Consideration and Approval of Un-Audited Financial Results For the Quarter and Half Year Ended on 30th September 2025.
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Modern Dairies posted Q2 FY26 revenue of Rs 81.96 crore, up about 11% from Rs 73.84 crore in Q2 FY25, but half-year revenue slipped 4.8% YoY to Rs 160.26 crore versus Rs 168.27 crore. Profit after tax fell sharply to Rs 1.69 crore in Q2 (from Rs 3.32 crore YoY) and Rs 3.34 crore in H1 (from Rs 7.18 crore), with basic EPS dropping to Rs 0.64 in Q2 from Rs 1.42 a year ago. EBITDA margins compressed meaningfully as cost of materials consumed rose faster than revenue. The company flagged a major milk cess demand of Rs 544.31 crore from the Haryana government pending before the Supreme Court, against which only Rs 21.58 crore is provisioned. Operating cash flow turned negative at Rs -3.63 crore in H1 FY26 versus Rs 20.13 crore generated in the full FY25. Statutory auditors APT & Co LLP issued a clean limited review report with no qualifications.
Mixed-to-negative for shareholders: top-line growth in Q2 is offset by sharp profit decline, margin compression, and a worrying swing to negative operating cash flow. The Rs 544+ crore milk cess demand remains a significant overhang that could materially affect the stock if the ruling goes against the company.