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Vadilal Enterprises Ltd

VADILENT

BSE

₹9,600.00+1.00%19 Oct 2026 at 11:14 AM

Reports

FMCG Dairy Products

Vadilal Enterprises Ltd

VADILENT

BSE

₹9,600.00

+1.00%

19 Oct 2026 at 11:14 AM

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FMCG Dairy Products

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Vadilal Enterprises is the marketing engine behind one of India’s oldest ice-cream brands - it does not make a single cone or cup itself. Incorporated in 1985 and listed in Ahmedabad, the company buys every product it sells from its manufacturing sibling, Vadilal Industries Limited, under a decade-long exclusive supply agreement, then shoulders all the advertising, distribution and trade spend to push the ‘Vadilal’ name across the country. That recurring approach - a pure marketing-and-distribution company tethered to a single manufacturer - explains everything that follows.

Business segments

Two engines that are really two halves of the same machine - a dominant ice-cream distribution business and a smaller processed-food line, both fed by the same factory, the same brand and the same trade network.

1. Ice-cream and frozen desserts: the brand’s main street

The company is effectively India’s largest marketing-only ice-cream player, spending heavily to build the brand while a multi-tier trade network does the physical selling.

Bought, not made - every tub, stick and cone is purchased finished from Vadilal Industries Limited on a principal-to-principal basis, with payment due within 180 days of supply; the company then bears all marketing costs and sells onward under exclusive domestic rights.
A pan-India push with a geographic carve-out - the company distributes ice cream, dairy products, frozen desserts and process food products across India except for ice cream, dairy product and frozen desserts in six western and southern states (Maharashtra, Goa, Karnataka, Kerala, Andhra Pradesh and Telangana), which are served by others in the group.
Spends like a consumer brand, not a distributor - it runs a balanced mix of television, print, outdoor, digital and in-store campaigns, with budgets tilted toward TV because of its nationwide reach; a summer jingle alone crossed a billion views in 2023.
The trade network is the last mile - products move through distributors, dealers, stockists, clearing-and-forwarding agents and retailers, supplemented by company-managed “Happinezz” and “Forever” parlours and a dedicated HORECA (hotels, restaurants, catering) channel.
Seasonality is softening - historically the March-to-June peak brought in roughly 43% of annual revenue and 84% of EBITDA, but year-round demand is now building, helped by a growing export share.

2. Processed foods: the brand’s side street

A smaller line that rides the same distribution rails as the ice-cream business, with one key difference - it can go where ice cream cannot.

Same factory, same brand, same trucks - processed food products are also bought from Vadilal Industries Limited and sold through the same multi-tier trade network, sharing marketing and logistics overheads.
The geographic exception works in reverse - unlike ice cream, processed foods may still be distributed in the six states where the company does not sell frozen products, giving the business a wider addressable map.
A director-led division - the Processed Food Division is overseen by a dedicated director who also handles production, purchase, quality control and R&D on the manufacturing side, reflecting a tighter operational link with the factory.

Group structure and partners

The company is one half of a two-entity arrangement - it sells what Vadilal Industries makes, under a brand owned by the same promoter family, governed by a family pact that has been tested in court and recently settled.

A single-supplier dependency with a long contract - the purchase agreement with Vadilal Industries Limited runs from October 2017 for ten years, with interest at 15% on overdue payments; the company also pays royalty, likely to the same related party, for use of the ‘Vadilal’ brand.
The Gandhi family’s three-way split - a 1999 Memorandum of Understanding divides the family business into three equal shares among the RRG, DLG and VRG family branches.
Litigation resolved by settlement - oppression-and-mismanagement petitions filed before the NCLT Ahmedabad led to orders in July 2024 and a “status quo” directive from the NCLAT in September 2024; in May 2025 the NCLAT passed orders setting aside the NCLT judgment and vacating all orders in the appeals, with no impact on the company’s operations.
No subsidiaries, no foreign ties - the company has no subsidiaries, joint ventures or associates, and no foreign investment or collaboration, making it a standalone domestic entity within the larger Vadilal group.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹828Cr

Close Price

₹9,600.00

Industry

FMCG Dairy Products

Price To Earnings

60.67

Price To Sales

0.59

Revenue

₹1,404Cr

Rev Gr TTM

Revenue Growth TTM

25.07%

PAT Gr TTM

PAT Growth TTM

534.71%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	244	132	188	513	246	136	224	517	264	145	291	704
Growth YoY Revenue Growth YoY%	13.9	19.6	-0.7	18.0	0.8	3.3	18.8	0.7	7.5	6.3	30.2	36.2
Expenses ExpensesCr	236	134	196	471	238	155	232	484	244	161	291	666
Operating Profit Operating ProfitCr	8	-2	-8	42	8	-19	-8	32	20	-16	0	38
OPM OPM%	3.1	-1.6	-4.1	8.3	3.5	-14.0	-3.5	6.3	7.6	-11.0	0.1	5.4
Other Income Other IncomeCr	1	9	0	1	2	1	2	1	1	1	2	1
Interest Expense Interest ExpenseCr	1	1	1	1	1	2	1	2	2	2	2	2
Depreciation DepreciationCr	3	3	3	4	4	4	4	5	5	5	5	6
PBT PBTCr	5	3	-12	39	5	-24	-12	27	14	-22	-6	31
Tax TaxCr	1	1	-3	10	1	-6	-3	7	4	-5	-1	8
PAT PATCr	4	2	-9	29	4	-18	-9	20	11	-16	-4	23
Growth YoY PAT Growth YoY%	228.9	40.5	-4.9	176.2	8.8	-924.8	-0.6	-30.6	179.1	12.0	51.8	15.9
NPM NPM%	1.4	1.7	-4.6	5.7	1.6	-13.4	-3.9	3.9	4.0	-11.1	-1.4	3.3
EPS EPS₹	40.8	25.7	-101.0	335.8	44.4	-212.3	-101.5	233.0	123.9	-186.9	-48.9	270.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	244	132	188	513	246	136	224	517	264	145	291	704
Growth YoY Revenue Growth YoY%	13.9	19.6	-0.7	18.0	0.8	3.3	18.8	0.7	7.5	6.3	30.2	36.2
Expenses ExpensesCr	236	134	196	471	238	155	232	484	244	161	291	666
Operating Profit Operating ProfitCr	8	-2	-8	42	8	-19	-8	32	20	-16	0	38
OPM OPM%	3.1	-1.6	-4.1	8.3	3.5	-14.0	-3.5	6.3	7.6	-11.0	0.1	5.4
Other Income Other IncomeCr	1	9	0	1	2	1	2	1	1	1	2	1
Interest Expense Interest ExpenseCr	1	1	1	1	1	2	1	2	2	2	2	2
Depreciation DepreciationCr	3	3	3	4	4	4	4	5	5	5	5	6
PBT PBTCr	5	3	-12	39	5	-24	-12	27	14	-22	-6	31
Tax TaxCr	1	1	-3	10	1	-6	-3	7	4	-5	-1	8
PAT PATCr	4	2	-9	29	4	-18	-9	20	11	-16	-4	23
Growth YoY PAT Growth YoY%	228.9	40.5	-4.9	176.2	8.8	-924.8	-0.6	-30.6	179.1	12.0	51.8	15.9
NPM NPM%	1.4	1.7	-4.6	5.7	1.6	-13.4	-3.9	3.9	4.0	-11.1	-1.4	3.3
EPS EPS₹	40.8	25.7	-101.0	335.8	44.4	-212.3	-101.5	233.0	123.9	-186.9	-48.9	270.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	488	518	546	573	592	340	548	930	999	1,119	1,217	1,404
Growth Revenue Growth%	16.7	6.1	5.4	5.0	3.2	-42.5	61.0	69.9	7.4	12.0	8.8	25.1
Expenses ExpensesCr	481	508	536	560	578	325	535	921	985	1,095	1,180	1,362
Operating Profit Operating ProfitCr	8	10	10	13	14	16	12	9	14	24	37	42
OPM OPM%	1.5	1.9	1.9	2.3	2.4	4.6	2.3	1.0	1.4	2.1	3.0	3.0
Other Income Other IncomeCr	2	2	3	3	3	4	5	12	12	6	6	6
Interest Expense Interest ExpenseCr	1	2	3	4	3	5	2	1	4	6	8	8
Depreciation DepreciationCr	8	9	11	12	14	13	12	11	12	16	20	21
PBT PBTCr	0	0	0	0	0	1	3	9	10	8	14	18
Tax TaxCr	0	0	0	0	0	0	1	2	3	2	4	5
PAT PATCr	0	0	0	0	-1	1	2	6	8	6	10	14
Growth PAT Growth%	2,003.3	23.7	-5.2	-39.9	-1,030.3	203.1	157.4	180.4	21.9	-23.7	82.4	534.7
NPM NPM%	0.0	0.0	0.0	0.0	-0.1	0.3	0.4	0.7	0.8	0.5	0.9	1.0
EPS EPS₹	1.5	1.8	1.7	1.0	-9.6	9.9	25.5	71.3	87.1	66.4	121.1	158.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	488	518	546	573	592	340	548	930	999	1,119	1,217	1,404
Growth Revenue Growth%	16.7	6.1	5.4	5.0	3.2	-42.5	61.0	69.9	7.4	12.0	8.8	25.1
Expenses ExpensesCr	481	508	536	560	578	325	535	921	985	1,095	1,180	1,362
Operating Profit Operating ProfitCr	8	10	10	13	14	16	12	9	14	24	37	42
OPM OPM%	1.5	1.9	1.9	2.3	2.4	4.6	2.3	1.0	1.4	2.1	3.0	3.0
Other Income Other IncomeCr	2	2	3	3	3	4	5	12	12	6	6	6
Interest Expense Interest ExpenseCr	1	2	3	4	3	5	2	1	4	6	8	8
Depreciation DepreciationCr	8	9	11	12	14	13	12	11	12	16	20	21
PBT PBTCr	0	0	0	0	0	1	3	9	10	8	14	18
Tax TaxCr	0	0	0	0	0	0	1	2	3	2	4	5
PAT PATCr	0	0	0	0	-1	1	2	6	8	6	10	14
Growth PAT Growth%	2,003.3	23.7	-5.2	-39.9	-1,030.3	203.1	157.4	180.4	21.9	-23.7	82.4	534.7
NPM NPM%	0.0	0.0	0.0	0.0	-0.1	0.3	0.4	0.7	0.8	0.5	0.9	1.0
EPS EPS₹	1.5	1.8	1.7	1.0	-9.6	9.9	25.5	71.3	87.1	66.4	121.1	158.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	1	1	1	1	1	1	1	1	1	1
Reserves ReservesCr	3	3	3	3	2	3	4	10	17	21	32
Current Liabilities Current LiabilitiesCr	110	96	129	137	144	137	141	174	194	229	268
Non Current Liabilities Non Current LiabilitiesCr	2	6	10	14	10	3	4	5	18	32	48
Total Liabilities Total LiabilitiesCr	116	106	143	155	157	144	151	191	231	284	349
Current Assets Current AssetsCr	38	30	60	58	59	62	79	108	117	139	167
Non Current Assets Non Current AssetsCr	77	76	84	97	98	82	72	83	114	144	182
Total Assets Total AssetsCr	116	106	143	155	157	144	151	191	231	284	349

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	1	1	1	1	1	1	1	1	1	1
Reserves ReservesCr	3	3	3	3	2	3	4	10	17	21	32
Current Liabilities Current LiabilitiesCr	110	96	129	137	144	137	141	174	194	229	268
Non Current Liabilities Non Current LiabilitiesCr	2	6	10	14	10	3	4	5	18	32	48
Total Liabilities Total LiabilitiesCr	116	106	143	155	157	144	151	191	231	284	349
Current Assets Current AssetsCr	38	30	60	58	59	62	79	108	117	139	167
Non Current Assets Non Current AssetsCr	77	76	84	97	98	82	72	83	114	144	182
Total Assets Total AssetsCr	116	106	143	155	157	144	151	191	231	284	349

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	28	-4	17	14	22	15	24	7	17	32	42
Investing Cash Flow Investing Cash FlowCr	-17	-8	-15	-23	-16	1	-10	-3	-35	-39	-49
Financing Cash Flow Financing Cash FlowCr	-5	9	1	5	-7	-16	-9	-2	17	13	6
Net Cash Flow Net Cash FlowCr	5	-3	3	-4	-1	0	5	2	-1	5	-1
Free Cash Flow Free Cash FlowCr	10	-3	19	14	24	18	27	9	19	34	43
CFO To PAT CFO To PAT%	22,114.1	-2,517.2	11,473.4	15,221.6	-2,695.4	1,728.2	1,109.7	115.8	230.8	560.2	403.1
CFO To EBITDA CFO To EBITDA%	372.1	-40.6	165.9	104.6	160.3	94.9	197.8	79.5	122.6	135.2	114.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	28	-4	17	14	22	15	24	7	17	32	42
Investing Cash Flow Investing Cash FlowCr	-17	-8	-15	-23	-16	1	-10	-3	-35	-39	-49
Financing Cash Flow Financing Cash FlowCr	-5	9	1	5	-7	-16	-9	-2	17	13	6
Net Cash Flow Net Cash FlowCr	5	-3	3	-4	-1	0	5	2	-1	5	-1
Free Cash Flow Free Cash FlowCr	10	-3	19	14	24	18	27	9	19	34	43
CFO To PAT CFO To PAT%	22,114.1	-2,517.2	11,473.4	15,221.6	-2,695.4	1,728.2	1,109.7	115.8	230.8	560.2	403.1
CFO To EBITDA CFO To EBITDA%	372.1	-40.6	165.9	104.6	160.3	94.9	197.8	79.5	122.6	135.2	114.5

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	48	55	90	78	88	156	147	310	327	867	842	828
Price To Earnings Price To Earnings	433.5	354.9	610.5	876.2		183.5	67.1	50.2	43.6	151.3	80.6	60.7
Price To Sales Price To Sales	0.1	0.1	0.1	0.1	0.1	0.4	0.2	0.3	0.3	0.8	0.7	0.6
Price To Book Price To Book	12.3	14.1	22.7	20.2	32.6	43.7	27.9	28.0	18.1	38.9	25.4	24.9
EV To EBITDA EV To EBITDA	6.0	6.8	9.7	7.5	7.7	10.8	11.8	34.3	24.7	37.6	24.0	20.5
Profitability Ratios Profitability Ratios
GPM GPM%	16.5	17.6	20.8	23.2	24.9	29.4	22.8	18.3	20.3	20.9	22.9	22.9
OPM OPM%	1.5	1.9	1.9	2.3	2.4	4.6	2.3	1.0	1.4	2.1	3.0	3.0
NPM NPM%	0.0	0.0	0.0	0.0	-0.1	0.3	0.4	0.7	0.8	0.5	0.9	1.0
ROCE ROCE%	20.0	11.9	14.0	15.2	11.3	37.5	45.9	54.2	29.2	19.7	23.4	23.4
ROE ROE%	3.2	4.0	3.7	2.3	-30.6	23.8	41.6	55.7	41.6	25.7	31.6	31.6
ROA ROA%	0.1	0.1	0.1	0.1	-0.5	0.6	1.5	3.2	3.3	2.0	3.0	3.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	48	55	90	78	88	156	147	310	327	867	842	828
Price To Earnings Price To Earnings	433.5	354.9	610.5	876.2		183.5	67.1	50.2	43.6	151.3	80.6	60.7
Price To Sales Price To Sales	0.1	0.1	0.1	0.1	0.1	0.4	0.2	0.3	0.3	0.8	0.7	0.6
Price To Book Price To Book	12.3	14.1	22.7	20.2	32.6	43.7	27.9	28.0	18.1	38.9	25.4	24.9
EV To EBITDA EV To EBITDA	6.0	6.8	9.7	7.5	7.7	10.8	11.8	34.3	24.7	37.6	24.0	20.5
Profitability Ratios Profitability Ratios
GPM GPM%	16.5	17.6	20.8	23.2	24.9	29.4	22.8	18.3	20.3	20.9	22.9	22.9
OPM OPM%	1.5	1.9	1.9	2.3	2.4	4.6	2.3	1.0	1.4	2.1	3.0	3.0
NPM NPM%	0.0	0.0	0.0	0.0	-0.1	0.3	0.4	0.7	0.8	0.5	0.9	1.0
ROCE ROCE%	20.0	11.9	14.0	15.2	11.3	37.5	45.9	54.2	29.2	19.7	23.4	23.4
ROE ROE%	3.2	4.0	3.7	2.3	-30.6	23.8	41.6	55.7	41.6	25.7	31.6	31.6
ROA ROA%	0.1	0.1	0.1	0.1	-0.5	0.6	1.5	3.2	3.3	2.0	3.0	3.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	HATSUN	MILKYMIST	DODLA	VADILALIND	HERITGFOOD	PARAGMILK	VADILENT
Market CapitalizationMkt CapCr	25,861	22,556	6,093	5,125	3,607	3,379	828
Close PriceClose₹	1,161.00	293.00	1,010.00	7,130.00	388.65	269.00	9,600.00
IndustryIndustry	FMCG Dairy Products	FMCG Dairy Products	FMCG Dairy Products	FMCG Dairy Products	FMCG Dairy Products	FMCG Dairy Products	FMCG Dairy Products
Price To EarningsPE	70.79	179.75	24.89	23.40	31.27	25.52	60.67
Price To SalesPS	2.48	7.19	1.41	3.06	0.73	0.86	0.59
RevenueRevenueCr	10,413	3,138	4,316	1,676	4,934	3,911	1,404
Revenue Growth TTMRev Gr TTM%	17.5%		13.1%	30.8%	13.9%	10.9%	25.1%
PAT Growth TTMPAT Gr TTM%	23.3%		-5.0%	56.6%	-33.8%	8.8%	534.7%

	HATSUN	MILKYMIST	DODLA	VADILALIND	HERITGFOOD	PARAGMILK	VADILENT
Market CapitalizationMkt CapCr	25,861	22,556	6,093	5,125	3,607	3,379	828
Close PriceClose₹	1,161.00	293.00	1,010.00	7,130.00	388.65	269.00	9,600.00
IndustryIndustry	FMCG Dairy Products	FMCG Dairy Products	FMCG Dairy Products	FMCG Dairy Products	FMCG Dairy Products	FMCG Dairy Products	FMCG Dairy Products
Price To EarningsPE	70.79	179.75	24.89	23.40	31.27	25.52	60.67
Price To SalesPS	2.48	7.19	1.41	3.06	0.73	0.86	0.59
RevenueRevenueCr	10,413	3,138	4,316	1,676	4,934	3,911	1,404
Revenue Growth TTMRev Gr TTM%	17.5%		13.1%	30.8%	13.9%	10.9%	25.1%
PAT Growth TTMPAT Gr TTM%	23.3%		-5.0%	56.6%	-33.8%	8.8%	534.7%

FY2026

FY2025

FY2024

FY2023

FY2022

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FY2020

FY2026

Jun 26