Vandan Foods Limited IPO
Incorporation & Evolution
Vandan Foods Limited was incorporated on December 15, 2015, as Vandan Foods Private Limited under the Companies Act, 2013, and was later converted into a public limited company in September 2023. Initially engaged in catering services until FY2018, the company transitioned to trading agro commodities between FY2018 and FY2023, and from FY2024 onward, shifted its focus to the manufacturing of castor oil and its derivatives.
Business Operations and Key Products
Vandan Foods Limited operates on a B2B (Business-to-Business) model with 2 Primary products:
1. Refined Castor Oil (F.S.G.):
– Yellow, viscous liquid with applications in multiple industries.
– Process: Bleached and filtered using activated carbon and bleaching earth.
– Also used for food grain preservation and cosmetic use.
2. Castor De-Oiled Cake (DOC)
– Derived post oil extraction from seeds.
– High in NPK (Nitrogen, Phosphorous, Potassium), ideal for soil nourishment.
– Acts as an eco-friendly alternative to chemical fertilizers.
Its products cater to diverse industries including lubricants, paints, pharmaceuticals, cosmetics, and printing inks, while the DOC is widely used as an organic fertilizer in agriculture.
Target Markets: Supplies products across Gujarat, Delhi, Haryana, Andhra Pradesh, Bihar, Rajasthan, and Telangana.
Manufacturing Facility
Vandan Foods Ltd. operates its manufacturing facilities in Dhinoj Patan, Gujarat, with two units located on Motap Dhinoj Road. The infrastructure is equipped with oil expellers, a solvent extraction plant, and advanced bleaching and filtering equipment, enabling efficient production of refined castor oil and its derivatives.
Competitive Strengths
i) Experienced Leadership: Skilled promoters with vision and industry knowledge.
ii) Quality Standards: Committed to quality control; ISO certified processes.
iii) Diversified Model: Products for multiple end industries reduce concentration risk and also Revenue from various agro and industrial applications.
iv) Scalability: Order-driven, resource-efficient, and capable of scale-up.
v) Customer Relationships: Long-term ties with clients enable repeat business and trust-based approach builds brand loyalty.
vi) Efficient Resource Use: Regular process audits and skill upgrades and focused on minimizing wastage and increasing productivity.
Objects of the Vandan Foods Limited IPO:
Vandan Foods Limited IPO Details:
| Open Date: | Jun 30 2025 |
| Close Date: | Jul 02 2025 |
| Total Shares: | 26,40,000 |
| Face Value: | ₹ 10 Per Equity Share |
| Issue Size: | 30.36 Cr. |
| Lot Size: | 1200 Shares |
| Issue Price: | ₹ 115 Per Equity Share |
| Listing At: | BSE SME |
Promoters And Management:
Aged 40, Mr. Patel has completed his pre-matric education from Pallavi Vidyalaya. With over 1 year of experience in the agriculture industry, he serves as the Non-Executive Chairman and is one of the promoters of the company. 2. Jitendra Rameshbhai Patel (Managing Director):
Aged 40, Mr. Jitendra Patel has completed the first year of a Bachelor of Arts from Gujarat University, Ahmedabad. With over 6 years of experience in the agricultural industry, he oversees the company’s Sales & Marketing, Finance, and Administration departments. He is also a promoter of the company. 3. Kalpesh Bhagvandas Thakkar (Executive Director):
Aged 37, Mr. Thakkar has completed pre-matric education from Sheth V.K. Bhula (Kungherwala) High School, Patan, Gujarat. With more than 5 years of experience in the agriculture industry, he is responsible for managing the company’s Production and Raw Material Acquisition departments and is a promoter of the company.
Financials of Vandan Foods Limited IPO:
| Particulars | 9M FY2025 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
| Total Income | 72.66 | 48.73 | 11.59 | 1.47 |
| EBITDA | 6.92 | 3.64 | 0.99 | -0.07 |
| EBITDA Margins | 9.53% | 7.48% | 8.58% | -5.27% |
| PAT | 4.53 | 2.64 | 0.64 | -0.11 |
| PAT Margins | 6.24% | 5.43% | 5.54% | -7.75% |
| Debt to Equity Ratio | 0.99 | - | 0.18 | - |
| ROCE | 24.20% | 37.33% | 33.42% | -4% |
| Operating Cash Flows | -10.77 | 0.88 | 2.61 | 0.24 |
Comparison With Peers:
| Companies | Revenue (In Cr.) | EBITDA Margins | PAT Margins | D/E Ratio | ROCE | MCap (In Cr.) | P/E |
| Vandan Foods (FY 2024) | 48.73 | 7.48% | 5.43% | 0.00 | 37.33% | 96.42 | 36.52* |
| NK Industries (FY 2025) | 16.81 | -6.37% | -21.11 % | 0.00 | In Loss | 42.20 | In Loss |
| Jayant Agro-Organics (FY 2025) | 2,528 Cr. | 4% | 2.13% | 0.19 | 12.50% | 762 | 14.20 |
Lead Manager of Vandan Foods Limited IPO:
Registrar of Vandan Foods Limited IPO:
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