BSE: 544436
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Castor oil and derivatives. Cyclical, agro-processing B2B manufacturer of castor oil derivatives
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 108 | 260 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 13.80 | 1.72 |
| ROE % · ROCE % | — · 42.7 | — · 7.5 |
| Debt / equity (x) | — | — |
| Cash from operations | (12) | (24) |
| Capex | (6) | (11) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 54 | 99 | 161 |
| Profit before tax | 6 | 6 | (4) |
| Net profit | — | — | — |
| EPS (₹) | 33.87 | 6.55 | 3.41 |
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. % |
|---|---|---|---|---|---|---|---|---|
| MARICO LIMITED | 1,00,900 | 53.2 | 22.45 | 39.8 | 40.3 | 38.1 | 11.1 | 21.9 |
| PATANJALI FOODS LIMITED | 37,853 | 19.2 | 2.89 | 23.1 | 13.9 | 10.3 | — | 4.8 |
| AWL AGRI BUSINESS LIMITED | 22,724 | 19.7 | 2.18 | 8.7 | 10.0 | 11.1 | — | 3.8 |
| GOKUL AGRO RESOURCES LTD | 6,138 | 11.8 | 4.31 | 9.2 | 26.0 | 26.9 | 23.5 | 4.1 |
| CIAN Agro Ind & Infra Ltd | 2,430 | 7.5 | 1.09 | 6.9 | 10.0 | 7.7 | 53.1 | 32.3 |
| SUNDROP BRANDS LIMITED | 2,413 | 86.5 | 1.63 | 38.5 | 1.4 | 1.7 | — | 6.1 |
| Shri Venkatesh Refineries Limi | 1,659 | 33.5 | — | — | — | 22.2 | — | — |
| KN AGRI RESOURCES LIMITED | 472 | 10.5 | 1.23 | 8.6 | 8.2 | 11.4 | — | 4.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.6 | 17.8 | 2 of 28 | 96% |
| ROCE | 3.8 | 7.4 | 20 of 30 | 35% |
| Market cap | 21 | 108 | 23 of 31 | 27% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Reg 74(5) Certificate Filing for Q2 FY26 - Vandan Foods | compliance | minimal | — | — |
| 1 Oct 2026 · Board approves corporate guarantee of 9.90 Crore for third party | credit debt | high | — | — |
| 28 Sept 2026 · Trading Window Closure for Half-Yearly Results - Oct 1, 2026 | compliance | minimal | — | — |
| 22 Sept 2026 · Vandan Foods AGM: all 8 resolutions passed, borrowing cap set at Rs 300 Cr | board shareholder meetings | medium | — | — |
| 21 Sept 2026 · Vandan Foods 11th AGM held; 8 resolutions passed including borrowing hike to Rs 300 Cr | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Vandan Foods 11th AGM notice and e-voting details | compliance | minimal | — | — |
| 29 Aug 2026 · Notice of 11th AGM and FY26 Annual Report published in newspapers | compliance | minimal | — | — |
| 29 Aug 2026 · Vandan Foods 11th AGM Sept 21 - Borrowing limit hike to Rs 300 Cr | board shareholder meetings | medium | — | — |
| 29 Aug 2026 · Vandan Foods submits 11th Annual Report and AGM Notice for FY 2025-26 | board shareholder meetings | low | — | — |
| 6 Aug 2026 · Vandan Foods appoints Ankitkumar Agrawal as Independent Director | management changes | medium | — | — |
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.