DODLA DAIRY LIMITED

Procurement, processing, and sale of milk and dairy products across India and Africa, with growing value-added product (VAP) mix. Operates 14 plants in 13 states in India and a long-life milk and yogurt business in Uganda where it holds roughly 50% market share. FY26 consolidated revenue was INR 4,125 crores, with Q1 FY27 reaching a record INR 1,198 crores (+19% YoY) on 21.1 lakh litres per day of milk procurement. Value-added products (curd, paneer, ghee, butter, etc.) contributed INR 415 crores in Q1 FY27, about 34.6% of sales, while bulk commodity sales have been fully exited. Africa contributed INR 154 crores in Q1 FY27 (+45.6% YoY). The biggest input cost is raw milk (73.4% of revenue goes to materials), and margins are currently compressed at 5.4% in Q1 FY27 versus 8.2% a year earlier because elevated procurement costs have not been fully passed through to consumers. Capacity additions include a Maharashtra Greenfield plant and a Uganda Phase 2 expansion, with INR 590 crores of FY27 capex funded internally from INR 689 crores of cash and investments (net debt-free).