Vadilal Industries Ltd

₹ 4,484 -1.27%

14 Jun - close price

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
Vadilal is the country's second-largest ice cream brand by sales. Vadilal has the largest range of ice creams in the country, with more than 150 flavors sold in more than 300 packs and forms. ^[1] It has a 16% of organized market share. ^[2]
Its existing variants like Gourmet, Badabite, Flingo Jumbo Cups, and Ice trooper continue to show substantial movement in the market. ^[3]
The brand is known to be the first and the only ice cream producer in India to have a machine with a huge capacity of 12 lakh cones per day. It entered into the flavored milk segment under the brand name 'Power Sip', which is available in flavors like ‘Kesar', 'Elaichi', 'Coffee' and 'Rose' packaged uniquely for the brand to stand out in the crowd. ^[4]

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Market Cap ₹ 3,224 Cr.
Current Price ₹ 4,484
High / Low ₹ 5,143 / 2,133
Stock P/E 33.6
Book Value ₹ 532
Dividend Yield 0.03 %
ROCE 28.4 %
ROE 28.5 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company has delivered good profit growth of 24.8% CAGR over last 5 years

Cons

Stock is trading at 8.42 times its book value

* 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

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	141	131	147	91	175	349	228	109	211	355	229	129	199
	123	119	140	99	144	290	196	118	176	272	194	131	164
Operating Profit	18	12	7	-8	32	60	32	-9	34	83	35	-1	36
OPM %	13%	9%	5%	-9%	18%	17%	14%	-8%	16%	23%	15%	-1%	18%
	1	1	3	2	3	3	4	3	2	2	4	4	3
Interest	5	4	4	4	5	4	2	2	4	5	3	3	3
Depreciation	5	5	5	5	5	6	5	5	5	6	6	6	6
Profit before tax	10	3	1	-15	25	53	29	-12	27	75	30	-6	30
Tax %	28%	23%	26%	25%	26%	25%	25%	25%	26%	25%	25%	25%	26%
	7	2	1	-11	18	40	21	-9	20	56	23	-4	22
EPS in Rs	9.61	3.16	1.14	-15.35	25.43	55.26	29.69	-13.02	28.16	77.85	31.46	-6.22	30.32
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	321	364	403	444	473	515	507	517	357	544	897	913
	283	323	363	387	418	469	440	457	362	501	779	760
Operating Profit	38	40	41	58	55	46	67	60	-5	43	118	152
OPM %	12%	11%	10%	13%	12%	9%	13%	12%	-1%	8%	13%	17%
	7	0	1	1	3	7	12	8	12	9	12	13
Interest	25	25	26	21	16	15	14	15	20	18	13	14
Depreciation	11	13	13	13	15	16	17	19	18	19	20	23
Profit before tax	9	3	3	24	27	22	49	34	-32	14	96	129
Tax %	34%	46%	41%	40%	38%	33%	35%	7%	24%	27%	25%	25%
	6	1	2	14	17	15	31	32	-24	10	72	96
EPS in Rs	8.31	1.99	2.69	19.96	23.14	20.66	43.80	44.73	-33.53	14.39	100.09	133.34
Dividend Payout %	18%	50%	37%	6%	5%	6%	3%	0%	0%	9%	2%	1%

Compounded Sales Growth
10 Years:	10%
5 Years:	12%
3 Years:	37%
TTM:	2%

Compounded Profit Growth
10 Years:	51%
5 Years:	25%
3 Years:	82%
TTM:	33%

Stock Price CAGR
10 Years:	36%
5 Years:	54%
3 Years:	66%
1 Year:	85%

Return on Equity
10 Years:	13%
5 Years:	15%
3 Years:	22%
Last Year:	29%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	7	7	7	7	7	7	7	7	7	7	7	7
Reserves	108	108	108	121	152	166	196	227	203	212	282	375
	172	166	152	122	119	141	147	171	148	176	203	129
	67	97	103	116	132	121	116	135	143	115	136	134
Total Liabilities	354	378	369	366	411	435	466	540	501	510	627	645
	206	227	224	223	250	254	263	301	300	293	301	337
CWIP	16	4	1	1	5	7	13	9	5	3	19	11
Investments	2	1	1	2	2	3	3	3	3	3	8	8
	130	145	143	141	155	171	187	227	193	211	299	289
Total Assets	354	378	369	366	411	435	466	540	501	510	627	645

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	34	56	50	64	43	18	39	48	62	-5	33	138
	-24	-23	-7	-11	-23	-24	-29	-50	-10	-10	-42	-41
	-10	-33	-41	-53	-20	6	-10	9	-50	9	12	-102
Net Cash Flow	0	1	1	-1	0	-0	-0	6	2	-6	3	-5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	17	17	16	19	11	32	24	23	22	23	15	23
Inventory Days	226	176	180	137	131	115	152	179	207	160	154	132
Days Payable	103	104	122	104	91	90	84	100	167	80	54	55
Cash Conversion Cycle	141	89	74	52	51	56	92	102	61	102	115	100
Working Capital Days	38	19	8	3	13	32	43	53	42	68	69	66
ROCE %	12%	10%	11%	17%	16%	13%	19%	13%	-3%	9%	25%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	64.72%	64.72%	64.72%	64.72%	64.73%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%
	0.00%	0.00%	0.00%	0.10%	0.06%	0.11%	0.17%	0.09%	0.03%	0.09%	0.09%	0.45%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	35.27%	35.27%	35.27%	35.17%	35.20%	35.15%	35.11%	35.19%	35.25%	35.18%	35.20%	34.83%
No. of Shareholders	10,679	10,766	11,073	12,627	12,823	13,858	12,487	13,128	12,381	13,700	14,286	14,138

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

* 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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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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