Vidhi Specialty Food Ingredients Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,555 Cr
- P/E
- 29.04
- ROE
- 15.57%
- PEG
- 3.21
- Price to sales
- 3.54
- Debt to equity
- 0.18
- 52W high / low
- ₹375 / ₹263
- Sales growth (5Y)
- 7.36%
- EBITDA margin
- 19.05%
- Net profit margin
- 12.93%
- Promoter holding
- 64.28%
- Sales (last year)
- ₹438 Cr
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]
Guidance scorecard · Q2 FY27 call
What Vidhi Specialty Food Ingredients Ltd's management guided
and where it ranks in Chemicals & Petrochemicals
Chemicals & Petrochemicals
RevenueQ4 FY26 call
10–20%- FY27 outlook is robust with expected full utilization of Dahej and Roha facilities.
- Sales growth expected from expanded product portfolio focusing on high-margin, value-added products.
- Contribution of value-added products expected to double from 5% in FY26 to around 10-12% or more in FY27.
- New product lines like CoatIcon tablet coating systems are in aggressive sampling and approval phases with positive feedback, indicating future revenue streams.
- Expected capex of INR75-85 crores for new projects at Dahej, starting commercialization mid FY27-'28.
- Growth is anticipated from emerging markets (EM) over the next 3-5 years, reducing dependency on the U.S. market.
2 more points from Vidhi Specialty Food Ingredients Ltd's call on revenue
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MarginsQ4 FY26 call
Up 2%+See what Vidhi Specialty Food Ingredients Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Vidhi Specialty Food Ingredients plans capex of INR75-85 crores for a new project at Dahej, expected to commission in 18 months (mid-FY27-28).
- Additional capex of INR5-12 crores for scaling up the pharma product line (CoatIcon tablet coating system).
- Capex primarily targeted towards expanding capacity for new high-margin, value-added products in pharma, cosmetics, and pigment segments.
- Investments are focused on enhancing manufacturing capabilities and commercialization of emerging products from robust R&D pipelines.
- The company is committed to strategic investments in technology, infrastructure, product development, and human capital to support long-term growth.
2 more points from Vidhi Specialty Food Ingredients Ltd's call on capex
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FundraisingQ4 FY26 call
See what Vidhi Specialty Food Ingredients Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
- Management expresses strong confidence in demand, expecting full capacity utilization at both Dahej and Roha facilities in FY27.
- The order pipeline seems robust, supported by ongoing sampling and approvals for new products like the CoatIcon tablet coating system, with approvals expected within about 6 months.
- They anticipate growth in value-added and specialty products, doubling contribution from 5% to around 10-12% in FY27.
2 more points from Vidhi Specialty Food Ingredients Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Chemicals & Petrochemicals
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Chemicals & Petrochemicals companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹263 Cr | 3.4 | |
| 2 | 40%+ | Flat | ₹4,375 Cr | 83.7 | |
| 3 | 40%+ | Flat | ₹3,259 Cr | 4.0 | |
| 4 | 40%+ | Flat | ₹145 Cr | 15.9 | |
| 5 | 20–40% | Up 2%+ | ₹1.81L Cr | 90.9 | |
| 6 | 20–40% | Up 2%+ | ₹48,366 Cr | 78.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Chemicals & Petrochemicals rankingFinancials of Vidhi Specialty Food Ingredients Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Vidhi Specialty Food Ingredients Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 64.28% | 64.28% | 64.28% | 64.28% | 64.28% | 64.28% | 64.28% | 64.28% | 64.28% | 64.28% | 64.28% | 64.28% |
| FIIs + | 0.07% | 0.08% | 0.14% | 0.11% | 0.10% | 0.11% | 0.12% | 0.12% | 0.10% | 0.12% | 0.06% | 0.07% |
| DIIs + | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.04% | 0.04% |
| Public + | 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 |
Financials of Vidhi Specialty Food Ingredients Ltd
Quarterly Results
Quarter-by-quarter operating performance
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 80 | 63 | 78 | 83 | 91 | 99 | 110 | 88 | 75 | 94 | 123 | 146 | 137 |
| Expenses + | 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% |
| Other Income + | 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% |
| Net Profit + | 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 |
Financials of Vidhi Specialty Food Ingredients Ltd
Profit & Loss
Annual income statement trend
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 189 | 185 | 193 | 213 | 228 | 225 | 266 | 537 | 404 | 298 | 382 | 380 | 500 |
| Expenses + | 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% |
| Other Income + | 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% | |
| Net Profit + | 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% |
Financials of Vidhi Specialty Food Ingredients Ltd
Balance Sheet
Capital structure and asset base
| 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 |
| Borrowings + | 47 | 49 | 62 | 44 | 44 | 34 | 31 | 90 | 52 | 20 | 66 | 58 | 54 |
| Other Liabilities + | 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 |
| Fixed Assets + | 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 |
| Other Assets + | 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 |
Financials of Vidhi Specialty Food Ingredients Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 17 | 17 | -9 | 33 | 22 | 28 | 11 | -22 | 96 | 71 | -5 | 42 |
| Cash from Investing Activity + | -10 | -7 | -1 | -1 | -4 | -17 | -3 | -40 | -42 | -25 | -7 | -16 |
| Cash from Financing Activity + | -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% |
Financials of Vidhi Specialty Food Ingredients Ltd
Ratios
Working capital efficiency and return ratios
| 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% |
Guidance history
How Vidhi Specialty Food Ingredients Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 10–20% | Up 2%+ | Planned | — | — |
| Q2 FY26 call → | 10–20% | Up 2%+ | Planned | — | — |
| Q4 FY24 call → | 20–40% | Up 2%+ | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
29 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −7.2% | 52% |
| Last 6 months | +3.8% | 59% |
| Last 3 months | +0.6% | 64% |
The price is 44.5% below its all-time high of ₹561.95 (13 Dec 2024). Stocks more than 20% below their peak have their score halved, so 57 became 29.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Vidhi Specialty Food Ingredients Ltd: 0.4 × 52 + 0.4 × 59 + 0.2 × 64 = 57, halved to 29 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Vidhi Specialty Food Ingredients Ltd's management said in earlier quarters
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