1. At a Glance
Once upon a freezer, Vadilal was just a hand-cranked dream in 1907, when Vadilal Gandhi started making ice creams the Kothi way. A century later, this Gujarati icon is serving scoops across 24 states and 24 countries — and now, finally, the Gandhis have stopped fighting over the last scoop. After years of courtroom chaos, boardroom battles, and cone diplomacy, peace has been restored: the family war is over, the board is independent, and the brand is focused on chilling profits, not egos.
At ₹5,117 a share and a ₹3,679 crore market cap, Vadilal Industries Ltd is looking like the calmest freezer in town — though profit melted a bit in Q2 FY26 (₹33.4 crore vs ₹39 crore last year). Revenue, however, was a creamy ₹341 crore, up 15.5% YoY, proving Indians are still emotionally attached to their ice cream, even during inflation.
The stock trades at a P/E of 27.4× with ROE at a juicy 24%. The Bhagavad Gita says, “Yogah Karmasu Kaushalam” — excellence in action is yoga. For Vadilal, excellence is freezing, blending, and selling nostalgia with dairy fat.
So, is this the dawn of a professionally run Vadilal, or just another family recipe remix? Let’s dig in spoon first.
2. Introduction
Imagine a Gujarati family drama that runs longer than Taarak Mehta Ka Ooltah Chashmah — and instead of Gokuldham Society, the battleground is the Vadilal boardroom. After decades of fights over who owns which scoop, the Gandhis have signed peace accords, dissolved disputes, and finally merged their group companies into one creamy corporate entity.
But let’s not forget what makes Vadilal iconic. This isn’t just another FMCG story. This is the company that gave India the “Rajbhog,” “Cassata,” and “Badam Pista” generations before Instagram influencers discovered gelato. From a soda shop in 1907 to a ₹1,300 crore ice cream empire in 2025, Vadilal has turned nostalgia into net profit.
And now, post-restructuring, they’ve done the impossible — merged Vadilal Finance, Vadilal International, and Veronica Constructions (yes, that’s a real name) into one. It’s like Avengers: Endgame, but instead of Thanos, they fought over auditor signatures.
Still, the real test begins now. Will the newly appointed CEO, Himanshu Kanwar (the first non-family professional to lead Vadilal in 118 years), be able to scoop consistent growth? Or will the company melt faster than your cone in Ahmedabad summer?
3. Business Model – WTF Do They Even Do?
Vadilal has two big tubs in its freezer:
1. Ice Cream & Frozen Desserts (90% of revenue):
This is the company’s bread, butter, and Kulfi Falooda. It manufactures ice creams, frozen desserts, candies, and juices. Every day, 5.5 lakh litres of ice cream roll out of its two main plants — Pundhra (Gujarat) and Bareilly (U.P.). Their cone machine alone can make 23 lakh cones a day. Basically, if aliens ever invade, Vadilal can feed them dessert before diplomacy.
2. Processed Food Division (10% of revenue):
Here, the company plays in the frozen fruits,
