Vadilal Industries Ltd

₹ 5,672 0.34%

28 May 10:32 a.m.

vadilalgroup.com BSE: 519156 NSE: VADILALIND

About

Vadilal was started as a soda company in 1907, the founder Vadilal Gandhi used to make ice cream by the traditional Kothi method. Vadilal Gandhi passed on the business to his son, Ranchod Lal Gandhi, who ran a one-man operation with a hand-cranked machine, started a small retail outlet in 1926. ^[1]

The Company is engaged in the business of manufacturing Ice-cream, Frozen Dessert, Juicy, and Candy and processing and exporting Processed Food products, such as Frozen Fruits and Vegetables, Canned Fruit Pulp, Ready-to-eat and Ready-to serve products, etc. ^[2]

Key Points

Brand Position
The company is the 2nd largest ice cream brand in India. It is the largest player in the Cones, Cups, and Candy categories. ^[1] It has a 16% market share in the organized Indian ice cream market. ^[2]

Website BSE NSE

Market Cap ₹ 4,078 Cr.
Current Price ₹ 5,672
High / Low ₹ 7,399 / 3,411
Stock P/E 35.8
Book Value ₹ 689
Dividend Yield 0.03 %
ROCE 29.3 %
ROE 26.0 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company has delivered good profit growth of 28.9% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 27.3%

Cons

Stock is trading at 8.23 times its book value
Debtor days have increased from 26.3 to 40.6 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: FMCG Industry: Food - Processing - Indian

Part of BSE Fast Moving Consumer Goods BSE SmallCap BSE Allcap

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	175	349	228	109	211	355	229	129	199	402	233	145	232
	144	290	196	118	176	272	194	131	164	312	196	132	201
Operating Profit	32	60	32	-9	34	83	35	-1	36	89	37	13	31
OPM %	18%	17%	14%	-8%	16%	23%	15%	-1%	18%	22%	16%	9%	13%
	3	3	4	3	2	2	4	4	3	4	4	5	4
Interest	5	4	2	2	4	5	3	3	3	2	2	2	2
Depreciation	5	6	5	5	5	6	6	6	6	7	6	6	7
Profit before tax	25	53	29	-12	27	75	30	-6	30	84	33	10	26
Tax %	26%	25%	25%	-25%	26%	25%	25%	-25%	26%	25%	26%	26%	26%
	18	40	21	-9	20	56	23	-4	22	63	24	7	19
EPS in Rs	25.43	55.26	29.69	-13.02	28.16	77.85	31.46	-6.22	30.32	87.73	33.79	10.39	26.52
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	364	403	444	473	515	507	517	357	544	897	913	1,011
	323	363	387	418	469	440	457	362	501	779	759	842
Operating Profit	40	41	58	55	46	67	60	-5	43	118	153	170
OPM %	11%	10%	13%	12%	9%	13%	12%	-1%	8%	13%	17%	17%
	0	1	1	3	7	12	8	12	9	12	12	17
Interest	25	26	21	16	15	14	15	20	18	13	14	8
Depreciation	13	13	13	15	16	17	19	18	19	20	23	26
Profit before tax	3	3	24	27	22	49	34	-32	14	96	129	153
Tax %	46%	41%	40%	38%	33%	35%	7%	-24%	27%	25%	25%	26%
	1	2	14	17	15	31	32	-24	10	72	96	114
EPS in Rs	1.99	2.69	19.96	23.14	20.66	43.80	44.73	-33.53	14.39	100.07	133.34	158.44
Dividend Payout %	50%	37%	6%	5%	6%	3%	0%	0%	9%	2%	1%	13%

Compounded Sales Growth
10 Years:	10%
5 Years:	14%
3 Years:	23%
TTM:	11%

Compounded Profit Growth
10 Years:	46%
5 Years:	29%
3 Years:	122%
TTM:	19%

Stock Price CAGR
10 Years:	27%
5 Years:	61%
3 Years:	47%
1 Year:	31%

Return on Equity
10 Years:	16%
5 Years:	18%
3 Years:	27%
Last Year:	26%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7	7	7	7	7	7	7	7	7	7	7	7
Reserves	108	108	121	152	166	196	227	203	212	282	375	488
	166	152	122	119	141	147	171	148	176	203	129	94
	97	103	116	132	121	116	135	143	115	136	134	169
Total Liabilities	378	369	366	411	435	466	540	501	510	627	645	757
	227	224	223	250	254	263	301	300	293	301	337	343
CWIP	4	1	1	5	7	13	9	5	3	19	11	8
Investments	1	1	2	2	3	3	3	3	3	8	8	8
	145	143	141	155	171	187	227	193	211	299	289	399
Total Assets	378	369	366	411	435	466	540	501	510	627	645	757

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	56	50	64	43	18	39	48	62	-5	33	138	78
	-23	-7	-11	-23	-24	-29	-50	-10	-10	-42	-41	-29
	-33	-41	-53	-20	6	-10	9	-50	9	12	-102	-47
Net Cash Flow	1	1	-1	0	-0	-0	6	2	-6	3	-5	1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	17	16	19	11	32	24	23	22	23	15	23	41
Inventory Days	176	180	137	131	115	152	179	207	160	154	132	152
Days Payable	104	122	104	91	90	84	100	167	80	54	55	77
Cash Conversion Cycle	89	74	52	51	56	92	102	61	102	115	100	115
Working Capital Days	19	8	3	13	32	43	53	42	68	69	66	84
ROCE %	10%	11%	17%	16%	13%	19%	13%	-3%	9%	25%	28%	29%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	64.73%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%
	0.06%	0.11%	0.17%	0.09%	0.03%	0.09%	0.09%	0.45%	0.38%	0.35%	0.30%	0.68%
	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.00%	0.00%
	35.20%	35.15%	35.11%	35.19%	35.25%	35.18%	35.20%	34.83%	34.90%	34.88%	34.97%	34.58%
No. of Shareholders	12,823	13,858	12,487	13,128	12,381	13,700	14,286	14,138	15,948	19,677	17,827	18,717

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	65.16%	64.72%	64.73%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%
	0.00%	0.15%	0.67%	0.00%	0.00%	0.10%	0.09%	0.45%	0.68%
	0.23%	0.20%	0.14%	0.34%	0.01%	0.01%	0.00%	0.00%	0.00%
	34.61%	34.93%	34.47%	34.94%	35.27%	35.17%	35.19%	34.83%	34.58%
No. of Shareholders	13,505	14,877	17,388	12,578	11,300	12,627	13,128	14,138	18,717

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Sep 2019

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Dec 2018

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Jun 2018

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Feb 2018

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Nov 2017

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Nov 2017

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Sep 2017

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Aug 2015

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