NSE: VADILALIND · BSE: 519156
VADILAL INDUSTRIES LTD
Operates in the FMCG food products space, classified under the dairy products industry, selling packaged food and dairy items to consumers through retail channels. In FY26, consolidated revenue was Rs 1,503.12 crore, up 21.2% from Rs 1,240.26 crore in FY25, while standalone revenue grew 9.5% to Rs 1,109.54 crore; the gap between standalone and consolidated figures indicates subsidiaries add meaningfully to the top line. Manufacturing runs from three plant locations — Bareilly, Dharampur and Pundhra — across which the company recently reviewed minimum-wage compliance for both direct employees and contract workmen. The cost stack is dominated by raw materials at 43.1% of revenue, followed by other operating expenses at 22.3% and employee costs at 11.2%, leaving depreciation at 3.2% and an EBITDA margin of roughly 18% on a consolidated basis. Consolidated net profit for FY26 was Rs 155.11 crore, and the board doubled the dividend to Rs 43 per share. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Packaged food and dairy products. FMCG food and dairy products manufacturer with three plants, mid-teen EBITDA margin
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 698 | 1,058 | 1,125 | 1,238 | 1,503 |
| EBITDA (ex other income) | 99 | 163 | 220 | 238 | 249 |
| margin % | 14.2 | 15.4 | 19.6 | 19.2 | 16.6 |
| Owners' profit | 45 | 96 | 146 | 154 | 170 |
| EPS, as reported (₹) | 62.19 | 133.97 | 203.05 | 209.15 | 215.78 |
| ROE % · ROCE % | 15.0 · 20.5 | 24.2 · 26.0 | 26.9 · 28.2 | 21.6 · 24.0 | 18.2 · 20.9 |
| Debt / equity (x) | 0.58 | 0.51 | 0.22 | 0.12 | 0.11 |
| Cash from operations | 32 | 39 | 192 | 130 | 143 |
| Capex | (21) | (58) | (1) | (2) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 296 | 204 | 274 | 506 | 341 | 238 | 416 | 680 |
| Profit before tax | 52 | 17 | 27 | 89 | 43 | (0) | 78 | 174 |
| Net profit | 39 | 12 | 22 | 67 | 33 | (0) | 60 | 131 |
| EPS (₹) | 108.46 | 16.60 | 30.61 | 93.19 | 46.50 | (0.22) | 83.10 | 182.13 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HATSUN AGRO PRODUCT LTD. | 21,739 | 62.4 | 11.89 | 23.1 | 13.4 | 10.5 | — | 10.9 |
| KWALITY WALL'S (INDIA) L | 8,528 | — | 12.69 | — | (54.9) | (37.5) | — | 13.5 |
| DODLA DAIRY LIMITED | 5,974 | 24.4 | 3.57 | 16.2 | 15.9 | 15.7 | 16.2 | 6.6 |
| VADILAL INDUSTRIES LTD ◆ | 5,280 | 23.6 | 6.21 | 19.7 | 18.2 | 19.3 | 26.5 | 28.4 |
| HERITAGE FOODS LTD | 3,331 | 24.7 | 3.01 | 12.0 | 13.5 | 13.8 | 12.8 | 5.1 |
| PARAG MILK FOODS LTD. | 2,985 | 22.6 | 2.37 | 11.6 | 10.7 | 10.1 | 15.7 | 7.4 |
| VADILAL ENTERPRISES LTD. | 817 | 78.4 | 24.69 | — | 31.6 | 17.4 | — | 0.7 |
| MILKFOOD LTD. | 222 | 19.2 | 1.31 | 13.1 | (5.1) | (3.2) | (4.1) | (3.0) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.6 | 23.6 | 5 of 9 | 50% |
| P/B | 6.2 | 3.0 | 8 of 11 | 30% |
| ROCE | 19.3 | 10.1 | 1 of 13 | 100% |
| ROE | 18.2 | 10.7 | 2 of 11 | 90% |
| Debt / Equity | 0.1 | 0.3 | 3 of 11 | 80% |
| EBITDA margin | 28.4 | 6.5 | 1 of 11 | 100% |
| Revenue growth | 34.4 | 17.7 | 3 of 11 | 80% |
| Profit growth | 95.5 | 19.8 | 2 of 10 | 89% |
| Market cap | 5280 | 817 | 4 of 13 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Shareholders approve 12-month Vadilal Enterprises supply deal | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Extraordinary meeting votes on Vadilal Enterprises sale agreement | board shareholder meetings | low | — | — |
| 24 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 9 Oct 2026 · Dematerialization compliance certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 5 Oct 2026 · EGM on Oct 27 for Rs 1,426 crore supply deal with related party | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Revised 12-month supply agreement with Vadilal Enterprises | strategic transactions | medium | — | — |
| 30 Sept 2026 · Board approves EGM on October 27, 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Vadilal Industries Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 | compliance | minimal | — | — |
| 23 Sept 2026 · Credit rating placed on watch with negative implications | credit debt | high | — | — |
| 11 Sept 2026 · Vadilal Industries 42nd AGM: All 4 resolutions passed, dividend cleared | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.