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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HATSUN AGRO PRODUCT LTD. | 27,402 | 78.6 | 14.98 | 28.6 | 13.4 | 10.5 | — | 10.9 |
| KWALITY WALL'S (INDIA) L | 10,176 | — | 15.14 | — | (54.9) | (37.5) | — | 13.5 |
| DODLA DAIRY LIMITED ◆ | 6,517 | 26.6 | 3.89 | 17.6 | 15.9 | 15.7 | 16.2 | 6.6 |
| VADILAL INDUSTRIES LTD | 4,972 | 22.2 | 5.85 | 18.6 | 18.2 | 19.3 | 26.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 1 Aug 2026 · Dodla Dairy Q1 FY27 Earnings Call Transcript Filed | investor communications | medium | — | — |
| 27 Jul 2026 · Link to audio recording of Q1 FY27 earnings call uploaded on website | investor communications | low | — | — |
| 26 Jul 2026 · Dodla Dairy publishes Q1 FY27 results in newspapers | compliance | minimal | — | — |
| 25 Jul 2026 · Dodla Dairy Q1 FY27: Record revenue 1,197.9 Cr, margins dip | investor communications | medium | — | — |
| 25 Jul 2026 · Dodla Dairy Q1 FY27: record revenue at Rs 1,197.9 Cr, PAT down 35% | compliance | low | — | — |
| 25 Jul 2026 · Q1 FY27 results: revenue up, profit down sharply; 2% stake buy in Sids Farm | results | high | — | — |
| 25 Jul 2026 · Dodla Dairy Q1 FY27 results: PAT falls 65%, buys 2% in Sids Farm | results | high | — | — |
| 16 Jul 2026 · Dodla Dairy schedules Q1 FY27 earnings call on 27 July 2026 | board shareholder meetings | low | — | — |
| 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 |
| 28.4 |
| HERITAGE FOODS LTD | 3,888 | 28.8 | 3.51 | 13.9 | 13.5 | 13.8 | 12.8 | 5.1 |
| PARAG MILK FOODS LTD. | 3,327 | 25.3 | 2.64 | 12.7 | 10.7 | 10.1 | 15.7 | 7.4 |
| VADILAL ENTERPRISES LTD. | 894 | 17.6 | 27.03 | — | 31.6 | 17.4 | — | 0.7 |
| MILKFOOD LTD. | 197 | 17.1 | 1.17 | 12.2 | (5.1) | (3.2) | (4.1) | (3.0) |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.6 | 19.7 | 10 of 12 | 18% |
| P/B | 3.9 | 3.5 | 7 of 11 | 40% |
| ROCE | 15.8 | 10.1 | 3 of 13 | 83% |
| ROE | 15.9 | 12.1 | 3 of 12 | 82% |
| Debt / Equity | 0.0 | 0.3 | 2 of 12 | 91% |
| 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 | 6517 | 894 | 3 of 13 | 83% |
| 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 |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.
