Vidhi Specialty Food Ingredients Ltd

₹ 306 -0.36%

03 Nov - close price

vidhifoodcolors.com BSE: 531717 NSE: VIDHIING

About

Vidhi Specialty Food Ingredients Limited, incorporated in 1994, is a leading manufacturer of Superior Synthetic and Natural Food Grade Colours. The company is Asia’s 2nd largest food colour manufacture. The company’s products have applications in industries of Food & Beverage, Confectionary, Pharmaceuticals, Pet Foods, Cosmetics, Inkjet Inks, Personal Care, and Home Care. ^[1]^[2]

Key Points

Market Position:^[1]
The company is the 3rd largest manufacturer of synthetic food-grade dyes globally and the 2nd largest in Asia.

Website BSE NSE

Market Cap ₹ 1,539 Cr.
Current Price ₹ 306
High / Low ₹ 388 / 259
Stock P/E 25.4
Book Value ₹ 72.8
Dividend Yield 0.98 %
ROCE 18.8 %
ROE 15.6 %
Face Value ₹ 1.00

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Pros

Company is expected to give good quarter
Company has been maintaining a healthy dividend payout of 38.4%

Cons

The company has delivered a poor sales growth of 7.36% over past five years.

* 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

Commodities Chemicals Chemicals & Petrochemicals Specialty Chemicals

Part of BSE Commodities

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	80	63	78	83	91	99	110	88	75	94	123	146	137
YoY Sales growth	-25%	-27%	-13%	+4%	+14%	+56%	+40%	+6%	-18%	-4%	+12%	+66%	+82%
	66	49	62	69	76	79	90	67	57	75	102	120	110
Operating Profit	14	14	16	14	15	19	20	21	18	19	21	26	26
OPM %	17%	23%	21%	17%	17%	19%	18%	23%	24%	20%	17%	18%	19%
	0	0	0	0	1	0	1	0	1	0	0	0	0
Interest	1	1	0	0	0	1	1	2	1	1	1	1	1
Depreciation	1	2	2	2	2	2	2	2	2	2	2	2	2
Profit before tax	12	12	14	12	14	17	18	17	15	16	18	23	24
Tax %	22%	27%	25%	29%	24%	25%	32%	26%	29%	22%	26%	26%	25%
	9	9	11	8	10	13	12	13	11	12	13	17	18
EPS in Rs	1.82	1.71	2.13	1.69	2.08	2.54	2.41	2.55	2.14	2.49	2.66	3.43	3.53
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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	TTM
	189	185	193	213	228	225	266	537	404	298	382	380	500
Sales growth	+32%	-2%	+4%	+10%	+7%	-2%	+19%	+102%	-25%	-26%	+28%	-1%	+35%
	162	156	164	181	182	174	214	452	348	241	314	302	408
Operating Profit	27	29	29	31	46	51	53	85	56	57	69	78	92
OPM %	14%	16%	15%	15%	20%	22%	20%	16%	14%	19%	18%	21%	18%
	0	1	1	0	1	1	2	1	1	1	2	2	1
Interest	6	6	4	5	3	3	2	4	4	3	2	5	4
Depreciation	2	2	2	2	2	3	3	3	3	6	7	9	9
Profit before tax	19	23	24	24	41	45	50	79	50	49	60	66	80
Tax %	36%	35%	38%	36%	29%	25%	26%	26%	24%	25%	28%	26%
	12	15	15	16	29	34	37	59	38	37	44	49	60
EPS in Rs	2.49	2.95	2.93	3.13	5.82	6.82	7.35	11.76	7.58	7.33	8.72	9.84	12.11
Dividend Payout %	20%	27%	27%	26%	14%	15%	11%	3%	11%	27%	57%	31%

Compounded Sales Growth
10 Years:	7%
5 Years:	7%
3 Years:	-2%
TTM:	35%

Compounded Profit Growth
10 Years:	13%
5 Years:	6%
3 Years:	9%
TTM:	26%

Stock Price CAGR
10 Years:	18%
5 Years:	-3%
3 Years:	-10%
1 Year:	-9%

Return on Equity
10 Years:	20%
5 Years:	17%
3 Years:	15%
Last Year:	16%

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	Mar 2026	Sep 2026
Equity Capital	5	5	5	5	5	5	5	5	5	5	5	5	5
Reserves	40	50	61	72	96	124	157	212	246	276	297	324	359
	47	49	62	44	44	34	31	90	52	20	66	58	54
	39	18	36	35	25	23	33	44	29	24	29	33	34
Total Liabilities	131	123	164	155	170	186	226	352	332	325	397	420	452
	17	31	30	29	31	31	29	38	47	125	126	133	130
CWIP	9	0	0	0	0	2	5	33	65	0	0	0	1
Investments	0	0	0	0	0	13	13	13	13	13	13	13	13
	105	92	134	126	139	140	179	268	207	187	258	274	308
Total Assets	131	123	164	155	170	186	226	352	332	325	397	420	452

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	Mar 2026
	17	17	-9	33	22	28	11	-22	96	71	-5	42
	-10	-7	-1	-1	-4	-17	-3	-40	-42	-25	-7	-16
	-4	-7	5	-29	-8	-19	-8	53	-47	-40	19	-35
Net Cash Flow	3	3	-5	3	10	-8	0	-9	6	6	8	-8
Free Cash Flow	7	10	-10	31	18	23	8	-62	53	51	-12	26
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	83%	97%	-3%	130%	73%	78%	45%	-0%	193%	144%	13%	75%

Ratios

Standalone / 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
Debtor Days	91	77	116	101	99	124	130	102	91	108	123	137
Inventory Days	103	81	111	93	97	100	92	71	75	111	115	136
Days Payable	77	38	75	74	50	52	63	36	28	30	29	35
Cash Conversion Cycle	117	120	152	120	146	172	159	137	138	189	209	239
Working Capital Days	28	39	69	80	91	124	149	103	115	155	132	161
ROCE %	30%	29%	24%	24%	33%	31%	29%	33%	18%	17%	19%	19%

Insights

In beta

Mar 2016

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Installed Capacity
TPA

x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
			x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx		x,xxx.xx	x,xxx.xx
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Food Colour Production Volume
MT

Manufacturing Sales Share
% of revenue

Americas Revenue Share
% of revenue

Top 10 Country Concentration
% of revenue

Top 10 Customer Concentration
% of revenue

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	64.28%	64.28%	64.28%	64.28%	64.28%	64.28%	64.28%	64.28%	64.28%	64.28%	64.28%	64.28%
	0.07%	0.08%	0.14%	0.11%	0.10%	0.11%	0.12%	0.12%	0.10%	0.12%	0.06%	0.07%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.04%
	35.65%	35.64%	35.60%	35.62%	35.63%	35.62%	35.60%	35.61%	35.62%	35.61%	35.64%	35.60%
No. of Shareholders	17,814	18,808	17,114	16,894	16,646	16,309	15,769	15,526	15,154	14,693	14,557	14,583

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	64.27%	64.27%	64.27%	64.27%	64.27%	64.27%	64.28%	64.28%	64.28%	64.28%	64.28%
	0.10%	0.55%	0.10%	0.15%	0.26%	0.37%	0.09%	0.08%	0.11%	0.12%	0.07%
	0.06%	0.30%	0.07%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%
	35.57%	34.88%	35.55%	35.39%	35.47%	35.36%	35.63%	35.64%	35.62%	35.61%	35.60%
No. of Shareholders	10,289	12,561	11,412	10,974	14,169	20,626	20,508	18,808	16,309	14,693	14,583

* 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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