15% | Mar 2025 -0.5% | Jun 2025 14% | Sep 2025 15% | Dec 2025 10% | Mar 2026 18%
- GOPAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -9.1% | Sep 2023 2.3% | Dec 2023 1.4% | Mar 2024 8.1% | Jun 2024 11% | Sep 2024 13% | Dec 2024 7.1% | Mar 2025 -12% | Jun 2025 -9.0% | Sep 2025 -6.7% | Dec 2025 1.8% | Mar 2026 29%
- DIAMONDYD: Jun 2021 43% | Sep 2021 13% | Dec 2021 14% | Mar 2022 16% | Jun 2022 37% | Sep 2022 23% | Dec 2022 11% | Mar 2023 7.2% | Jun 2023 1.3% | Sep 2023 -5.0% | Dec 2023 -4.2% | Mar 2024 0.3% | Jun 2024 8.5% | Sep 2024 1.6% | Dec 2024 9.1% | Mar 2025 3.4% | Jun 2025 -2.4% | Sep 2025 -2.0% | Dec 2025 3.8% | Mar 2026 4.7%

## Operating Economics & Margin Trend

What the numbers say: Bikaji Foods International Ltd leads opm at 12%; Gopal Snacks Ltd leads margin change at +7.4 percentage points.

Investor read: Bikaji Foods International Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Bikaji Foods International Ltd · 12% | 50% versus #2 · Gopal Snacks Ltd | 3/8 recent comparable periods | 3/3 companies · 56 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Bikaji Foods International Ltd (BIKAJI): 12%
2. Gopal Snacks Ltd (GOPAL): 8.0%
3. Prataap Snacks Ltd (DIAMONDYD): 0.9%

### Margin change — fastest expanders
1. Gopal Snacks Ltd (GOPAL): +7.4 pp
2. Prataap Snacks Ltd (DIAMONDYD): +3.8 pp
3. Bikaji Foods International Ltd (BIKAJI): 0.0 pp

### 20-quarter OPM history
- BIKAJI: Jun 2021 7.8% | Sep 2021 10% | Dec 2021 5.5% | Mar 2022 10% | Jun 2022 7.4% | Sep 2022 11% | Dec 2022 11% | Mar 2023 13% | Jun 2023 14% | Sep 2023 14% | Dec 2023 12% | Mar 2024 26% | Jun 2024 16% | Sep 2024 15% | Dec 2024 8.0% | Mar 2025 12% | Jun 2025 15% | Sep 2025 15% | Dec 2025 12% | Mar 2026 12%
- GOPAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 13% | Dec 2022 16% | Mar 2023 13% | Jun 2023 15% | Sep 2023 13% | Dec 2023 10% | Mar 2024 11% | Jun 2024 12% | Sep 2024 12% | Dec 2024 3.9% | Mar 2025 0.6% | Jun 2025 4.7% | Sep 2025 6.0% | Dec 2025 8.0% | Mar 2026 8.0%
- DIAMONDYD: Jun 2021 4.0% | Sep 2021 7.0% | Dec 2021 4.7% | Mar 2022 1.4% | Jun 2022 -0.5% | Sep 2022 4.8% | Dec 2022 5.0% | Mar 2023 4.9% | Jun 2023 4.5% | Sep 2023 5.2% | Dec 2023 4.5% | Mar 2024 4.2% | Jun 2024 3.0% | Sep 2024 0.3% | Dec 2024 -5.2% | Mar 2025 -2.9% | Jun 2025 0.2% | Sep 2025 1.5% | Dec 2025 0.9% | Mar 2026 0.9%

### 20-quarter Margin change history
- BIKAJI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.4 pp | Sep 2022 +0.7 pp | Dec 2022 +5.5 pp | Mar 2023 +2.9 pp | Jun 2023 +6.7 pp | Sep 2023 +2.9 pp | Dec 2023 +1.0 pp | Mar 2024 +13.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 −4.0 pp | Mar 2025 −14.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 +4.0 pp | Mar 2026 0.0 pp
- GOPAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +4.2 pp | Sep 2023 −0.4 pp | Dec 2023 −6.0 pp | Mar 2024 −2.0 pp | Jun 2024 −3.0 pp | Sep 2024 −1.0 pp | Dec 2024 −6.1 pp | Mar 2025 −10.4 pp | Jun 2025 −7.3 pp | Sep 2025 −6.0 pp | Dec 2025 +4.1 pp | Mar 2026 +7.4 pp
- DIAMONDYD: Jun 2021 −0.2 pp | Sep 2021 0.0 pp | Dec 2021 −0.3 pp | Mar 2022 −3.1 pp | Jun 2022 −4.5 pp | Sep 2022 −2.2 pp | Dec 2022 +0.3 pp | Mar 2023 +3.5 pp | Jun 2023 +5.0 pp | Sep 2023 +0.4 pp | Dec 2023 −0.5 pp | Mar 2024 −0.7 pp | Jun 2024 −1.5 pp | Sep 2024 −4.9 pp | Dec 2024 −9.7 pp | Mar 2025 −7.1 pp | Jun 2025 −2.8 pp | Sep 2025 +1.2 pp | Dec 2025 +6.1 pp | Mar 2026 +3.8 pp

## Profit Scale & Acceleration

What the numbers say: Bikaji Foods International Ltd leads with ₹255 crore of TTM profit, 244.6% above Gopal Snacks Ltd. Bikaji Foods International Ltd shows 30.8% growth from a ₹255 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Bikaji Foods International Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Bikaji Foods International Ltd · ₹255 crore | 244.6% versus #2 · Gopal Snacks Ltd | 6/8 recent comparable periods | 3/3 companies · 56 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Bikaji Foods International Ltd (BIKAJI): ₹255 Cr
2. Gopal Snacks Ltd (GOPAL): ₹74 Cr
3. Prataap Snacks Ltd (DIAMONDYD): ₹20 Cr

### Profit growth — fastest growers
1. Bikaji Foods International Ltd (BIKAJI): 31%

### 20-quarter Net profit history
- BIKAJI: Jun 2021 ₹13 Cr | Sep 2021 ₹29 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹56 Cr
- GOPAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹26 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹-40 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹30 Cr
- DIAMONDYD: Jun 2021 ₹-2 Cr | Sep 2021 ₹15 Cr | Dec 2021 ₹-7 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-11 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹-38 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹1 Cr

### 20-quarter Profit growth history
- BIKAJI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 45% | Dec 2022 264% | Mar 2023 52% | Jun 2023 156% | Sep 2023 43% | Dec 2023 15% | Mar 2024 205% | Jun 2024 41% | Sep 2024 15% | Dec 2024 -39% | Mar 2025 -66% | Jun 2025 1.7% | Sep 2025 13% | Dec 2025 121% | Mar 2026 40%
- GOPAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 7.7% | Sep 2023 3.9% | Dec 2023 -45% | Mar 2024 -3.7% | Jun 2024 -14% | Sep 2024 7.4% | Dec 2024 -72% | Mar 2025 -254% | Jun 2025 -88% | Sep 2025 -10% | Dec 2025 200% | Mar 2026 —
- DIAMONDYD: Jun 2021 — | Sep 2021 88% | Dec 2021 -240% | Mar 2022 -143% | Jun 2022 — | Sep 2022 -73% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 325% | Dec 2023 120% | Mar 2024 -45% | Jun 2024 -31% | Sep 2024 -65% | Dec 2024 -445% | Mar 2025 -200% | Jun 2025 -89% | Sep 2025 -17% | Dec 2025 — | Mar 2026 —

## Return On Capital Employed

What the numbers say: Bikaji Foods International Ltd leads ROCE at 19.8%, 7.7 percentage points above Gopal Snacks Ltd. Prataap Snacks Ltd has the strongest latest improvement at +4.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Bikaji Foods International Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Bikaji Foods International Ltd · 19.8% | 63.6% versus #2 · Gopal Snacks Ltd | 4/8 recent comparable periods | 3/3 companies · 41 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Bikaji Foods International Ltd (BIKAJI): 20%
2. Gopal Snacks Ltd (GOPAL): 12%
3. Prataap Snacks Ltd (DIAMONDYD): 1.2%

### ROCE change — fastest improvers
1. Prataap Snacks Ltd (DIAMONDYD): +4.7 pp
2. Bikaji Foods International Ltd (BIKAJI): +1.7 pp
3. Gopal Snacks Ltd (GOPAL): −5.0 pp

### 20-quarter ROCE history
- BIKAJI: Jun 2021 — | Sep 2021 6.2% | Dec 2021 — | Mar 2022 12% | Jun 2022 11% | Sep 2022 13% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 19% | Dec 2023 24% | Mar 2024 25% | Jun 2024 32% | Sep 2024 25% | Dec 2024 29% | Mar 2025 15% | Jun 2025 19% | Sep 2025 15% | Dec 2025 21% | Mar 2026 17%
- GOPAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 44% | Jun 2023 — | Sep 2023 42% | Dec 2023 37% | Mar 2024 32% | Jun 2024 34% | Sep 2024 27% | Dec 2024 27% | Mar 2025 17% | Jun 2025 1.2% | Sep 2025 5.1% | Dec 2025 3.1% | Mar 2026 12%
- DIAMONDYD: Jun 2021 — | Sep 2021 1.9% | Dec 2021 2.1% | Mar 2022 0.6% | Jun 2022 -1.1% | Sep 2022 -2.2% | Dec 2022 -0.5% | Mar 2023 0.1% | Jun 2023 — | Sep 2023 6.7% | Dec 2023 — | Mar 2024 9.0% | Jun 2024 — | Sep 2024 5.8% | Dec 2024 — | Mar 2025 -2.7% | Jun 2025 — | Sep 2025 -3.6% | Dec 2025 — | Mar 2026 2.0%

### 20-quarter ROCE change history
- BIKAJI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.5 pp | Dec 2022 — | Mar 2023 +4.6 pp | Jun 2023 — | Sep 2023 +6.5 pp | Dec 2023 — | Mar 2024 +9.0 pp | Jun 2024 — | Sep 2024 +5.7 pp | Dec 2024 +4.7 pp | Mar 2025 −10.2 pp | Jun 2025 −13.2 pp | Sep 2025 −10.1 pp | Dec 2025 −7.6 pp | Mar 2026 +1.7 pp
- GOPAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −11.9 pp | Jun 2024 — | Sep 2024 −14.3 pp | Dec 2024 −10.0 pp | Mar 2025 −14.5 pp | Jun 2025 −32.5 pp | Sep 2025 −22.1 pp | Dec 2025 −23.7 pp | Mar 2026 −5.0 pp
- DIAMONDYD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.1 pp | Dec 2022 −2.6 pp | Mar 2023 −0.5 pp | Jun 2023 — | Sep 2023 +8.9 pp | Dec 2023 — | Mar 2024 +8.9 pp | Jun 2024 — | Sep 2024 −0.9 pp | Dec 2024 — | Mar 2025 −11.7 pp | Jun 2025 — | Sep 2025 −9.4 pp | Dec 2025 — | Mar 2026 +4.7 pp

## Valuation Against Growth & Quality

What the numbers say: Bikaji Foods International Ltd has the lowest comparable PEG at 1.1×, 87.1% below Gopal Snacks Ltd. Only 2 of 3 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Bikaji Foods International Ltd · 1.1× | 87.1% versus #2 · Gopal Snacks Ltd | 0/8 recent comparable periods | 2/3 companies · 3 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. Bikaji Foods International Ltd (BIKAJI): 1.1
2. Gopal Snacks Ltd (GOPAL): 8.6

### P/E — lowest P/E
1. Bikaji Foods International Ltd (BIKAJI): 61.5
2. Gopal Snacks Ltd (GOPAL): 75.8
3. Prataap Snacks Ltd (DIAMONDYD): 136.0

### 20-quarter PEG history
- BIKAJI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.1 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- GOPAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 8.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- BIKAJI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 139.8 | Mar 2023 116.2 | Jun 2023 76.5 | Sep 2023 74.8 | Dec 2023 75.2 | Mar 2024 65.5 | Jun 2024 67.4 | Sep 2024 85.0 | Dec 2024 65.9 | Mar 2025 60.8 | Jun 2025 94.2 | Sep 2025 90.5 | Dec 2025 86.9 | Mar 2026 62.0
- GOPAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 39.7 | Jun 2024 41.3 | Sep 2024 54.8 | Dec 2024 48.5 | Mar 2025 39.0 | Jun 2025 65.2 | Sep 2025 101.8 | Dec 2025 152.9 | Mar 2026 88.4
- DIAMONDYD: Jun 2021 112.1 | Sep 2021 86.5 | Dec 2021 79.9 | Mar 2022 59.6 | Jun 2022 91.4 | Sep 2022 297.6 | Dec 2022 290.5 | Mar 2023 85.1 | Jun 2023 91.1 | Sep 2023 97.0 | Dec 2023 123.1 | Mar 2024 104.7 | Jun 2024 105.5 | Sep 2024 119.9 | Dec 2024 128.8 | Mar 2025 124.0 | Jun 2025 118.4 | Sep 2025 113.7 | Dec 2025 134.9 | Mar 2026 107.0


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Bikaji Foods International Ltd (BIKAJI) — market value ₹16.1K Cr; latest fundamentals Mar 2026
- Gopal Snacks Ltd (GOPAL) — market value ₹3.4K Cr; latest fundamentals Mar 2026
- Prataap Snacks Ltd (DIAMONDYD) — market value ₹2.8K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 3. Unverified: 0. Withheld: 0. Graded companies: 3.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-31.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the FMCG - Snacks sector outperforming NIFTY 500?

FMCG - Snacks has underperformed NIFTY 500 by 10.4% over 52 weeks and 2.7% over 13 weeks. 1 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself.

### Which FMCG - Snacks company is largest by revenue?

Bikaji Foods International Ltd leads with revenue of ₹2,994 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which FMCG - Snacks company is growing fastest?

Prataap Snacks Ltd has the fastest current revenue growth at 18.3%, across 3 of 3 comparable companies.

### Which FMCG - Snacks company has the strongest 4-Factor Sector Score?

Bikaji Foods International Ltd ranks first at 61.9/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which FMCG - Snacks company has the lowest comparable PEG?

Bikaji Foods International Ltd has the lowest comparable PEG at 1.1, among 2 of 3 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this FMCG - Snacks comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

### What is the Nifty FMCG - Snacks index?

The Nifty FMCG - Snacks index tracks India's listed FMCG - Snacks companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the FMCG - Snacks sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best FMCG - Snacks stocks in India?

Ranked by this page's four-factor score, Bikaji Foods International Ltd places first among 3 listed FMCG - Snacks companies, followed by Prataap Snacks Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many FMCG - Snacks stocks are listed in India?

This comparison covers 3 listed FMCG - Snacks companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which FMCG - Snacks company is the biggest?

Bikaji Foods International Ltd is the largest, with trailing-twelve-month revenue of ₹2,994 crore, ahead of Prataap Snacks Ltd at ₹1,653 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which FMCG - Snacks company has the best profit margins?

Bikaji Foods International Ltd has the highest operating margin at 12%, from 3 of 3 comparable companies. Gopal Snacks Ltd shows the biggest recent improvement, at +7.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which FMCG - Snacks company makes the most profit?

Bikaji Foods International Ltd earns the most, at ₹255 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Bikaji Foods International Ltd has the fastest profit growth at 30.8%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which FMCG - Snacks company earns the highest return on capital?

Bikaji Foods International Ltd leads on return on capital employed at 19.8%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which FMCG - Snacks stock is the cheapest?

On PEG — where a LOWER number is cheaper — Bikaji Foods International Ltd screens cheapest at 1.1×. Only 2 of 3 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the FMCG - Snacks sector beating the market?

FMCG - Snacks has underperformed NIFTY 500 by 10.4% over the last 52 weeks and 2.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which FMCG - Snacks stock has the strongest price momentum?

Prataap Snacks Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which FMCG - Snacks company scores highest for research priority?

Bikaji Foods International Ltd scores 61.9 out of 100 with 97% evidence confidence, from 25.9 points on growth and earnings, 19 on capital efficiency, 16.1 on valuation and 0.9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many FMCG - Snacks companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the FMCG - Snacks sector?

The 3 FMCG - Snacks companies on this page carry ₹22,232 crore of combined market value. Bikaji Foods International Ltd is the largest at ₹16,088 crore, about 72% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### How is the FMCG - Snacks sector performing?

1 of the 3 covered FMCG - Snacks companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 10.4% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.