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 held its Q4 FY26 earnings call on May 8, 2026. The company crossed INR 3,800 crores in annual revenue with overall volume growth of 5% and core category volume growth of 8%. New Age business (Avvatar + Pride of Cows) grew 91% YoY in Q4 and crossed INR 100 crores quarterly revenue for the second consecutive quarter, now contributing 10% to total revenue. Gross margins expanded to 28% in Q4 vs 25.9% in Q3 despite milk price inflation of 15% YoY (average INR 42/litre). Management guided that New Age business should reach 20-25% of revenues (approx. INR 1,000 crores) in 3-5 years as the company targets INR 10,000 crores revenue. Q4 saw core category volume decline of 3% due to lower export and institutional sales, though management targets double-digit volume growth for FY27. The company plans cheese capacity expansion from 60 to 80 metric tons and guided INR 60-70 crores capex for FY27. A Dubai subsidiary has been set up but operations are on hold due to Middle East geopolitical situation.
Strong margin improvement despite inflationary headwinds demonstrates pricing power and portfolio mix benefit. New Age business is emerging as a high-margin growth engine (management says it has almost doubled company average margins). However, core category volume softness in Q4 and higher employee costs (ESOP and director remuneration changes) create near-term EBITDA pressure.