Vadilal Industries Ltd

₹ 3,895 -0.54%

12 Dec - 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
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 ₹ 2,807 Cr.
Current Price ₹ 3,895
High / Low ₹ 5,143 / 2,133
Stock P/E 18.3
Book Value ₹ 915
Dividend Yield 0.04 %
ROCE 27.1 %
ROE 31.0 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company has delivered good profit growth of 34.2% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 26.5%

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

Sector: FMCG Industry: Food - Processing - Indian

Part of BSE Allcap BSE Fast Moving Consumer Goods BSE SmallCap

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	188	130	213	391	267	143	256	411	289	174	251	464	296
	163	124	173	316	223	149	208	307	230	163	206	351	235
Operating Profit	25	6	40	75	44	-6	49	104	59	11	46	113	61
OPM %	13%	4%	19%	19%	17%	-4%	19%	25%	20%	6%	18%	24%	20%
	3	2	2	4	4	4	2	2	4	4	3	4	5
Interest	5	5	5	5	3	4	5	6	4	4	4	4	3
Depreciation	6	6	6	7	8	6	8	9	9	8	9	11	11
Profit before tax	18	-2	30	67	37	-12	38	92	50	3	35	103	52
Tax %	30%	6%	28%	26%	27%	-22%	24%	23%	24%	-210%	21%	25%	25%
	13	-2	22	49	27	-9	29	71	38	9	28	77	39
EPS in Rs	17.67	-3.34	30.18	68.81	38.02	-12.92	40.04	98.81	52.94	12.86	38.45	107.71	54.23
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	324	367	406	450	482	547	567	599	463	698	1,058	1,125	1,185
	287	327	367	391	425	499	494	521	428	599	892	904	954
Operating Profit	37	40	39	58	57	48	73	79	36	99	166	221	231
OPM %	11%	11%	10%	13%	12%	9%	13%	13%	8%	14%	16%	20%	19%
	7	2	3	1	3	6	10	10	16	8	10	12	16
Interest	25	25	26	21	16	15	14	17	21	19	16	18	15
Depreciation	11	13	13	14	15	16	17	24	23	24	30	35	39
Profit before tax	8	4	4	24	29	23	52	48	8	64	131	180	193
Tax %	39%	36%	36%	40%	35%	32%	36%	14%	40%	30%	26%	19%
	5	2	2	15	19	16	33	41	5	45	96	146	153
EPS in Rs	7.00	3.20	3.39	20.53	26.52	21.79	46.41	57.57	6.44	62.19	133.96	203.05	213.25
Dividend Payout %	21%	31%	29%	6%	5%	6%	3%	0%	0%	2%	1%	1%

Compounded Sales Growth
10 Years:	12%
5 Years:	15%
3 Years:	34%
TTM:	8%

Compounded Profit Growth
10 Years:	52%
5 Years:	34%
3 Years:	218%
TTM:	19%

Stock Price CAGR
10 Years:	31%
5 Years:	41%
3 Years:	58%
1 Year:	64%

Return on Equity
10 Years:	18%
5 Years:	21%
3 Years:	26%
Last Year:	31%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	7	7	7	7	7	7	7	7	7	7	7	7	7
Reserves	106	106	106	120	154	168	200	240	244	290	390	535	651
	172	166	152	122	119	141	148	174	158	186	291	223	155
	68	97	104	117	134	123	122	153	159	140	150	151	155
Total Liabilities	353	376	370	366	414	439	477	574	567	623	838	917	967
	207	228	226	225	251	257	267	318	312	307	403	444	436
CWIP	16	4	1	1	5	7	13	9	5	3	20	12	12
Investments	0	0	0	0	1	1	1	1	1	1	5	16	93
	129	144	143	141	158	175	196	247	250	313	410	445	426
Total Assets	353	376	370	366	414	439	477	574	567	623	838	917	967

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	35	55	50	64	46	17	44	67	82	32	39	192
	-24	-21	-8	-11	-23	-24	-31	-67	-11	-20	-62	-66
	-10	-33	-41	-53	-20	6	-10	4	-56	8	9	-114
Net Cash Flow	1	1	1	-1	3	-1	4	4	16	20	-13	12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	14	15	14	18	8	28	20	27	36	34	27	31
Inventory Days	176	178	144	138	135	119	157	179	211	170	167	146
Days Payable	79	104	96	104	92	91	86	98	165	85	58	62
Cash Conversion Cycle	111	89	62	51	51	56	91	107	81	119	135	115
Working Capital Days	38	21	9	3	12	31	38	50	51	69	82	80
ROCE %	12%	10%	10%	18%	17%	13%	20%	17%	7%	19%	26%	27%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	64.72%	64.72%	64.73%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%	64.72%
	0.00%	0.10%	0.06%	0.11%	0.17%	0.09%	0.03%	0.09%	0.09%	0.45%	0.38%	0.35%
	0.01%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%
	35.27%	35.17%	35.20%	35.15%	35.11%	35.19%	35.25%	35.18%	35.20%	34.83%	34.90%	34.88%
No. of Shareholders	11,073	12,627	12,823	13,858	12,487	13,128	12,381	13,700	14,286	14,138	15,948	19,677

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	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%	0.35%
	0.23%	0.20%	0.14%	0.34%	0.01%	0.01%	0.00%	0.00%	0.05%
	34.61%	34.93%	34.47%	34.94%	35.27%	35.17%	35.19%	34.83%	34.88%
No. of Shareholders	13,505	14,877	17,388	12,578	11,300	12,627	13,128	14,138	19,677

* 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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Aug 2015

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