Consideration and Approval of Un-Audited Financial Results For the Quarter and Half Year Ended on 30th September 2025.

Revenue declinedEBITDA margin compressionExceptional itemContingent liabilities increasedNegative operating cash flowResults View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

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₹41.25

prior close

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announcement price

After-mkt

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Nifty Microcap 250market · in no size index; the smallest one is used-0.3%+1.7% vs market

Dairy Products peers, median of 9sector+0.3%+1.2% vs sector

On the reaction day the stock moved 1.7 pts more than Nifty Microcap 250 and 1.2 pts more than its Dairy Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

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AI summary

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.

Likely market impact

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.