Pravina Manek Family Private Trust, a promoter of Vidhi Specialty Food Ingredients Limited , has confirmed that no encumbrance was created on the company's shares during the financial year ended March 31, 2026. The disclosure, submitted to the stock exchanges, assures stakeholders that the promoter's shareholding remains free from new charges or pledges for the reported period.

The declaration was made pursuant to Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST). This regulation requires promoters to disclose any encumbrance created on the shares of the target company, either individually or along with persons acting in concert (PACs).

Disclosure Details

Pravina Manek Family Private Trust stated that no encumbrance was made directly or indirectly on the shares of Vidhi Specialty Food Ingredients Limited, other than those already disclosed. The filing was addressed to the Audit Committee of the Board of Directors of the company and subsequently submitted to BSE Limited and the National Stock Exchange of India Ltd.

The disclosure was signed by Bipin Madhavji Manek, Trustee, on April 08, 2026. The confirmation provides transparency regarding the promoter's holding structure and compliance with regulatory requirements.

Vidhi Specialty Food Ingredients Limited held its Q4 and FY26 Earnings Conference Call on May 14, 2026, with Chairman and Managing Director Bipin Manek, Joint Managing Director Mihir Manek, and Chief Financial Officer Mitesh Manek presenting the company's audited financial results for the year ended March 31, 2026. The management highlighted resilient performance despite significant global economic uncertainty, geopolitical tensions, tariff pressures, and a slowdown in demand across several international markets.

Financial Performance

The company reported revenue from operations of INR380 crores for FY26, compared to INR382.30 crores in FY25. Despite subdued demand in certain international markets during the first half of the year, disciplined cost management and product mix optimization enabled the company to deliver strong profitability. The following table summarises key financial metrics:

Net profit grew 10.80% year-on-year to INR49.15 crores, while EBITDA margins expanded from 17.91% to 20.52%, supported by better realizations, increased contribution from specialty and high-margin products, improved manufacturing efficiencies, and tighter cost management. The CFO noted that manufacturing sales for FY26 stood at INR330 crores, with the effective EBITDA margin on manufactured sales close to 24%–25%.

Balance Sheet and Key Ratios

The company maintained a strong and conservative balance sheet. The debt-to-equity ratio remained low at 0.28%, reflecting prudent fiscal management. Key operational and return ratios are presented below:

The CFO noted that the decline in the interest coverage ratio was attributable to the withdrawal of the subvention scheme on export finance by the Indian government as of December 2025, which led to a slight increase in finance costs.

Operational Highlights and Export Markets

Management stated that demand conditions remained subdued in certain international markets during the first half of FY26 but improved subsequently. The company expects full utilization of both its Dahej and Roha facilities in the current financial year. On export markets, the management clarified that exports to North America (comprising the U.S., Canada, and Mexico) account for 19% of total exports. Mihir Manek noted that while the U.S. market has stabilised following tariff-related disruptions, additional growth is expected from emerging markets as geopolitical conditions ease. Customer inventory levels in the U.S. had reduced by approximately 50% during the period of elevated tariffs as customers drew down existing stocks. The management also addressed concerns around synthetic food color regulations in the U.S., clarifying that all exported color ranges are approved by the U.S. FDA and that each batch undergoes testing at the FDA's Washington laboratory before being cleared for use.

Strategic Initiatives and Capital Expenditure

The company is advancing its CoatIcon range of tablet coating systems, currently in aggressive sampling and customer qualification stages with several pharmaceutical companies in India and international markets. The typical customer approval cycle for this product is approximately 6 months due to stability testing requirements. The contribution of high-value, high-margin products to the total product portfolio currently stands at approximately 5%, with management expecting this to rise to 10%–12% or higher in FY27. Key capital expenditure details are summarised below:

The new product lines under development are described as having a very high margin profile with thin to negligible competition. The company has two R&D facilities on the outskirts of Mumbai, employing in excess of 60 dedicated chemists, and has invested in excess of INR4.5 crores to INR5 crores in analytical equipment at these facilities. Management also noted a one-off increase in other expenses during the quarter, partly attributable to R&D costs and U.S. FDA certification costs of $1 per kilogram, which are to be passed on to customers upon sale of the relevant products.