Vidhi links Q1 improvement to demand and a richer product mix
Management said higher demand and cosmetic-dye sales supported the quarter, while expansion plans target new capacity at Roha and Dahej.
Filed 29 Jul 2026, 12:36 IST · VIDHIING (VIDHIING)
Key takeaways
- Standalone operating margin was 17.79%, while management said EBITDA margin expanded by approximately 400 basis points on product mix and higher cosmetic-dye sales.
- Management attributed the standalone quarter's improved performance to increased demand, with revenue at Rs 146.28 cr.
- Management said planned additions total 200 MT per month at Roha and 300 MT per month at Dahej, with both pilot plants ready for product sampling.
Demand supports the standalone quarter
Management said increased demand drove the improvement in Q1FY27 performance. Standalone revenue was Rs 146.28 cr and net profit was Rs 17.13 cr, with EPS at Rs 3.43. Other income was only Rs 0.20 cr, so the reported profit was not driven by a large non-operating contribution.
Product mix was the stated margin lever
Management said EBITDA margin expanded by approximately 400 basis points, attributing the change to a more favourable product mix and higher cosmetic-dye sales. The standalone operating margin was 17.79%. The presentation also says the company is shifting toward higher-margin specialty products as a growth lever.
Roha and Dahej projects broaden capacity
Management said Arjun Foods plans to add 200 MT per month in two phases at its Roha facility. It also said Vidhi plans to add 300 MT per month in two phases on newly acquired land at Dahej. The Roha pilot plant is ready and products are being sampled, while Dahej's pilot plant is ready and sampling is expected to begin soon.
New products are part of the longer-term plan
Management said the move into tablet coatings through Coat Icon is a strategic milestone. It also described a pipeline of specialty products and application-led innovations, alongside two strategic projects intended to broaden the product range. These remain company-stated initiatives rather than reported revenue contributions in this quarter.
Q1FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹146 cr |
| Other income | ₹0 cr |
| Expenses | ₹120 cr |
| Operating profit | ₹26 cr |
| Operating margin (%) | 17.79% |
| Interest | ₹1 cr |
| Depreciation | ₹2 cr |
| Profit before tax | ₹23 cr |
| Tax | ₹6 cr |
| Net profit | ₹17 cr |
| EPS (₹) | ₹3.43 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The company attributed its Q1 FY27 performance improvement to increased demand.
- EBITDA margin expanded by approximately 400 basis points due to product mix and higher cosmetic dye sales.
Guidance & outlook
- The company expects its initiatives to generate meaningful new revenue streams over the coming years.
- Vidhi is shifting toward higher-margin specialty products as a growth lever.
Expansion
- Arjun Foods plans to add 200 MT per month in two phases at its Roha facility.
- Vidhi plans to add 300 MT per month in two phases on newly acquired land in Dahej.
- The Roha expansion pilot plant is ready and products are being sampled with marquee companies.
- The Dahej expansion pilot plant is ready, with product sampling expected to begin soon.
New initiatives
- Vidhi has expanded into tablet coatings through Coat Icon as a strategic milestone.
- The company has a growing pipeline of specialty products and application-driven innovations.
- Vidhi is working on two strategic projects that will broaden its product range.
- Vidhi is investing in future-ready platforms, innovation capabilities and customer partnerships.
Competition
- Vidhi states that it enjoys a premier position in synthetic food, drug and cosmetic colors in India.
What to watch
- Whether standalone operating margin holds at 17.79% as the specialty-product mix develops.
- Progress in sampling and commercialisation at the 200 MT-per-month Roha expansion.
- Progress on the planned 300 MT-per-month Dahej expansion and its product-sampling timeline.