Vadilal Industries Ltd

₹ 4,467 0.76%

27 May - 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

Corporate Restrucuring^[1]
Resolution of Gandhi family disputes : The three branches of the Gandhi family, key promoters of Vadilal, signed a memorandum of family arrangement to settle long-standing inter-se disputes.

Website BSE NSE

Market Cap ₹ 3,212 Cr.
Current Price ₹ 4,467
High / Low ₹ 6,090 / 3,990
Stock P/E 32.8
Book Value ₹ 760
Dividend Yield 0.47 %
ROCE 23.9 %
ROE 19.8 %
Face Value ₹ 10.0

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Pros

Cons

* 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

Fast Moving Consumer Goods Fast Moving Consumer Goods Food Products Dairy Products

Part of BSE Fast Moving Consumer Goods BSE 1000

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	211	355	229	129	199	402	233	145	232	425	247	141	295
	176	272	194	131	164	312	196	132	201	348	228	156	232
Operating Profit	34	83	35	-1	36	89	37	13	31	77	19	-15	63
OPM %	16%	23%	15%	-1%	18%	22%	16%	9%	13%	18%	8%	-11%	21%
	2	2	4	4	3	4	4	5	3	4	8	5	9
Interest	4	5	3	3	3	2	2	2	2	2	2	2	2
Depreciation	5	6	6	6	6	7	6	6	7	7	7	7	8
Profit before tax	27	75	30	-6	30	84	33	10	26	72	18	-19	62
Tax %	26%	25%	25%	-25%	26%	25%	26%	26%	26%	25%	26%	-24%	26%
	20	56	23	-4	22	63	24	7	19	53	13	-14	46
EPS in Rs	28.16	77.85	31.46	-6.22	30.32	87.73	33.79	10.39	26.52	74.24	18.43	-19.87	63.55
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	403	444	473	515	507	517	357	544	897	913	1,011	1,110
	363	387	418	469	440	457	362	501	779	759	841	964
Operating Profit	41	58	55	46	67	60	-5	43	118	153	170	145
OPM %	10%	13%	12%	9%	13%	12%	-1%	8%	13%	17%	17%	13%
	1	1	3	7	12	8	12	9	12	12	17	25
Interest	26	21	16	15	14	15	20	18	13	14	8	9
Depreciation	13	13	15	16	17	19	18	19	20	23	26	29
Profit before tax	3	24	27	22	49	34	-32	14	96	129	153	132
Tax %	41%	40%	38%	33%	35%	7%	-24%	27%	25%	25%	26%	26%
	2	14	17	15	31	32	-24	10	72	96	114	98
EPS in Rs	2.69	19.96	23.14	20.66	43.80	44.73	-33.53	14.39	100.07	133.34	158.44	136.36
Dividend Payout %	37%	6%	5%	6%	3%	0%	0%	9%	2%	1%	13%	32%

Compounded Sales Growth
10 Years:	10%
5 Years:	25%
3 Years:	7%
TTM:	10%

Compounded Profit Growth
10 Years:	21%
5 Years:	44%
3 Years:	11%
TTM:	-13%

Stock Price CAGR
10 Years:	21%
5 Years:	35%
3 Years:	21%
1 Year:	-20%

Return on Equity
10 Years:	17%
5 Years:	22%
3 Years:	24%
Last Year:	20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	7	7	7	7	7	7	7	7	7	7	7	7
Reserves	108	121	152	166	196	227	203	212	282	375	488	539
	152	122	119	141	147	171	148	176	203	129	94	79
	103	116	132	121	116	135	143	115	136	134	169	140
Total Liabilities	369	366	411	435	466	540	501	510	627	645	757	766
	224	223	250	254	263	301	300	293	301	337	343	336
CWIP	1	1	5	7	13	9	5	3	19	11	8	10
Investments	1	2	2	3	3	3	3	3	8	8	8	82
	143	141	155	171	187	227	193	211	299	289	399	338
Total Assets	369	366	411	435	466	540	501	510	627	645	757	766

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	50	64	43	18	39	48	62	-5	33	138	78
	-7	-11	-23	-24	-29	-50	-10	-10	-42	-41	-29
	-41	-53	-20	6	-10	9	-50	9	12	-102	-47
Net Cash Flow	1	-1	0	-0	-0	6	2	-6	3	-5	1
Free Cash Flow	42	51	19	-4	9	-4	48	-16	-5	95	44
CFO/OP	124%	117%	91%	50%	80%	97%	-1,205%	-10%	42%	111%	68%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	16	19	11	32	24	23	22	23	15	23	41
Inventory Days	180	137	131	115	152	179	207	160	154	132	152
Days Payable	122	104	91	90	84	100	167	80	54	55	77
Cash Conversion Cycle	74	52	51	56	92	102	61	102	115	100	115
Working Capital Days	-50	-41	-37	-6	-5	-21	-47	4	10	34	70
ROCE %	11%	17%	16%	13%	19%	13%	-3%	9%	25%	28%	29%

Insights

In beta

Mar 2015

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2024

Mar 2025

Number of Retail Outlets / Dealers
Number

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						xx,xxx	xx,xxx

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Ice Cream Installed Capacity
Liters per day

Number of Distributors
Number

Carry and Forwarding (C&F) Agencies
Number

Distribution Vehicles
Number

Number of SKUs
Number

Processed Foods Installed Capacity
Kgs per day

Number of Deep Freezers
Number

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%
	0.03%	0.09%	0.09%	0.45%	0.38%	0.35%	0.30%	0.68%	0.77%	0.57%	0.56%	0.58%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.00%	0.00%	0.44%	0.47%	0.42%	0.42%
	35.25%	35.18%	35.20%	34.83%	34.90%	34.88%	34.97%	34.58%	34.06%	34.23%	34.29%	34.27%
No. of Shareholders	12,381	13,700	14,286	14,138	15,948	19,677	17,827	18,717	20,622	19,638	19,230	22,133

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	65.16%	64.72%	64.73%	64.72%	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%	0.58%
	0.23%	0.20%	0.14%	0.34%	0.01%	0.01%	0.00%	0.00%	0.00%	0.42%
	34.61%	34.93%	34.47%	34.94%	35.27%	35.17%	35.19%	34.83%	34.58%	34.27%
No. of Shareholders	13,505	14,877	17,388	12,578	11,300	12,627	13,128	14,138	18,717	22,133

* 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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