Asia's 2nd-largest manufacturer of synthetic food, drug & cosmetic colours, exporting to 80+ countries.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 137 | +82.7% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 19.0 | −5.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 18.0 | +63.6% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 16.53 | +0.8 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 6.83 | +10.1 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 34.41 | −28.7 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Guidance
1 of 4 judged targets kept · 6 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA Margin Improvement | 200-300 basis points increase in the next three-four years | Q2 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. | Achieved |
| Dahej Plant Capacity Utilization | 100% by end of this year (2025) | Q2 FY26 | The target of 100% utilization by end of calendar year 2025 was not met. Management now expects full utilization in FY27. | Missed |
| High-Value, High-Margin Products Share | Increase to 50% in the next few quarters | Q2 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. | Revised Down |
3 of Vidhi Specialty Food Ingredients Limited's 10 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 7 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹344 on 24 Oct 2025 → ₹304.65. High ₹374.6 (14 Nov 2025), low ₹263.25 (27 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
1 of 4 judged targets kept · 6 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA Margin Improvement | 200-300 basis points increase in the next three-four years | Q2 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. | Achieved |
| Dahej Plant Capacity Utilization | 100% by end of this year (2025) | Q2 FY26 | The target of 100% utilization by end of calendar year 2025 was not met. Management now expects full utilization in FY27. | Missed |
| High-Value, High-Margin Products Share | Increase to 50% in the next few quarters | Q2 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. | Revised Down |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 10 tracked commitments, with each call’s wording and source.
Call summaries
Vidhi Specialty Q4 FY26
Vidhi Specialty Food Ingredients Limited delivered a resilient performance in FY26, marked by improved profitability and strong financial health despite global headwinds. EBITDA margins expanded to 20.52% and net profit grew by 10.80%. The company is strategically investing in new product lines like CoatIcon and other value-added offerings, with significant capex planned for FY27 to drive future growth and diversify its portfolio.
Read the full callVidhi Specialty Q2 FY26
Vidhi Specialty reported a mixed Q2 FY26, with revenues declining 17.8% YoY to INR 75 crores due to strategic exits from low-margin trading. However, profitability significantly improved, with EBITDA growing 16.3% to INR 17.7 crores and margins expanding to 23.6%. The company is focused on high-margin products, capacity expansion at Dahej and Roha, and exploring new non-food applications, anticipating continued margin improvement and growth.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +64% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 99 | 110 | 88 | 75 | 94 | 123 | 146 | 137 |
| Expenses | 79 | 90 | 67 | 57 | 75 | 102 | 120 | 110 |
| Operating profit | 19 | 20 | 21 | 18 | 19 | 21 | 26 | 26 |
| Operating margin | 19.0% | 18.0% | 23.0% | 24.0% | 20.0% | 17.0% | 18.0% | 19.0% |
| Other income | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before tax | 17 | 18 | 17 | 15 | 16 | 18 | 23 | 24 |
| Tax rate | 25.0% | 32.0% | 26.0% | 29.0% | 22.0% | 26.0% | 26.0% | 26.0% |
| Net profit | 13 | 12 | 13 | 11 | 12 | 13 | 17 | 18 |
| EPS (₹ per share) | 2.55 | 2.38 | 2.54 | 2.11 | 2.49 | 2.63 | 3.43 | 3.53 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 403 | 301 | 383 | 380 |
| Expenses | 349 | 244 | 314 | 301 |
| Operating profit | 56 | 57 | 68 | 79 |
| Other income | 1 | 1 | 2 | 1 |
| Interest | 4 | 3 | 2 | 5 |
| Depreciation | 4 | 6 | 8 | 8 |
| Profit before tax | 50 | 50 | 61 | 66 |
| Net profit | 38 | 36 | 43 | 49 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | 246 | 275 | 296 | 306 | 323 | 358 |
| Borrowings | 52 | 20 | 66 | 60 | 58 | 54 |
| Other liabilities | 29 | 24 | 29 | 43 | 33 | 34 |
| Total liabilities | 331 | 325 | 396 | 414 | 419 | 451 |
| Fixed assets | 55 | 133 | 134 | 135 | 141 | 139 |
| Capital work in progress | 68 | 4 | 4 | 0 | 4 | 5 |
| Investments | 0 | 0 | 0 | 13 | 0 | 0 |
| Other assets | 207 | 187 | 258 | 266 | 274 | 308 |
| Total assets | 331 | 325 | 396 | 414 | 419 | 451 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 11 | -21 | 96 | 71 | -5 | 42 |
| Cash from investing | -3 | -40 | -41 | -19 | 5 | -15 |
| Cash from financing | -8 | 53 | -47 | -40 | 19 | -35 |
| Net cash flow | 0 | -9 | 7 | 12 | 20 | -8 |
| Free cash flow | 8 | -62 | 53 | 51 | -12 | 26 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 130 | 102 | 91 | 108 | 123 | 137 |
| Inventory days | 93 | 71 | 75 | 111 | 115 | 136 |
| Days payable | 63 | 36 | 28 | 31 | 29 | 35 |
| Cash conversion cycle | 159 | 137 | 138 | 189 | 209 | 238 |
| Working capital days | 149 | 103 | 115 | 155 | 132 | 161 |
| Return on capital employed | 29.0% | 33.0% | 18.0% | 17.0% | 19.0% | 19.0% |
| Dividend payout | 11.0% | 3.0% | 11.0% | 27.0% | 58.0% | 31.0% |
To justify its price of ₹305, this stock must grow earnings at 17% every year for 7 years. Our analysis caps realistic growth at ~9%. At that growth it is worth ₹203 — downside of 33%.
Ownership
Promoters hold 64.28% as of Sept 2026; institutions added 0.01 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Vidhi Specialty Food Ingredients Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 26.03% | unchanged | |
| 23.03% | unchanged | |
| 6.99% | newly disclosed | |
| 5.23% | unchanged | |
| 3.00% | unchanged | |
| 1.44% | unchanged | |
| — | off the list | |
| — | off the list |
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.
Your own record
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