Vandan Foods IPO Review & Analysis, Issue Details, Live GMP Today, Live Subscription Status Today, Date, Share Price, Lot Size

Prior to FY 2018, Vandan Foods Company was engaged in the catering business. Between FY 2018 and FY 2023, the company shifted focus to the trading of agro commodities. Since FY 2024, under the active management of the current promoters, the company has entered the manufacturing of Castor Oil and its derivatives.

The company operates on a B2B business model, primarily dealing in Refined F.S.G. Castor Oil and Castor De-Oil Cake.

Castor Oil, a non-volatile fatty oil extracted from the seeds of Ricinus Communis (spurge family), is used in the production of synthetic resins, plastics, fibres, paints, varnishes, and chemicals such as drying oils and plasticizers. It is a viscous, clear to greenish oil with a characteristic odour and a slightly acrid, often nauseating aftertaste.

Extraction is done via pressing or solvent methods. Its applications span cosmetics, hair oils, fungistatic compounds, embalming fluids, printing inks, soaps, lubricants, greases, hydraulic fluids, dyeing aids, and textile finishing materials.

Recognized for its renewability, versatility, and status as the only commercial source of hydroxylated fatty acid, castor oil serves as a critical raw material in the chemical industry. Traditionally, it is also used to treat skin conditions, relieve constipation, and improve hair health.

Product distribution spans multiple states, including Gujarat, Haryana, Andhra Pradesh, Delhi, Bihar, Rajasthan, and Telangana. As on December 31, 2024, the Company has 16 permanent employees. The Banker to the company is Bank of India.

India holds a prominent position in the global castor oil landscape, not only as one of the largest producers of oilseeds but also as a major exporter of castor oil. Despite this, India remains a major importer of edible oils due to growing domestic demand.

Castor is one of the nine oilseeds cultivated in India, supported by favorable agro-climatic conditions. The Indian castor oil market reached 102.5 Kilo Tons in 2023, driven by rising consumption in pharmaceuticals, cosmetics, lubricants, and agriculture.

Castor oil is derived from the seeds of Ricinus Communis and is known for its laxative and anti-inflammatory properties. It is widely utilized in:

The Asia Pacific region, led by India, dominates global castor seed cultivation. Countries like Thailand, Myanmar, Vietnam, Bangladesh, and Indonesia are expanding commercial production, leveraging tropical climates. Castor leaves, roots, and stems also have economic value—for instance, leaves in silkworm cultivation in China and roots in traditional medicines.

Companies are investing in technological advancements and capacity expansions to meet rising demand and maintain competitive advantage. Major players include:

These companies are profiled based on their product portfolios, strategic initiatives, recent developments, and financial performance.

The castor oil industry is poised for robust growth, supported by multi-sectoral applications, increasing demand for natural and sustainable products, and advancements in extraction technologies. While environmental and raw material challenges remain, the overall outlook remains positive with expanding opportunities in cosmetics, pharmaceuticals, agriculture, and green industrial applications.

1. Experienced Promoters and Management Team
The promoters and management team possess extensive industry experience and have played a pivotal role in the company’s operational and financial growth. Their strategic vision and hands-on involvement in daily operations have been instrumental in driving progress. A motivated and skilled team of professionals supports the business with a strong focus on client satisfaction.

2. Quality Control and Assurance
Certified with ISO 9001:2015, the company follows stringent quality management practices in the manufacture of castor oil and castor de-oiled cake. All products undergo pre-dispatch quality testing, with outsourced assessments handled by accredited laboratories equipped with qualified staff. Manufacturing strictly adheres to established quality norms.

3. Diversified Business Model and Customer Base
The company operates a diversified product portfolio including castor seeds, castor DOC, and castor oil, ensuring revenue stability and reduced dependency on any single product segment. A wide customer base across various end markets enhances resilience and supports consistent revenue generation.

4. Scalable Business Model
The customer-centric and order-driven business model supports efficient resource utilization and economies of scale. Business growth is fueled by exploring new domestic and international markets while consistently delivering quality.

5. Stable Operations Through Long-Term Relationships
Long-standing relationships with customers and suppliers ensure steady demand and uninterrupted raw material supply. Repeat business from established clients contributes to strong customer retention and offers a competitive edge in market expansion.

6. Optimal Resource Utilization
Continuous improvement in production processes, employee skill development, and machinery upgrades drive efficient resource utilization. Regular analysis helps identify and resolve operational bottlenecks, improving overall productivity.

1. Expanding Geographical Network
Vandan Foods has a presence in Gujarat, Delhi, Haryana, Bihar, and surrounding markets, with manufacturing and storage facilities located in Dhinoj Patan, Gujarat. As of December 31, 2024, the company sold products across more than six states and one union territory, including rural and semi-urban regions. Strategic plans include expanding into under-penetrated geographies by leveraging in-house market analysis and existing distribution networks, focusing on areas with high demand and favorable transportation economics. Expansion will be supported by an enhanced sales and marketing team to strengthen regional presence and customer engagement.

2. Commitment to Quality Standards
The company prioritizes strict adherence to product quality, maintaining rigorous control throughout the production process. Continuous monitoring and prompt corrective actions ensure consistency, durability, and customer satisfaction, fostering long-term relationships.

3. Strong Stakeholder Relationships
Sustained growth is driven by cordial relationships with suppliers, customers, and employees. Reliable delivery and a dedicated service approach have helped build trust with long-standing customers. Strategic alliances with suppliers enhance supply chain efficiency and support business scalability.

4. Enhancing Operational Efficiency
Operational efficiency is increased through process improvements, technological upgrades, and employee skill development. Aligning workforce initiatives with performance goals contributes to higher output, better customer service, and cost efficiency, resulting in improved profit margins

BUSINESS RISK FACTORS & CONCERNS

1. High Revenue Concentration in Gujarat
A substantial portion of the company’s revenue is derived from the state of Gujarat, contributing 92.62% (Dec 2024), 87.63% (FY 2024), 93.53% (FY 2023), and 80.70% (FY 2022). Any adverse economic, regulatory, or market developments in this region could significantly impact the company’s business operations and financial stability. Reduced spending by customers in this geography may also negatively affect revenues.

2. Volatility in Raw Material Prices
The cost of production is heavily influenced by fluctuations in the price of Castor Seeds, the primary raw material for manufacturing Refined F.S.G. Castor Oil and Castor De-Oiled Cake. Castor seeds are sourced from the domestic market without long-term supply agreements, exposing the company to price volatility and potential margin pressures. The ability to pass on increased costs to customers may be limited, impacting profitability.

3. Operational Risks Linked to a Single Manufacturing Facility
Operations are concentrated in two adjacent manufacturing units in Dhinoj Patan, Gujarat, with a limited product line. The business is exposed to various risks including equipment breakdown, industrial accidents, natural disasters, and planned maintenance shutdowns. Any major disruption to the manufacturing assets may lead to significant repair costs, delays, or suspension of operations, adversely affecting financial performance.

Vandan Foods faces key business risks arising from geographic revenue concentration, raw material price volatility, and operational dependency on a single manufacturing unit and limited product range. These factors collectively expose the company to financial and operational uncertainties.

Date	IPO Price	Expected Listing Price	GMP	Last Updated
25 June 2025	₹ 115	₹ 115	₹ 0 (0.00%)	09:00 AM; 25 June 2025

Vandan Foods IPO Details
IPO Date	June 30, 2025 to July 02, 2025
Listing Date	July 07, 2025
Face Value	₹ 10.00
Price	₹ 115 per share
Lot Size	1,200 Equity Shares
Total Issue Size	26,40,000 Equity Shares (aggregating to ₹ 30.36 Cr)
Fresh Issue	26,40,000 Equity Shares (aggregating to ₹ 30.36 Cr)
Offer for Sale	NA
Issue Type	Fixed Price Issue
Listing At	BSE SME
Share holding pre issue	57,44,800
Share holding post issue	83,84,800

Vandan Foods IPO Lot Size
Application	Lots	Shares	Amount
Retail (Min)	1	1,200	₹1,38,000
Retail (Max)	1	1,200	₹1,38,000
S-HNI (Min)	2	2,400	₹2,76,000
S-HNI (Max)	7	8,400	₹9,66,000
B-HNI (Min)	8	9,600	₹11,04,000

Vandan Foods IPO Timeline (Tentative Schedule)
IPO Open Date	June 30, 2025
IPO Close Date	July 2, 2025
Basis of Allotment	July 3, 2025
Initiation of Refunds	July 4, 2025
Credit of Shares to Demat	July 4, 2025
Listing Date	July 7, 2025
Cut-off time for UPI mandate confirmation	5 PM on July 2, 2025

Vandan Foods IPO Reservation
Investor Category	Shares Offered	Reservation %
Non-Institutional Investor Portion	12,54,000	50% of the Net Issue
Retail Shares Offered	12,54,000	50% of the Net Issue
Market Maker Portion	1,32,000	-

Vandan Foods IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details

Vandan Foods IPO Details

Vandan Foods IPO Lot Size

Vandan Foods IPO Timeline (Tentative Schedule)

Vandan Foods IPO Reservation

Vandan Foods IPO Promoter Holding

Vandan Foods IPO Subscription Status

About Vandan Foods Limited

Vandan Foods Limited Financial Information (Restated Consolidated)

Amount in (₹ in Lakh)

Key Performance Indicator

Vandan Foods Limited IPO Peer Comparison

Vandan Foods Limited Contact Details

Vandan Foods IPO Registrar and Lead Manager(s)

Vandan Foods IPO Review

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Vandan Foods IPO Promoter Holding
Share Holding Pre Issue	96.94 %
Share Holding Post Issue	66.42 %

Period Ended	Dec 31, 2024	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Reserve of Surplus	826.12	659.78	203.94	-5.69
Total Assets	3,168.76	1,211.92	473.97	420.16
Total Borrowings	388.72	-	39.47	345.29
Fixed Assets	613.26	564.20	38.67	52.26
Cash	1.35	98.80	121.73	8.45
Net Borrowing	387.37	-98.80	-82.26	336.84
Revenue	7,266.38	4,873.04	1,159.35	161.13
EBITDA	692.15	364.56	99.49	5.81
PAT	453.59	264.43	64.28	-11.43
EPS	7.9	4.64	1.32	-0.24

Key Performance Indicator
KPI	Values
EPS Pre IPO (Rs.)	₹ 4.64
EPS Post IPO (Rs.)	₹ 3.15
P/E Pre IPO	24.78
P/E Post IPO	36.47
ROE	45.41 %
ROCE	37.33 %
P/BV	2.17
Debt/Equity	-
RoNW	27.92 %

Vandan Foods Limited IPO Peer Comparison
Company Name	EPS	ROCE	ROE	P/E (x)	P/Bv	Debt/Equity	RoNW (%)
Vandan Foods Limited	₹ 3.15	37.33 %	45.41 %	36.47	2.17	-	27.92 %
NK Industries Limited	₹ -5.91	%	%	-	0	-	%
Jayant Agro-Organics Limited	₹ 18.3	12.5 %	9.61 %	13.9	1.30	0.19	9.61 %

Vandan Foods IPO Subscription Status
Investor Category	Shares Offered	Shares Bid For	No oF Times Subscribed
Non Institutional Investors(NIIS)	13,86,000	-	0.00
Retail Individual Investors (RIIs)	12,54,000	-	0.00
Total	26,40,000	-	0.00