Vidhi Specialty Food Ingredients Ltd · NSE:VIDHIING
Vidhi Specialty Food Ingredients — Q2 FY26 Earnings Presentation
40 slides from Vidhi Specialty Food Ingredients's earnings presentation, Nov 11, 2025
Slide 1: Filing cover letter to stock exchanges
11 11, 2025 To, To, The Manager The Manger Department of Corporate Services (DCS- Listing Compliance Listing) National Stock Exchange India Limited, BSE Limited, Exchange Plaza, Plot No. C/1, G-Block, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street, Fort, Bandra (East) Mumbai- 400001 M
Slide 2: Vidhi Specialty Food Ingredients Limited Investor Presentation November 2025
Vidhi Specialty Food Ingredients Limited Investor Presentation November 2025
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Vidhi Specialty Food Ingredients Limited [Formerly known as 'Vidhi Dyestuffs Manufacturing Limited] (the “Company’), have been prepared solely for information purposes and do not constitute an
Slide 4: Q2 & H1FY26 Financial Performance (Consolidated)
Q2 & H1FY26 Financial Performance (Consolidated)
Slide 5: Q2 FY26 Performance Highlights
Q2 FY26 Performance Highlights Q2 FY26 (Y-o-Y) Rs. 75.0 Crs Rs. 17.7 Crs Rs. 10.6 Crs Revenue EBITDA PAT -17.8% Y-o-Y 16.3% Y-o-Y 2.3% Y-o-Y Update on Capacity Expansion Phase I Dahej SEZ (350 MT) Phase II Roha MIDC (Arjun Foods*) (350 MT) Company has successfully commenced production in the Dahej p
Slide 6: Q2 & H1FY26 Consolidated Key Highlights
Q2 & H1FY26 Consolidated Key Highlights Revenue from Operations (Rs. in Crs) EBIDTA (Rs. in Crs) Profit after Tax (Rs. in Crs) 174.3 38.2 23.3 162.9 18.8 29.3 91.3 17.7 10.3 10.6 75.0 15.2 Q2FY25 Q2FY26 H1FY25 H1FY26 Q2FY25 Q2FY26 H1FY25 H1FY26 Q2FY25 Q2FY26 H1FY25 H1FY26 Despite reduction in Revenu
Slide 7: Q2 & H1FY26 Consolidated Profit & Loss Statement
Q2 & H1FY26 Consolidated Profit & Loss Statement Particulars (Rs in Crs) Q2 FY26 Q2 FY25 Y-o-Y Q1 FY26 Q-o-Q H1 FY26 H1 FY25 Y-o-Y Revenue from Operations 75.0 91.3 -17.8% 87.9 -14.7% 162.9 174.3 -6.5% Total Expenses 36.9 57.6 49.9 86.8 112.8 Gross Profit 38.1 33.7 13.1% 38.0 0.1% 76.1 61.5 23.9% GP
Slide 8: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (Rs in Crs) Sep-25 Mar-25 Particulars (Rs in Crs) Sep-25 Mar-25 Equity Share Capital 5.0 5.0 Property, Plant and Equipment 135.0 125.7 Other Equity 304.3 296.1 Capital Work-in-progress 4.0 4.0 Total Equity 309.3 301.1 Right to Use 1.2 1.4 Financial Liabilities
Slide 9: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Cash Flow Statement Sep-25 Sep-24 Cash Flow from Operating Activities Profit before Tax 32.0 25.4 Adjustment for Non-Operating Items 6.6 5.0 Operating Profit before Working Capital Changes 38.6 30.4 Changes in Working Capital 13.8 -20.3 Cash Generated from Operations
Slide 10: Transformation Growth & Path Ahead: 2.0
Transformation Growth & Path Ahead: 2.0
Slide 11: Dahej SEZ Plant (Phase-I) - Commercial Production Commenced
Dahej SEZ Plant (Phase-I)- Commercial Production Commenced Moved one step closer to our goal of achieving total capacity of 1000 TPM from existing 325 TPM NEW CAPACITY ADDITION Company has successfully commenced production Added installed capacity of 350 TPM Investment of INR 70 Crs – in the Dahej p
Slide 12: Next Leg Of Growth – Capacity Addition at Roha (Phase-II)
Next Leg Of Growth – Capacity Addition at Roha (Phase-II) To address the Demand Supply Gap through capacity expansion Metric Tons per Month ~675 2x NEW CAPACITY ADDITION Capacity Expanded by 2024-25 o Arjun Foods, a wholly-owned subsidiary of Vidhi in Roha MIDC, 200 meters away from the current manu
Slide 13: Company Overview
Company Overview
Slide 14: All About Food Colours
All About Food Colours Why Food Colours??? Research shows that 90% of buyers Food colours are ingredients that are Colours when added to food products make a decision to purchase a This influences consumers decisions added to food or beverage to imparts very bright and tempting product after seeing
Slide 15: Food Colour Industry
Food Colour Industry 2023 2024 4.7% ₹ 1500-1700Crs Global Food Colour Market (2021-2026) is expected Incremental demand to be expected Broadly divided into Natural Colour Artificial Colour to grow at a CAGR of Y-o-Y basis in global food colour industry Export 5% Domestic 95% Market with Limited Comp
Slide 16: Huge Industry Potential with Limited Players
Huge Industry Potential with Limited Players Industry Potential USD Bn Food Colour Industry Growth o Upsurge in demand for food colors from various end-use industries, including food & beverages, bakery & confectionery, dairy products, +6% 5.1 meat & poultry, and seafood CAGR o Colour is a key compo
Slide 17: About Vidhi Specialty Food Ingredients
About Vidhi Specialty Food Ingredients An Institution in Edible Colour Technology Diversified End User Industry 2nd Largest food colour manufacturer in Asia Confectionaries Food & Beverages Cosmetics & Bakery Accreditation US FDA BIS Personal Care Products Pet Foods Pharmaceuticals Capabilities Exis
Slide 18: Synthetic Food Colours
Synthetic Food Colours Primary Water Soluble Colours Blends of Water Soluble Food Colours Lake Food Colours Primary Food Water Soluble Colours are water Obtained from mixing different primary colors Used where colouring is to be imparted by soluble, and impart coloring to any product with one anothe
Slide 19: Our Journey
Our Journey 1994 2000 2005 2011 2015 2019 2022-23 Vidhi Dyestuffs Mfg. Increased Production Capacities Brownfield expansion with Capacity expansion plans up to ~900 Ltd. incorporated with to 90 MT / Month capacities increased to 250 MT / Month with 2 Greenfield production capacity of MT / Month Expa
Slide 20: Wide Product Range
Wide Product Range Tartrazine Quinoline Yellow Sunset Yellow Carmoisine Amaranth Ponceau 4R Erythrosine Water Soluble Colours Chocolate Brown Allura Red Patent Blue V Indigo Carmine Brilliant Blue Green S Black PN HT Lake Quinoline Lake Tartrazine Lake Sunset Yellow Lake Carmoisine Lake Amaranth Lak
Slide 21: Existing Manufacturing Facility
Existing Manufacturing Facility Manufacturing plant • Our Manufacturing facilities have been audited and found satisfactory by the U.S. FDA • Our present and operational manufacturing facilities are spread over an area of 1,76,000 square feet, located in Dhatav Village of Raigad District in the stat
Slide 22: Diversified End User Industry
Diversified End User Industry Confectionaries & Food Bakery Pet Foods Pharmaceuticals Personal Care Products Beverages Cosmetics Home Care Products 21
Slide 23: Marquee Customers across Industries
Marquee Customers across Industries Pet food, Cattle & Confectionaries & Personal / Home Pet food, Cattle & Food & Beverage Pharmaceuticals Poultry feed Bakery Care Poultry feed Customer & Industry Diversity Britannia Unilever Procter & Gamble Nestle Mars Pepsi Kraft Pfizer Kerry Coca-Cola Sanofi IT
Slide 24: Global Footprint
Global Footprint Continent Wise Sales Country Wise Sales 6% 3% 2% 8% 13% 21% 21% 33% 6% 2% 32% 4% Q2FY26 H1FY26 0% 2% 1% 38% 5% 3% 3% 30% 39% 5% 9% 13% 2% USA MALTA INDONESIA PHILIPPINES MEXICO VIETNAM SPAIN EGYPT AFRICA AMERICAS AUSTRALASIA EUROPE MIDDLE EAST UAE TURKEY CANADA Rest of the World ITA
Slide 25: Stringent Regulatory Approvals
Stringent Regulatory Approvals Synthetic Water Soluble Colours European Commission & JECFA Approved 01 02 Aluminum Lakes European Commission & JECFA Approved 03 FD&C Colours U. S. FDA Approved 04 FD&C Lakes U. S. FDA Approved D&C Colours 05 U. S. FDA Approved Blends 06 European Commission, JECFA & U
Slide 26: Certifications & Regulatory Approvals
Certifications & Regulatory Approvals 1st Company in the field of manufacturing synthetic food colours in India to be awarded with ISO 9002 in the year of 2000 ISO 9001:2015, ISO 22000:2005 Company’s all products are certified company Kosher & Halal approved The Management Of Food Hazard Analysis (H
Slide 27: Technology and R&D strength
Technology and R&D strength Dedicated R & D facility with a team Fully equipped & functional of PHD’s & qualified chemists, laboratory accredited by The constantly working on process Bureau of Indian Standards engineering of existing products and forms the core of Quality Control on development of n
Slide 28: Growth Drivers of the Company
Growth Drivers of the Company Superior quality and Access to international global outreach selling and sourcing markets Large domestic market with increased income and Established production expenditure on consumer facilities. products Pro industry initiative Management experience taken by the Gover
Slide 29: High Entry Barriers
High Entry Barriers Technical Know-how Quality Control Process • Technical know-how with years of experience for • Follow stringent quality control norms on batch wise continuous development of new products & colours before delivery to the customer • With strong controls and processes in place, able
Slide 30: Key Differentiators
Key Differentiators Renowned name in Food Colour Industry Product Regulatory Large Product Variants Highly Regulated Market Diversified Usages Consistency is a Key Diversified customers Long Customer Approval Cycle Long standing relationships with Large MNC as a customers Customer & Geography Expans
Slide 31: Our Strength
Our Strength TECHNOLOGY R&D QUALITY Fully equipped & functional laboratory Dedicated R & D facility with a team of Stringent checks and processes established accredited by The Bureau of Indian PHD’s & qualified chemists, constantly at each stage from Raw Material testing to Standards forms the core
Slide 32: Experienced Board of Directors
Experienced Board of Directors Mr. Bipin M. Manek Mr. Mihir B. Manek Mrs. Pravina B. Manek Mrs. Vidhi H. Parekh Chairman & Joint Managing Non-Executive Wholetime Managing Director Director Director Director Mr. Anil P. Udeshi Mrs. Pranali P. Govekar Mr. Ashit K. Doshi Mrs. Jyoti S. Modi Independent
Slide 33: Strong Management Team
Strong Management Team Mr. Bipin M. Manek Rich & Diversified experience of over 35 years in the field food colour manufacturing. Acknowledged as a thought leader in Chairman & transforming the Company from a small food color manufacturing company to the Asia’s 2nd largest food color Managing Directo
Slide 34: Historical Financials Performance
Historical Financials Performance
Slide 35: Consolidated Operating Performance
Consolidated Operating Performance Revenue from Operations EBIDTA (Rs. in Crs) Profit before Tax (Rs. in Crs) Profit after Tax (Rs. in Crs) (Rs. in Crs) 537.1 84.6 79.0 58.6 +20% +28% +23% +19% 68.5 404.0 60.0 43.4 382.3 55.8 57.2 49.8 37.7 36.5 48.8 298.0 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY2
Slide 36: Consolidated Historical Profit & Loss Statement
Consolidated Historical Profit & Loss Statement Particulars (Rs in Crs) Mar-25 Mar-24 Mar-23 Mar-22 Revenue from Operations 382.3 298.0 404.0 537.1 Total Expenses 237.7 185.3 292.9 398.1 Gross Profit 144.6 112.6 111.1 139.0 GP % 37.8% 37.8% 27.5% 25.9% Employee Benefits Expense 12.8 10.4 9.1 9.5 Oth
Slide 37: Consolidated Historical Balance Sheet
Consolidated Historical Balance Sheet Particulars (Rs in Crs) Mar-25 Mar-24 Mar-23 Mar-22 Particulars (Rs in Crs) Mar-25 Mar-24 Mar-23 Mar-22 Equity Share Capital 5.0 5.0 5.0 5.0 Property, Plant and Equipment 125.7 125.5 44.0 35.7 Other Equity 296.1 275.2 245.7 211.9 Capital Work-in-progress 4.0 4.0
Slide 38: Consolidated Historical Cash Flow Statement
Consolidated Historical Cash Flow Statement Cash Flow Statement Mar-25 Mar-24 Mar-23 Mar-22 Cash Flow from Operating Activities Profit before Tax 60.0 48.8 49.8 78.9 Adjustment for Non-Operating Items 11.9 9.1 7.0 6.7 Operating Profit before Working Capital Changes 71.92 57.91 56.82 85.7 Changes in
Slide 39: Sustainable Return Ratios
Sustainable Return Ratios Rs. In Crs Cash flow from Operations Borrowings Borrowings and Cash & Cash Equivalents ROCE (%) Cash & Cash Equivalents Borrowings 89.5 27.0% 95.9 71.2 64.1 17.8% 17.4% 17.1% 49.7 27.4 19.2 19.8 -4.6 7.6 -21.5 1.5 Mar-22 Mar-23 Mar-24 Mar-25 Mar-22 Mar-23 Mar-24 Mar-25 Mar-
Slide 40: Thank You
COMPANY : Vidhi Specialty Food Ingredients Limited CIN :L24110MH1994PLC076156 Mr. Mitesh Manek - CFO Email: mitesh.manek@vidhifoodcolors.com www. www.vidhifoodcolors.com INVESTOR RELATIONS ADVISORS : MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of MUFG Pension & Mar
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