Vadilal Industries Ltd (VADILALIND)

Fast Moving Consumer Goods · FMCG · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹7,671.8 ↑ 52.72% (1Y)

🎯 Key Takeaways

Vadilal Industries Ltd is in a mature cash cow phase with strong profitability and consistent shareholder returns, supported by dominant promoter holding and disciplined capital allocation. The company has demonstrated robust financial recovery from a minor loss in Q3 FY25 to strong profitability in Q1 FY26, driven by operational improvements and strategic reinvestment.
Revenue grew 63.5% QoQ to ₹680 in Q1FY27.
⚠️ 1) Overreliance on a single related party transaction with Vadilal Enterprises Limited, which accounts for 91% of consolidated turnover and requires s

Market Cap

₹5,514

P/E Ratio

25.2

P/B Ratio

6.49

ROE

25.8%

ROCE

32.6%

Debt/Equity

0.11

Div Yield

0.56%

Promoter

64.7%

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📖 The Story

Vadilal Industries Ltd is in a mature cash cow phase with strong profitability and consistent shareholder returns, supported by dominant promoter holding and disciplined capital allocation. The company has demonstrated robust financial recovery from a minor loss in Q3 FY25 to strong profitability in Q1 FY26, driven by operational improvements and strategic reinvestment. Management is focused on capital efficiency and shareholder distribution amid a high-growth FMCG backdrop.

📰 What's Happening

In Q1 FY26 (June 2026), Vadilal reported a 34% YoY revenue increase to ₹680 crores and a 95% YoY jump in net profit to ₹131 crores, with OPM expanding to 22.2%. The board declared an interim dividend of ₹17 per share and scheduled the 42nd AGM for September 10, 2026, where shareholders will vote on renewing a ₹1,373 crore related party transaction with Vadilal Enterprises Limited, representing 91% of consolidated turnover. An earlier filing confirmed a final dividend of ₹43 per share (430% on equity) for FY25-26, with record dates in September 2026. The company has consistently used board meetings in August to approve interim dividends and financial results, reinforcing a pattern of regular shareholder returns.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	506	341	239	416	680
Operating Profit	88	40	-0	71	151
OPM %	17.4%	11.6%	-0.2%	17.1%	22.2%
Net Profit	67	33	-0	55	131
EPS	₹93.18	₹46.50	₹-0.22	₹76.32	₹182.13

The company's financial trajectory shows a clear inflection from loss-making quarters in Q3 and Q4 FY25 to strong profitability in Q1 and Q4 FY26, with revenue growing from ₹341 crores (Sep 2025) to ₹680 crores (Jun 2026), and net profit rising from ₹33 crores to ₹131 crores. This turnaround aligns with management's focus on operational efficiency, as seen in OPM expansion from 11.6% to 22.2% over the same period. The consistent improvement in operating performance supports the sustainability of dividend payouts and strategic investments.

🔮 Management Outlook & What's Next

Management has explicitly signaled confidence in future performance through consistent dividend declarations and proactive shareholder engagement. The board approved an interim dividend of ₹17 per share for FY26-27 and set a record date of August 21, 2026, while also scheduling the AGM for September 10, 2026, to renew a key related party transaction. Management emphasized the importance of shareholder approval for the ₹1,373 crore transaction and urged beneficial owners to update KYC details to avoid higher tax deduction on dividends, indicating a focus on transparent capital return and governance.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	7	7	7	7
Reserves	651	688	778	843
Borrowings	155	218	204	91
Total Liabilities	967	1,096	1,156	1,273
Fixed Assets	434	476	469	526
Investments	93	6	82	31
Total Assets	967	1,096	1,156	1,273

The balance sheet reflects a strong equity base with minimal debt, as total borrowings declined to ₹91 crores by March 2026 from ₹204 crores in the prior year, while equity and reserves grew to ₹850 crores. This deleveraging trend, combined with consistent cash flow from operations of ₹143 crores in March 2026, supports the company's capacity to fund operations, service debt, and sustain shareholder returns without external financing pressure.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025	Mar 2026
Operating	+130	+143
Investing	-77	-108
Financing	-61	-38
Net Cash Flow	-8	-2

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	64.7%	64.7%	64.7%	64.7%
FII	0.6%	0.6%	0.6%	1.0%
DII	0.5%	0.4%	0.4%	1.3%
Public	18.9%	18.6%	19.4%	18.6%
# Shareholders	19,638	19,230	22,133	19,041

Promoter holding remains stable at 64.72% across recent quarters, indicating confidence from the controlling family. Institutional interest is gradually increasing, with FII holdings rising from 0.57% in Q2 FY26 to 1.02% in Q1 FY27, and DII from 0.42% to 1.26% over the same period. The growing number of public shareholders (19,041 in Q1 FY27) suggests rising retail interest, though institutional accumulation remains modest.

⚖️ Peer Comparison — FMCG

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
HINDUNILVR	4.69 L Cr	31.3	29.8%	30.7%	0.00
ITC	3.21 L Cr	16.2	36.0%	27.8%	0.03
NESTLEIND	2.84 L Cr	74.6	99.2%	73.9%	0.00
VBL	1.38 L Cr	40.8	21.5%	17.4%	0.10
BRITANNIA	1.26 L Cr	48.6	54.1%	51.1%	0.27
LENSKART	1.15 L Cr	173.0	11.9%	7.7%	0.03
MARICO	1.08 L Cr	56.9	54.2%	46.4%	0.08
TATACONSUM	1.03 L Cr	62.9	10.2%	8.0%	0.10
GODREJCP	92,399	48.3	17.8%	15.1%	0.33
DABUR	67,969	34.5	21.3%	17.1%	0.09

🔗 Peer Stock Analyses

HINDUNILVR ITC NESTLEIND VBL BRITANNIA

⚠️ Risk Factors

1) Overreliance on a single related party transaction with Vadilal Enterprises Limited, which accounts for 91% of consolidated turnover and requires shareholder approval at the upcoming AGM. 2) High promoter concentration (64.72%) creates governance risk if voting outcomes shift. 3) Limited institutional ownership may affect liquidity and long-term investor interest. 4) Seasonal volatility in FMCG demand could impact margins, though current trends show strong recovery.

📋 Recent Filings

🧠 Analyst's Read

Vadilal Industries demonstrates a stable, cash-generative business model with a clear track record of profitability recovery and consistent shareholder returns. Investors should monitor the approval of the ₹1,373 crore related party transaction at the September AGM and any shifts in institutional interest as indicators of future momentum.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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