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 reported Q3 FY26 revenue of Rs 874.82 crore, up about 6.7% sequentially from Rs 819.59 crore in Q2 FY26 but down roughly 1.4% versus Rs 887.61 crore in Q3 FY25. For the nine months ended December 2025, revenue stood at Rs 2,477.43 crore versus Rs 2,570.33 crore in the same period last year, a decline of around 3.6%. Profit after tax for 9M FY26 was Rs 45.59 crore, sharply lower than Rs 651.04 crore last year, mainly because the prior-year base included a one-time exceptional gain of Rs 563.18 crore; on a like-for-like basis, core nine-month PAT fell roughly 48% YoY. The auditor (APT & Co LLP) issued an unmodified limited review report, though the company disclosed an ongoing Rs 544.31 crore Milk Cess demand from the Haryana government, of which it has cumulatively provisioned Rs 21.74 crore pending Supreme Court hearing. Finance costs eased to Rs 81.64 lakh from Rs 138.10 lakh a year ago.
Operating margins are under pressure with revenue contracting and the absent of last year's one-time exceptional gain making year-on-year earnings comparisons look weak, while the unresolved Rs 544 crore milk cess demand remains a key overhang on equity value. Shareholders should track quarterly recovery in core volume growth and any movement in the Supreme Court milk cess case.