Consideration and Approval of Unaudited Financial Results for the Quarter ended June 30, 2025
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On the reaction day the stock moved 9.8 pts less than Nifty Microcap 250 and 10.0 pts less than its Dairy Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Modern Dairies reported its Q1 FY26 results with revenue from operations falling to Rs 7,830.28 Lacs, down about 17% from Rs 9,443.36 Lacs in the same quarter last year. Total income declined to Rs 7,843.85 Lacs versus Rs 9,458.98 Lacs YoY, driven by lower cost of materials consumed (Rs 6,057 Lacs vs Rs 7,832 Lacs). Profit after tax fell sharply to Rs 165.06 Lacs from Rs 385.85 Lacs, a drop of roughly 57%, translating to a basic EPS of Rs 7.52 versus Rs 35.46 in Q1 FY25. The statutory auditor (APT & Co LLP) issued an unqualified limited review report with no qualifications or emphasis of matter. A notable ongoing concern is the Milk Cess demand of Rs 544.31 Crores from the Govt. of Haryana, against which the company has cumulatively provisioned only Rs 21.42 Crores.
The sharp YoY decline in both revenue and profit signals operational stress in the dairy business and is likely to weigh negatively on the stock. The massive unprovided Milk Cess demand of Rs 544 Crores remains a major contingent liability overhang for shareholders, with the matter still pending in the Supreme Court.