Parag Milk Foods Limited has informed the Exchange about transcript of Earnings Conference Call held on May 8, 2026
PARAGMILK · price
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Parag Milk Foods reported crossing INR 3,800 crores in annual revenue with double-digit growth and 5% volume growth in FY26. Core categories volumes grew 8% while the New Age business (Avvatar and Pride of Cows) surged 91%. Q4 gross margins expanded to 28% despite milk price inflation of 15% year-on-year (averaging INR 42/litre), driven by better product mix, pricing discipline and cost controls. The New Age business crossed INR 100 crores quarterly revenue for the second consecutive quarter and now contributes 10% to overall revenue. Management targets this segment to reach 20-25% contribution (around INR 1,000 crores) in 3-5 years as part of INR 10,000 crores roadmap. Q4 saw volume decline of 5% due to lower export and institutional sales, though management targets double-digit volume growth for core categories going forward. Cheese capacity expansion from 60 to 80 metric tons is underway. The company guides FY27 capex of INR 60-70 crores.
The company demonstrated margin improvement despite inflationary headwinds, validating its pricing power and operational efficiency. The New Age business is emerging as a high-margin growth engine, though near-term volume pressure exists in core categories. Focus on distribution expansion into North and South India could be a key catalyst for sustained growth.