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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,59,479 | 60.2 | 14.43 | 42.3 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 73,583 | 34.0 | 5.24 | 22.7 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 52,514 | 85.7 | 6.64 | 41.5 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,836 | 55.4 | 11.03 | 39.5 | 16.7 | 16.4 | 23.0 | 37.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Sept 2026 · AGM notice and Annual Report web link sent to shareholders without email | general | low | — | — |
| 1 Sept 2026 · Newspaper publication of 33rd AGM notice for FY26 | compliance | minimal | — | — |
| 31 Aug 2026 · 33rd AGM notice on Sept 24, 2026: director appointment and dividend approval | board shareholder meetings | low | — | — |
| 19 Aug 2026 · AGM notice published in newspapers, 33rd AGM on Sept 24, 2026 | compliance | minimal | — | — |
| 11 Aug 2026 · Vidhi Specialty Food Ingredients appoints Chetan Bavishi as Independent Director | management changes | medium | — | — |
| 11 Aug 2026 · Appointed Mr. Chetan Bavishi as Independent Director for 5-year term | management changes | medium | — | — |
| 30 Jul 2026 · Vidhi Specialty Food Ingredients Q1 FY27 results published in newspapers | compliance | minimal | — | — |
| 29 Jul 2026 · Vidhi Q1 FY27 revenue jumps 66%, PAT up 35% YoY | investor communications | medium | — | — |
| 29 Jul 2026 · Vidhi Specialty Q1 FY27 results: revenue up about 40 percent YoY | results | high | — | — |
| 29 Jul 2026 · Vidhi Specialty Food Ingredients - Q1 FY27 Results Approved by Board | results | high | — | — |
| 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 |
| AETHER INDUSTRIES LIMITED | 22,229 | 94.3 | 9.05 | 60.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 21,769 | 27.8 | 3.71 | 22.4 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 18,401 | 23.1 | 2.92 | 14.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 17,846 | 33.6 | 3.00 | 18.8 | 7.0 | 4.4 | 13.0 | 16.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.2 | 23.4 | 64 of 103 | 38% |
| P/B | 5.1 | 2.9 | 75 of 99 | 25% |
| ROCE | 19.5 | 10.3 | 19 of 108 | 83% |
| ROE | 14.9 | 8.1 | 21 of 101 | 80% |
| Debt / Equity | 0.2 | 0.2 | 51 of 101 | 50% |
| 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 | 1661 | 732 | 42 of 107 | 61% |
| 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 |
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