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Vadilal Industries Q2 FY27 results: net profit up 64.0% to ₹54.82 crore, revenue up 35.5%
Vadilal Industries Ltd reported consolidated Q2 FY27 revenue of ₹462.56 crore, up 35.5% from Q2 FY26, while net profit rose 64.0% to ₹54.82 crore and EBITDA increased 63.5% to ₹83.81 crore. Against Q1 FY27, revenue fell 32.0% and net profit declined 58.1%, with the EBITDA margin easing to 18.1% from 24.4%.
Key points
- Consolidated Q2 FY27 revenue was ₹462.56 crore, up 35.5% from ₹341.30 crore in Q2 FY26.
- EBITDA rose to ₹83.81 crore from ₹51.27 crore, while the EBITDA margin increased to 18.1% from 15.0%.
- Net profit was ₹54.82 crore, up 64.0% from ₹33.42 crore, and basic EPS increased to ₹76.27 from ₹46.5.
- Against Q1 FY27, revenue fell 32.0% to ₹462.56 crore and net profit declined 58.1% to ₹54.82 crore.
- H1 FY27 revenue was ₹1142.62 crore, up 34.9%, and net profit rose 85.0% to ₹185.73 crore.
How did Vadilal Industries perform in Q2 FY27?
Vadilal Industries reported consolidated Q2 FY27 revenue of ₹462.56 crore, up 35.5% from ₹341.30 crore in Q2 FY26. EBITDA rose 63.5% to ₹83.81 crore, and the EBITDA margin increased to 18.1% from 15.0%. Profit before tax was ₹72.81 crore, up 68.7%, while net profit rose 64.0% to ₹54.82 crore.
Against Q1 FY27, revenue fell 32.0% from ₹680.06 crore and total income declined 33.5% from ₹707.31 crore. EBITDA fell 49.6% to ₹83.81 crore from ₹166.18 crore, and the margin declined 6.3 percentage points to 18.1%. Net profit fell 58.1% to ₹54.82 crore from ₹130.91 crore, and basic EPS fell to ₹76.27 from ₹182.13.
On the standalone basis, Q2 FY27 revenue was ₹361.88 crore and net profit was ₹41.86 crore, compared with profit before tax of ₹13.25 crore in the year-ago quarter. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 462.56 | 680.06 | 341.30 | +35.5% | −32.0% |
| Other income | 8 | 27.25 | 7.32 | +9.3% | −70.6% |
| Total expenses | 397.75 | 533.67 | 305.45 | +30.2% | −25.5% |
| EBITDA | 83.81 | 166.18 | 51.27 | +63.5% | −49.6% |
| EBITDA margin | 18.1% | 24.4% | 15.0% | +3.1 pp | −6.3 pp |
| Profit before tax | 72.81 | 173.64 | 43.17 | +68.7% | −58.1% |
| Tax | 17.99 | 42.73 | 9.75 | +84.5% | −57.9% |
| Net profit | 54.82 | 130.91 | 33.42 | +64.0% | −58.1% |
| EPS (₹) | 76.27 | 182.13 | 46.50 | +64.0% | −58.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Vadilal Industries' costs and profit?
Total expenses rose 30.2% from ₹305.45 crore in Q2 FY26 to ₹397.75 crore in Q2 FY27. Cost of materials consumed was ₹208.39 crore, up ₹65.07 crore or 45.4%, while employee cost increased by ₹11.29 crore to ₹47.47 crore and other expenses rose by ₹20.28 crore to ₹100.10 crore. Finance costs were ₹4.33 crore and depreciation was ₹14.67 crore. There was no exceptional item.
Other income increased by ₹0.68 crore to ₹8 crore from ₹7.32 crore, while tax expense rose by ₹8.24 crore to ₹17.99 crore from ₹9.75 crore. EBITDA increased by ₹32.54 crore to ₹83.81 crore and profit before tax rose by ₹29.64 crore to ₹72.81 crore, while net profit increased by ₹21.40 crore to ₹54.82 crore.
Against Q1 FY27, total expenses fell 25.5% to ₹397.75 crore, led by a ₹115.91 crore decline in cost of materials consumed to ₹208.39 crore. Employee cost rose by ₹2.28 crore to ₹47.47 crore and other expenses increased by ₹0.18 crore to ₹100.10 crore. Other income fell by ₹19.25 crore to ₹8 crore, while tax expense declined by ₹24.74 crore to ₹17.99 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 208.39 | 143.32 | +65.07 | +45.4% |
| Employee cost | 47.47 | 36.18 | +11.29 | +31.2% |
| Finance costs | 4.33 | 3.86 | +0.47 | +12.2% |
| Depreciation | 14.67 | 11.56 | +3.11 | +26.9% |
| Other expenses | 100.10 | 79.82 | +20.28 | +25.4% |
| Total expenses | 397.75 | 305.45 | +92.30 | +30.2% |
| Other income | 8 | 7.32 | +0.68 | +9.3% |
| Tax | 17.99 | 9.75 | +8.24 | +84.5% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Vadilal Industries reported revenue of ₹1142.62 crore, up 34.9% from ₹847.21 crore in H1 FY26. Total income rose 37.1% to ₹1177.87 crore from ₹859.05 crore, and profit before tax increased 86.8% to ₹246.45 crore from ₹131.9 crore.
Net profit for H1 FY27 rose 85.0% to ₹185.73 crore from ₹100.4 crore in H1 FY26. Basic EPS increased 85.0% to 258.4 from 139.68. The filing did not state reasons for the year-on-year changes.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,143 | 847.21 | +34.9% |
| Profit before tax | 246.45 | 131.90 | +86.8% |
| Net profit | 185.73 | 100.40 | +85.0% |
| EPS (₹) | 258.40 | 139.68 | +85.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets rose to ₹1505.67 crore as on 30 September 2026 from ₹1273.33 crore as on 31 March 2026, while total equity increased to ₹995.33 crore from ₹850.63 crore. Borrowings were ₹141.63 crore compared with ₹91.35 crore, and cash rose to ₹67.51 crore from ₹37.29 crore. Inventories declined to ₹275.97 crore from ₹336.05 crore.
Trade receivables increased to ₹184.3 crore from ₹177.46 crore and trade payables rose to ₹122.63 crore from ₹121.06 crore. H1 FY27 operating cash flow was ₹300.97 crore, compared with ₹136.66 crore in H1 FY26. Investing cash flow was negative ₹260.8 crore against negative ₹100.07 crore, financing cash flow was negative ₹10.34 crore against negative ₹23.76 crore, and capital expenditure was ₹91.1 crore against ₹47.01 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,506 | 1,273 |
| Total equity | 995.33 | 850.63 |
| Borrowings | 141.63 | 91.35 |
| Cash and equivalents | 67.51 | 37.29 |
| Inventories | 275.97 | 336.05 |
| Trade receivables | 184.30 | 177.46 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 300.97 | 136.66 |
| Cash from investing | −260.80 | −100.07 |
| Cash from financing | −10.34 | −23.76 |
| Capital expenditure | 91.10 | 47.01 |
Source: Company's results filing (XBRL).
How has Vadilal Industries done over the last 8 quarters?
Revenue rose year-on-year in each of the last 8 quarters, while profit rose year-on-year in each of the last 3 quarters. Revenue and net profit peaked in Q1 FY27 at ₹680.06 crore and ₹130.91 crore, respectively, before falling to ₹462.56 crore and ₹54.82 crore in Q2 FY27. The EBITDA margin also eased from 24.4% to 18.1% sequentially.
Over the reported period, revenue bottomed at ₹203.85 crore in Q3 FY25 and net profit was lowest in Q3 FY26, when the company reported a net loss of ₹0.15 crore. The EBITDA margin reached its low of 4.5% in Q3 FY26 and its high of 24.4% in Q1 FY27. The latest quarter therefore remained above the earlier trough but was below the preceding quarter.
How did Vadilal Industries shares react?
After the filing appeared in the market, the stock was down 1.9% after 5 minutes. It closed 2.8% below its pre-results close on the reaction day and was down 2.1% from that close by the next day's close. The Dairy Products industry median moved 0.4% lower on the reaction day and 0.3% lower by the next day's close, while Vadilal Industries underperformed it by 2.3 percentage points and 1.8 percentage points, respectively.
Earlier reaction-day moves were mixed: the stock rose 7.6% on 12 August 2026, 8.4% on 27 May 2026 and 7.0% on 9 February 2026. It fell 0.7% on 12 November 2025 and 4.8% on 26 May 2025, while moves on 12 August 2025 and 31 January 2025 were 0.3% and 0.7%, respectively.
| After the filing | Stock | Dairy Products median |
|---|---|---|
| 5 minutes | −1.9% | |
| Reaction day | −2.8% | −0.4% |
| Next day | −2.1% | −0.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 12 August 2026 | +7.6% |
| 27 May 2026 | +8.4% |
| 9 February 2026 | +7.0% |
| 12 November 2025 | −0.7% |
| 12 August 2025 | +0.3% |
| 26 May 2025 | −4.8% |
| 31 January 2025 | +0.7% |
| 14 November 2024 | −3.0% |
Source: MarketPing price-reaction measurement.
How did other Dairy Products companies do?
Five other Dairy Products companies that had filed for the quarter had a median revenue growth of 18.6%, based on data as on 4 November 2026. All 5 grew more slowly than Vadilal Industries, while none grew faster than the company’s 35.5% revenue growth. Of the 5 peers whose profit was compared, 1 reported higher profit.
| Vadilal Industries revenue growth (YoY) | +35.5% |
|---|---|
| Median of 5 other Dairy Products companies | +18.6% |
| Companies with slower revenue growth than Vadilal Industries | 5 of 5 |
| Companies with faster revenue growth than Vadilal Industries | 0 of 5 |
| Companies whose net profit rose | 1 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Vadilal Industries' revenue in Q2 FY27?
Revenue from operations was ₹462.56 crore, up 35.5% from ₹341.30 crore in Q2 FY26 (consolidated).
Did Vadilal Industries make a profit in Q2 FY27?
Yes. Net profit was ₹54.82 crore, against a net profit of ₹33.42 crore in Q2 FY26.
What was Vadilal Industries' EPS in Q2 FY27?
Basic earnings per share were ₹76.27, against ₹46.50 in Q2 FY26.
How did Vadilal Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.8% from the previous close; the median Dairy Products stock moved −0.4%.
When did Vadilal Industries announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Meeting To Be Held On October 30, 2026 (BSE, 24 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On October 30, 2026 (BSE, 30 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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