Vidhi Specialty Food Ingredients Q2 FY27 results: net profit up 66.9% to ₹17.62 crore, revenue up 82.0%

How did Vidhi Specialty Food Ingredients perform in Q2 FY27?

On a consolidated basis, Vidhi Specialty Food Ingredients reported Q2 FY27 revenue of ₹136.51 crore, up 82.0% from ₹74.99 crore in Q2 FY26. Total income rose 81.0% to ₹137.0 crore, EBITDA increased 49.2% to ₹26.37 crore, and profit before tax rose 59.2% to ₹23.65 crore.

Profit after tax for the quarter was ₹17.62 crore, up 66.9% from ₹10.56 crore, and basic EPS increased to ₹3.52 from ₹2.11. The EBITDA margin fell 4.3 percentage points to 19.3%, while the profit-after-tax margin fell 1.2 percentage points to 12.9%.

Revenue fell 6.7% from ₹146.28 crore in Q1 FY27, while EBITDA rose 1.4% to ₹26.37 crore and profit after tax rose 2.9% to ₹17.62 crore. The EBITDA margin increased 1.5 percentage points to 19.3%, and basic EPS rose to ₹3.52 from ₹3.43.

The board also approved standalone results for the quarter and half year ended 30 September 2026. Standalone revenue was ₹136.51 crore and profit after tax was ₹17.63 crore.

What changed in Vidhi Specialty Food Ingredients' costs and profit?

Total expenses rose 86.4% year on year to ₹113.35 crore, outpacing the increase in revenue. Cost of materials increased ₹6.08 crore, or 10.6%, to ₹63.71 crore, while employee cost rose ₹1.31 crore, or 36.2%, to ₹4.93 crore.

Other expenses increased ₹4.12 crore, or 24.6%, to ₹20.89 crore, while depreciation declined ₹0.21 crore to ₹2.21 crore and finance costs declined ₹0.07 crore to ₹1 crore. Other income fell ₹0.19 crore to ₹0.49 crore, and there was no exceptional item.

Tax expense increased ₹1.72 crore, or 39.9%, to ₹6.03 crore. Despite the higher costs and lower other income, profit before tax rose ₹8.79 crore to ₹23.65 crore and profit after tax rose ₹7.06 crore to ₹17.62 crore.

The investor presentation attributed the better year-on-year performance to an increase in demand. It also said the EBITDA margin expanded approximately 400 basis points, driven by a favourable product portfolio mix and higher sales of cosmetic dyes and other value-added products.

How did the first half of FY27 go?

In H1 FY27, consolidated revenue rose 73.6% to ₹282.79 crore from ₹162.9 crore in H1 FY26. Total income increased 72.8% to ₹283.48 crore, while profit before tax rose 45.8% to ₹46.67 crore.

Profit after tax for the first half was ₹34.74 crore, up 49.4% from ₹23.26 crore, and basic EPS rose 49.5% to ₹6.95 from ₹4.65.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets stood at ₹451.31 crore, compared with ₹418.62 crore on 31 March 2026. Total equity rose to ₹362.54 crore from ₹327.83 crore, while borrowings declined to ₹54.41 crore from ₹57.63 crore and cash fell to ₹8.07 crore from ₹11.53 crore.

Inventories were ₹81.2 crore, against ₹80.82 crore at the previous balance sheet date. Trade receivables rose to ₹170.75 crore from ₹142.96 crore, while trade payables declined to ₹19.82 crore from ₹20.89 crore.

H1 FY27 operating cash flow was ₹26.83 crore, compared with ₹44.79 crore in H1 FY26. Investing cash flow was negative ₹25.05 crore against negative ₹25.37 crore, financing cash flow was negative ₹5.24 crore against negative ₹30.3 crore, and capital expenditure was ₹2.62 crore against ₹13.75 crore.

How has Vidhi Specialty Food Ingredients done over the last 8 quarters?

Revenue reached its highest point of the eight-quarter series in Q1 FY27 at ₹146.28 crore before falling to ₹136.51 crore in Q2 FY27. The lowest revenue was ₹74.99 crore in Q2 FY26, while the Q2 FY27 EBITDA margin of 19.3% was below the peak of 23.6%.

Profit after tax peaked at ₹17.62 crore in Q2 FY27, compared with its low of ₹10.56 crore in Q2 FY26. Revenue and profit have each risen year on year in each of the last three quarters, while the EBITDA margin moved from 16.8% in Q4 FY26 to 17.8% in Q1 FY27 and 19.3% in Q2 FY27.

What else did the company announce?

On 26 October 2026, the board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the statement of assets and liabilities and the half-year cash flow statement. It also took on record the limited review reports for both bases.

Independent Director Ashit K. Doshi resigned with effect from the close of business on 26 October 2026 for personal reasons. He also ceased to be a member of the Audit Committee and the Nomination and Remuneration Committee, and the board recorded its appreciation for his contribution and guidance.

What did Vidhi Specialty Food Ingredients' management say?

Management said it expected H2 FY27 operating performance to be similar to, or slightly better than, H1 FY27, supported by current order positions. Chief Financial Officer Mitesh Manek said: “the H2 for the company is looking very similar or if possible, slightly better than H1, considering the current order positions, etcetera, that the company is enjoying.”

Management said CoatIcon capital expenditure would be ₹25 crore to ₹35 crore, with on-ground activities starting within 2-3 months. Management also said the Dahej facility’s effective capacity was 7,500 metric tons at about 90% utilisation and reaffirmed the earlier FY27 target for high-margin products to reach 10%-12%.

Management identified freight disruption and raw-material inflation as risks. It said some long-haul export freight rates had risen 3-5x, increasing inventory and working-capital needs, while geopolitical disruption could affect margins. The CoatIcon ramp also depends on stability, trial and vendor-approval cycles, and spot trading contributes volatile low-margin revenue.

How did Vidhi Specialty Food Ingredients shares react?

The stock fell 2.9% within five minutes of the filing appearing, 2.3% after 15 minutes and 0.7% after 30 minutes. It closed 0.2% lower on the reaction day from its pre-results close of ₹318.5.

By the next day’s close, the stock was down 4.9% from its pre-results close, and by the fifth session it was down 3.7%. The Specialty Chemicals industry median was up 1.9% over both the next day and five sessions, leaving Vidhi at 6.7 percentage points below the sector after one day and 5.7 percentage points below it after five sessions.

Earlier reaction-day moves were mixed: the stock fell 3.6% on 29 July 2026 and rose 8.8% on 14 May 2026. It also rose 1.6% on 2 February 2026, 5.7% on 10 November 2025, 2.7% on 28 July 2025, 5.1% on 12 May 2025, 7.9% on 20 January 2025 and 3.9% on 11 November 2024.

How did other Specialty Chemicals companies do?

Fifty other Specialty Chemicals companies that had filed for the quarter were compared with Vidhi. Their median revenue growth was 27.8%, while 43 grew more slowly than Vidhi and seven grew faster than Vidhi.

Among the peers for which profit was compared, 40 reported higher profit. The peer comparison was as of 4 November 2026, with profit compared for 46 peers.