Pursuant to Regulation 30 read with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, we wish to inform you that the Board of Directors in their ....
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Modern Dairies Limited's Board approved unaudited results for Q2 FY26 (Rs 8,195.85 lacs revenue, up ~11% YoY from Rs 7,383.85 lacs) and H1 FY26. However, H1 FY26 revenue declined to Rs 16,026.13 lacs from Rs 16,827.21 lacs in H1 FY25 (about 4.8% drop). Profit before tax fell sharply to Rs 417.41 lacs (H1 FY25: Rs 717.63 lacs), and PAT for H1 FY26 was Rs 334.29 lacs versus Rs 717.63 lacs in H1 FY25, with EPS basic at Rs 1.30 vs Rs 3.08. The company also recorded a small exceptional expense of Rs 0.33 lac in Q2. Limited review by APT & Co LLP is unqualified, though the company noted a pending milk cess demand of Rs 544.31 crore from Haryana Govt and added Rs 15.75 lacs to its provision (total Rs 21.58 crore). Operating cash flow was negative Rs 362.87 lacs in H1 FY26 versus positive Rs 2,012.92 lacs for FY25.
Despite modest topline growth in Q2, the sharp YoY drop in H1 profits, compressing margins, and a negative operating cash flow point to weaker underlying profitability. The pending Rs 544+ crore milk cess litigation remains a major overhang, even though only a small portion is provided for.