Vadilal Industries Ltd logo

Vadilal Industries Ltd

VADILALIND NSE

Key Fundamentals

MicrocapDairy ProductsFood Products
Market Cap
₹5,386 Cr
Volatility
Moderate
P/E Ratio
24.38
EBITDA
₹249 Cr
Return on Equity
21.61%
Debt to Equity
0.27
Book Value
₹1,077.98
EPS
₹211.89
52W High
₹8,447
52W Low
₹3,996

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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34 extracted metrics + investor summaries across FY11–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company is expected to give good quarter

Growth Rate

Revenue Growth
19.73% ↘
Net Income Growth
4.00% ↘
Cash Flow Change
-32.28% ↘
ROE
-19.67% ↘
ROCE
-14.70% ↘
EBITDA Margin (Avg.)
-19.84% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 18d ago
AI opinion · based on fundamentals
Risk medium

Vadilal Industries is a ₹5,191 Cr market-cap FMCG company trading at a PE of 33.7x with FY25 revenue of ₹1,011 Cr (up 11% YoY) and a 5-year compounded profit CAGR of 103%. The business demonstrates strong capital efficiency with 3-year average ROE of 24%, though TTM profit growth has decelerated sharply to 4% and the stock's valuation has run ahead of near-term earnings momentum.

Bull Case 8
  • Revenue grew from ₹912.57 Cr in FY24 to ₹1,011.33 Cr in FY25, a healthy 11% YoY increase showing sustained topline momentum
  • 5-year compounded profit CAGR of 103% reflects a dramatic earnings turnaround over the medium term
  • 3-year and 5-year average ROE of 24% indicates consistently high capital efficiency versus FMCG peers
  • India's ice cream market valued at ~USD 3.98 Bn in 2025 is projected to grow at 15% CAGR through 2035, providing a large addressable runway
  • Stock has delivered 47% CAGR over 5 years and 38% CAGR over 3 years, well ahead of broader market indices
  • H1 FY26 net profit stood at ₹100.40 Cr, and Q1 FY27 revenue surged 51.2% YoY to ₹415.83 Cr suggesting strong operational scale-up
  • Organized players now account for nearly 50% of India's ice cream market, benefiting established brands like Vadilal at the expense of unorganized local vendors
  • ROCE has ranged between 22-27% over the past three years, reinforcing efficient deployment of total capital
Bear Case 8
  • TTM compounded profit growth has decelerated sharply to just 4%, a steep drop from the 16% 3-year and 103% 5-year CAGR
  • PE of 33.7x is elevated for a company whose near-term earnings growth has slowed to single digits, implying rich valuation relative to current momentum
  • Business is highly seasonal — Q2 FY26 net profit fell 50% sequentially and 14% YoY to ₹33.42 Cr despite 15.5% revenue growth, highlighting margin vulnerability
  • Price-to-book of 6.74x leaves limited margin of safety if growth disappoints versus market expectations
  • Dividend yield of only 0.29% offers negligible income cushion during periods of share price correction
  • Intense competition from Amul (~19% market share) and Kwality Wall's (~9%) means Vadilal must continually invest in distribution and branding to defend position
  • FY26 operating profit margin at 17% leaves the company exposed to raw material (milk, sugar) inflation which can compress margins quickly in a seasonal business
  • Market cap of ₹5,191 Cr on FY25 revenue of ~₹1,011 Cr implies a price-to-sales of over 5x, premium for an FMCG company with sub-20% net margins

This is AI-generated analysis, not financial advice. Do your own due diligence.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
411
289
174
251
464
296
204
275
507
341
239
416
680
Expenses
307
230
163
206
351
235
178
236
406
290
227
331
514
Operating Profit
104
59
11
46
113
61
26
39
100
51
11
85
166
OPM %
25%
20%
6%
18%
24%
20%
13%
14%
20%
15%
4.7%
20%
24%
Other Income
2
4
4
3
4
5
4
3
4
7
4
7
27
Interest
6
4
4
4
4
3
3
4
4
4
4
5
4
Depreciation
9
9
8
9
11
11
10
11
12
12
12
14
15
PBT
92
50
3
35
103
52
17
27
89
43
0
73
174
Tax %
23%
24%
-210%
21%
25%
25%
31%
19%
25%
23%
150%
25%
25%
Net Profit
71
38
9
28
77
39
12
22
67
33
0
55
131
EPS in Rs
98.81
52.94
12.86
38.45
108
54.23
16.6
30.61
93.19
46.5
-0.22
76.32
182
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
406
450
482
547
567
599
463
698
1,058
1,125
1,238
1,503
1,676
Expenses
367
391
425
499
494
521
428
599
892
904
999
1,254
1,362
Operating Profit
39
58
57
48
73
79
36
99
166
221
239
249
314
OPM %
10%
13%
12%
9%
13%
13%
8%
14%
16%
20%
19%
17%
19%
Other Income
3
1
3
6
10
10
16
8
10
12
17
22
46
Interest
26
21
16
15
14
17
21
19
16
18
14
16
17
Depreciation
13
14
15
16
17
24
23
24
30
35
42
49
52
PBT
4
24
29
23
52
48
8
64
131
180
200
205
290
Tax %
36%
40%
35%
32%
36%
14%
40%
30%
26%
19%
25%
24%
—
Net Profit
2
15
19
16
33
41
5
45
96
146
150
155
219
EPS in Rs
3.39
20.53
26.52
21.79
46.41
57.57
6.44
62.19
134
203
209
216
305
Div. Payout %
29%
6%
5%
6%
3%
0%
0%
2%
1%
1%
10%
20%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
7
7
7
7
7
7
7
7
7
7
7
7
Reserves
106
120
154
168
200
240
244
290
390
535
688
843
Borrowings
152
122
119
141
148
174
158
186
291
223
218
230
Other Liabilities
104
117
134
123
122
153
159
140
150
151
181
193
Total Liabilities
370
366
414
439
477
574
567
623
838
917
1,094
1,273
Fixed Assets
226
225
251
257
267
318
312
307
403
444
478
536
CWIP
1
1
5
7
13
9
5
3
20
12
10
20
Investments
0
0
1
1
1
1
1
1
5
16
22
21
Other Assets
143
141
158
175
196
247
250
313
410
445
584
696
Total Assets
370
366
414
439
477
574
567
623
838
917
1,094
1,273
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
50
64
46
17
44
67
82
32
39
192
130
143
Investing
-8
-11
-23
-24
-31
-67
-11
-20
-62
-66
-77
-108
Financing
-41
-53
-20
6
-10
4
-56
8
9
-114
-61
-38
Net Cash Flow
1
-1
3
-1
4
4
16
20
-13
12
-8
-2
Free Cash Flow
42
51
22
-8
12
-2
67
11
-18
133
52
47
CFO/OP
130
116
92
45
82
101
236
44
50
108
71
76
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
14
18
8
28
20
27
36
34
27
31
36
43
Inventory Days
144
138
135
119
157
179
211
170
167
146
188
163
Days Payable
96
104
92
91
86
98
165
85
58
62
81
59
Cash Conversion Cycle
62
51
51
56
91
107
81
119
135
115
143
148
Working Capital Days
-49
-40
-37
-4
-5
-14
-20
17
29
50
78
92
ROCE %
10%
18%
17%
13%
20%
17%
7%
19%
26%
27%
25%
22%

Shareholding Pattern

As of Jun 2026
Promoters 64.72%
Public 18.56%
Others 14.43%
DIIs 1.26%
FIIs 1.02%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
64.72%
64.72%
64.72%
64.72%
64.72%
64.73%
64.73%
64.73%
64.73%
64.73%
64.73%
64.73%
64.73%
64.73%
64.73%
64.73%
64.73%
64.73%
64.73%
64.72%
64.72%
64.72%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.45%
0.38%
0.35%
0.30%
0.68%
0.76%
0.57%
0.57%
0.58%
1.02%
DIIs
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.05%
0.00%
0.00%
0.44%
0.47%
0.42%
0.42%
1.26%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
24.16%
24.38%
24.59%
24.74%
25.00%
24.05%
22.23%
23.33%
23.40%
22.43%
23.34%
23.03%
22.31%
22.35%
21.96%
21.76%
20.80%
18.51%
18.90%
18.65%
19.38%
18.56%
Others
11.11%
10.89%
10.68%
10.53%
10.27%
11.22%
13.04%
11.95%
11.87%
12.84%
11.93%
12.24%
12.51%
12.55%
12.91%
13.22%
13.79%
15.57%
15.32%
15.64%
14.89%
14.43%
No. of Shareholders
11,300
10,679
10,766
11,073
12,627
12,823
13,858
12,487
13,128
12,381
13,700
14,286
14,138
15,948
19,677
17,827
18,717
20,622
19,638
19,230
22,133
19,041

Documents

1
Concall - Sep 2017 Sep 2017
2
Concall - Nov 2017 Nov 2017
3
Concall - Nov 2017 Nov 2017
4
Concall - Feb 2018 Feb 2018
5
Concall - Jun 2018 Jun 2018

Frequently Asked Questions about Vadilal Industries Ltd

What does Vadilal Industries Ltd do?
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. [...
Where is Vadilal Industries Ltd (VADILALIND) listed?
Vadilal Industries Ltd is listed on the Indian stock exchanges. It is listed on NSE: VADILALIND and BSE: 519156. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Vadilal Industries Ltd belong to?
Vadilal Industries Ltd operates in the Fast Moving Consumer Goods sector within the Food Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Vadilal Industries Ltd?
Vadilal Industries Ltd has a market capitalisation of approximately ₹5385.84 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Vadilal Industries Ltd?
The Price-to-Earnings (PE) ratio of Vadilal Industries Ltd is 24.38. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Vadilal Industries Ltd?
Over the past 52 weeks, Vadilal Industries Ltd has traded between a low of ₹3,996 and a high of ₹8,447. This range helps investors understand the stock's price volatility and recent trading levels.
Does Vadilal Industries Ltd pay dividends?
Yes, Vadilal Industries Ltd has a dividend yield of 0.23%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Vadilal Industries Ltd?
Vadilal Industries Ltd has a Return on Equity (ROE) of 21.61%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Vadilal Industries Ltd on Tapetide?
On Tapetide, you can view Vadilal Industries Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

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]

Website vadilalgroup.com
CEO Ms. Rashmi Tushar Bhatt
Employees 713
Listed 2011-06-15
Face Value ₹ 10
Issued Size 71,87,830

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