Vadilal Industries Ltd

Vadilal Industries Limited (VIL)

• Acquirer: IVG Trust; Seller: Virendrabhai Gandhi (promoter group).
• Pre-holding: Gandhi held 2,66,565 shares (3.71%).
• Acquired: 2,66,565 shares (3.72%) by IVG Trust on 19 Aug 2026.
• Post-holding: Gandhi 0; IVG Trust 2,66,565 shares (3.72%).
• Mode: Direct transfer under SEBI exemption order dated 03 July 2026.
• Capital: Before/after equity capital 71,87,830 shares; no change.

Vadilal Enterprises Limited (VEL)

• Acquirer: IVG Trust; Seller: Virendrabhai Gandhi (promoter group).
• Pre-holding: Gandhi held 92,743 shares (10.75%).
• Acquired: 91,777 shares (10.64%) by IVG Trust on 19 Aug 2026.
• Post-holding: Gandhi 966 shares (0.11%); IVG Trust 91,777 shares (10.64%).
• Mode: Direct transfer under SEBI exemption order dated 03 July 2026.
• Capital: Before/after equity capital 8,62,668 shares; no change.

Vadilal Industries Limited (VIL)

• Acquirer: IVG Trust (promoter) acquired 2,66,565 shares, 3.71%, in VIL from Virendrabhai Gandhi.
• Pre-acquisition holdings in VIL: Gandhi 2,66,565 (3.71%); Other Promoters 43,85,759 (61.02%); Public 25,35,506 (35.27%).
• Post-acquisition holdings in VIL: IVG Trust 2,66,565 (3.71%); Gandhi 0; Other Promoters 43,85,759 (61.02%); Public 25,35,506 (35.27%).
• Date/mode: 19 August 2026; Direct acquisition under SEBI exemption order.
• Share capital: before/after 71,87,830 equity shares; diluted capital 71,87,830.

Vadilal Enterprises Limited (VEL)

• Acquirer: IVG Trust (promoter) acquired 91,777 shares, 10.64%, in VEL from Virendrabhai Gandhi.
• Pre-acquisition holdings in VEL: Gandhi 92,743 (10.75%); Other Promoters 3,47,446 (40.28%); Public 4,22,479 (48.97%).
• Post-acquisition holdings in VEL: Gandhi 966 (0.11%); IVG Trust 91,777 (10.64%); Other Promoters 3,47,446 (40.28%); Public 4,22,479 (48.97%).
• Date/mode: 19 August 2026; Direct acquisition under SEBI exemption order.
• Share capital: before/after 8,62,668 equity shares; diluted capital 8,62,668.

Vadilal Industries Limited (VIL)

• Acquirer: IVG Trust; PACs not named.
• Promoter group: Yes.
• Listing: VIL on BSE and NSE.
• Pre-acquisition: Gandhi held 2,66,565 shares (3.71%).
• Pre-acquisition: Other Promoters 43,85,759 (61.02%).
• Pre-acquisition: Public 25,35,506 (35.27%).
• Acquisition: 2,66,565 shares (3.71%) acquired from Gandhi.
• Post-acquisition: IVG Trust holds 2,66,565 shares (3.71%).
• Post-acquisition: Total post-acquisition capital 71,87,830 shares.
• Date: 19 August 2026.
• Mode: Direct acquisition under SEBI exemption order dated 03.07.2026.
• Equity capital before/after: 71,87,830 shares (Rs 10).

Vadilal Enterprises Limited (VEL)

• Acquirer: IVG Trust; PACs not named.
• Listing: VEL on BSE Limited only.
• Pre-acquisition: Gandhi 92,743 shares (10.75%).
• Pre-acquisition: Other Promoters 3,47,446 (40.28%).
• Pre-acquisition: Public 4,22,479 (48.97%).
• Acquisition: 91,777 shares (10.64%) acquired from Gandhi.
• Post-acquisition: Gandhi 966 shares (0.11%).
• Post-acquisition: IVG Trust 91,777 shares (10.64%).
• Post-acquisition: Total post-acquisition capital 8,62,668 shares.
• Date: 19 August 2026.
• Mode: Direct acquisition under SEBI exemption order dated 03.07.2026.
• Equity capital before/after: 8,62,668 shares (Rs 10).

Vadilal Industries Limited (VIL)

• Disclosing Party: Virendrabhai Ramchandra Gandhi (Promoter Group).
• Pre-acquisition holding: 1,55,657 shares, 2.17%.
• Acquired 1,07,931 shares (1.50%) from Ila V Gandhi via direct gift.
• Acquired 2,977 shares (0.04%) via transfer of joint holding with Ila V Gandhi.
• Post-acquisition holding: 2,66,565 shares, 3.71%.
• Date of acquisition: 17 August 2026.
• Mode: Direct acquisition (gift/transfer).
• Equity capital before/after: 71,87,830 shares; unchanged post.
• Total diluted capital after: 71,87,830 shares.

Vadilal Enterprises Limited (VEL)

• Disclosing Party: Virendrabhai Ramchandra Gandhi (Promoter Group).
• Pre-acquisition holding: 70,211 shares, 8.134%.
• Acquired 8,957 shares (1.04%) from Ila V Gandhi by gift.
• Acquired 10,613 shares (1.23%) from Janmajay Virendrabhai Gandhi by gift.
• Acquired 2,912 shares (0.34%) jointly with Ila V Gandhi by gift.
• Acquired 50 shares (0.006%) jointly with Janmajay Virendrabhai Gandhi by gift.
• Post-acquisition holding: 92,743 shares, 10.75%.
• Date of acquisition: 17 August 2026.
• Mode: Direct acquisition (gift).
• Equity capital before/after: 8,62,668 shares; unchanged.
• Total diluted capital after: 8,62,668 shares.

Acquisition details and promoter impact

• Target companies: Vadilal Industries Limited and Vadilal Enterprises Limited.
• Acquirer: Virendrabhai Ramchandra Gandhi; PACs: Ila V Gandhi and Janmajay Virendrabhai Gandhi.
• Acquirer belongs to promoter/promoter group: Yes.
• Date of acquisition: 17 August 2026.
• Mode of acquisition: Direct acquisition of shares.
• Stock exchanges: VIL listed on BSE and NSE.
• Pre-acquisition VIL: Ila Gandhi 1,07,931 shares (1.50%).
• Pre-acquisition VIL: Virendrabhai Gandhi 1,55,657 shares (2.17%).
• Pre-acquisition VIL: Joint holding Virendrabhai Ila 2,977 shares (0.04%).
• Pre-acquisition VIL: Other Promoters 43,85,759 shares (61.02%); Public 25,35,506 shares (35.27%).
• Pre-acquisition VEL: Ila Gandhi 8,957 shares (1.04%).
• Pre-acquisition VEL: Janmajay Gandhi 10,613 shares (1.23%).
• Pre-acquisition VEL: Virendrabhai Ila joint 2,912 shares (0.34%).
• Pre-acquisition VEL: Virendrabhai-Janmajay joint 50 shares (0.006%).
• Post-acquisition VIL: 2,66,565 shares (3.71%) for acquirer+PACs.
• Post-acquisition VEL: 92,743 shares (10.75%) for acquirer+PACs.
• Equity shares pre/post: VIL 71,87,830; VEL 8,62,668.
• Aggregate promoter/promoter group stake unchanged for VIL and VEL.

Dividend record date

• Record date for entitlement to final dividend FY 2025-26: 03 September 2026.
• Book closure from 04 September 2026 to 10 September 2026 (inclusive).
• Entitlement based on Beneficial Owners as at close of business on 03 September 2026.
• Security: equity shares; corporate action: final dividend for FY2025-26.

Overview

• Standalone BRRSR for FY2025-26; ice-cream, dairy and processed foods manufacturing.
• Plants: 3; offices: 5; markets across 24 states and 2 UTs; exports to 24 countries.
• Exports comprise 20% of turnover; CSR turnover 1109.54 crore; net worth 503.65 crore.
• No external assurance; reporting aligned to standalone entity.

Key ESG Risks & Opportunities

• Plastic packaging: risk and opportunity; reduce plastic, recycle content, optimize pack sizes.
• Responsible supply chain: risk of higher costs/disruptions; mitigate via supplier diversification and contingency plans.
• Human rights: robust grievance mechanisms; no quantified financial impact disclosed.
• Extended Producer Responsibility (EPR) for packaging; anti-litter logos on packaging; consumer awareness.
• 66% inputs sourced sustainably; R&D 0.79 crore; capex NIL.
• Scope 3 emissions: 97,265 tCO2e; total Scope 1+2: 51,840 tCO2e; intensity 0.00000877 per turnover.

Governance & Policy Highlights

• Board oversight of BR performance; Risk Management Committee and CSR Committee govern ESG.
• Policies include Code of Conduct with zero tolerance to bribery; Vigil Mechanism; board-approved.
• Policies extended to value chain; translated into procedures.
• Certifications: BRC A; ISO-22000:2005; HALAL for Processed Food Division; ice cream plants in Pundhra and Bareilly.
• Anti-corruption policy on company website; no bribery penalties reported; internal reviews ongoing.
• Board has 16.7% women; KMP 33.3% women.

Social Responsibility & Workforce

• Total workforce: 633 employees (587 permanent, 46 others); 3,816 workers.
• Female representation: board 1 of 6; KMP 1 of 3; female employees 34 of 633.
• Permanent employees turnover: 9.77% total; permanent workers turnover: 0%.
• Return to work after parental leave: 100% for both employees and workers.
• Health benefits: 100% with health insurance and ESI; safety training for workers 100%.
• Grievance mechanism in place; POSH complaints 0; 0 discrimination or harassment cases.

Environmental Performance

• Total energy: 33,21,98,409 MJ; electricity 42,15,766 MJ; fuel 7,28,94,000 MJ.
• Renewable energy share: 7,71,09,766 MJ; non-renewables: 25,50,88,643 MJ; total energy.
• Energy intensity: 0.0299 per turnover; PPP 0.609; 5.82 energy intensity per physical output.
• Scope 1: 39,947 tCO2e; Scope 2: 11,893 tCO2e; total 51,840 tCO2e; intensity 0.00000467 per turnover.
• Scope 3: 97,265 tCO2e; intensity 0.00000877; total Scope 1+2+3 disclosed.
• Water withdrawal: 3,92,283 kl; surface 2,55,837; groundwater 1,36,446; water intensity 0.0000354 per turnover.
• Waste: total 545.26 MT; plastics 85 MT; e-waste 3 MT; other non-hazardous 457 MT; 87.29 MT recycled/recovered.

Stakeholder Engagement & Complaints

• Stakeholders: investors, employees, consumers, local communities, distributors, regulators, industry associations.
• Engagement: investors quarterly; continuous community engagement; other groups via website and email.
• Shareholders filed 9 BR/GR complaints in FY2026; 0 pending at year-end; data privacy: no breaches.
• Vigil mechanism and CSR/Risk Committees oversee stakeholder engagement.

Other Notable Metrics

• Inputs: 66% sustainably sourced; MSMEs 10.98% of inputs; district/neighboring districts 47.01%.
• Affiliations: 5 trade bodies; AHMEDABAD MANAGEMENT ASSOCIATION, Indian Ice Cream Manufacturers Association, CII, Indian Dairy Association, Gujarat Chamber.
• CSR: turnover 1109.54 crore; net worth 503.65 crore.
• Cybersecurity: IT security policy in place; no data breaches reported.

Financials

• Revenue from operations: 1,109.54 crore for FY2025-26, up 9.47% YoY.
• Total income: 1,134.16 crore; standalone basis.
• EBITDA: 169.70 crore; finance cost 8.67; depreciation 28.90.
• Profit before tax: 132.13 crore; tax expense 34.12; PAT 98.01.
• EPS (standalone) 136.36; (consolidated) 215.78.
• Geography: India 886.28 cr; USA 496.17 cr; Others 120.67 cr.
• Dividend: final ₹15.09 cr paid; proposed ₹30.91 cr; ₹43 per share.

Capital structure & liquidity

• Net debt: 32.35 crore; gearing 4.31%.
• Total equity (standalone): 578.97 crore; consolidated 850.63.
• Credit rating: IND A+/Positive; NBF IND A1+ (India Ratings).
• No overdue borrowings; adequate working capital facilities.
• Debt schedule shows term loans and current borrowings across banks.

Dividends & capital allocation

• Dividend paid: ₹15.09 crore for FY2025-26; proposed dividend ₹30.91 crore.
• Dividend per share: ₹43 for the year, subject to AGM approval.

Governance & controls

• Statutory auditors: Walker Chandiok & Co LLP for 5 years (2025-30).
• Internal auditors: PwC Services LLP; Secretarial: SPAN & Co.
• CEO: Himanshu Kanwar appointed Sept 29, 2025; CFO: Anil Kabra appointed May 26, 2025.
• Interim Chairman: Nagarajan Sivaramakrishnan since May 12, 2026.
• Board reconstitution following NCLAT order; Articles amended.

Related party transactions

• Material RPT with Vadilal Enterprises Limited; omnibus renewal of supply arrangement up to ₹1,373 crore.
• Omnibus approval by Audit Committee; ordinary resolution at AGM; arm's length terms.
• Related party transactions not voted by related parties on the renewal.

CSR & ESG highlights

• CSR expenditure: ₹2.29 crore; shortfall ₹0.24 crore; unspent to be deposited by 30 Sept 2026.
• CSR committee met twice in FY2025-26; policy hosted on Vadilal site.

Business developments & outlook

• Renewal of Vadilal Enterprises contract sustains domestic distribution channel.
• Industry outlook: Indian ice cream market CAGR 13-16%; GST cut supports affordability.
• Focus on premium launches, packaging refresh, and expansion of premium parlours.

Subsidiaries & group structure

• Subsidiaries: Vadilal Industries USA Inc; Vadilal Industries Pty Ltd; Varood Industries Ltd; Vadilal Delights Ltd; Krishna Krupa Corporation.
• Wholly-owned subsidiaries contribute to global footprint; multiple Indian entities in the group.

AGM details

• Date and time: 10 September 2026 at 2:30 PM.
• Mode: VC/OAVM; deemed venue at corporate office.
• Cut-off for e-voting/attendance: 3 September 2026.
• Remote e-voting window: 7–9 September 2026.
• Dividend record and share transfer closure: 4–10 September 2026.

Ordinary business

• Adopt standalone and consolidated financial statements for FY2025-26.
• Declare dividend on equity shares for FY2025-26.
• Re-appoint Janmajay V. Gandhi, retiring by rotation.

Special business

• Renewal of sale/purchase arrangement with Vadilal Enterprises Limited (VEL) under omnibus approval.
• Aggregate value up to ₹1,373 crores for 1 year.
• Terms in ordinary course and at arm’s length.

Director changes

• Director Janmajay V. Gandhi to retire by rotation; offers re-appointment.

Dividend details

• Dividend proposed: ₹43 per equity share for FY2025-26.
• Record date for entitlement: 3 September 2026.
• Dividend eligibility: register closure 4–10 September 2026.

Material related party transaction details

• VEL is related party; renewal of supply arrangement; omnibus approval sought.
• Background: renewal for 1 year; aggregate up to ₹1,373 crores.
• RPT disclosed as required under Listing Regulations; arm’s length and ordinary course.

Dividend details

• Board approved and declared interim dividend of Rs. 17.00 per equity share (₹10) for FY 2026-27.
• Record date fixed as 21 August 2026 for interim dividend.
• Book closure from 04 September 2026 to 10 September 2026.
• Face value per equity share is ₹10.