Intimation attached
DODLA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Dodla Dairy reported FY26 revenue of Rs 41,252 Mn (up 10.9% YoY), marking highest ever annual performance. However, EBITDA margin contracted to 7.5% from 10.2% in FY25, and PAT margin fell to 6.5% from 7.0%. Q4FY26 EBITDA margin was particularly weak at 5.0%. Management cited constrained milk supply throughout the year, with procurement costs rising 9.7% YoY while realization prices only increased 4.0%. The company could not fully pass on elevated input costs to protect market share. Milk supply is now showing signs of improvement. The company is pursuing aggressive expansion with a Maharashtra greenfield plant (Rs 2,800 Mn capex, 10 LLPD, operational by end-FY27) and Uganda greenfield (Rs 600 Mn investment, ~2 LLPD by FY29). OSAM Dairy was acquired in July 2026 for Rs 2,472 Mn to expand in Eastern India.
The stock may face pressure near-term due to margin compression, though long-term growth prospects remain intact with the expansion pipeline. Investors should monitor raw material cost trends and whether the company can successfully restore margins in FY27 as milk supply normalizes.