VIDHIING

Vidhi Specialty Food Ingredients share price & financials

Price
₹284.4
Market cap
₹1.7k Cr
Sector
Chemicals
Calls analysed
2
Latest concall · Q4 FY26 · call held 14 May 2026

Vidhi Specialty Q4 FY26

Revenue ₹380 cr −1%EBITDA ₹78 cr +15%EBITDA Margin 20.52% Net Profit ₹49.15 cr +11%

What went well

  • EBITDA margins improved from 17.91% to 20.52% in FY26, supported by better realizations and product mix.
  • Net profit grew by 10.80% to INR 49.15 crores in FY26, demonstrating profitability protection in a challenging environment.
  • Return on capital employed improved to 20.90% from 20.17% in FY26, reflecting efficient capital utilization.

What to watch

  • Revenue slightly decreased to INR 380 crores in FY26 from INR 382.30 crores in FY25 amidst global economic uncertainty.
  • Interest coverage ratio reduced from 28.27% to 16.75% due to the withdrawal of subvention scheme on export finance.
Read the full call →

What Vidhi Specialty Food Ingredients Limited does

Vidhi Specialty Food Ingredients manufactures synthetic and natural food-grade colours — water-soluble colours, D&C dyes and lakes, FD&C certified colours, blends and aluminium lakes — used across food & beverage, pharmaceutical, cosmetics, animal feed, nutraceutical and other regulated consumer categories. It runs its own manufacturing and R&D operations and earns through a mix of in-house manufactured colour products and trading, selling to marquee global FMCG, pharma and pet-food companies across multiple continents. The company has recently diversified beyond colours into tablet-coating solutions under its CoatIcon brand and into pharma/cosmetics-adjacent colour applications through its Arjun Foods subsidiary.

Segments

  • Manufacturing
  • Trading
Market position
2nd largest food colour manufacturer in Asia
Manufacturing facilities
3 plants — Dhatav (Raigad, Maharashtra), Dahej SEZ (Gujarat), and Arjun Foods (Roha, pharma-grade colours under development)
Installed manufacturing capacity
~7,500 MT p.a., with ~4,200 MT p.a. more under expansion
Manufacturing plant area
~2,84,250 sq ft combined (1,76,000 sq ft at Raigad + 1,08,250 sq ft at Dahej)
Export footprint
80+ countries across 6 continents; Two-Star Export House status
End-user sectors served
12 (food & beverage, pharma, cosmetics, animal/pet feed, nutraceuticals, inks, textiles, household, stationery, agro, biotech/diagnostics, tobacco/vape)
Founded 1994Headquarters Mumbai, Maharashtra Company website

Guidance record · Q4 FY26

what the last two calls moved 10 tracked 1 delivered 3 missed 6 open
  • EBITDA Margin Improvement delivered said Q2 FY26 Promised: 200-300 basis points increase in the next three-four years Q4 FY26: EBITDA margin increased from 17.91% in FY25 to 20.52% in FY26, an expansion of 261 bps, meeting the target range in the first year.
  • Dahej Plant Capacity Utilization missed said Q2 FY26 Promised: 100% by end of this year (2025) Q4 FY26: The target of 100% utilization by end of calendar year 2025 was not met. Management now expects full utilization in FY27.
  • High-Value, High-Margin Products Share revised down said Q2 FY26 Promised: Increase to 50% in the next few quarters Q4 FY26: The share has dropped to ~5%. The new target is to reach 10-12% in FY27, a significant reduction from the original 50% goal.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 65.9%, net profit up 30.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue91 99 110 88 75 −18%94 −5%123 +12%146 +66%
EBITDA15 19 20 21 18 +20%19 +0%21 +5%26 +24%
Net profit10 13 12 13 11 +10%12 −8%13 +8%17 +31%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −10.9% 1Y

₹300₹350Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q4 FY26 — 14 May 2026

1Y: ₹375.35 on 10 Sept 2025 → ₹334.45. High ₹378.5 (22 Sept 2025), low ₹263.25 (27 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
+6.7%
14 May
Q2 FY26
+1.1%
13 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 1.9% a year over 3 years, FY23 to FY26. Operating margin widened to 20.8%.

Year endingFY23FY24FY25FY26
Revenue₹403 Cr₹301 Cr₹383 Cr₹380 Cr
Operating profit₹56 Cr₹57 Cr₹68 Cr₹79 Cr
Operating margin13.9%18.9%17.8%20.8%
Interest₹4 Cr₹3 Cr₹2 Cr₹5 Cr
Depreciation₹4 Cr₹6 Cr₹8 Cr₹8 Cr
Net profit₹38 Cr₹37 Cr₹43 Cr₹49 Cr
Net margin9.4%12.3%11.2%12.9%
Cash from operations₹96 Cr₹71 Cr₹-5 Cr₹42 Cr
Free cash flow₹53 Cr₹51 Cr₹-12 Cr₹26 Cr
ROCE18.0%17.0%19.0%19.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹5 Cr₹5 Cr₹5 Cr₹5 Cr₹5 Cr₹5 Cr
Reserves₹157 Cr₹212 Cr₹246 Cr₹276 Cr₹306 Cr₹324 Cr
Borrowings₹31 Cr₹90 Cr₹52 Cr₹20 Cr₹60 Cr₹58 Cr
Other liabilities₹33 Cr₹44 Cr₹29 Cr₹24 Cr₹43 Cr₹33 Cr
Total liabilities₹226 Cr₹352 Cr₹332 Cr₹325 Cr₹414 Cr₹420 Cr
Fixed assets₹29 Cr₹38 Cr₹47 Cr₹125 Cr₹135 Cr₹133 Cr
Capital work in progress₹5 Cr₹33 Cr₹65 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹13 Cr₹13 Cr₹13 Cr₹13 Cr₹13 Cr₹13 Cr
Other assets₹179 Cr₹268 Cr₹207 Cr₹187 Cr₹266 Cr₹274 Cr
Total assets₹226 Cr₹352 Cr₹332 Cr₹325 Cr₹414 Cr₹420 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

The ownership split has held steady since Jun 2025. The shareholder count shrank 8% to 14,557.

Promoters
64.3%
FIIs
0.1%
DIIs
0.0%
Public
35.6%

Since Jun 2025

  • FIIs −0.06 pp
  • DIIs +0.04 pp
  • Public +0.04 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 64.3%, FIIs 0.1%, Public 35.7%.Dec '23: Promoters 64.3%, FIIs 0.1%, Public 35.6%.Mar '24: Promoters 64.3%, FIIs 0.1%, Public 35.6%.Jun '24: Promoters 64.3%, FIIs 0.1%, Public 35.6%.Sep '24: Promoters 64.3%, FIIs 0.1%, Public 35.6%.Dec '24: Promoters 64.3%, FIIs 0.1%, Public 35.6%.Mar '25: Promoters 64.3%, FIIs 0.1%, Public 35.6%.Jun '25: Promoters 64.3%, FIIs 0.1%, Public 35.6%.Sep '25: Promoters 64.3%, FIIs 0.1%, Public 35.6%.Dec '25: Promoters 64.3%, FIIs 0.1%, Public 35.6%.Mar '26: Promoters 64.3%, FIIs 0.1%, Public 35.6%.Jun '26: Promoters 64.3%, FIIs 0.1%, DIIs 0.0%, Public 35.6%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Vidhi Specialty Food Ingredients Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
PRAVINAMANEKFAMILYPRIVATETRUST(TrusteesBipinMadhavjiManekPravinaBipinManekandMihirBipinManek) 26.03%unchanged
BIPINMANEKFAMILYPRIVATETRUST(TrusteesBipinMadhavjiManekPravinaBipinManekMihirBipinManek) 23.03%unchanged
Bipin M Manek 6.99%+1.76 pp
Bipin Madhavji Manek 5.23%newly disclosed
MANEKFAMILYPRIVATETRUST(TrusteesBipinMadhavjiManekandPravinaBipinManek) 3.00%unchanged
Miten Mehta 1.44%unchanged
Mukul Mahavir Agrawal 1.38%−0.22 pp
Vidhi Harsh Parekh 0.00%unchanged
Vidhi Food Colours (Dahej) Private Limited 0.00%unchanged
Vidhi Finechem Private Limited 0.00%unchanged
Chroma Food Ingredients Private Limited 0.00%unchanged
Mihir Bipin Manek 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Expensive

To justify its price of ₹334, this stock must grow earnings at 21% every year for 7 years. Our analysis caps realistic growth at ~9%. At that growth it is worth ₹180 — downside of 46%.

Growth the price implies
20.9% a year
for 7 years, fading to 4%
It has actually compounded at
8.8% a year
net profit, FY23–FY26 · EPS 9.1%
The gap
0.1 pp
-46% downside if it only repeats history
Price today ₹334.45 Value at the reference growth ₹180.21

Change the assumptions yourself →

All earnings calls (2)

Read the Q4 FY26 call →

Learn to analyse Vidhi Specialty Food Ingredients Limited

Guides on how to read this kind of business and the numbers that matter.