Vandan Foods reported a significant expansion in scale for the financial year ended March 31, 2026, with revenue from operations rising approximately 140% to ₹25,963.4 lakh. Despite the top-line growth, profitability contracted sharply as operating margins faced pressure from higher input costs and increased borrowing expenses.

The company's net profit after tax dropped to ₹132.37 lakh from ₹690.70 lakh in the previous fiscal year. This decline occurred even as the firm completed its Initial Public Offer (IPO) and listed on the BSE SME Platform in July 2025, raising ₹3,036.00 lakh.

Financial Performance

Revenue growth was primarily driven by the commissioning of expanded capacity at its Dhinoj facility and higher volumes of Refined F.S.G. Castor Oil and Castor De-Oiled Cake. However, the bottom line was impacted by several cost factors:

• Raw Material Costs: Firm castor seed prices compressed crushing spreads, with cost of material consumed rising to ₹17,245.02 lakh from ₹9,918.99 lakh.
• Finance Costs: Interest expenses nearly doubled to ₹178.52 lakh from ₹91.30 lakh, reflecting higher utilization of working capital limits.
• Depreciation: Charges surged to ₹153.14 lakh from ₹19.51 lakh following the capitalization of new plant and machinery.
• Other Expenses: Increased to ₹754.08 lakh from ₹358.35 lakh, including one-time IPO-related professional fees.

Balance Sheet and Capital Structure

The balance sheet size expanded to ₹11,864.07 lakh from ₹4,877.96 lakh. Shareholders' funds increased significantly to ₹4,806.83 lakh from ₹1,638.46 lakh, bolstered by the IPO proceeds. Short-term borrowings rose to ₹2,517.13 lakh from ₹1,061.05 lakh to support the larger operational scale.

Inventory levels stood at ₹6,561.02 lakh, up from ₹2,751.99 lakh, while trade receivables grew to ₹2,643.31 lakh from ₹583.73 lakh. The debt-equity ratio improved to 0.52 times from 1.12 times, indicating a stronger capital structure post-IPO.

What the Numbers Show

The divergence between revenue growth and profit contraction highlights the working capital intensity of the castor oil processing business. While revenue more than doubled, the company's ability to convert sales into cash flow was constrained by rising inventory and receivables. The sharp increase in finance costs suggests that the expanded operations are currently funded largely through debt, pressuring margins until the new capacity reaches optimal utilization efficiency.

Corporate Governance and AGM

The company will hold its 11th Annual General Meeting on September 21, 2026, via video conferencing. Key agenda items include:

• Re-appointment of Executive Director Kalpeshkumar Bhagavandas Thakkar.
• Appointment of Ankitkumar Surendrakumar Agrawal as an Independent Director.
• Approval for loans, guarantees, and investments up to an aggregate limit of ₹300 crore under Sections 185 and 186 of the Companies Act, 2013.
• Ratification of remuneration for Cost Auditors.

No dividend was recommended for FY26 as the board prioritized conserving resources for future growth.

Vandan Foods has appointed Ankitkumar Surendrakumar Agrawal as an Additional Non-Executive Independent Director, effective August 06, 2026. The Board of Directors approved the appointment at a meeting held on August 06, 2026, following a recommendation from the Nomination and Remuneration Committee. The appointment strengthens the company’s governance framework by adding expertise in corporate secretarial and compliance functions to the board.

The appointment is subject to the approval of the Members of the Company. Mr. Agrawal’s first term will last for five consecutive years, concluding on August 05, 2031. The Board confirmed that Mr. Agrawal is not related to any existing Directors, Key Managerial Personnel, or Promoters of the company. Additionally, the company affirmed that he is not debarred from holding the office of Director by SEBI or any other statutory authority, in compliance with the Stock Exchanges’ circular dated June 20, 2018.

Appointment Details

Regulatory Compliance

The intimation was issued pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure also adheres to SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The detailed disclosure regarding the appointment was enclosed as Annexure – A in the filing submitted to the Department of Corporate Services – CRD at BSE Limited.

Candidate Profile

Mr. Ankitkumar Surendrakumar Agrawal brings over eight years of professional experience in corporate secretarial and compliance functions. He is a qualified Company Secretary and an Associate Member of the Institute of Company Secretaries of India (ICSI), holding Membership No. ACS 53150. He holds a Master of Business Administration (MBA) and a Bachelor of Business Administration (BBA).

His expertise includes Corporate Laws, Securities Laws, statutory filings and disclosures, board and committee management, and liaison with statutory and regulatory authorities. Currently, he serves as Company Secretary with a listed company in the renewable energy sector. Previously, he held Company Secretary roles at Camrola Quartz Limited and Rama Gum Industries (India) Limited, gaining experience across manufacturing and industrial sectors. His background in securities laws and regulatory compliance is expected to contribute significantly to the Board’s deliberations.