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Vidhi Specialty Food Ingredients Limited (VIDHIING)

₹333.95 -0.71% last close, 16 Oct

📊 NSE: VIDHIING 🏢 Dyes And Pigments 📢 Latest filing: 09 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Vidhi Specialty's revenue was ₹146 Cr (+66.2% year on year, +18.9% on the previous quarter), and net profit ₹17.1 Cr (+31.7% year on year); the operating margin was 17.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹146	+66.2%	+18.9%
Operating profit	₹26.0	+23.9%	+23.9%
Net profit	₹17.1	+31.7%	+31.7%
EPS (₹)	3.43	+35.0%	+30.4%
Operating margin	17.8%	—	—

Full quarterly financials → Results calendar →

VIDHIING delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 63.0% of the VIDHIING shares traded on NSE were taken to delivery, against the stock's own 20-session average of 62.9%. That is close to its usual level. Turnover was only ₹16 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.

63.0%Delivery, 16 Oct

62.9%Own 20-session average

0.2×Volume vs its average

₹333.95NSE close · -0.71%

Delivery in the last 5 sessions: 48.5% · 57.1% · 54.2% · 43.0% · 63.0%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Vidhi Specialty Food Submits Regulation 74(5) Dematerialisation Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 09 Oct 2026, 06:25 PM

Vidhi Specialty Food Ingredients Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by MUFG Intime India Private Limited for the quarter and half-year ended September 30, 2026. It confirms that share certificates received for dematerialisation were duly processed, verified, and cancelled within prescribed timelines. This is a standard regulatory submission with no financial or operational impact.

Regulation 74(5) compliance certificate submitted for the quarter ended September 30, 2026
RTA certificate issued by MUFG Intime India Private Limited on October 03, 2026
Filing officially submitted to BSE and NSE on October 09, 2026

💡 No action required; this is a procedural filing. Investors should monitor upcoming board meetings for Q2 FY27 financial results.

Vidhi Specialty Food Ingredients Shareholders Approve All 33rd AGM Resolutions with 99.99% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Sep 2026, 09:09 PM

Vidhi Specialty Food Ingredients announced the voting results and scrutinizer's report for its 33rd Annual General Meeting held on September 24, 2026. A total of 33,229,995 votes were polled, representing 66.53% of total outstanding shares, with 99.9999% voted in favour across all resolutions. Key items approved include the adoption of FY26 standalone and consolidated financial statements, confirmation of two interim dividends, the re-appointment of director Pravina Bipin Manek, and the appointment of Chetan Prabhudas Bavishi as Non-Executive Independent Director for five years.

Total voter turnout stood at 66.5332% of outstanding shares (33,229,995 votes polled out of 49,945,000 shares)
All resolutions passed with 99.9999% votes in favour (33,229,967 votes in favour vs 28 against)
Confirmation of 1st and 2nd Interim Dividends declared for FY26 approved
Appointment of Mr. Chetan Prabhudas Bavishi as Non-Executive Independent Director approved for a 5-year term
AGM attended by 7 promoter group accounts and 26 public shareholders via video conferencing

💡 Track the upcoming Q2 FY27 operational results and progress on Roha Phase II capacity additions. No governance hurdles exist as all resolutions were passed smoothly.

Vidhi Specialty Schedules 33rd AGM on Sep 24, 2026; Dispatches FY26 Annual Report Link

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 05:40 PM

Vidhi Specialty Food Ingredients Limited has dispatched web-link notices for its FY 2025-26 Annual Report to shareholders without registered email addresses as of August 21, 2026. The company's 33rd Annual General Meeting (AGM) is scheduled to be held virtually on September 24, 2026, at 3:30 PM IST. The filing also issues reminders regarding mandatory KYC details and physical share dematerialisation per SEBI guidelines. This is a standard annual compliance intimation with no operational or financial impact.

33rd Annual General Meeting (AGM) scheduled for September 24, 2026, at 03:30 PM IST via VC/OAVM
Annual Report for FY 2025-26 web-link dispatched to unregistered email holders based on the August 21, 2026 cut-off date
Compliance notice issued pursuant to Regulation 36(1)(b) of SEBI LODR Regulations, 2015

💡 Physical security holders should ensure KYC updation with RTA MUFG Intime India Private Limited. Shareholders can track AGM proceedings and management commentary on September 24, 2026.

Vidhi Specialty Food Ingredients Convenes 33rd AGM on September 24, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Aug 2026, 04:09 PM

Vidhi Specialty Food Ingredients Limited has issued the notice for its 33rd Annual General Meeting (AGM), scheduled to be held on September 24, 2026, via video conferencing. The meeting agenda includes the adoption of audited financial statements for FY26 and confirmation of interim dividends declared during the fiscal year. Additionally, shareholders will vote on the appointment of Mr. Chetan Prabhudas Bavishi as a Non-Executive Independent Director. This filing represents standard statutory compliance.

33rd Annual General Meeting scheduled for Thursday, September 24, 2026 at 3:30 PM IST via VC/OAVM
Special resolution proposed for the appointment of Mr. Chetan Prabhudas Bavishi (DIN: 01978410) as Non-Executive Independent Director
Ordinary business includes adoption of FY26 audited standalone/consolidated financial statements and noting of interim dividends
Detailed timeline for IEPF transfers outlined for unclaimed dividends dating back to FY 2019-20

💡 Shareholders may review AGM resolutions and participate in remote e-voting prior to the AGM date of September 24, 2026.

Vidhi Specialty Food Ingredients Appoints Chetan P Bavishi as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Aug 2026, 05:31 PM

Vidhi Specialty Food Ingredients has appointed Chetan Prabhudas Bavishi as an Additional Non-Executive Independent Director for a five-year term effective August 11, 2026. Mr. Bavishi brings over 40 years of experience in the Iron and Steel industry and previously served on the company's board for 15 years between 2003 and 2018. The appointment is subject to shareholder approval at the next Annual General Meeting. This is a routine governance update for the Rs 1,583 Cr market cap company as it continues its strategy to increase high-margin product mix to 50% of revenue.

Appointment of Chetan P Bavishi as Independent Director for a 5-year term effective August 11, 2026
Appointee brings 40+ years of business experience in the Iron and Steel industry
Previously served as an Independent Director for the company for 15 years (2003-2018)
Board meeting for the appointment concluded within 30 minutes (4:30 PM to 5:00 PM)

💡 Investors should look for the shareholder ratification of this appointment in the upcoming Annual General Meeting (AGM) notice.

Vidhi Specialty Appoints Chetan Bavishi as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Aug 2026, 05:03 PM

Vidhi Specialty Food Ingredients has appointed Mr. Chetan Prabhudas Bavishi as an Additional Non-Executive Independent Director effective August 11, 2026. Mr. Bavishi brings over 40 years of experience in the Iron and Steel industry and previously served on the company's board for 15 years between 2003 and 2018. The appointment is for a five-year term ending August 10, 2031, subject to shareholder approval. This is a routine board composition update to maintain corporate governance standards.

Appointment of Mr. Chetan Prabhudas Bavishi for a 5-year term effective August 11, 2026
Appointee brings 40+ years of experience in the Iron and Steel industry
Mr. Bavishi previously served as an Independent Director for the company for approximately 15 years (2003-2018)
The board meeting was conducted in 30 minutes, from 4:30 pm to 5:00 pm on August 11, 2026

💡 Investors should look for the shareholder ratification of this appointment in the upcoming Annual General Meeting (AGM) or through a postal ballot.

66% Revenue Growth in Q1 FY27; Pilot Plants Ready for 500 MT/Month Expansion

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 29 Jul 2026, 05:39 PM

Vidhi Specialty Food Ingredients reported a strong Q1 FY27 with revenue surging 66.4% YoY to ₹146.3 Cr, driven by robust demand and a strategic shift toward specialty products. While EBITDA margins compressed YoY to 17.8% (from 23.4%), they showed sequential improvement from 16.8% in Q4 FY26. The company is advancing two major expansion projects totaling 500 MT/month capacity, with pilot plants already operational. Management aims to pivot the revenue mix from 15% to 50% in favor of high-margin value-added products.

Revenue from operations grew 66.4% YoY to ₹146.3 Cr in Q1 FY27.
Profit After Tax (PAT) increased 34.7% YoY to ₹17.1 Cr.
Total sales volume reached 1,506.1 MT in Q1 FY27, up from 1,436.0 MT in Q1 FY26.
Planned capacity expansion of 500 MT per month across Roha (200 MT) and Dahej (300 MT) projects.
Targeting a significant shift in revenue mix for value-added products from 15% to 50%.

💡 Monitor the commercialization timeline of the 500 MT/month expansion projects and the stabilization of EBITDA margins as the product mix shifts toward specialty ingredients.

Vidhi Specialty Food Ingredients Approves Q1 FY27 Results; AGM Set for Sept 24, 2026

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 29 Jul 2026, 01:27 PM

Vidhi Specialty Food Ingredients' Board met on July 29, 2026, to approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company has also scheduled its 33rd Annual General Meeting (AGM) for September 24, 2026. This follows a fiscal year (FY26) where the company achieved a revenue of ‡380 Cr and a PAT of ‡49 Cr. The meeting concluded within one hour, and the statutory auditors' Limited Review Report was taken on record.

Board approved unaudited financial results for the quarter ended June 30, 2026.
33rd Annual General Meeting (AGM) scheduled for September 24, 2026, at 03:30 p.m. IST.
Board meeting duration was exactly 1 hour, from 11:30 a.m. to 12:30 p.m.
Limited Review Report for Q1 FY27 was issued by statutory auditors and taken on record.
Company maintains a TTM OPM of 20.8% as per the latest financial context.

💡 Investors should examine the detailed Q1 FY27 results to verify if the company is successfully increasing its share of high-margin products (target 50% of revenue) and leveraging the Dahej plant capacity.

Vidhi Specialty Food Ingredients Approves Q1 FY27 Results; AGM Scheduled for Sept 24

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 29 Jul 2026, 12:36 PM

Vidhi Specialty Food Ingredients has approved its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company also scheduled its 33rd Annual General Meeting (AGM) for September 24, 2026. While the specific quarterly figures were not detailed in the cover letter, the company enters this period with a TTM revenue of Rs 380 Cr and a PAT of Rs 49 Cr. Investors should monitor the full results for progress on the company's strategic shift toward high-margin products, which it aims to increase from 15% to 50% of the revenue mix.

Board approved unaudited financial results for the quarter ended June 30, 2026.
33rd Annual General Meeting (AGM) scheduled for September 24, 2026, at 03:30 PM.
Board meeting was conducted over a 60-minute duration from 11:30 AM to 12:30 PM.
Company maintains a TTM Operating Profit Margin (OPM) of 20.8% as of the previous fiscal year-end.

💡 Review the detailed Q1 FY27 P&L to verify if revenue growth is exceeding the June 2025 baseline of Rs 88 Cr and if margins are expanding due to the Dahej plant's operations.

June 30, 2026 Quarter: Vidhi Specialty Food Ingredients Submits SEBI Demat Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jul 2026, 12:07 PM

Vidhi Specialty Food Ingredients Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Pvt. Ltd., confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within prescribed timelines. It further verifies that the securities are listed on the stock exchanges and physical certificates have been mutilated and cancelled. This is a standard administrative filing required by all listed companies in India.

Covers the reporting period for the quarter ended June 30, 2026
Confirms dematerialization requests were handled within prescribed timelines
Verification provided by Registrar MUFG Intime India Pvt. Ltd.
Confirms that securities are listed on both BSE (531717) and NSE (VIDHIING)

💡 This is a routine administrative update; investors should monitor the company's upcoming quarterly earnings for material financial performance updates.

Vidhi Specialty Food Ingredients to Close Trading Window from July 01, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Jun 2026, 04:11 PM

Vidhi Specialty Food Ingredients Limited has announced the closure of its trading window starting July 01, 2026, in compliance with SEBI Insider Trading regulations. This closure is a standard procedure ahead of the announcement of financial results for the first quarter ending June 30, 2026. The window will remain closed for all designated persons, insiders, and their dependents until 48 hours after the results are officially declared. This filing is a routine regulatory requirement and does not reflect any change in the company's business fundamentals.

Trading window closure begins on Wednesday, July 01, 2026.
Closure is in anticipation of financial results for the quarter ended June 30, 2026.
Window will reopen 48 hours after the Q1 results become generally available.
Applies to Directors, Officers, Designated Persons, and their immediate family members.

💡 This is a routine regulatory announcement with no impact on stock value. Investors should focus on the upcoming Q1 earnings release for performance updates.

Vidhi Specialty Food Ingredients Clarifies Reporting Deficiencies for FY26 Financial Results

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 19 Jun 2026, 11:07 AM

Vidhi Specialty Food Ingredients Limited has responded to NSE queries regarding technical deficiencies in its March 31, 2026, financial results filing. The company attributed the submission delay on the NSE portal to persistent system exceptions, noting they successfully filed on the BSE at 12:45 PM within statutory timelines. Discrepancies in XBRL data for Consolidated PBT and PAT were identified as manual mapping errors and have been corrected. The company has re-uploaded legible documents and confirmed that statutory auditors issued an unmodified opinion on the results.

Attributed submission delays to NSE portal technical exceptions, while confirming timely BSE filing at 12:45 PM on May 14, 2026.
Corrected XBRL data mismatches in Consolidated PBT and PAT caused by manual mapping errors during portal disruptions.
Resolved legibility issues in previous PDF filings caused by a software compression glitch during compilation.
Statutory auditors Bhuta Shah & Co LLP issued an unmodified opinion for the financial year ended March 31, 2026.
Company committed to implementing additional internal checks to prevent future clerical and technical reporting errors.

💡 Investors should note that the issues were clerical and technical rather than fundamental; no action is required as the audit opinion remains unmodified.

Vidhi Specialty Food: Promoter Trust Declares No New Encumbrances for FY26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 15 Jun 2026, 02:49 PM

Pravina Manek Family Private Trust, a promoter entity of Vidhi Specialty Food Ingredients Limited, has submitted its annual disclosure under SEBI Takeover Regulations. The trust declared that it, along with persons acting in concert, did not create any new encumbrances on its shareholding during the financial year ended March 31, 2026. This filing is a standard regulatory requirement to ensure transparency regarding the pledging of promoter shares.

Compliance filing under Regulation 31(4) of SEBI (SAST) Regulations, 2011.
Declaration covers the entire financial year ending March 31, 2026.
Confirms no direct or indirect encumbrances were made on shares other than those previously disclosed.
Submitted by Trustee Bipin M. Manek on behalf of the Pravina Manek Family Private Trust.

💡 No action is required as this is a routine regulatory disclosure confirming that promoter shares have not been further pledged or encumbered.

Vidhi Specialty Food: Promoter Declares No New Share Encumbrances for FY 2025-26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 15 Jun 2026, 01:07 PM

Pravina Manek Family Private Trust, a promoter entity of Vidhi Specialty Food Ingredients Limited, has submitted its annual disclosure under Regulation 31(4) of SEBI (SAST) Regulations. The declaration confirms that the promoter, along with persons acting in concert, did not create any new encumbrances or pledges on their shareholding during the financial year ended March 31, 2026. This filing is a routine annual compliance requirement aimed at maintaining transparency regarding promoter shareholding status.

Annual disclosure filed under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Promoter Pravina Manek Family Private Trust confirms zero new encumbrances for the financial year ended March 31, 2026.
The declaration includes all persons acting in concert (PAC) with the promoter group.
The disclosure was officially submitted to the Audit Committee and Stock Exchanges on April 08, 2026.

💡 No action is required as this is a routine regulatory filing confirming the absence of new promoter share pledges, which maintains the status quo.

Vidhi Specialty Food Ingredients Promoter Confirms No New Share Encumbrance in FY26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 15 Jun 2026, 01:05 PM

Pravina Manek Family Private Trust, a promoter of Vidhi Specialty Food Ingredients Limited, has filed a declaration under Regulation 31(4) of the SEBI (SAST) Regulations, 2011. The trust confirmed that it, along with persons acting in concert, did not create any new encumbrances on their shareholding during the financial year ended March 31, 2026. This annual disclosure is a routine compliance requirement to ensure transparency regarding promoter share pledges.

Promoter Pravina Manek Family Private Trust submitted the annual declaration for the financial year ended March 31, 2026.
The filing confirms no direct or indirect encumbrances were made on shares other than those already disclosed.
The declaration is made in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
The disclosure was submitted to the Audit Committee of the company and both BSE and NSE exchanges.

💡 No action is required as this is a routine annual regulatory filing confirming the status of promoter shareholdings. It provides assurance that no undisclosed pledges were created during the fiscal year.

View All VIDHIING Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for FY25 was INR 382.3 Cr, growing 28.3% YoY from INR 298.0 Cr in FY24. However, Q2 FY26 revenue of INR 75 Cr showed a 17.8% YoY degrowth from INR 91.3 Cr as the company strategically exits the low-margin trading segment. Manufacturing sales volumes accounted for 87% of total sales in FY25 compared to 89% in FY24, while domestic trading sales increased to 14% from 11% in the same period.

Geographic Revenue Split

Exports contributed INR 301.27 Cr (78.8%) of total revenue in FY25, up from INR 241.91 Cr in FY24. Management indicates that over 95% of revenue is export-driven across key geographies including the U.S.

Profitability Margins

Gross Profit margin for FY25 stood at 37.8%, consistent with FY24. Net Profit (PAT) for FY25 was INR 43.4 Cr, a 19% increase YoY from INR 36.5 Cr. H1 FY26 PAT grew 24.1% YoY to INR 23.3 Cr despite lower revenues, driven by a shift toward higher-margin products.

EBITDA Margin

EBITDA margin for FY25 was 17.9% (INR 68.5 Cr), up 20% YoY from INR 57.2 Cr. In Q2 FY26, EBITDA margin expanded significantly to 23.6% (INR 17.7 Cr) from 15.2% in the previous quarter due to operational efficiencies and a better product mix.

Capital Expenditure

The company has invested INR 15 Cr in the new Roha facility and plans an additional spend of INR 100 Cr. Previous capex plans included INR 60 Cr spread over a 3-year period funded via internal accruals to expand manufacturing capacity.

Credit Rating & Borrowing

CRISIL Ratings maintains a 'Stable' outlook. The company exhibits a strong financial risk profile with a TOL/ANW ratio of 0.16 times as of March 31, 2024, and interest coverage of 17.8 times. Bank limit utilization was approximately 31% through August 2024.

⚙️ Operational Drivers

Raw Materials

Specific raw material names and their cost percentages are not disclosed; however, the company manages raw material transfers to its baggage unit and noted that sharp fluctuations in input costs impact operating margins which range between 14-20%.

Capacity Expansion

The Dahej Greenfield plant has completed its first full year of commercial operations. Planned expansion includes the upcoming Roha Phase II facility to bolster market competitiveness and high-margin product manufacturing.

Raw Material Costs

Total expenses for FY25 were INR 237.7 Cr. Raw material costs are managed through backward integration and austerity measures to maintain healthy operating margins across all four quarters.

Manufacturing Efficiency

Efficiency is driven by a better product mix of specialty products and continual improvement in operations at both manufacturing locations to sustain EBITDA levels.

📈 Strategic Growth

Expected Growth Rate

28.30%

Growth Strategy

Growth will be achieved by increasing the share of high-margin value-added products from the current 15% to 50% of the revenue mix. The company is leveraging the Dahej Greenfield plant's capacity and the upcoming Roha Phase II facility while transitioning into a comprehensive solutions provider rather than just a color manufacturer.

Products & Services

Food colors, specialty food ingredients, and high-margin value-added specialty products with gross margins exceeding 50%.

Brand Portfolio

Vidhi Specialty Food Ingredients.

New Products/Services

New R&D products currently under commercialization target gross margins higher than 50%, aiming to capture a larger share of the global value chain.

Market Expansion

Targeting deeper geographic penetration and increasing wallet share from existing global clients while leveraging opportunities created by consolidation in China's chemical industry.

🌍 External Factors

Industry Trends

The industry is shifting toward specialty food ingredients and sustainable manufacturing. Vidhi is positioning itself as a comprehensive solutions provider to capture higher value-added segments.

Competitive Landscape

Competes with Indian and global color manufacturers; positioning is shifting toward differentiation through specialty ingredients to avoid commoditized competition.

Competitive Moat

Moat is built on long-standing associations with global FMCG majors (Nestle, Mars), in-house R&D for high-margin products (>50% gross margin), and established manufacturing infrastructure that is difficult to replicate quickly.

Macro Economic Sensitivity

Sensitive to global demand trends and macroeconomic shifts in China, where stricter environmental norms and tighter financing are allowing Indian manufacturers to gain market share.

Consumer Behavior

Increasing demand for quality, innovation, and sustainability in food ingredients is driving the shift toward specialty products.

Geopolitical Risks

Disruptions in China's chemical industry landscape and evolving global trade norms impact Vidhi's strategic positioning in the global value chain.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to Section 143(3)(i) of the Act regarding internal financial controls and global regulatory compliance for food-grade ingredients.

Environmental Compliance

The company commits to ethical and sustainable operations, viewing sustainability as a prerequisite for value creation and risk mitigation.

Legal Contingencies

The company has provided loans/advances to its subsidiary amounting to INR 5.24 lakhs during the year, with an outstanding balance of INR 16.45 lakhs. No major pending court cases with INR values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Key risks include the offtake risk associated with the new plant, large working capital requirements, and the ability to sustain revenue growth while exiting the trading segment.