NSE: VIDHIING · BSE: 531717
VIDHI SPCLTY F INGRDNTS L
Manufactures and trades food colors and specialty food ingredients from two production facilities at Dahej and Roha. The product range spans food colors used by food and beverage manufacturers, along with specialty ingredients for the pharma and cosmetics industries. CoatIcon, a pharma tablet coating system, is currently in aggressive sampling and qualification with multiple pharmaceutical companies in India and overseas, with an approval cycle of around 6 months. Revenue in FY26 was ₹380 crore, essentially flat year-on-year, but EBITDA rose to ₹78 crore with margins expanding to 20.52% as the product mix shifted toward higher-value items. Value-added or high-margin products account for about 5% of the portfolio, and management is targeting a doubling to 10-12% in FY27. The biggest cost line is raw materials at 49.1% of revenue, followed by other operating expenses at 18.3% and employee costs at 4.2%. Capacity expansion of 200 MT/month is underway at Roha and 300 MT/month at Dahej, and ₹75-85 crore of capex has been committed for a new product line at Dahej targeting ₹125-150 crore of peak sales. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing and trading of food colors and chemicals. Specialty chemicals manufacturer with two production sites and a growing high-value product mix.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 537 | 404 | 303 | 382 | 380 |
| EBITDA (ex other income) | 85 | 56 | 57 | 68 | 78 |
| margin % | 15.8 | 13.8 | 18.8 | 17.9 | 20.5 |
| Owners' profit | 59 | 38 | 36 | 0 | 0 |
| EPS, as reported (₹) | 11.75 | 7.55 | 7.31 | 8.68 | 9.80 |
| ROE % · ROCE % | 27.0 · 35.1 | 15.0 · 20.6 | 13.0 · 18.2 | 14.4 · 20.2 | 14.9 · 20.9 |
| Debt / equity (x) | 0.41 | 0.20 | 0.07 | 0.22 | 0.18 |
| Cash from operations | (21) | 96 | 63 | (5) | 42 |
| Capex | (41) | (43) | (20) | (7) | (16) |
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 | 91 | 99 | 110 | 88 | 75 | 94 | 123 | 146 |
| Profit before tax | 14 | 17 | 18 | 17 | 15 | 16 | 18 | 23 |
| Net profit | 10 | 13 | 12 | 13 | 11 | 12 | 13 | 17 |
| EPS (₹) | 1.81 | 2.55 | 2.37 | 2.54 | 2.11 | 2.49 | 2.63 | 3.43 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.6 | 23.1 | 60 of 99 | 40% |
| P/B | 4.7 | 2.8 | 74 of 99 | 26% |
| ROCE | 19.5 | 10.1 | 18 of 106 | 84% |
| ROE | 14.9 | 8.1 | 21 of 99 | 80% |
| Debt / Equity | 0.2 | 0.2 | 49 of 99 | 51% |
| EBITDA margin | 17.9 | 15.5 | 44 of 99 | 56% |
| Revenue growth | 66.4 | 24.4 | 11 of 94 | 89% |
| Profit growth | 34.7 | 55.1 | 52 of 92 | 44% |
| Market cap | 1526 | 699 | 40 of 108 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · September quarter and half-year results published in newspapers | compliance | minimal | — | — |
| 26 Oct 2026 · Q2 and H1 FY27 earnings call recording now available | investor communications | low | — | — |
| 26 Oct 2026 · Independent Director Ashit Doshi resigns effective October 26, 2026 | management changes | medium | — | — |
| 26 Oct 2026 · Independent director resigns effective October 26, 2026 | management changes | medium | — | — |
| 26 Oct 2026 · Q2 FY27 revenue rises 82% as EBITDA margin expands about 400 bps | investor communications | medium | — | — |
| 26 Oct 2026 · Independent Director Ashit Doshi resigns effective October 26, 2026 | management changes | medium | — | — |
| 26 Oct 2026 · September 2026 quarter: revenue up 95%, profit after tax up 62% | results | high | — | — |
| 21 Oct 2026 · Vidhi Specialty Food Ingredients schedules Q2 and H1 FY27 earnings call on Oct 26 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board to review Q2 and half-year results on October 26 | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Routine compliance certificate on dematerialisation filed for Q2 FY27 | compliance | minimal | — | — |
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.