Vandan Foods
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Jun 2025 – 02 Jul 2025
- Listing date
- 07 Jul 2025
- Face value
- ₹1 per share
- Issue price
- ₹115 per share
- Lot size
- 1,200 shares
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹30.36 Cr
- Market cap at offer price
- ₹96.43 Cr
- Promoter holding
- 96.94% → 66.42% pre-issue → post-issue
- ISIN
- INE0RDJ01019
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Nirbhay Capital Services Pvt.Ltd.
- Registered office
- 503/B, Wall Street-1, Opp, Orient Club, Nr.Rly.Crossing, Ellisbridge, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 1,32,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹115
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,38,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,76,000 |
| S-HNI (max) | 7 | 8,400 | ₹9,66,000 |
| B-HNI (min) | 8 | 9,600 | ₹11,04,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.60 | 7.21 |
| P/E (×) | 25.00 | 15.95 |
| Price to book (×) | 6.92 | — |
| Market cap | — | ₹96.43 Cr |
Key performance indicators
- Return on net worth
- 27.92%
- ROCE
- 37.33%
- PAT margin
- 5.43%
- EBITDA margin
- 7.48%
- NAV per share
- ₹16.62
- Price to book
- 6.92
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Vandan Foods
Vandan Foods Limited, incorporated on December 15, 2015 and converted to a public company on September 18, 2023, manufactures Refined First Stage Grade (F.S.G.) Castor Oil and Castor De Oiled Cake. The company transitioned from catering (pre-2018) to trading of agro commodities (2018-2023) to manufacturing (2024 onwards). Operating on a B2B model from facilities in Dhinoj, Gujarat, the company sources castor seeds domestically, processes them through pressing and solvent extraction, and refines the oil through bleaching and filtering. The company is ISO 9001:2015 certified and sells primarily in Gujarat, Haryana, Andhra Pradesh, Delhi, Bihar, Rajasthan and Telangana. Led by promoters with combined experience of over 10 years in agriculture and derivatives business.
Company Analysis
from DRHPVandan Foods Limited manufactures refined castor oil and castor de-oiled cake, operating in agro-based chemical derivatives and agricultural commodity industries.
Vandan Foods Limited, incorporated on December 15, 2015 and converted to a public company on September 18, 2023, manufactures Refined First Stage Grade (F.S.G.) Castor Oil and Castor De Oiled Cake. The company transitioned from catering (pre-2018) to trading of agro commodities (2018-2023) to manufacturing (2024 onwards). Operating on a B2B model from facilities in Dhinoj, Gujarat, the company sources castor seeds domestically, processes them through pressing and solvent extraction, and refines the oil through bleaching and filtering. The company is ISO 9001:2015 certified and sells primarily in Gujarat, Haryana, Andhra Pradesh, Delhi, Bihar, Rajasthan and Telangana. Led by promoters with combined experience of over 10 years in agriculture and derivatives business.
Objects of the Issue
- To Meet Working Capital Requirements ₹ 805.20 lakhs p.20
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company ₹ 140.00 lakhs p.20
- Funding the capital expenditure requirement for expansion of our Dhinoj Facility (CAPEX) ₹ 829.00 lakhs p.20
- General Corporate Purpose p.20
Issue Structure
- Total Issue
- Upto ₹ [●] lakhs (26,50,000 Equity Shares aggregating to ₹ [●] Lakhs)
- Fresh Issue
- Upto 26,50,000 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Price Band
- ₹ [●] per Equity Share
- Lot Size
- [●]
- Face Value
- ₹ 10/- per Equity Share
Business Model
B2B manufacturing and trading of castor oil and castor derivatives. Revenue streams include Refined Castor Oil (90.87% of revenue), Castor De Oil Cake (8.98%), agricultural commodities (trading), and other miscellaneous income. Products supplied directly to customers in pharmaceutical, cosmetics, paint, lubricant, and textile industries.
Business Segments
SWOT Analysis
- • Experienced promoter team in agriculture and derivatives(p.18)
- • ISO 9001:2015 certified quality management system(p.18)
- • Established customer relationships across multiple states(p.18)
- • Diversified product portfolio reduces dependency(p.117)
- • Heavy dependency on limited number of key customers(p.27)
- • Negative operating cash flows in current period(p.28)
- • Dependence on single manufacturing facility location(p.29)
- • Promoters lack prior castor oil industry experience(p.38)
- • Expansion of geographical distribution network(p.118)
- • Growing global castor oil market demand(p.19)
- • Rising demand for bio-based cosmetics and pharmaceuticals(p.20)
- • Capacity expansion project planned(p.20)
- • Seasonal volatility in raw material availability(p.28)
- • Volatile castor seed and raw material pricing(p.110)
- • Intense competition in castor oil industry(p.36)
- • Dependence on third-party lease arrangements for machinery(p.35)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kalpeshkumar Bhagavandas Thakkar | Promoter | 35.00% | — |
| Kalpesh Kumar Thakkar HUF | Promoter Group | 17.23% | — |
| Rakeshkumar Rameshbhai Patel | Promoter | 16.85% | — |
| Jitendra Rameshbhai Patel | Promoter | 13.93% | — |
| Jyotsana Jitendrabhai Patel | Promoter | 13.93% | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.