Vidhi Specialty Food Ingredients Ltd(VIDHIING)

NSE: VIDHIINGBSE: 531717

₹ 317.9-4.85%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,588 crNext results: 26 Oct 2026Website: www.vidhifoodcolors.comUpdated: 24 Oct 2026

About

Vidhi Specialty Food Ingredients Ltd manufactures and sells synthetic food colours and specialty food ingredients, exporting to 80+ countries across 5 continents. The company operates two plants, at Roha, Maharashtra and Dahej SEZ, Gujarat, with combined installed capacity of ~7,500 TPA. Revenue was Rs 380.03 Cr in FY26.^[1][2]

Business segments

Manufacturing sales were ₹330.2 Cr in FY26, representing 87% of total revenue, as the company deliberately exited low-margin trading business.^[1]
Non-food applications (fertilizer, ink, sanitation, personal care) contributed 2.5 - 5% of revenue in Q2 FY26.^[3]
Revenue by geography in FY25: Rs 301.27 Cr from outside India and Rs 81.03 Cr from within India.^[4]

Products and portfolio

Core products are synthetic food colours. The company is moving into pharma tablet coatings under the CoatIcon brand, which management called a strategic milestone in Q1 FY27.^[1][5]
High-value products (priced above US$25/kg, gross margins above 50%) made up 5% of revenue in FY26. Management targets 10 - 12% or higher in FY27.^[1]

Manufacturing capacity and utilisation

Total installed capacity was ~7,500 MT p.a. as of Q1 FY27, across Roha (Maharashtra) and Dahej SEZ (Gujarat).^[5][1]
The Dahej SEZ plant (350 TPM) began commercial production on 12 December 2023 with a ₹70 Cr investment funded from internal accruals, doubling capacity from the prior 325 TPM at Roha.^[6]
Utilisation in Q2 FY26 was 65 - 70% at the Dahej plant and 100% at the Roha plant.^[3]

Key operating numbers

Total sales volume was 1,618 MT in Q1 FY27, the highest of the five quarters shown, compared with 1,228.6 MT in Q1 FY26.^[5]
Gross margin was 33.6% in Q1 FY27, down from 43.3% in Q1 FY26 and 38.4% in Q4 FY26. Cost of goods sold was Rs 97.2 Cr, against Rs 49.9 Cr a year earlier.^[5]
Gross margin was 43.1% in FY26, against 37.8% in FY25.^[1]
Top 10 customers contributed ~59% of revenue in Q1 FY26.^[7]

Customers and markets

The company exports to more than 80 countries. The top 10 countries made up ~80.81% of revenue in Q1 FY27, against ~74.24% in the earlier period shown.^[5]
The Americas made up ~31% of revenue and Europe ~7% in Q3 FY26.^[6]
US exports (including Canada) were 19% of revenue in FY26.^[1]
CoatIcon is in qualification with several pharma companies in India and abroad as of Q4 FY26. The typical approval cycle is 6 months.^[1]

Expansion and capex

Project 1: a pharma project at Arjun Foods, Roha, planned at 200 MT per month in 2 phases. The pilot plant is ready and products are being sampled with several large companies (Q1 FY27).^[5]
Project 2: a project at Dahej for cosmetics, plastics and inks, planned at 300 MT per month in 2 phases on newly acquired land. The pilot plant is ready and sampling is due to begin soon (Q1 FY27).^[5]
The Dahej cosmetics/pigments line has capex of ₹75 - 85 Cr and an 18-month commissioning timeline from Q4 FY26. Revenue of ₹125 - 150 Cr is expected in the first phase.^[1]
CoatIcon pharma coating capex of ₹5 - 12 Cr is planned, mostly in FY27.^[1]
A Dahej land parcel of 16,834 sqm was acquired in April 2025 for the second capex programme.^[3]

Recent developments

Revenue from operations was Rs 146.3 Cr in Q1 FY27, up 66.4% YoY from Rs 87.9 Cr in Q1 FY26 and up 19.2% QoQ. Management attributed the rise to higher demand.^[5]
Mr. Chetan Prabhudas Bavishi was proposed for appointment as Non-Executive Independent Director at the 33rd AGM on September 24, 2026.^[8]
Two interim dividends were declared for FY2025-26, on July 28, 2025 and November 10, 2025.^[8]

Market Cap

₹1,588 Cr

High / Low

₹388 / 259

Stock P/E

29.8

Price / Book

4.8

Book Value

₹66

EPS

₹9.8

No. of Shares

4.99 Cr

ROCE

18.8%

ROE

15.6%

OPM

18.5%

Debt / Equity

0.18

Sales

₹380 Cr

Net Profit

₹49 Cr

Promoter holding

64.3%

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