For over a century, the Vadilal name has been synonymous with ice cream in India - the company is the country’s second-largest ice cream brand, holding a 16% share of the organized market. Incorporated in 1982 and adding a processed-foods arm in 1991, Vadilal has built its business on a single recurring approach: make the widest range of indulgent products in modern, high-capacity plants, then push them through an ever-expanding network of dealers, parlours, and quick-commerce platforms - competing on quality and variety rather than price. That same approach now reaches 24 countries in export markets and is supported by a quiet forex-advisory division that serves over 450 corporate clients on the side. # Business segments Three engines under one food umbrella - a national ice cream powerhouse, a niche processed-foods exporter, and a small forex-advisory unit - with the ice cream division as the overwhelming core. ## 1. Ice cream: the brand that built the house **India’s second-largest ice cream brand runs two mega-plants that churn out 5.5 lakh litres a day and feed a distribution machine spanning 1,50,000 trade partners, 24 states, and 24 countries.** - **Widest range in the country** - the portfolio spans natural tubs, kulfis, premium bars, cones, sandwiches, artisan cakes, and kids’ novelties like Ice Trooper, with the Gourmet Naturals line made without artificial colours, flavours, or preservatives. New flavours launch every six months in party-pack formats, and recent additions include slush and ice-candy lines. - **Cone-making at unmatched speed** - the company runs India’s fastest cone machine, capable of 23 lakh cones per day as of FY25, up from just 3.5 lakh in FY20, making it the leader in cones, cups, and candy segments. That machine is the only one of its kind in the country. - **Two plants, one cold chain** - manufacturing sits at Pundhra (Gujarat) and Bareilly (Uttar Pradesh), both recently expanded and certified for ISO 22000 and BRC food-safety standards. From there, a fleet of refrigerated vehicles and deep freezers moves product through a network of dealers, Freezers on Wheels, and over 40 company parlours under the “Now For Ever”, “Happinezz”, and “Hangout” banners. - **Every channel, everywhere** - the brand is present in modern trade (Reliance Retail, D-Mart, Star Bazaar), on every major quick-commerce platform (Blinkit, Zepto, Swiggy Instamart), and inside quick-service chains like Barbeque Nation, while exports now account for nearly a fifth of turnover. The company also supplies niche accounts such as Akshardham Temple and Reliance Jio petrol pumps. - **Quality as the moat against unbranded rivals** - the unorganized sector (local vendors and small brands) competes on low price, so Vadilal deliberately competes on quality, innovation, and its century-old brand legacy rather than trying to undercut them. ## 2. Processed foods: the quiet export engine **A single plant in Dharampur freezes nearly 60 products - fruits, vegetables, pulp, and ready-to-eat items - for restaurant chains and retail shelves across eight countries, using quick-freeze technology that locks in nutrients.** - **Individually Quick Frozen, not just frozen** - the division uses IQF technology, which freezes each piece separately so cells don’t rupture, preserving texture and nutrients far better than conventional freezing. The products carry no preservatives or transfats. - **Built for export, sold to kitchens** - end users include full-service restaurants, hotels, and global quick-service chains such as KFC, McDonald’s, Pizza Hut, and Subway, with exports reaching the USA, Canada, UK, UAE, Singapore, and Australia. The facility holds BRC Grade ‘A’ and HALAL certifications and is listed as a Two Star Export House. - **Small slice, distinct role** - the division accounts for about 10% of total company turnover and operates as a separate manufacturing unit with its own certifications and customer base, distinct from the ice cream business. ## 3. Forex advisory: a niche service sideline **Operating since 1996 under the name Vadilal Forex, this division advises more than 450 corporate clients on managing foreign-currency risk - a small, high-touch services business that ranks fifth nationally by subscriber count.** - **Full-spectrum forex desk** - services cover FX hedging strategy, RBI and FEMA compliance, import/export finance schemes, and even base-metal and bullion advisory, delivered by a team of MBA, CA, and CFA professionals from the Ahmedabad head office. - **Licensed money changer** - the division holds an RBI AD-II category licence for money-changing and current-account remittances, making it only the second private-sector entity to receive such a licence, and operates this activity solely from Ahmedabad. - **Franchise reach in Gujarat** - while the core advisory runs from headquarters, the division extends its footprint through franchise offices in Baroda, Surat, and Rajkot, and provides clients with a live-rate website and mobile app for booking transactions. # Group structure and partners **The company operates as a single food-segment entity with four wholly-owned subsidiaries - including America’s largest Indian ice cream brand - and is in the middle of a promoter-led restructuring that will bring the ‘Vadilal’ trademark in-house and separate family ownership from professional management.** - **Subsidiaries extend the ice cream footprint abroad** - Vadilal Industries (USA) Inc. generated ₹348 crore in turnover in FY25 and owns a parlour-operating subsidiary in Illinois, while a newer Australian subsidiary and two dormant Indian entities round out the group. A Canadian branch was opened as of FY22. - **A related-party sales backbone** - the company sells its ice cream and processed foods to Vadilal Enterprises Limited (VEL), a related party, under a 10-year principal-to-principal agreement where VEL handles all marketing and pays within 180 days; together, VEL and the US subsidiary accounted for 93% of revenue as of FY23. - **The brand doesn’t belong to the company - yet** - the ‘Vadilal’ trademark is owned by a promoter entity, Vadilal International Private Limited, and the company pays royalties to use it. A proposed amalgamation scheme, now part of a broader family settlement signed in March 2025, aims to merge three promoter entities into the company so it will own the brand outright and eliminate future royalty payments. - **Family governance reset** - the March 2025 family arrangement gives each of three promoter branches one board seat, requires a majority of directors to be non-family, and establishes a funding waterfall that prioritizes internal accruals before any rights issue.