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IDBI Capital Report
Key highlights and investment rationale
Healthy growth expected in the global food color market:
The global food color market is estimated to grow at a compound annual growth rate of 4.7% from 2021 to 2026. The global food color market is estimated at 50,000 tons with the domestic market estimated to be around 3000-4000 tons. Vidhi Specialty Food Ingredients Ltd. being a synthetic food color manufacturer envisages healthy demand for its products as the natural food colors market is fragmented and unorganised worldwide. Natural colors also have other disadvantages such as being expensive, having supply issues and not being stable enough to use in different products.
Good demand visibility for expanded capacity:
Vidhi has commenced trial production of 350 million tonne per month capacity at Dahej SEZ with commercial supplies to start conservatively from first week of October 2023. Vidhi has healthy demand visibility for this expanded capacity to reach 100% utilization in the next 12- 18 months. This capex has been funded through internal accruals with an investment of Rs 700 million.
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