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Last Updated: April 2, 2026, 3:53 am
Author: Getaka|Social: XLinkedIn

Vadilal Industries Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹5,456.36Undervalued by 24.06%vs CMP ₹4,398.00

P/E (25.9) × ROE (24.0%) × BV (₹1,092.00) × DY (0.48%)

₹3,204.55Overvalued by 27.14%vs CMP ₹4,398.00
MoS: -37.2% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹6,672.5223%Under (+51.7%)
Graham NumberEarnings₹2,044.2317%Over (-53.5%)
Earnings PowerEarnings₹1,319.6511%Over (-70%)
DCFCash Flow₹3,879.4611%Over (-11.8%)
Net Asset ValueAssets₹1,091.857%Over (-75.2%)
EV/EBITDAEnterprise₹3,624.669%Over (-17.6%)
Earnings YieldEarnings₹1,700.807%Over (-61.3%)
ROCE CapitalReturns₹996.167%Over (-77.3%)
Revenue MultipleRevenue₹1,721.926%Over (-60.8%)
Consensus (9 models)₹3,204.55100%Overvalued
Key Drivers: Wide model spread (₹996–₹6,673) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 22.3%

*Investments are subject to market risks

Investment Snapshot

69
Vadilal Industries Ltd scores 69/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health83/100 · Strong
ROCE 25.1% ExcellentROE 24.0% ExcellentD/E 0.72 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 64.7% Stable
Earnings Quality65/100 · Strong
OPM expanding (15% → 20%) Improving
Quarterly Momentum40/100 · Moderate
Revenue (4Q): +12% YoY GrowingProfit (4Q): -22% YoY DecliningOPM: 4.5% (down 8.1% YoY) Margin pressure
Industry Rank100/100 · Strong
P/E 25.9 vs industry 62.8 Cheaper than peersROCE 25.1% vs industry 16.3% Above peersROE 24.0% vs industry 13.6% Above peers3Y sales CAGR: 21% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:53 am

Market Cap 3,162 Cr.
Current Price 4,398
Intrinsic Value₹3,204.55
High / Low 7,399/3,990
Stock P/E25.9
Book Value 1,092
Dividend Yield0.48 %
ROCE25.1 %
ROE24.0 %
Face Value 10.0
PEG Ratio1.16

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Vadilal Industries Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Vadilal Industries Ltd 3,162 Cr. 4,398 7,399/3,99025.9 1,0920.48 %25.1 %24.0 % 10.0
Heritage Foods Ltd 2,855 Cr. 308 542/29217.5 1120.81 %25.3 %20.2 % 5.00
Dodla Dairy Ltd 6,096 Cr. 1,010 1,525/95522.5 2540.49 %26.6 %19.8 % 10.0
Umang Dairies Ltd 189 Cr. 85.7 96.8/67.4309 20.70.00 %4.52 %1.35 % 5.00
Milkfood Ltd 152 Cr. 62.4 90.0/44.0 69.31.00 %6.24 %2.52 % 5.00
Industry Average5,405.17 Cr850.1362.84206.970.43%16.31%13.64%7.00

All Competitor Stocks of Vadilal Industries Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 143.38256.24410.91288.71174.26251.45464.25295.51203.85274.47505.91341.30238.02
Expenses 148.96207.52306.65229.76162.97205.68350.86234.96178.31235.70406.15290.03227.38
Operating Profit -5.5848.72104.2658.9511.2945.77113.3960.5525.5438.7799.7651.2710.64
OPM % -3.89%19.01%25.37%20.42%6.48%18.20%24.42%20.49%12.53%14.13%19.72%15.02%4.47%
Other Income 3.782.411.604.373.842.694.155.414.493.274.527.325.03
Interest 3.734.725.564.323.774.253.553.153.083.903.833.863.97
Depreciation 6.458.418.528.788.389.2310.8910.939.5410.8411.7211.5611.76
Profit before tax -11.9838.0091.7850.222.9834.98103.1051.8817.4127.3088.7343.17-0.06
Tax % -22.45%24.26%22.62%24.23%-210.07%20.98%24.91%24.87%31.48%19.41%24.51%22.59%150.00%
Net Profit -9.2928.7871.0238.059.2427.6477.4238.9811.9322.0066.9833.42-0.15
EPS in Rs -12.9240.0498.8152.9412.8638.45107.7154.2316.6030.6193.1946.50-0.22

Last Updated: March 3, 2026, 1:58 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 9:10 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 3674064504825475675994636981,0581,1251,2381,360
Expenses 3273673914254994945214285998929049991,159
Operating Profit 403958574873793699166221239200
OPM % 11%10%13%12%9%13%13%8%14%16%20%19%15%
Other Income 23136101016810121720
Interest 25262116151417211916181416
Depreciation 13131415161724232430354246
Profit before tax 442429235248864131180200159
Tax % 36%36%40%35%32%36%14%40%30%26%19%25%
Net Profit 22151916334154596146150122
EPS in Rs 3.203.3920.5326.5221.7946.4157.576.4462.19133.96203.05209.15170.08
Dividend Payout % 31%29%6%5%6%3%0%0%2%1%1%10%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)0.00%650.00%26.67%-15.79%106.25%24.24%-87.80%800.00%113.33%52.08%2.74%
Change in YoY Net Profit Growth (%)0.00%650.00%-623.33%-42.46%122.04%-82.01%-112.05%887.80%-686.67%-61.25%-49.34%

Vadilal Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:12%
5 Years:16%
3 Years:21%
TTM:9%
Compounded Profit Growth
10 Years:55%
5 Years:30%
3 Years:50%
TTM:-8%
Stock Price CAGR
10 Years:26%
5 Years:46%
3 Years:25%
1 Year:18%
Return on Equity
10 Years:20%
5 Years:23%
3 Years:27%
Last Year:24%

Last Updated: September 5, 2025, 1:50 pm

Balance Sheet

Last Updated: December 4, 2025, 2:11 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 7777777777777
Reserves 106106120154168200240244290390535688778
Borrowings 166152122119141148174158186291223218204
Other Liabilities 97104117134123122153159140150151181167
Total Liabilities 3763703664144394775745676238389171,0941,156
Fixed Assets 228226225251257267318312307403444478472
CWIP 411571395320121014
Investments 0001111115162282
Other Assets 144143141158175196247250313410445584588
Total Assets 3763703664144394775745676238389171,0941,156

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 55506446174467823239192130
Cash from Investing Activity + -21-8-11-23-24-31-67-11-20-62-66-77
Cash from Financing Activity + -33-41-53-206-104-5689-114-61
Net Cash Flow 11-13-1441620-1312-8
Free Cash Flow 33425122-812-26711-1813352
CFO/OP 138%130%116%92%45%82%101%236%44%50%108%71%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-126.00-113.00-64.00-62.00-93.00-75.00-95.00-122.00-87.00-125.00-2.0021.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 15141882820273634273136
Inventory Days 178144138135119157179211170167146188
Days Payable 104961049291869816585586281
Cash Conversion Cycle 89625151569110781119135115143
Working Capital Days -40-49-40-37-4-5-14-2017295078
ROCE %10%10%18%17%13%20%17%7%19%26%27%25%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 64.72%64.72%64.72%64.72%64.72%64.72%64.72%64.72%64.72%64.72%64.72%64.72%
FIIs 0.09%0.03%0.09%0.09%0.45%0.38%0.35%0.30%0.68%0.77%0.57%0.56%
DIIs 0.00%0.00%0.00%0.00%0.00%0.00%0.05%0.00%0.00%0.44%0.47%0.42%
Public 35.19%35.25%35.18%35.20%34.83%34.90%34.88%34.97%34.58%34.06%34.23%34.29%
No. of Shareholders 13,12812,38113,70014,28614,13815,94819,67717,82718,71720,62219,63819,230

Shareholding Pattern Chart

No. of Shareholders

Vadilal Industries Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 209.15203.05133.9762.196.44
Diluted EPS (Rs.) 209.15203.05133.9762.196.44
Cash EPS (Rs.) 267.77251.54175.5495.5438.23
Book Value[Excl.RevalReserv]/Share (Rs.) 862.41650.05448.45309.43245.06
Book Value[Incl.RevalReserv]/Share (Rs.) 967.05754.70553.13414.11349.74
Revenue From Operations / Share (Rs.) 1721.951565.131471.74970.70645.25
PBDIT / Share (Rs.) 355.45323.74245.27149.1372.31
PBIT / Share (Rs.) 296.76275.19203.70115.7740.52
PBT / Share (Rs.) 277.73250.29181.6488.8010.69
Net Profit / Share (Rs.) 209.08202.99133.9762.196.44
NP After MI And SOA / Share (Rs.) 209.08202.99133.9762.196.44
PBDIT Margin (%) 20.6420.6816.6615.3611.20
PBIT Margin (%) 17.2317.5813.8411.926.27
PBT Margin (%) 16.1215.9912.349.141.65
Net Profit Margin (%) 12.1412.969.106.400.99
NP After MI And SOA Margin (%) 12.1412.969.106.400.99
Return on Networth / Equity (%) 24.2431.2429.9020.122.63
Return on Capital Employeed (%) 24.0128.1526.0220.528.69
Return On Assets (%) 13.7115.9111.497.170.81
Long Term Debt / Equity (X) 0.070.080.180.340.32
Total Debt / Equity (X) 0.130.250.630.770.72
Asset Turnover Ratio (%) 1.231.281.451.010.66
Current Ratio (X) 2.562.021.441.391.04
Quick Ratio (X) 1.060.950.510.630.43
Inventory Turnover Ratio (X) 4.592.052.512.331.52
Dividend Payout Ratio (NP) (%) 0.710.730.930.000.00
Dividend Payout Ratio (CP) (%) 0.560.590.710.000.00
Earning Retention Ratio (%) 99.2999.2799.070.000.00
Cash Earning Retention Ratio (%) 99.4499.4199.290.000.00
Interest Coverage Ratio (X) 18.6813.0011.125.532.42
Interest Coverage Ratio (Post Tax) (X) 11.999.157.073.311.22
Enterprise Value (Cr.) 3345.683189.081750.951137.24737.41
EV / Net Operating Revenue (X) 2.702.831.661.631.59
EV / EBITDA (X) 13.0913.709.9310.6114.19
MarketCap / Net Operating Revenue (X) 2.672.781.501.461.39
Retention Ratios (%) 99.2899.2699.060.000.00
Price / BV (X) 5.336.694.924.583.67
Price / Net Operating Revenue (X) 2.672.781.501.461.39
EarningsYield 0.040.040.060.040.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Vadilal Industries Ltd. is a Public Limited Listed company incorporated on 28/04/1982 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L91110GJ1982PLC005169 and registration number is 005169. Currently Company is involved in the business activities of Manufacture of dairy products. Company's Total Operating Revenue is Rs. 1011.33 Cr. and Equity Capital is Rs. 7.19 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Milk & Milk ProductsVadilal House, Shrimali Society, Nr. Navrangpura Rly. Crossing, Ahmedabad Gujarat 380009Contact not found
Management
NamePosition Held
Mr. Shivakumar DegaChairman & Ind.Director
Mr. Janmajay V GandhiExecutive Director
Mr. Shalini RaghavanIndependent Director
Mrs. Gaurav MaratheNon Exe.Non Ind.Director
Mr. Nagarajan SivaramakrishnanIndependent Director

FAQ

What is the intrinsic value of Vadilal Industries Ltd and is it undervalued?

As of 14 April 2026, Vadilal Industries Ltd's intrinsic value is ₹3204.55, which is 27.14% lower than the current market price of ₹4,398.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (24.0 %), book value (₹1,092), dividend yield (0.48 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Vadilal Industries Ltd?

Vadilal Industries Ltd is trading at ₹4,398.00 as of 14 April 2026, with a FY2026-2027 high of ₹7,399 and low of ₹3,990. The stock is currently near its 52-week low. Market cap stands at ₹3,162 Cr..

How does Vadilal Industries Ltd's P/E ratio compare to its industry?

Vadilal Industries Ltd has a P/E ratio of 25.9, which is below the industry average of 62.84. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Vadilal Industries Ltd financially healthy?

Key indicators for Vadilal Industries Ltd: ROCE of 25.1 % indicates efficient capital utilization; ROE of 24.0 % shows strong shareholder returns. Dividend yield is 0.48 %.

Is Vadilal Industries Ltd profitable and how is the profit trend?

Vadilal Industries Ltd reported a net profit of ₹150 Cr in Mar 2025 on revenue of ₹1,238 Cr. Compared to ₹45 Cr in Mar 2022, the net profit shows an improving trend.

Does Vadilal Industries Ltd pay dividends?

Vadilal Industries Ltd has a dividend yield of 0.48 % at the current price of ₹4,398.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Vadilal Industries Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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