*Everything is in lakhs except price

Particulars Total No of Shares

Vadilal Industries Value 65,513.00 72
Vadilal Enterprise Value 12649.94 8.62668
Total Value Without Synergies 78162.93
Synnergy Value 27904.45834
Total (in lacs) 184,230.33
Price As on 14/01/2022 Total Value as per market Percentage of Total value
920 66240 83.48%
1520 13112.5536 16.52%
79352.5536
Synergy Attributable Total value with synergy Premium affordable Premium to be given
23293.4069117858 88,806.40 34.07% 20%
4611.05142900668 17,260.99 31.64% 20%
Price to be paid Amount Paid
1104 79488
1824 15735.06432
Total deal amount 95223.06432
If ROE is constant
Discount Rate 0.0575
Govt. Bond Rate 1.26%
Last Yr
EPS 141.57
Growth
BVE 917.89
ROE
Reinvestment Required
FCFE
Terminal Value

PV
NPV 4424.9
Actual 4441.76
Risk-free Rate 1.51%
MMRP 4.240%
 1 2 3 4 5
188.48 210.80 220.00 227.70 232.25
0.33 0.12 0.04 0.04 0.02
1026.59 1071.39 1108.89 1131.07 1145.32
0.21 0.21 0.21 0.21 0.21
0.58 0.21 0.17 0.10 0.06
79.78 166.00 182.50 205.52 218.00
4916.47
79.78 166.00 182.50 205.52 5134.47
75.44 148.44 154.32 164.34 3882.34
 0.01

220.75
Vadilal Industries

% sales (Assumption: Equal Exports (% of GDP)

export sales from all Source : World Bank
Net Sales by Geographic Region regions) Report
Americas 14.024% 17%
Europe 14.024% 45%
Middle East 14.024% 42%
South East Asia 14.024% 16.70%
Australasia 14.024% 23.90%
India 29.882% 18.10%

In Rs. Crores
Export Revenue 250
Domestic Revenue 106.54
Total Revenue 356.54

Americas 50
Europe 50
Middle East 50
South East Asia 50
Australasia 50
India 106.54

Vadilal Enterprise

% sales (Assumption: Equal Exports (% of GDP)

export sales from all Source : World Bank
Net Sales by Geographic Region regions) Report
India 100% 18.10%
 CRP (Source:
% of revenues domestically Aswanth
by avg firm Lambda Damodaran Sheet)
83% 16.8960% 3.44%
56% 25.2679% 1.50%
58% 24.1787% 4.54%
83% 16.8351% 4.93%
76% 18.4279% 3.65%
82% 36.4855% 1.85%

CRP

CRP (Source:
% of revenues domestically Aswanth
by avg firm Lambda Damodaran Sheet)
81.90% 122.100% 1.85%

CRP
 4.236%

2.25885226%
 Cost of Equity
Risk Free Rate 4.33%
Mature market risk premium 4.24%
CRP 4.236%
Beta 0.91
Cost of Equity 12.421929483%

Cost of Debt
Rating As per CARE BBB-
Risk free rate (Rfr) 4.33%
Country Default spread 1.28%
Company Default Spread 2.97%
Cost of Debt 8.58%
Tax Rate 30%
After tax Cost of Debt 6.004600%

WACC
Debt 14,119.00
M-Cap of Equity (in lacs) 66476
Debt/Equity 21.24%
Weight of debt 17.52%
Weight of Equity 82.48%

WACC 11.30%
 Rf Calculation
10 year Bond Rate for India 6.31%
Default Spread 1.98%
Rf Calculation 4.33%
 Cost of Equity
Risk Free Rate 4.33%
Mature market risk premium 4.240%
Beta 0.58
CRP 2.26%
Cost of Equity 9.0481%

Cost of Debt
Rating As per CARE BBB-
Risk free rate (Rfr) 4.33%
Country Default spread 1.28%
Company Default Spread 2.97%
Cost of Debt 8.58%
Tax Rate 30%
After tax Cost of Debt 6.00600%

WACC
Debt 1,196.00
M-Cap of Equity (in lacs) 14039
Debt/Equity 8.52%
Weight of debt 7.85%
Weight of Equity 92.15%

WACC 8.81%
STANDALONE STATEMENT OF PROFIT AND LOSS for the year ended March 31, 2021

Particulars
I Revenue From Operations
% Change
II Other Income
III Total Income (I+II)
IV Expenses:
Cost of Materials Consumed
% of Revenue
Purchase of Stock-in-trade
Changes in Inventories of Finished Goods and Stock-in-trade
Excise Duty on Sale of Goods
Employee Benefits Expense
% of Sales
Finance Costs
% of Borrowings
Depreciation and Amortization Expenses
Depriciation as a Percentage of PPE
Other Expenses
% of Sales
Total Expense (IV)
EBIT
EBIT Margin
V Profit / (Loss) Before Tax (III-IV)
PBT Margin
VI Tax Expenses
(a) Current Tax
Tax Rate
(b) Deferred Tax
Total Tax Expenses
VII Profit / (Loss) for the year (V-VI)
VIII Other Comprehensive Income
(i) Item that will not be reclassified to profit or loss
Remeasurement of defined benefit plans
(ii) Income tax relating to items that will not be reclassified to profit or loss
Other Comprehensive Income for the year
Total Comprehensive Income for the year (VII+VIII)
Earning Per Share (Face Value of ` 10 each)
- Basic & Diluted

STANDALONE BALANCE SHEET as at March 31, 2021

Particulars
I. ASSETS
(1) Non-Current Assets
(a) Property, Plant and Equipment
(b) Capital Work-in-Progress
(c) Investment Property
(d) Intangible Assets
(e) Right of Use Assets
(f ) Financial Assets
(i) Investments
(ii) Loans
(iii) Other Financial Assets
(g) Non Current Tax Assets (Net)
(h) Other Non-Current Assets
Total Non-Current Assets
(2) Current Assets
(a) Inventories
(b) Financial Assets
(i) Investments
(ii) Trade Receivables
(iii) Cash & Cash Equivalents
(iv) Other Balances with Banks
(v) Loans
(vi) Other Financial Assets
(c) Current Tax Assets (Net)
(d) Other Current Assets
Total Current Assets
Total Assets
II. EQUITY AND LIABILITIES
(1) Equity
(a) Equity Share capital
(b) Other Equity
Total Equity
(2) Liabilities
Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings
(ii) Other Financial Liabilities
(b) Provisions
(c) Deferred Tax Liabilities (Net)
(d) Other Non Current Liabilities
Total Non-Current Liabilities
Current Liabilities
(a) Financial Liabilities
(i) Borrowings
(ii) Trade Payables
-- DuesDues of
ofmicro enterprises
creditors and small
other than microenterprises
enterprises and small
enterprises
(iii) Other Financial Liabilities
(b) Provisions
(c) Current Tax Liabilities (Net)
(d) Other Current Liabilities
Total Current Liabilities
Total Liabilities
Total Equity and Liabilities

Inventory In Days
Debtor in Days
Other Current Assets
Creditors in Days
Other Current Liabilities

Cash Flow Statements

Particulars
A CASH FLOWS FROM OPERATING ACTIVITIES
Profit / (Loss) Before Tax
Adjustments for:
Depreciation and Amortisation Expense
(Profit) / Loss on Sale of Property, Plant and Equipment (Net)
Profit on Sale of Investments
Excess Provision Written Back
(Gain) / Loss on Fair Value of Current Investment
(Gain) / Loss on Fair Value of Non Current Investment
Diminution on Non Current Investments Written back
Loans and Advances Written Back
Financial Guarantee Commission Income
Grant Income
Dividend Income
Interest Income
Amortization of Ancilliary Borrowing Costs
Finance Costs
Provision for Doubtful Debts
Provision for Doubtful Advances
Bad Debts Written Off
Advances Written Off
Share of (Profit) / Loss of Partnership Firm
Unrealised foreign exchange (Gain)/Loss

Operating Profit before Working Capital Changes

Changes in Working Capital:
(Increase) / Decrease in Inventories
(Increase) / Decrease in Trade Receivables, Financial Assets, Other assets and Loans giv
Increase / (Decrease) in Trade Payables, Financial Liabilities, Other Liabilities and Provis
Cash Generated from / (Used in) Operations
Income Taxes Paid (Net of Refund)
Net Cash Generated from / (Used in) Operating Activities (A)
B CASH FLOWS FROM INVESTING ACTIVITIES
Loan Given to Subsidiary
Capital Expenditure on Property, Plant & Equipment and Intangible Assets
Proceeds from Sale of Property, Plant & Equipment
Payments for current investments
Proceeds from Sale of Current Investment (Net)
Purchase of Non Current Investments
Interest Received
Net Cash Generated from / (Used in) Investing Activities (B)
C CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Non Current Borrowings
Repayment of Non Current Borrowings
Proceeds from / (Repayment of) Current Borrowings (Net)
Payment of Lease Liabilities
Interest Paid
Dividend Paid (Including Tax on Dividend)
Net Cash Generated from / (Used in) Financing Activities (C)
Net Increase/(Decrease) In Cash and Cash Equivalents (A+B+C)
Cash and Cash equivalents at the beginning of the Year
Cash and Cash equivalents at the end of the Year

Calculations:
Total Borrowings
Growth%
Capex
Depriciation

FCFF Calculation
EBIT(1-t)
Capex
Depriciation
Change in WC
Total Reinvestment

Year
FCFF
Terminal Value
PV of CF and terminal Value

Valuation
Terminal Growth rate
WACC
Value of Operating Assets
Value of Equity
# Shares Outstanding (lakhs)

Value per share

 Financial State

ded March 31, 2021 (` in Lacs)

Year Ended March 31, 2017 Year Ended March 31, 2018 Year Ended March 31, 2019
48438.1 52013.98 50705.76
0.073823704893462 -0.025151315088751
304.24 743.53 1258.46
48742.34 52757.51 51964.22

26050.26 28817.33 28414.93

0.537805157510307 0.554030474114844 0.560388602793844
466.47 586.34 1064.58
-316.8 1416.56 -982.16
1147.02 493.24
2644.8 3195.34 3921.43
0.054601646224769 0.061432330308121 0.077336973156501
1596.99 1522.19 1392.13
0.161311632388993 0.122715099490014 0.113114076105989
1483.34 1598.38 1659.83
0.064873162127301 0.066089110783463
12992.69 12904.38 11625.87
0.268232858018791 0.248094454606242 0.22928105209349
46064.8246016462 50533.8863054924 47096.753426084
4274.50539835377 3745.81369450757 6259.59657391606
0.088246760264209 0.072015517645594 0.123449418249841
2677.51539835377 2223.62369450757 4867.46657391606
0.055277052534137 0.042750500817426 0.095994352000957

939.57 608.05 1588.43

0.350911147169379 0.273450045303037 0.326336087958391
74.81 131.17 130.8
1014.38 739.22 1719.23
1663.13539835377 1484.40369450757 3148.23657391606

-45.49 -28.35 -43.71

15.74 9.81 15.52
 -29.75 -18.54 -28.19

23.14 20.65 43.8

2021
Year Ended March 31, 2017 Year Ended March 31, 2018 Year Ended March 31, 2019

24638.54 25115.03 26051.47

452.23 728.89 1319.63
20.08 19.74 19.4
351.56 247.65 193.06

154.81 289.86 290.39

32.21 283.6 301.49
424.11 607.62 661.75
47.15
422.77 559.69 618.12
26496.31 27852.08 29502.46

11958.42 9675.35 11831.3

2.97 1.73 1.44.26

1442.65 4523.56 3339
122.19 106.05 81.95
212.36 211.67 252.37
9.03 13.99 210.05
186.82 85.63 211.04
47.15
654.5 996.64 1151.66
14588.94 15661.77 17077.37
41085.25 43513.85 46581.53
 718.78 718.78 718.78
15229.12 16586.97 19598.84
15947.9 17305.75 20317.62

3439.56 7099.1 5743.42

24.53 48.49 55.53
154.97 128.34 201.37
1798.92 2091.74 2223.3
678.56 698.35 660.54
6096.54 10066.02 8884.16

6460.47 5305.16 6563.89

8279.08
475.27 411.2
7157.25 6134.1
3485.22 2453.69 3333.32
165.03 239.73 290.69
28.03 79.81
622.98 510.98 566.74
19040.81 16142.08 17379.75
25137.35 26208.1 26263.91
41085.25 43513.85 46581.53

167.553924605743 122.547881778083 151.977305592518

10.8709311471755 31.7433774535231 24.0354350274998
4.93191310146352 6.99376590678121 8.29010155848172
116.001306704808 96.6734183909474 84.0767336044819
4.69439759197822 3.58572253075039 4.0796173846916

Year Ended March 31, 2017 Year Ended March 31, 2018 Year Ended March 31, 2019
2677.57 2223.75 4867.61

1483.34 1598.38 1659.83

-15.82 2.83 58.84
-2.77 - -41.68
-126.75 -99.91 -23.77
-1.15 1.24 0.3
- -0.54
-135.04
- -196.93
-9.6 -15.87 -25.46
-88.38 -86.15 -55.68
-0.13 -0.01
-56.95 -60.54 -84.13
1.37
1595.62 1522.19 1392.13
8.45 3.29 -2.9
19.49 -1.1 -2.15
13.41
23.65
150.31 -4.33 -10.11

2980.68 2738.4 2667.74

5658.25 4962.15 7535.35

-2666.86 2283.07 -2155.95

534.02 -3659.22 760.07
1460.71 -1271.39 -605.11
-672.13 -2647.54 -2000.99
-670.23 -511.78 -1492.34
4315.89 1802.83 4042.02

-250
-2405.47 -2268.77 -3211.66
31.96 18.7 20.74
-1300 -8080
1300 8121.68
14.12
56.95 60.54 72.82
-2302.44 -2439.53 -3076.42

931.61 5735.45 957.89

 -2243.09 -2329.25 -1709.93
1033.18 -1155.31 1258.73

-1592.62 -1522.19 -1388.08

-108.14 -108.14 -108.32
-1979.06 620.56 -989.71
34.3900000000003 -16.1400000000003 -24.110000000001

Year Ended March 31, 2017 Year Ended March 31, 2018 Year Ended March 31, 2019
9900.03 12404.26 12307.31
0.252951758732044 -0.00781586325988
2437.43 2287.47 3232.4
 0.0641
0.113
71050.1050925289
65512.9950925289
72

909.902709618457
 Financial Statements
(` in Lacs)

Year Ended March 31, 2020 Year Ended March 31, 2021 Year Ended March 31, 2022
51662.97 35654.01 55263.7155
0.018877736967161 -0.309873009623721 0.55
842.08 1202.18 1262.289
52505.05 36856.19 56526.0045

29033.85 21353.31 30947.68068

0.561985693040876 0.598903461349789 0.56
860.76 414.51 837.226666666667
-201.64 552.28

4385.71 3426.78 4697.4158175

0.084890783476057 0.096112050229413 0.085
1472.53 2008.52 2294.9085
0.096247628173411 0.160685713554267 0.15
1887.89 1828.62 1962.88287061049
0.072467695680896 0.06261959780892 0.067058801424427
11626.96 10442.88 12437.3223136393
0.225054037737281 0.292894964689806 0.225054037737281
49066.2173584792 40027.058731648 53177.5889072179
4911.36264152085 -1162.34873164804 5643.32409278207
0.095065433549811 -0.032600785483822 0.102116262754394
3438.83264152085 -3170.86873164804 3348.41559278207
0.066562813588163 -0.088934420886964 0.06058976604246

860.43 17.39
0.250209908330831 -0.005484301455444
-636.21 -778.28
224.22 -760.89
3214.77 -2409.82

-35.58 3.27
-2.54 -0.82
-38.12 2.45
 3176.65 -2407.37

44.73 -33.53

Year Ended March 31, 2020 Year Ended March 31, 2021 Year Ended March 31, 2022

29202.04 29271.07 30873.6037960562

865.23 529.59
19.06 18.72
137.68 105.75
753.37 604.53

298.81 299.31
274.64 1.05
440.83 215.39
141.46 125.6
626.97 253.47
32760.09 31424.48

14556.3 12632.72 12930.7660187304

1.22 1.28 1.28

3321 1442.65 3595.80343476322
665.13 846.73 846.73
914.49 1045.27 1045.27
299.21 257.19 257.19
258.04 83.28 83.28

1232.39 1735.1 1210.79164153854

21247.78 18044.22 19971.1110950321
54007.87 50143.01
 718.78 718.78
22667.17 20259.8
23385.95 20978.58

4820.28 5537.11
738.47 589.33
195.53 256.67
1589.62 815.37
609.25 557.43
7953.15 7755.91

10479.11 6962.57 9179.634

10196.6782339851
526.26 857.57
7604.78 9350.22
3341.28 2756.58 2756.58
298.13 334.29 334.29
- 17.82 17.82
419.21 1129.47 536.339033820679
22668.77 21408.52 23021.3412678058
30621.92 29164.43
54007.87 50143.01

182.995004107275 215.935740173303 152.506730492625

23.4629367998007 14.7688086136735 23.7491859136503
8.70686199419042 17.7627004648285 7.99690981981779
102.219636734364 174.485517701939 120.260629346928
2.96172771329252 11.5626979966629 3.54235587624484

Year Ended March 31, 2020 Year Ended March 31, 2021 Year Ended March 31, 2022
3438.99 -3170.71

1887.89 1828.62
-1.53 21.22
-24.07 -2.08
-69.42 -85.83
0.21 -0.06
3.63 -0.5

-28.99 -28.91
-55.65 -51.81

-103.87 -414.59

1472.53 2008.52
19.38 -6.63

22.79 24.05
-135.37 32.18
2987.53 3324.18
6426.52 153.47

-2725 1923.58
-578.63 1484.25
2668.6 2634.71
-635.03 6042.54
-1034.55 19.51
4756.94 6215.52

-5160.01 -1435.22
16.37 15.22

24.07 2.08
-12 -
85.33 381.01
-5046.24 -1036.91

4169.71 2417.5
 -5597.84 -1922.52
3915.22 -3516.54
-76.22 -85.56
-1430.07 -1889.89
-108.32 -
872.48 -4997.01
583.179999999999 181.6

Year Ended March 31, 2020 Year Ended March 31, 2021 Year Ended March 31, 2022
15299.39 12499.68 15299.39
0.243114051730232 -0.18299487757355
5176.38 1450.44 3565.41666666667
1962.88287061049

3950.32686494745
3565.41666666667
1962.88287061049
314.069827226311
1916.60362328249

1
2033.72324166496
1827.24460167561
Year Ended March 31, 2023 Year Ended March 31, 2024 Year Ended March 31, 2025
59132.175585 63271.42787595 67700.4278272665
0.07 0.07 0.07
1325.40345 1391.6736225 1461.257303625
60457.579035 64663.10149845 69161.6851308915

32522.69657175 34166.571053013 36558.2310267239

0.55 0.54 0.54
879.088 923.0424 969.19452

5026.234924725 5378.07136945575 5754.53636531765

0.085 0.085 0.085
2249.01033 2192.78507175 2125.31476185
0.14 0.13 0.12
2070.34686621615 2189.73186053985 2321.76863813253
0.067058801424427 0.067058801424427 0.067058801424427
13009.0786287 13286.9998539495 13540.0855654533
0.22 0.21 0.2
55756.6073801926 58137.3536675095 61269.2829362788
6949.98198480742 8718.53290269048 10017.7169564627
0.117532999860915 0.137795734905557 0.147971250374108
4700.97165480742 6525.74783094048 7892.40219461268
0.079499386049985 0.103138937274102 0.116578320815781
Year Ended March 31, 2023 Year Ended March 31, 2024 Year Ended March 31, 2025

32653.90692984 34622.8770693002 36875.6806311676

13588.8496464693 14275.7042285999 15275.0035246019

1.28 1.28 1.28

3847.50967519665 4116.83535246041 4405.01382713264
846.73 846.73 846.73
1045.27 1045.27 1045.27
257.19 257.19 257.19
83.28 83.28 83.28

1295.54705644624 1386.23535039747 1483.2718249253

20965.6563781122 22012.5249314578 23397.0391766599
 9638.6157 10120.546485 10626.57380925
10715.616322679 11257.2420204435 12045.2489618746

2756.58 2756.58 2756.58

334.29 334.29 334.29
17.82 17.82 17.82
573.882766188127 614.054559821295 657.038379008786
24036.8047888671 25100.5330652648 26437.5511501334

152.506730492625 152.506730492625 152.506730492625

23.7491859136503 23.7491859136503 23.7491859136503
7.99690981981779 7.99690981981779 7.99690981981779
120.260629346928 120.260629346928 120.260629346928
3.54235587624484 3.54235587624484 3.54235587624484

Year Ended March 31, 2023 Year Ended March 31, 2024 Year Ended March 31, 2025
Year Ended March 31, 2023 Year Ended March 31, 2024 Year Ended March 31, 2025
16064.3595 16867.577475 17710.95634875
0.05 0.05 0.05
3850.65 4158.702 4574.5722
2070.34686621615 2189.73186053985 2321.76863813253

4864.9873893652 6102.97303188333 7012.40186952388

3850.65 4158.702 4574.5722
2070.34686621615 2189.73186053985 2321.76863813253
-20.9182379812555 -16.8597230520427 47.4961603335105
1759.38489580259 1952.11041640811 2300.29972220098

2 3 4
3105.6024935626 4150.86261547523 4712.1021473229
2507.00695090255 3010.59867674842 3070.67631402532
Year Ended March 31, 2026
72439.4577751752
0.07
1534.32016880625
73973.7779439815

39117.3071985946
0.54
1017.654246

6157.35391088989
0.085
2231.5804999425
0.12
2472.83894483604
0.067058801424427
14487.891555035
0.2
65484.7784140995
10720.5800298244
0.147993653722493
8488.99952988194
0.117187507894228
Year Ended March 31, 2026

39434.8711063316

16344.2537713241

1.28
4713.36479503193
846.73
1045.27
257.19
83.28

1587.10085267007
24878.4694190261
 11157.9024997125
12888.4163892058

2756.58

17.82
703.031065539401
27523.7499544577

152.506730492625
23.7491859136503
7.99690981981779
120.260629346928
3.54235587624484

Year Ended March 31, 2026

Year Ended March 31, 2026
18596.5041661875
0.05
5032.02942
2472.83894483604

7504.40602087711
5032.02942
2472.83894483604
395.231438041868
2954.42191320583

5 6
4549.98410767128 4841.63809
99011.0038644789
60634.578549177
 STATEMENT OF PROFIT AND LOSS for the year ended March 3

Particulars
I Revenue From Operations
% Growth
II Other Income
III Total Income (I+II)
IV Expenses:
Purchase of Stock-In-Trade
% of revenue
Changes in Inventories of Stock-In-Trade
Employee Benefits Expenses
% of Sales
Finance Costs
% Of Borrowings
Depreciation and Amortization Expenses
% of PPE
Other Expenses
% Of sales
Total Expense (IV)
V Profit / (Loss) Before Tax (III-IV)
EBIT
EBIT Margin
VI Tax Expenses
(A) Current Tax
(B) Deferred Tax Expenses
(C) Short / (Excess) Provision of Tax of Earlier Years
Total Tax Expenses
VII Profit / (Loss) for the year (V-VI)
VIII Other Comprehensive Income
Item that will not be reclassified to Profit or Loss
- Remeasurement of Defined Benefit Plans
- Tax Expense on Above Items
Other Comprehensive Income for the year
Total Comprehensive Income for the year (VII+VIII)
Earnings per Share (Face value of ` 10 each):
- Basic
- Diluted

BALANCE
Particulars SHEET as at March 31, 2021 Note
No.
I. ASSETS
Non-Current Assets
(a) Property,Plant And Equipment
(b) Capital Work-In-Progress
(c) Other Intangible Assets
(d) Financial Assets
(i) Investments
(ii) Loans
(iii) Other Financial Assets
(e) Deferred Tax Assets (Net)
(f ) Other Non-Current Assets
Total Non-Current Assets
Current Assets
(a) Inventories
(b) Financial Assets
(i) Trade Receivables
(ii) Cash And Cash Equivalents
(iii) Bank Balance Other Than (ii) Above
(iv) Loans
(v) Other Financial Assets
(c) Current Tax Assets (Net)
(d) Other Current Assets
Total Current Assets
TOTAL ASSETS
II. EQUITY AND LIABILITIES
Equity
(a) Equity Share capital
(b) Other Equity
Total Equity
Liabilities
Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings
(ii) Other Financial Liabilities
(b) Provisions
Total Non-Current Liabilities
Current Liabilities
(a) Financial Liabilities
(i) Borrowings
(ii) Trade Payables
-- total
total outstanding
outstanding dues
dues of
of micro enterprises
creditors and
other than smallenterprises
micro enterprises
and small enterprises
(iii) Other Financial Liabilities
(b) Provisions
(c) Current Tax Liabilities (Net)
(d) Other Current Liabilities
Total Current Liabilities
Total Liabilities
TOTAL EQUITY AND LIABILITIES

Inventory In Days
Debtor in Days
Other Current Assets
Creditors in Days
Other Current Liabilities
STATEMENT OF CASH FLOWS for the year ended March 31, 2021
Particulars
A CASH FLOWS FROM OPERATING ACTIVITIES
Profit / (Loss) before tax
Adjustments for:
Depreciation and Amortisation expense
Depreciation Fund Written Back
Loss/(Profit) on sale of Property, Plant & Equipment (net)
Dividend Income
Interest Income
Finance Costs
Loss/(Profit) from Sale of Current Investments
Change in Fair value of the Current Investment
Provision for Doubtful Debts
Excess Provision/Credit Balance/Deposits written back
Excess Provision for Debtors
Scrap Sale of assets
Bad Debts Written off

Operating Profit before Working Capital Changes

Changes in Working Capital:
(Increase)/Decrease in Inventories
(Increase)/Decrease in Trade receivables, financial assets and other assets
Increase/(Decrease) in Trade Payables, financial liabilities, other liabilities and provisions
Cash Generated from Operations
Income Tax paid
Net Cash Generated from / (Used in) operating activities (A)
B CASH FLOWS FROM INVESTING ACTIVITIES
Capital Expenditure on Property, Plant & Equipment & Intangible asset
Proceeds from Sale of Property, Plant & Equipment
Proceeds from Sale of Current Investments (Net)
Interest received
Dividend received
Net Cash Generated from / (used in) Investing Activities (B)
C CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Long Term borrowings
Repayment of Long Term borrowings
Proceeds from /(Repayment of ) Short Term borrowings (Net)
Interest paid
Dividends paid (including tax on dividend)
Net Cash Generated from / (Used in) Financing Activities (C)
Net Increase/(Decrease) In Cash and Cash Equivalents (A+B+C)
Cash and Cash equivalents at the beginning of the Year
Cash and Cash equivalents at the end of the Year

Calculations
Total Borrowings

Depriciation
Capex

FCFF Calculation
EBIT(1-t)
Capex
Depriciation
Change in WC
Total Reinvestment

Year
FCFF

Terminal Value
PV of CF and terminal Value

Valuation
Terminal Growth rate
WACC
Value of Operating Assets
Value of Equity
# Shares Outstanding (lakhs)

Value per share

 Financial St
he year ended March 31, 2021

Year Ended March 31, 2017 Year Ended March 31,Year Ended March 31, Year Ended March 3
51794.51 54585.94 57314.39 59150.57
0.053894322004398 0.049984483183765 0.03203698059074
187.58 309.37 284.2 258
51982.09 54895.363894322 57598.6399844832 59408.6020369806

42345.28 44740.47 43696.27 44410.75

0.817563096938266 0.819633590627916 0.762396145191461 0.7508084875598
-11.54 -1956.13 -34.92 -358.8
1959.31 2772.46 3572.99 3105.89
0.037828526614114 0.050790734756972 0.062340190657181 0.05250820068175
158.09 250 368.84 312.42
0.116812969202577 0.162634417345936 0.171757200400475 0.15169480415435
948.47 1060.95 1195.35 1386.29
0.219696138259784 0.198466527088975 0.21715102937191
6533.38 8005.83 8784.61 10600.08
0.126140395960885 0.14666469057783 0.153270583530593 0.17920503555587
51932.99 54873.58 57583.14 59456.63
49.1000000000131 21.7838943220049 15.4999844831837 -48.027963019413
207.190000000013 271.783894322005 384.339984483184 264.392036980587
0.004000230912504 0.004979009142684 0.006705820030243 0.00446981384931

14.98 2.39 79.71 72.77

5.02 4.54 -73.16 -38.03
13.49
33.49 6.93 6.55 34.74
15.6100000000131 14.8538943220049 8.94998448319093 -82.8

-7.79 0.52 -21.22 -28.51

2.41 -0.15 7.26 4.83
-5.38 0.37 -13.96 -23.68
10.2300000000131 15.2238943220049 -5.01001551680907 -106.48

1.81 1.72 1.03 -9.6

 1.81 1.72 1.03 -9.6

Year Ended March 31, 2017 Year Ended March 31,Year Ended March 31, Year Ended March 3

4754.28 4829.17 6022.93 6383.99

165.74 857.06 856.48 589.5
92.88 89.37 117.98 123.95

15.24 15.24 15.77 11.64

0.83 4.75 2.49 6.11
1387.01 1477.01 1544.3 1615.77
194.35 184.69 262.84 305.7
990.4 895.47 831.66 767.31
7600.73 8352.76 9654.45 9803.97

119.3 2099.65 2152.05 2535.45

2299 2492.9 2813.99 2503.44

286.63 590.33 163.05 67.81
24.38 55.28 57.11
7.12 11.01 10.1 11.4
 21.68 21.6 21.6 21.6
21.36
220.92 696.34 608.69 732.93
2954.65 5957.57 5824.76 5929.74
10555.38 14310.33 15479.21 15733.71

86.27 86.27 86.27 86.27

305.91 312.77 299.4 184.61
392.18 399.04 385.67 270.88

551.8 981.38 1337.46 972.04

9.18 7.61 9.6
45.49 17.62 51.43 55.77
597.29 1008.18 1396.5 1037.41

801.56 555.81 809.99 1087.49

2686.9
1.57 1.37
4707.67 3609.31 4455.85
5635.94 7247.06 8578.55 8333
126.4 171.17 192.24 214.79
8.3 46.82 58.05
306.81 221.4 458.56 274.87
9565.91 12903.11 13697.04 14425.42
10163.2 13911.29 15093.54 15462.83
10555.38 14310.33 15479.21 15733.71

1.02832003944714 17.1292847392976 17.9763226929896 20.8381810710245

16.2012344551575 16.6692833355989 17.9205667198063 15.447959334965
1.55684067674354 4.65621916559466 3.8763711870614 4.52268591832674
23.160042866643 38.4059342693539 30.16209850406 36.6326914091746
2.16211428585771 1.48043617092607 2.92028581303927 1.69613834659581
Year Ended March 31, 2017 Year Ended March 31,Year Ended March 31, Year Ended March 3

49.1 21.73 15.45 -48.06

948.47 1060.95 1195.35 1386.29

-0.96
21.22 -137.03 42.42 -20.11
-0.07
-136.05 -134.71 -143.65 -133.2
158.09 250 368.84 312.42
-28.81
-0.53 4.13
96.55 75.58 -2.16 116.25
-12.52 -7.91 -124.08 -60.25
-
-19.12 -27.91 -23.87 -37.41
4.69 31.04 68.35 64.88
1060.3 1110.01 1380.67 1604.19
1109.4 1131.74 1396.12 1556.13

-21.1 -1980.35 -52.4 -383.4

131.39 -772.51 -330.84 -39.55
-1587.64 3364.71 350.58 1137.06
-1477.35 611.85 -32.66 714.11
-24.98 -26.78 -8.74 -38.48
-392.93 1716.81 1354.72 2231.76

-1087.53 -1907.78 -2501.17 -2005.16

108.8 249.04 65.49 215.53
9.34 28.81
136.05 134.71 143.65 121.2
0.07
-833.27 -1524.03 -2292.03 -1639.62

634.81 1010.82 1230 -

-247.07 -377.09 -605.86 -659.47
721.19 -245.75 254.18 277.5
-158.09 -250 -359.98 -297.1
-8.31 -8.31 -8.31 -8.31
942.53 129.67 510.03 -687.38
-283.67 322.45 -427.28 -95.24
570.3 286.63 590.33 163.05
286.63 609.08 163.05 67.81

1353.36 1537.19 2147.45 2059.53

978.73 1658.74 2435.68 1789.63

 0.0641
0.0881
12884.6388891104
12649.9388891104
8.62668

1466.37395720142
 Financial Statements

Year Ended March 3Year Ended March 31Year Ended MarchYear Ended March Year Ended March
34015.15 62928.0275 67962.2697 73399.251276 79271.19137808
-0.4249396075135 0.85 0.08 0.08 0.08
377.87 306.69 337.359 371.0949 408.20439
34392.5950603925 63235.5675 68299.7087 73770.426176 79679.47576808

23935.27 48505.7580841945 52386.21873093 56577.116229405 61103.285527757

0.70366498457305 0.7708132609781 0.770813260978 0.7708132609781 0.7708132609781
-300.71
2608.39
0.07668318381662 0.075 0.075 0.075 0.075
482.99 308.9295 302.75091 295.18213725 309.9412441125
1.01664982739749 0.15 0.14 0.13 0.13
1327.35 1234.6433850597 1354.473357994 1487.0710425126 1633.5437781344
0.23212764878397 0.21591506841495 0.215915068415 0.215915068415 0.215915068415
6216.94 10807.7913003175 11672.41460434 12606.20777269 13614.704394506
0.18276973642627 0.17174845183758 0.171748451838 0.1717484518376 0.1717484518376
34270.23 60857.1222695717 65715.85760327 70965.577181857 76661.474944509
122.365060392483 2378.44523042835 2583.851096733 2804.8489941426 3018.0008235707
605.355060392483 2687.37473042835 2886.602006733 3100.0311313926 3327.9420676832
0.01779663063054 0.04270552943088 0.042473596298 0.0422351873827 0.041981733967

53.72
-16.3

37.42
85.37

3.18
-0.8
2.38
87.75

9.9
 9.9

Year Ended March 3Year Ended March 31Year Ended MarchYear Ended March Year Ended March

5718.19 6273.1766149403 6887.296256946 7565.6775144338 8314.1312662993

3.32
108.54

12.94
6.26
1421.62
321.2
638.81
8230.88

2804.77 2478.16974562098 2676.423325271 2890.5371912923 3121.7801665957

2681.01 2875.59876288308 3105.646663914 3354.0983970268 3622.426268789

38.87 38.87 38.87 38.87 38.87
54.5 54.5 54.5 54.5 54.5
9.45 9.45 9.45 9.45 9.45
 20.14 20.14 20.14 20.14 20.14

546.21 750.267382831509 810.288773458 875.11187533467 945.12082536145

6154.95 6226.99589133557 6715.318762642 7242.7074636538 7812.2872607461
14385.83

86.27
272.36
358.63

234.7
7.1
94.21
336.01

240.38 240.38 240.38 240.38 240.38

4660.12865523534 6004.434480646 6738.2138787127 7567.6144732356
2.87
3847.27
8832.09 8832.09 8832.09 8832.09 8832.09
246.62 246.62 246.62 246.62 246.62
56.41 56.41 56.41 56.41 56.41
465.55 465.55 465.55 465.55 465.55
13691.19 14501.1786552353 15845.48448065 16579.263878713 17408.664473236
14027.2
14385.83

42.7712346675011 18.6479295011039 18.6479295011 18.647929501104 18.647929501104

28.7686119273324 16.6792697967901 16.67926979679 16.67926979679 16.67926979679
5.86111335684247 4.35175875699427 4.351758756994 4.3517587569943 4.3517587569943
58.7125651810069 35.0669080608628 41.83578503141 43.470721550348 45.205086091095
4.99559020024901 2.03228677685372 3.204004786628 2.9080051078995 3.4106272545769
Year Ended March 3Year Ended March 31Year Ended MarchYear Ended March Year Ended March

122.79

1327.35

48.36

-180.44
482.99
-9.39
-1.3
-
-147.24
-16.27
-50.2
2.09
1455.95
1578.74

-269.32
334.89
-154.08
-88.51
-14.85
1475.38

-398.68
340.56
9.39
181.9

133.17

157.19
-531.89
-847.11
-415.68
-
-1637.49
-28.94
67.81
38.87

475.08 2059.53 2162.5065 2270.631825 2384.16341625

1234.6433850597 1354.473357994 1487.0710425126 1633.5437781344

58.12 1789.63 1968.593 2165.4523 2381.99753

1881.16231129984 2020.621404713 2170.0217919749 2329.5594473783

1789.63 1968.593 2165.4523 2381.99753
1234.6433850597 1354.473357994 1487.0710425126 1633.5437781344
-737.94276389977 -855.9829541039 -206.3906970552 -259.8207974306
-182.95614895947 -241.8633120978 471.99056043217 488.63295443499

1 2 3 4
2064.1184602593 2262.48471681 1698.031231543 1840.92649294

1896.9933464381 1910.9443226 1318.072329673 1313.29172119

Year Ended March 31, 2026
85612.8866883264
0.08
449.024829
86061.9915173264

65991.5483699773
0.770813260978098

0.075
325.438306318125
0.13
1795.14622117391
0.215915068414952
14703.880746066
0.171748451837578
82816.0136435354
3245.97787379105
3571.41618010918
0.041715871503211
Year Ended March 31, 2026

9139.18232812542

3371.52257992335

3912.22037029209
38.87
54.5
9.45
 20.14

1020.73049139036
8427.4334416058

240.38
7254.45480808046

8832.09
246.62
56.41
465.55
17095.5048080805

18.6479295011039
16.6792697967901
4.35175875699427
40.1244715475416
2.71476555712709
Year Ended March 31, 2026
 2503.3715870625

1795.14622117391
2620.197283

2499.99132607642
2620.197283
1795.14622117391
928.305846014771
1753.35690784086

5 6
746.634418235566 794.493684444466

9084.18441148957
6445.33716920471
 P/E ROE Beta
Vadilal Industries 12.7 18.21% 0.91

Fundamentals P/E Adj P/E ROE

ADF FOODS LTD 31.82 31.82 20.95%
TASTY BITE EATABLES LTD 81.37 42.72 21.24%
THAI UNION FEEDMILL PCL 13.9 13.9 34.46%
EXOTIC FOOD PCL 18.15 18.15 44.42%
VINH HOAN CORP 14.73 14.73 14.72%
SIANTAR TOP PT 16.36 16.36 20.90%
SANQUAN FOOD CO LTD-A 28.3 28.3 20.70%
CHONGQING FULING ZHACAI-A 42.72 42.72 12.77%
Mean 30.91875 26.0875 0.2377

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.462617215144482
R Square 0.214014687748036
Adjusted R Square -0.100379437152749
Standard Error 12.7009652092785
Observations 8

ANOVA
df SS MS
Regression 2 219.620364 109.810182
Residual 5 806.572586 161.314517
Total 7 1026.19295

Coefficients Standard Error t Stat

Intercept 44.3532566866243 19.5488049 2.26884748
Adj ROE -69.6946182752681 64.2926057 -1.0840223
Beta -2.87085423721463 19.5910947 -0.14653874

Comparables Approach Vadilal Industries

Calculated P/E 29.0493893428327 P/E
EPS (Forward looking) 34.87 ROE
Value Per share ₹ 1,012.95 Beta
No. of Shares 7200000
Valuation ₹ 7,293,255,885.97
Adj ROE Beta
20.95% 0.99
21.24% 0.81
34.46% 1.25
34.46% 0.75
14.72% 1.03
20.90% 0.49
20.70% 0.54
14.72% 0.82
0.2276875 0.835

F Significance F
0.68072101 0.54769159

P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%

0.0725434 -5.89854608 94.605059457867 -5.89854608 94.6050595
 0.32783632 -234.964023 95.5747860830719 -234.964023 95.5747861
0.88922119 -53.2313663 47.4896578381218 -53.2313663 47.4896578

Vadilal Industries Regression Output

12.7 X Values Coefficients
18.21% Intercept 44.3532567
0.91 Adj ROE -69.6946183
Beta -2.87085424
 P/E
Vadilal Enterprise 33.95

Fundamentals P/E
FRIESLANDCAMPINA ENGRO PAKIS 33.95
BEIJING SANYUAN FOODS CO-A 29.89
ZYDUS WELLNESS LTD 96.09
HERITAGE FOODS LTD 12.69
LANZHOU ZHUANGYUAN PASTURE-H 44.5
DUTCH LADY MILK INDS BHD 25.17
ZHEJIANG YIMING FOOD CO LT-A 40.11
HUBEI JUNEYAO GREAT HEALTH-A 31.14
NEW HOPE DAIRY CO LTD-A 38.86
FRASER & NEAVE HOLDINGS BHD 23.77
Mean 37.617

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.65958909344228
R Square 0.435057772188009
Adjusted R S 0.273645707098869
Standard Erro 6.76017542005204
Observations 10

ANOVA
df SS
Regression 2 246.35243803087
Residual 7 319.89980196913
Total 9 566.25224
 Coefficients Standard Error
Intercept 40.1086880415046 7.38937124683613
Adj ROE -75.4247108578783 34.7212588131606
Beta 5.30360471050696 5.57065033208457

Comparables Approach
Calculated P/E 32.2253295364443
EPS (Forward looking) 65
Value Per share ₹ 2,094.65
No. of Shares 862668
Valuation ₹ 1,806,984,437.74
ROE Beta
14.46% 0.57

Adj P/E ROE Adj ROE Beta

33.95 18.78% 18.78% 1.37
29.89 5.16% 8.45% 0.72
44.5 2.92% 8.45% 0.97
25.17 29.76% 29.76% 0.75
44.5 8.45% 8.45% 0.37
25.17 43.66% 18.78% 0.71
40.11 12.83% 12.83% 1.75
31.14 14.46% 14.46% 0.58
38.86 15.26% 15.26% 1.14
23.77 14.43% 14.43% 0.85
33.706 0.16571 0.14965 0.921

MS F Significance F
123.176219 2.69532375 0.13552335
45.6999717
 t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
5.42788915 0.00097882 22.6356016 57.5817745 22.6356016 57.5817745
-2.17229195 0.06639198 -157.527441 6.67801978 -157.527441 6.67801978
0.95206204 0.37277395 -7.86889016 18.4760996 -7.86889016 18.4760996

Vadilal Enterprise Regression Output

P/E 33.95 X Values Coefficients
ROE 14.46% Intercept 40.108688
Beta 0.57 Adj ROE -75.4247109
Beta 5.30360471
 Valuation of Synergies/ Operational Improvement

Year 0 Year 1 Year 2

EBITDA- Standalone 6,987.30 20,373.13 22,863.47
EBITDA Margin Standalone 10.03% 17.24% 17.99%
Improved EBITDA Margin- Post Acquisition 10% 18.50% 19.50%
Improvement in EBITDA 188.6271512555 1492.338946412 1919.944877
Investment Required 1000
Post Tax Improvement in EBITDA -567.960994121 1044.637262489 1343.961414
Terminal Value
FCFF -567.960994121 1044.637262489 1343.961414
One time benefit from sale 2287.276
NPV of Improvements 27904.46

WACC Steady Rate 6.90%

Terminal Growth Rate 1%
Tax Rate 30%

Valuation along with synnergies

Vadilal Industries Value 65,513.00
Vadilal Enterprise Value 12649.94
Synnergy Value 27904.45834079
Total (in lacs) 106,067.39
nal Improvement

Year 3 Year 4 Year 5

25,911.84 28,593.91 30,791.02
18.96% 19.46% 19.48%
20.25% 21% 21.00%
1763.9696789838 2270.13283634 2399.969160162

1234.7787752887 1589.09298544 1679.978412113

28758.95247855
1234.7787752887 1589.09298544 30438.93089066