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Vadilal Industries

VADILALIND NSE
₹7,377.50 No trade today
P/E
24.21
View as Markdown
MCP
Close 4 Nov 2026 ₹7,377.50 +2,074.00 +39.1% 1Y
Start ₹5,303.50

Key Fundamentals

MicrocapFood ProductsFMCG

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
22.00%
Debt to Equity
0.27
EPS (TTM)
₹304.73
Book Value
₹1,279.24
Market Cap
—
P/E (TTM)
24.21
P/B
5.77
ROE
19.60%
Dividend Yield
0.23%
EBITDA
₹271 Cr
52W High
₹8,447.00
52W Low
₹3,996.00
Volume
0

Peer Comparison

Fast Moving Consumer Goods › Food Products › Dairy Products

Vadilal Industries peer comparison
Hatsun Agro Product
₹1,046.2063.79₹23,626 Cr11.810.97%19.20%15.20%₹10,413 Cr₹366 Cr
Milky Mist Dairy Food
₹302.5584.04₹22,941 Cr10.060.00%31.60%13.60%₹3,765 Cr₹235 Cr
Kwality Walls
₹39.82—₹8,971 Cr13.920.00%−1.01%—₹1,909 Cr−₹334 Cr
Dodla Dairy
₹985.9524.30₹6,129 Cr3.450.49%16.40%16.70%₹4,316 Cr₹246 Cr
Vadilal Industries (this company)
₹7,377.5024.21₹5,347 Cr5.770.23%19.60%22.00%₹1,676 Cr₹219 Cr
Heritage Foods
₹370.6530.06₹3,435 Cr3.030.68%12.60%14.80%₹4,934 Cr₹115 Cr
Parag Milk Foods
₹291.9828.21₹3,370 Cr3.010.44%12.10%13.40%₹3,911 Cr₹130 Cr
Median 7 companies₹370.6529.14₹6,129 Cr5.770.44%16.40%15.00%₹3,911 Cr₹219 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

68 Strong

Data confidence 100/100

Category scores

Quality
69
Strong
Returns, margins, earnings quality 22% weight
Valuation
45
Weak
Cheap vs sector & own history 24% weight
Growth
84
Strong
Sales & profit trajectory 9% weight
Financial Health
83
Strong
Solvency, leverage, coverage 9% weight
Momentum
95
Strong
Trend strength, vol-adjusted 12% weight
Ownership
60
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company is expected to give good quarter

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish0712
OscillatorsBullish072
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
53.44
Neutral
MACD (12,26,9)
30.87
Bullish
SMA (50)
7,336.33
Bullish
SMA (200)
5,870.05
Bullish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+12.82%
5Y+26.55%
3Y+12.42%
1Y+21.21%
TTM+30.73%

Net profit

Net profit growth by window
10Y+26.31%
5Y+98.73%
3Y+17.31%
1Y+3.33%
TTM+56.43%

Operating cash flow

Operating cash flow growth by window
10Y+8.37%
5Y+11.76%
3Y+54.20%
1Y+28.83%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+3.68 pp
5Y+8.79 pp
3Y+0.88 pp
1Y−2.87 pp
TTM+1.05 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹482 Cr
Mar 2018₹547 Cr
Mar 2019₹567 Cr
Mar 2020₹599 Cr
Mar 2021₹463 Cr
Mar 2022₹698 Cr
Mar 2023₹1,058 Cr
Mar 2024₹1,125 Cr
Mar 2025₹1,240 Cr
Mar 2026₹1,503 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹19.00 Cr
Mar 2018₹16.00 Cr
Mar 2019₹33.00 Cr
Mar 2020₹41.00 Cr
Mar 2021₹5.00 Cr
Mar 2022₹45.00 Cr
Mar 2023₹96.00 Cr
Mar 2024₹146 Cr
Mar 2025₹150 Cr
Mar 2026₹155 Cr

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
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 7
  • 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
  • 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

₹ Cr
VADILALIND quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
411
289
174
251
464
296
204
275
507
341
239
416
680
463
Expenses
307
230
163
206
351
235
178
236
406
290
227
331
514
379
Operating Profit
104
59
11
46
113
61
26
39
100
51
11
85
166
84
OPM %
25%
20%
6%
18%
24%
20%
13%
14%
20%
15%
4.7%
20%
24%
18%
Other Income
2
4
4
3
6.95
5
4
3
4
7
4
7
27
8
Interest
6
4
4
4
4
3
3
4
4
4
4
5
4
4
Depreciation
9
9
8
9
11
11
10
11
12
12
12
14
15
15
PBT
92
50
3
35
103
52
17
27
89
43
0
73
174
73
Tax %
23%
24%
−210%
21%
25%
25%
31%
19%
25%
23%
150%
25%
25%
25%
Net Profit
71
38
9
28
77
39
12
22
67
33
0
55
131
55
EPS (₹)
98.81
52.94
12.86
38.45
108
54.23
16.6
30.61
93.19
46.5
−0.22
76.32
182
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
VADILALIND profit and loss, annual, ₹ crore
Particulars 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
1,240
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
241
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
15
21
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 (₹)
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%
—

Balance Sheet

₹ Cr
VADILALIND balance sheet, annual, ₹ crore
Particulars 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
188
Total Liabilities
370
366
414
439
477
574
567
623
838
917
1,094
1,268
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
6
21
Other Assets
143
141
158
175
196
247
250
313
410
445
601
691
Total Assets
370
366
414
439
477
574
567
623
838
917
1,094
1,268

Cash Flow

₹ Cr
VADILALIND cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
50
64
46
17
44
67
82
32
39
192
111
143
Investing
−8
−11
−23
−24
−31
−67
−11
−20
−62
−66
−58
−104
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
1
Free Cash Flow
42
51
22
−8
12
−2
67
11
−18
133
33
47
CFO/OP
130
116
92
45
82
101
236
44
50
108
63
76

Ratios

VADILALIND financial ratios, annual
Particulars 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
234
196
Days Payable
96
104
92
91
86
98
165
85
58
62
88
71
Cash Conversion Cycle
62
51
51
56
91
107
81
119
135
115
182
168
Working Capital Days
−49
−40
−37
−4
−5
−14
−20
17
29
50
83
89
ROCE %
10%
18%
17%
13%
20%
17%
7%
19%
26%
27%
25%
22%

Insights

Beta

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

Log in to view Vadilal Industries insights

68 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 64.72%
  • Public 17.84%
  • Others 14.40%
  • DIIs 1.63%
  • FIIs 1.41%

7.52% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Documents

  • Concall · Sep 2019
    PPT
  • Q3 FY19 concall · Feb 2019
    PPT
  • Q2 FY19 concall · Dec 2018
    PPT
  • Q1 FY19 concall · Aug 2018
    PPT
  • Concall · Jun 2018
    PPT

Frequently Asked Questions about Vadilal Industries

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 trades as VADILALIND on the NSE and under code 519156 on the BSE.
Which sector does Vadilal Industries Ltd belong to?
Vadilal Industries Ltd is classified under the Food Products sector, in the Dairy Products industry.
What is the PE ratio of Vadilal Industries Ltd?
Vadilal Industries Ltd trades at a PE ratio of 24.21 as of 4 Nov 2026, on earnings per share of ₹304.73, against a book value of ₹1,279.24 per share.
What is the 52-week high and low of Vadilal Industries Ltd?
Over the last 52 weeks Vadilal Industries Ltd has traded between ₹3,996 and ₹8,447 as of 4 Nov 2026.
Does Vadilal Industries Ltd pay dividends?
Vadilal Industries Ltd has a dividend yield of 0.23%.
What is the Return on Equity (ROE) of Vadilal Industries Ltd?
Vadilal Industries Ltd reported a return on equity of 19.60%. Its debt-to-equity ratio is 0.27.

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. 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.

Website vadilalgroup.com
CEO Ms. Rashmi Tushar Bhatt
Employees 713
Listed 15 Jun 2011
Face Value ₹10

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