Transcript of Q4 FY26 Results Earnings Call held on Monday, 18 May 2026
DODLA · price
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Dodla Dairy reported its highest-ever Q4 revenue of INR1,074 crores, up 18% YoY, with full-year FY26 revenue of INR4,125 crores (11% growth). However, Q4 EBITDA margin compressed to 5% due to elevated milk procurement costs (up 9.7% YoY to INR40/liter) that were not fully passed on to consumers. Management guided for FY27 revenue growth in low-to-mid teens with 50-100 basis points gross margin recovery as milk supply normalizes. Africa business delivered strong 48% growth with INR151 crores revenue and its highest-ever EBITDA of INR18 crores. One-off tax credits of INR70 crores boosted reported PAT, with underlying adjusted PAT at approximately INR215 crores (5.2% margin). Capex plans include INR180 crores for Maharashtra expansion and INR60 crores for Uganda greenfield.
The stock may see limited immediate reaction as investors digest the one-off tax benefits inflating reported profits. The margin recovery guidance for FY27 is positive but cautious, and investors will monitor if procurement costs actually normalize in the coming quarters. The strong Africa growth trajectory is a bright spot.