NSE: DODLA · BSE: 543306
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). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India dairy (milk and value-added products), Africa dairy (Uganda long-life milk and yogurt), OSAM Dairy (acquired), Orgafeed (cattle feed). Cyclical, asset-heavy dairy processing with commodity-driven margins tied to farm-gate milk prices.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,243 | 2,812 | 3,125 | 3,720 | 4,125 |
| EBITDA (ex other income) | 211 | 191 | 289 | 381 | 306 |
| margin % | 9.4 | 6.8 | 9.2 | 10.2 | 7.4 |
| Owners' profit | 133 | 122 | 167 | 260 | 267 |
| EPS, as reported (₹) | 22.43 | 20.55 | 28.03 | 43.27 | 44.26 |
| ROE % · ROCE % | 15.8 · 19.1 | 12.6 · 14.8 | 14.6 · 20.3 | 18.5 · 24.3 | 15.9 · 15.9 |
| Debt / equity (x) | 0.02 | 0.02 | 0.04 | 0.03 | 0.02 |
| Cash from operations | 171 | 161 | (1) | 520 | 295 |
| Capex | (72) | (108) | (107) | (110) | (162) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 998 | 901 | 910 | 1,007 | 1,019 | 1,025 | 1,074 | 1,198 |
| Profit before tax | 86 | 86 | 90 | 81 | 83 | 63 | 54 | 55 |
| Net profit | 63 | 64 | 68 | 63 | 66 | 69 | 70 | 41 |
| EPS (₹) | 10.54 | 10.54 | 11.27 | 10.42 | 10.89 | 11.39 | 11.56 | 6.74 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HATSUN AGRO PRODUCT LTD. | 21,500 | 61.7 | 11.75 | 22.9 | 13.4 | 10.5 | — | 10.9 |
| KWALITY WALL'S (INDIA) L | 8,237 | — | 12.25 | — | (54.9) | (37.5) | — | 13.5 |
| DODLA DAIRY LIMITED ◆ | 5,952 | 24.3 | 3.56 | 16.1 | 15.9 | 15.7 | 16.2 | 6.6 |
| VADILAL INDUSTRIES LTD | 5,148 | 23.0 | 6.05 | 19.2 | 18.2 | 19.3 | 26.5 | 28.4 |
| HERITAGE FOODS LTD | 3,319 | 24.6 | 3.00 | 12.0 | 13.5 | 13.8 | 12.8 | 5.1 |
| PARAG MILK FOODS LTD. | 3,024 | 22.9 | 2.40 | 11.7 | 10.7 | 10.1 | 15.7 | 7.4 |
| VADILAL ENTERPRISES LTD. | 817 | 78.4 | 24.69 | — | 31.6 | 17.4 | — | 0.7 |
| MILKFOOD LTD. | 222 | 19.1 | 1.31 | 13.1 | (5.1) | (3.2) | (4.1) | (3.0) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.3 | 23.0 | 6 of 9 | 38% |
| P/B | 3.6 | 3.0 | 7 of 11 | 40% |
| ROCE | 15.8 | 10.1 | 3 of 13 | 83% |
| ROE | 15.9 | 10.7 | 3 of 11 | 80% |
| Debt / Equity | 0.0 | 0.3 | 1 of 11 | 100% |
| EBITDA margin | 6.5 | 6.5 | 6 of 11 | 50% |
| Revenue growth | 19.0 | 17.7 | 5 of 11 | 60% |
| Profit growth | (35.4) | 19.8 | 9 of 10 | 11% |
| Market cap | 5952 | 817 | 3 of 13 | 83% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 18 Oct 2026 · Dodla Dairy files rumour verification under SEBI Reg 30(11) | compliance | low | — | — |
| 17 Oct 2026 · Dodla Dairy schedules Q2 and H1 FY27 earnings call on Oct 29 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board meeting on 28 Oct 2026 to approve Q2 and H1 FY26 results | board shareholder meetings | low | — | — |
| 3 Oct 2026 · Dodla Dairy files SEBI Regulation 74(5) compliance certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · Dodla Dairy completes 2 percent stake acquisition in Sids Farm | strategic transactions | medium | — | — |
| 24 Sept 2026 · Dodla Dairy schedules analyst meet with Arihant Capital on 30 Sept | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading window closed ahead of Q2 FY26 results | compliance | minimal | — | — |
| 16 Sept 2026 · Dodla Dairy schedules Non-Deal Roadshow in Singapore on Sep 21, 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Dodla Dairy to hold investor roadshow in Pune on September 8 | board shareholder meetings | low | — | — |
| 5 Aug 2026 · DSP MF schemes raise Dodla Dairy stake to 7.16% via open market | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.