Vadilal Industries Limited (VADILALIND)

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Vadilal Industries Limited (VADILALIND) · mywealthgrid

About

Vadilal Industries manufactures dairy products in Consumer Staples, valued at ₹5,579 Cr. Quarterly revenues (consolidated) range from ₹415–₹680 Cr. The company operates through consolidated entities beyond its standalone dairy core.

Face value: ₹10

Market cap

₹5,175 Cr

P/E

23.6×

P/B

6.1×

Dividend yield

1.1%

ROE

22%

ROCE

22.7%

Debt / equity

0.11

OPM

16.6%

EPS (TTM)

₹304.6

Book value

₹1,182.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatility: Standalone profit swung from -₹14.28 Cr loss (Dec 2025) to ₹106.57 Cr (Jun 2026); sustainability unclear
High valuation amid swings: PE 25.47 while OPM ranged from -11.26% to 25.36% across quarters
Minimal institutional participation: FII 1.02%, DII 1.26% suggest thin research coverage or investor skepticism
Dairy input cost exposure: Milk procurement inflation could compress margins if not passed through to consumers

Generated analysis · source review pending

Growth drivers

Revenue growth: Standalone ₹584.27 Cr (Jun 2026) vs. ₹238.02 Cr (Dec 2025)—146% sequential increase
Margin expansion: OPM recovered from -11.26% (Dec 2025) to 25.36% (Jun 2026); net profit ₹106.57 Cr vs. -₹14.28 Cr loss
Consolidated contribution: ₹680.06 Cr (consolidated, Jun 2026) vs. ₹584.27 Cr (standalone) indicates 16% uplift from integrated entities
Capital efficiency: ROE 22.01% with conservative leverage D/E 0.11

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹7,187.0-1.2%1Y

Quick read

rule-based

Pros

+Strong return on equity of 26% (3-yr avg)
+High return on capital employed of 26.9%
+Profit CAGR of 105.6% over the last 5 years
+Revenue CAGR of 26.5% over the last 5 years
+Comfortable interest coverage of 13.5×
+Dividend payout of 26.6% of profit
+High promoter holding of 64.7% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

68/100

Business quality: 70
Growth: 80

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Hatsun Agro Product LimitedHATSUNHATSUN	₹24,900 Cr	₹26,997 Cr	₹9,624 Cr	₹1,166 Cr	11.6%	₹348 Cr	3.2%	18.3%	16.2%	45
Milky Mist Dairy Food LimitedMILKYMISTMILKYMIST	₹23,744 Cr	₹25,416 Cr	₹3,138 Cr	₹429 Cr	13.7%	₹127 Cr	4.1%	15.8%	32.2%	—
Kwality Wall's (India) LimitedKWILKWIL	₹9,013 Cr	₹9,063 Cr	₹2,245 Cr	₹-110 Cr	-4.9%	₹-369 Cr	-16.4%	-24.8%	-54.9%	-47
Dodla Dairy LimitedDODLADODLA	₹6,068 Cr	₹6,098 Cr	₹4,316 Cr	₹291 Cr	7.5%	₹245 Cr	6.5%	17.6%	17.3%	-3
Vadilal Industries LimitedVADILALINDVADILALIND	₹5,175 Cr	₹5,266 Cr	₹1,675 Cr	₹313 Cr	16.6%	₹219 Cr	10.3%	22.7%	22%	148
Heritage Foods LimitedHERITGFOODHERITGFOOD	₹3,739 Cr	₹4,063 Cr	₹4,727 Cr	₹254 Cr	5.9%	₹135 Cr	3.3%	15.8%	14.5%	18
Parag Milk Foods LimitedPARAGMILKPARAGMILK	₹3,316 Cr	₹3,856 Cr	₹3,911 Cr	₹267 Cr	6.7%	₹130 Cr	3.5%	17%	11.8%	84
Vadilal Enterprises LtdVADILENTVADILENT	₹892 Cr	₹937 Cr	₹340 Cr	₹16 Cr	—	₹1 Cr	0.5%	-22.1%	28.4%	36
Sheetal Cool Products LimitedSCPLSCPL	₹651 Cr	₹701 Cr	₹386 Cr	₹45 Cr	11.3%	₹21 Cr	5.2%	19.9%	13.3%	212
Milkfood LtdMLKFOODMLKFOOD	₹205 Cr	₹318 Cr	₹448 Cr	₹24 Cr	5.3%	₹5 Cr	1%	7%	2.6%	49
Modern Dairies LtdMODAIRYMODAIRY	₹153 Cr	₹165 Cr	₹348 Cr	₹14 Cr	2.9%	₹83 Cr	1.4%	13.9%	10.2%	10
Dindigul Farm Product LtdDFPLDFPL	₹72 Cr	₹91 Cr	₹90 Cr	₹8 Cr	8.6%	₹4 Cr	4.1%	9.3%	10%	3

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	567	599	464	698	1,058	1,125	1,238	1,503
COGS	295	316	245	356	561	573	605	750
Gross profit	272	284	219	342	497	552	633	753
	200	205	184	243	335	332	395	504
	72	79	35	99	163	220	238	249
OPM %	12.7%	13.1%	7.6%	14.2%	15.4%	19.6%	19.2%	16.6%
Depreciation	17	24	23	24	30	35	42	49
Interest	14	17	21	19	16	18	14	16
	11	10	17	8	14	13	17	22
Profit before tax	52	48	8	64	131	180	200	205
Tax	19	7	3	19	34	34	49	50
Tax %	35.7%	13.7%	39.8%	30%	26.2%	18.9%	24.7%	24.5%
	33	41	5	45	96	146	150	155
PAT margin %	5.9%	6.9%	1%	6.4%	9.1%	13%	12.1%	10.3%
EPS (₹)	46.4	57.6	6.4	62.2	134	203.1	209.2	215.8
EPS adjusted (₹)	—	57.6	6.4	62.2	133.9	203	214.3	236.6
	2.7%	0%	0%	2%	1.1%	0.7%	10%	19.9%
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	7	7	7	7	7	7	7
Reserves	—	244	290	390	535	688	843
Minority interest	—	0	0	0	0	0	0
	—	127	150	205	118	82	91
	—	189	176	236	256	318	331
Total equity & liabilities	—	567	623	838	917	1,096	1,273
	318	312	307	312	337	344	395
CWIP	—	5	3	20	12	10	20
Investments	—	1	1	97	16	23	31
	—	250	313	410	552	720	828
Total assets	—	567	623	838	917	1,096	1,273

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	48%	47.3%	47.2%	49%	47%	49.1%	51.1%	50.1%
EBITDA margin %	12.7%	13.1%	7.6%	14.2%	15.4%	19.6%	19.2%	16.6%
EBIT margin %	9.7%	9.2%	2.7%	10.7%	12.5%	16.5%	15.8%	13.3%
PAT margin %	5.9%	6.9%	1%	6.4%	9.1%	13%	12.1%	10.3%
Working capital
Receivable days	—	—	36	34	27	31	36	43
Inventory days	—	—	211	170	167	146	188	163
Payable days	—	—	165	85	58	62	81	59
NWC days	—	—	81	119	135	115	143	148
Leverage
Current ratio	—	—	1.04	1.39	1.44	2.02	2.56	3
Debt to EBITDA	—	—	3.58	1.52	1.26	0.54	0.35	0.37
Debt to equity	—	—	0.51	0.5	0.51	0.22	0.12	0.11
Interest coverage	4.7	3.9	1.4	4.3	9.2	11.1	15.6	13.5
Asset turnover	—	—	0.82	1.12	1.26	1.23	1.13	1.18
Return ratios
Return on assets %	—	—	0.8%	7.2%	11.5%	15.9%	13.7%	12.2%
Return on capital employed %	—	—	8.7%	22.5%	30.3%	31.3%	26.8%	22.7%
Return on equity %	—	—	1.8%	15%	24.2%	26.9%	21.6%	18.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	64.73%	64.73%	64.73%	64.73%	64.73%	64.73%	64.73%	64.73%	64.73%	64.72%	64.72%	64.73%
	0.09%	0.08%	0.45%	0.38%	0.35%	0.3%	0.68%	0.76%	0.57%	0.57%	0.58%	1.02%
	0%	0%	0%	0%	0.05%	0%	0%	0.44%	0.47%	0.42%	0.42%	1.26%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	35.18%	35.19%	34.82%	34.89%	34.87%	34.97%	34.59%	34.07%	34.23%	34.29%	34.28%	32.99%
No. of shareholders	—	—	—	—	—	—	—	—	19,638	19,230	22,133	19,041

Promoter holding up 0 percentage points since Sep 2023.

9 deals · 3 Jan 2022 – 6 Feb 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
6 Feb 2026	PSL LIMITED	Bulk	NSE	Buy	1,18,000	₹4,581.22	₹54.06 Cr
6 Feb 2026	KIFS ENTERPRISE	Bulk	NSE	Sell	92,000	₹4,578.47	₹42.12 Cr
23 Mar 2023	NAVIN SHAH FAMILY PRIVATE TRUST	Bulk	BSE	Buy	46,533	₹2,107.68	₹9.81 Cr
23 Mar 2023	EVOKE MANAGEMENT SERVICES LLP	Bulk	BSE	Sell	46,147	₹2,107.47	₹9.73 Cr
24 Feb 2022	RAJASTHAN GLOBAL SECURITIES PVT LTD	Bulk	NSE	Sell	43,679	₹1,135.96	₹4.96 Cr
24 Feb 2022	RAJASTHAN GLOBAL SECURITIES PVT LTD	Bulk	NSE	Buy	10,000	₹1,147.77	₹1.15 Cr
9 Feb 2022	CLIANTHA TRUST .	Bulk	NSE	Sell	46,961	₹963.19	₹4.52 Cr
3 Jan 2022	AGGARWAL AJAY KUMAR	Bulk	NSE	Buy	40,000	₹981.24	₹3.92 Cr
3 Jan 2022	CLIANTHA TRUST .	Bulk	NSE	Sell	37,112	₹981.09	₹3.64 Cr

1–9 of 9

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. NAGARAJAN SIVARAMAKRISHNANNon-Executive - Independent Director-Chairperson
Mr. RAJESH R. GANDHINon-Executive - Non Independent Director
Mr. DEVANSHU L. GANDHINon-Executive - Non Independent Director
Mr. JANMAJAY V GANDHINon-Executive - Non Independent Director
Mr. GAURAV MARATHENon-Executive - Non Independent Director
Ms. SHALINI RAGHAVANNon-Executive - Independent Director
Mr. Himanshu KanwarChief Executive Officer
Mr. Anil KabraChief Financial Officer
Ms. Rashmi BhattCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	7	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

19

Dividend dividend3 Sept 2026 · ex-date₹43
Interim dividend21 Aug 2026 · ex-date₹17
Final dividend12 Sept 2025 · ex-date₹21
Dividend dividend19 Sept 2024 · ex-date₹1.5
Final dividend14 Sept 2023 · ex-date₹1.5
Dividend dividend21 Sept 2022 · ex-date₹1.25
Dividend dividend19 Sept 2019 · ex-date₹1.25
Dividend dividend12 Sept 2018 · ex-date₹1.25
Dividend dividend14 Sept 2017 · ex-date₹1.25
Dividend dividend14 Sept 2016 · ex-date₹1.25
Dividend dividend15 Sept 2015 · ex-date₹1
Dividend dividend11 Sept 2014 · ex-date₹1
Dividend dividend12 Sept 2013 · ex-date₹1.5
Dividend dividend12 Sept 2012 · ex-date₹1.5
Dividend dividend12 Sept 2011 · ex-date₹1.5
Dividend dividend8 Sept 2010 · ex-date₹1.5
Dividend dividend10 Sept 2009 · ex-date₹1.2
Dividend dividend11 Sept 2008 · ex-date₹1.2
Dividend dividend20 Sept 2007 · ex-date₹1.2

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

32 announcementsExport CSV

30 Sept 2026, 1:00 pmCompany Update

Disclosure Pursuant To Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 ('LODR Regulations')

General

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	48%	47.3%	47.2%	49%	47%	49.1%	51.1%	50.1%
EBITDA margin %	12.7%	13.1%	7.6%	14.2%	15.4%	19.6%	19.2%	16.6%
EBIT margin %	9.7%	9.2%	2.7%	10.7%	12.5%	16.5%	15.8%	13.3%
PAT margin %	5.9%	6.9%	1%	6.4%	9.1%	13%	12.1%	10.3%
Working capital
Receivable days	—	—	36	34	27	31	36	43
Inventory days	—	—	211	170	167	146	188	163
Payable days	—	—	165	85	58	62	81	59
NWC days	—	—	81	119	135	115	143	148
Leverage
Current ratio	—	—	1.04	1.39	1.44	2.02	2.56	3
Debt to EBITDA	—	—	3.58	1.52	1.26	0.54	0.35	0.37
Debt to equity	—	—	0.51	0.5	0.51	0.22	0.12	0.11
Interest coverage	4.7	3.9	1.4	4.3	9.2	11.1	15.6	13.5
Asset turnover	—	—	0.82	1.12	1.26	1.23	1.13	1.18
Return ratios
Return on assets %	—	—	0.8%	7.2%	11.5%	15.9%	13.7%	12.2%
Return on capital employed %	—	—	8.7%	22.5%	30.3%	31.3%	26.8%	22.7%
Return on equity %	—	—	1.8%	15%	24.2%	26.9%	21.6%	18.2%

Date	Category	Subject	Filing
30 Sept 2026, 1:00 pm	Company Update General	Disclosure Pursuant To Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 ('LODR Regulations')	PDF
30 Sept 2026, 12:49 pm	Others Outcome without intimation	Board Meeting Outcome for Outcome Of Board Meeting	PDF
28 Sept 2026, 1:37 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
11 Sept 2026, 5:15 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
11 Sept 2026, 2:32 pm	Company Update General	Announcement Under Regulation 30 Of SEBI LODR	PDF
10 Sept 2026, 6:05 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
22 Aug 2026, 10:59 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
22 Aug 2026, 10:53 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	82	32	39	192	130	143
	-11	-20	-62	-66	-77	-108
	-56	8	9	-114	-61	-38
Net cash flow	16	20	-13	12	-8	-2
Free cash flow	67	11	-19	192	128	142
CFO / Operating profit %	231.5%	32.4%	24.3%	87.2%	54.6%	57.5%

Vadilal Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

19

1

Announcements

19

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Return on equity

Vadilal Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends19

Board meetings1

Announcements

Dividends19

Board meetings1

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

19

1

19

1