Dodla Dairy Limited has informed the Exchange about Transcript
DODLA · price
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Dodla Dairy reported its highest-ever Q4 revenue of INR 1,074 crores, up 18.1% YoY, driven by volume expansion. However, EBITDA margin compressed to 5% due to elevated milk procurement costs (INR 41/liter vs INR 37.4/liter in Q4 FY25) as the company deliberately refrained from fully passing on price increases to maintain market share. Excluding one-off tax credits of INR 39 crores, underlying Q4 PAT was approximately INR 40 crores. For FY26, adjusted PAT margin was 5.2% (INR 215 crores). Management guided for FY27 revenue growth in low-to-mid teens with 50-100 bps gross margin recovery as milk supply normalizes. Africa business delivered robust 48% YoY growth (INR 151 crores revenue) with highest-ever EBITDA of INR 18 crores. Key capex includes Maharashtra greenfield (INR 180 crores in FY27) and Uganda expansion (INR 60 crores, completion by FY29).
The quarter showed margin pressure from procurement inflation, but management's guided margin recovery and strong cash position (INR 649 crores, debt-to-equity 0.03) provide confidence. Investors should focus on underlying PAT (INR 215 crores adjusted FY26) as the clean baseline for FY27 evaluation.