Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹1682 Cr.
Stock P/E
34.4
P/B
4.9
Current Price
₹336.8
Book Value
₹ 69.1
Face Value
1
52W High
₹397.8
52W Low
₹ 258.8
Dividend Yield
0.89%

Vidhi Specialty Food Overview

Business

Vidhi Specialty Food Ingredients Ltd. is an Indian manufacturer and supplier of synthetic and natural food colors. Its core business model involves developing, manufacturing, and distributing a wide range of food-grade colorants used in various applications such as confectionery, beverages, dairy products, bakery items, pharmaceuticals, and cosmetics. The company makes money by selling these specialized ingredients to food and beverage manufacturers, pharmaceutical companies, and cosmetic producers globally. While the broader sector is classified as 'Dyes & Pigments', Vidhi specializes specifically in colors for human consumption and application, requiring stringent quality control and regulatory compliance.

Revenue Mix

The company primarily operates in the manufacturing of food colors. Its product portfolio includes:

Synthetic Food Colors: A wide range of artificial colors available in various forms (powder, granular, liquid).

Lake Colors: Water-insoluble pigments derived from synthetic dyes, suitable for fat-based products.

Natural Food Colors: Derived from plant-based sources, catering to the growing demand for natural ingredients.

Blends and Formulations: Custom-made color solutions for specific customer requirements.

Geographically, Vidhi has a significant international presence, exporting its products to over 80 countries, indicating a substantial portion of its revenue comes from global markets alongside domestic sales. Specific revenue percentages for each product type or geography are not publicly available.

Industry

The global food colors market is a specialized segment within the broader specialty chemicals industry, characterized by stringent regulatory requirements. It is moderately fragmented with a mix of large global players and several regional and niche manufacturers. Vidhi Specialty Food Ingredients Ltd. positions itself as a significant player in the synthetic food colors segment, particularly recognized for its quality and regulatory compliance, enabling its extensive export presence. While it competes with global giants and other regional players, Vidhi has carved out a strong position, especially in cost-effective, high-quality synthetic food colors for diverse applications. Its focus on compliance and a wide product range helps it cater to a global client base.

MOAT

Vidhi's competitive advantages primarily stem from:

Regulatory Expertise & Certifications: A critical moat in the food ingredients sector. Adherence to global food safety standards (e.g., FDA, EU, FSSAI) and a wide array of international certifications provide a significant barrier to entry and competitive edge, especially for export markets.

Product Quality & Consistency: Essential for food manufacturers, reliable quality and consistent supply build long-term customer relationships and trust.

Cost Efficiency: As an Indian manufacturer, Vidhi may benefit from relatively lower manufacturing costs, allowing it to compete effectively on price, particularly in synthetic colors.

Global Distribution Network: An established presence in numerous countries, supported by a strong sales and logistics infrastructure, enables wider market reach and reduces reliance on single geographies.

Customer Relationships & Customization: Ability to offer tailored blends and formulations based on specific client needs fosters sticky customer relationships.

Growth Drivers

Increasing Demand for Processed & Packaged Foods: Global urbanization and changing lifestyles drive consumption of processed foods, directly increasing demand for food ingredients like colors.

Expansion into Natural Colors: Growing consumer preference for "clean label" products and natural ingredients offers a significant growth avenue for Vidhi to expand its natural colors portfolio.

Geographic Expansion: Further penetration into untapped or under-penetrated international markets, especially emerging economies with rising disposable incomes.

New Product Development: Innovation in color solutions, including stable and versatile natural colors, and customized blends for evolving food trends.

Growth in Adjacent Industries: Increased demand from pharmaceuticals, cosmetics, and nutraceuticals for specialized food-grade colorants.

Risks

Regulatory Changes: Stricter food safety regulations or changes in approved colorants across different countries can impact product portfolios and market access.

Raw Material Price Volatility: Fluctuations in the prices of key chemical inputs can affect manufacturing costs and profit margins.

Intense Competition: From both large multinational players and numerous smaller, regional competitors, especially in the cost-sensitive synthetic colors segment.

Currency Fluctuations: A significant portion of revenue comes from exports, making the company susceptible to adverse foreign exchange movements.

Shifting Consumer Preferences: A rapid or widespread shift away from synthetic colors could pressure the company's core business if its natural color portfolio isn't sufficiently developed.

Supply Chain Disruptions: Global events, geopolitical tensions, or logistical challenges can disrupt raw material sourcing or product delivery.

Management & Ownership

Vidhi Specialty Food Ingredients Ltd. is promoted by the Rathi family, who have been instrumental in establishing and growing the business. The management team typically has long-standing experience in the specialty chemicals and food ingredients sector. Promoter holding is generally substantial, indicating a strong vested interest in the company's long-term success. The management's focus appears to be on expanding global reach, maintaining quality standards, and navigating regulatory complexities, which is crucial for a company in this sector.

Outlook

Vidhi Specialty Food Ingredients Ltd. is positioned to benefit from the growing global demand for processed foods and the increasing sophistication of the food and beverage industry. Its established export presence and strong regulatory compliance capabilities provide a solid foundation for continued growth, particularly as it looks to expand its natural colors portfolio and penetrate new markets. However, the company operates in a competitive and highly regulated environment, facing risks from raw material price volatility, currency fluctuations, and potential shifts in consumer preferences away from synthetic colors. Navigating these challenges while capitalizing on opportunities in natural ingredients and geographic expansion will be key to its future performance.

Vidhi Specialty Food Share Price

Live · BSE / NSE · Inception: 1994
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Vidhi Specialty Food Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 78 83 91 99 110 88 75 94 123 146
Other Income 0 0 1 0 1 0 1 0 0 0
Total Income 78 83 92 99 110 88 76 95 123 146
Total Expenditure 62 69 76 79 90 67 57 75 102 120
Operating Profit 16 14 16 19 21 21 18 19 21 26
Interest 0 0 0 1 1 1 1 1 1 1
Depreciation 2 2 2 2 2 2 2 2 2 2
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 14 12 14 17 18 17 15 16 18 23
Provision for Tax 3 3 3 4 6 4 4 3 5 6
Profit After Tax 10 8 10 13 12 13 11 12 13 17
Adjustments 0 0 0 0 0 0 0 0 0 -0
Profit After Adjustments 10 8 10 13 12 13 11 12 13 17
Adjusted Earnings Per Share 2.1 1.7 2.1 2.5 2.4 2.5 2.1 2.5 2.6 3.4

Vidhi Specialty Food Profit & Loss

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 225 266 537 404 298 382 380 438
Other Income 1 2 1 1 1 2 2 1
Total Income 225 268 538 405 299 384 382 440
Total Expenditure 174 213 452 348 241 314 302 354
Operating Profit 51 55 86 57 58 70 80 84
Interest 3 2 4 4 3 2 5 4
Depreciation 3 3 3 4 6 8 9 8
Exceptional Income / Expenses 0 0 0 0 0 0 0 0
Profit Before Tax 45 50 79 50 49 60 66 72
Provision for Tax 11 13 20 12 12 17 17 18
Profit After Tax 34 37 59 38 36 43 49 53
Adjustments 0 0 0 0 0 0 0 0
Profit After Adjustments 34 37 59 38 36 43 49 53
Adjusted Earnings Per Share 6.8 7.3 11.7 7.5 7.3 8.7 9.8 10.6

Vidhi Specialty Food Balance Sheet

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 129 161 217 251 280 301 328
Minority's Interest 0 0 0 0 0 0 0
Borrowings 1 2 16 5 0 0 0
Other Non-Current Liabilities 3 2 3 3 5 8 9
Total Current Liabilities 65 72 116 72 39 87 81
Total Liabilities 197 237 352 331 325 396 419
Fixed Assets 40 38 39 55 133 134 141
Other Non-Current Assets 6 9 45 69 6 9 9
Total Current Assets 151 191 268 207 185 252 269
Total Assets 197 237 352 331 325 396 419

Vidhi Specialty Food Cash Flow

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 18 10 10 1 7 12 20
Cash Flow from Operating Activities 28 11 -21 96 71 -5 42
Cash Flow from Investing Activities -12 -3 -40 -42 -25 -7 -15
Cash Flow from Financing Activities -24 -8 53 -47 -40 19 -35
Net Cash Inflow / Outflow -8 0 -9 6 6 8 -8
Closing Cash & Cash Equivalent 10 10 1 7 12 20 12

Vidhi Specialty Food Ratios

# Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 6.79 7.32 11.73 7.55 7.3 8.69 9.8
CEPS(Rs) 7.39 7.91 12.35 8.26 8.57 10.21 11.65
DPS(Rs) 1 0.8 0.8 0.8 2 5 3
Book NAV/Share(Rs) 25.77 32.3 43.44 50.2 56.11 60.28 65.64
Core EBITDA Margin(%) 22.45 20.01 15.76 13.82 19.21 17.92 20.52
EBIT Margin(%) 21.45 19.51 15.44 13.25 17.47 16.34 18.57
Pre Tax Margin(%) 20.11 18.6 14.7 12.33 16.38 15.69 17.31
PAT Margin (%) 15.1 13.72 10.91 9.33 12.23 11.35 12.88
Cash Profit Margin (%) 16.43 14.82 11.49 10.21 14.37 13.34 15.31
ROA(%) 17.19 16.82 19.88 11.04 11.12 12.04 12.02
ROE(%) 26.35 25.21 30.96 16.12 13.73 14.93 15.57
ROCE(%) 29.59 29.29 33.2 17.57 17.3 18.78 18.83
Receivable days 124.13 117.11 83.15 113.34 115.82 103.54 130.39
Inventory Days 55.53 50.76 38.26 60.17 71.57 62.66 74.79
Payable days 53.34 51.81 29.38 37.15 37.78 26.55 33.7
PER(x) 6.66 29.08 35.64 43.22 62.24 52.37 27.89
Price/Book(x) 1.76 6.59 9.62 6.5 8.1 7.55 4.17
Dividend Yield(%) 2.21 0.38 0.19 0.25 0.44 1.1 1.1
EV/Net Sales(x) 1.11 4.07 4.05 4.14 7.62 6.04 3.69
EV/Core EBITDA(x) 4.89 19.73 25.3 29.32 38.84 32.95 17.57
Net Sales Growth(%) 0 18.61 101.59 -24.78 -26.24 28.3 -0.6
EBIT Growth(%) 0 7.86 59.54 -35.46 -2.73 20.04 12.92
PAT Growth(%) 0 7.78 60.2 -35.63 -3.32 19.06 12.81
EPS Growth(%) 0 7.78 60.2 -35.63 -3.32 19.06 12.81
Debt/Equity(x) 0.27 0.19 0.42 0.2 0.07 0.21 0.17
Current Ratio(x) 2.34 2.66 2.32 2.86 4.72 2.92 3.3
Quick Ratio(x) 1.81 2.1 1.69 2.03 3.28 2.05 2.31
Interest Cover(x) 16 21.52 20.98 14.42 16.03 25.06 14.79
Total Debt/Mcap(x) 0.15 0.03 0.04 0.03 0.01 0.03 0.04

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -1% -2% +7% —
Operating Profit CAGR +14% +12% +8% —
PAT CAGR +14% +9% +6% —
Share Price CAGR -7% -8% -1% +19%
ROE Average +16% +15% +18% +20%
ROCE Average +19% +18% +21% +24%

Vidhi Specialty Food Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 64.27 %
FII 0.07 %
DII (MF + Insurance) 0.04 %
Public (retail) 35.62 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 64.2764.2764.2764.2764.2764.2764.2764.2764.2764.27
FII 0.080.140.110.090.110.120.120.10.120.07
DII 0000000000.04
Public 35.6535.5935.6235.6335.6235.6135.635.6335.6135.62
Others 0000000000
Total 100100100100100100100100100100

Vidhi Specialty Food Peer Comparison

Dyes & Pigments Edit Columns

Vidhi Specialty Food Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Vidhi Specialty Food Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Debtor days have increased from 26.55 to 33.7days.
  • Stock is trading at 4.9 times its book value.
  • The company has delivered a poor profit growth of 5% over past five years.
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