VANDAN FOODS LIMITED

Manufactures castor oil and its derivatives on a business-to-business basis from Ahmedabad, processing raw material at the Dhinoj facility where a solvent extraction plant has been set up using IPO proceeds. FY26 revenue reached Rs 25,963.40 lakhs, up from Rs 10,819.77 lakhs in FY25, while profit after tax fell to Rs 132.37 lakhs from Rs 690.70 lakhs. Raw materials are the dominant cost, accounting for 66.4% of revenue, with employee cost at 0.4% and other operating expenses at 2.9%. The company funded capacity expansion and working capital largely through an SME IPO in July 2025 that raised Rs 30.36 crore, deploying the proceeds into the Dhinoj capex, working capital, debt repayment, and general corporate purposes. The second half of FY26 alone posted a loss of Rs 285.97 lakhs even on revenue of Rs 16,090 lakhs, with sharply higher raw material costs and an inventory build-up of Rs 3,809 lakhs during the half.