Vidhi Specialty Food Ingredients Ltd Q2 Revenue Rises 82% YoY

Vidhi Specialty Food Ingredients Ltd reported consolidated revenue of Rs 136.5 crore for Q2 FY27, an 82% increase from Rs 75 crore a year earlier. Consolidated profit after tax rose 66.9% to Rs 17.6 crore, although EBITDA and PAT margins were lower than in Q2 FY26.

What were Vidhi Specialty Food Ingredients' key Q2 FY27 financial results?

Vidhi Specialty Food Ingredients recorded broad year-on-year growth in revenue, gross profit, EBITDA and profit after tax for the quarter ended September 30, 2026. Revenue rose to Rs 136.5 crore from Rs 75 crore in Q2 FY26. Gross profit increased to Rs 52.2 crore from Rs 38.1 crore, while EBITDA grew to Rs 26.4 crore from Rs 17.7 crore.

The company's consolidated PAT was Rs 17.6 crore, compared with Rs 10.6 crore in the corresponding quarter of the previous financial year. This represented 66.9% year-on-year growth in PAT, exceeding the 49.2% growth reported in EBITDA. H1 FY27 revenue was Rs 282.8 crore, against Rs 162.9 crore in H1 FY26, representing growth of 73.6%.

The results were approved by the board on October 26, 2026, alongside the company's unaudited standalone and consolidated financial statements for the quarter and half year. Vidhi Specialty Food Ingredients also made the audio recording of its Q2 and H1 FY27 earnings call available on its website following the investor interaction.

Why did Vidhi Specialty Food Ingredients' margins change despite profit growth?

Vidhi Specialty Food Ingredients' EBITDA margin declined to 19.3% in Q2 FY27 from 23.6% in Q2 FY26, based on the reported EBITDA and revenue figures. The reduction of about 430 basis points shows that EBITDA expanded in absolute terms but grew more slowly than revenue during the quarter.

PAT margin also moderated to 12.9% from 14.1% a year earlier. Gross profit rose in rupee terms to Rs 52.2 crore, but its share of revenue was lower than in the prior-year period when calculated from the reported figures. The available results data does not provide a detailed cost-wise explanation for the margin movement.

The comparison comes after a relatively low revenue base in Q2 FY26. Vidhi Specialty Food Ingredients had then reported a 17.8% year-on-year decline in revenue, which was attributed in earlier earnings-call material to strategic exits from low-margin trading activities. Despite that decline, Q2 FY26 EBITDA margin stood at 23.6%.

This context is relevant because percentage growth in Q2 FY27 is measured against the reduced revenue base of the previous year. The latest quarter nevertheless produced higher revenue, EBITDA and PAT in absolute terms than Q2 FY26, while the margin figures indicate a different profitability mix compared with the earlier period.

What capacity and product plans has Vidhi Specialty Food Ingredients disclosed?

Vidhi Specialty Food Ingredients has said that capacity projects are underway, while earlier management commentary outlined expansion at its Dahej and Roha facilities. The earlier plan referred to a combined anticipated capital expenditure of around Rs 100 crore to expand capacity and broaden the product portfolio.

In the Q2 FY26 earnings-call material, management had stated that volume capacity utilisation at the Dahej plant was around 65% to 70%. It also said it aimed to increase the revenue contribution of high-value products from 15% to around 50% over three to five years. These were management targets and plans rather than reported Q2 FY27 outcomes.

Management had also indicated that complex products under research and development commercialisation could contribute to revenue over the following six to eight quarters. The company linked the strategy to products with gross margins above 50% and said it expected EBITDA margins to improve by 200 to 300 basis points over three to four years. The Q2 FY27 results, however, show a lower EBITDA margin than the prior-year quarter.

For investors and industry participants, the current results place attention on execution of the stated capacity and product-mix plans. Capacity additions can support volume growth, while the scale-up of higher-value products is important to the company's previously stated objective of improving sales realisation and profitability. No share-price movement or revised financial target was provided in the supplied results information.

Conclusion

Vidhi Specialty Food Ingredients delivered strong year-on-year growth in Q2 FY27, with revenue rising 82% to Rs 136.5 crore and consolidated PAT increasing 66.9% to Rs 17.6 crore. The quarter also showed that margin performance did not match the pace of sales growth, as EBITDA margin fell to 19.3% and PAT margin declined to 12.9%.

The next points to watch are progress on the Dahej and Roha capacity projects and the company's stated effort to raise the contribution of high-value products toward 50% over three to five years. Investors can also track future quarterly disclosures for evidence of changes in product mix, capacity utilisation and margins.