Vadilal - A Household Name In Ice-Cream: IDBI Capital

IDBI Capital Report

We interacted with Vadilal Industries Ltd.'s management to understand its business.

Vadilal a household name in ice-cream was established in 1907. Over the years, company has travelled through four generations of Gandhi’s and currently is engaged in the business of manufacturing Ice-cream, frozen dessert, candy and processing and exporting food products.

Vadilal has foothold in northern, eastern and western regions of India and export contributes 13% to its revenue (FY23).

It aims to maintain mid-teens sales growth in coming four-five years with Ebitda margin of 15%+. Importantly its Ebitda margin expanded by a 200 basis points YoY in FY23 to 16% (despite cost inflation), indicating its brand strength.

For growth, company is contemplating shifting its Bareilly plant to other location where it aims to set up a plant with a much larger capacity.

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