BSE: 519287
MODERN DAIRIES LTD.
Processes and sells dairy products, generating Rs 339.92 crore in revenue from operations in FY26. Raw materials account for 80.7% of revenue (Rs 274.47 crore), consistent with a milk-processing business where farm-gate milk is the dominant input, while employee cost is 4.8% and other operating expenses are 12.7% of revenue. EBITDA margin was 3.27% and net profit margin was 1.44%, with profit after tax of Rs 4.88 crore against Rs 82.96 crore in the prior year. The company has a pending Milk Cess case before the Supreme Court with a demand of Rs 544.31 crore from the Government of Haryana, of which only Rs 21.89 crore has been provisioned as on 31 March 2026. The filings pack does not break out revenue by product line, processing capacity, plant count, or distribution footprint. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Dairy products. Asset-light dairy processor with thin margins and a large pending Milk Cess claim from the Haryana government.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 242 | 216 | 361 | 348 | 340 |
| EBITDA (ex other income) | 11 | 15 | 41 | 70 | 10 |
| margin % | 4.6 | 7.1 | 11.3 | 20.1 | 2.9 |
| Owners' profit | 5 | 12 | 34 | 83 | 5 |
| EPS, as reported (₹) | 2.12 | 5.21 | 14.68 | 32.38 | 1.89 |
| ROE % · ROCE % | (4.6) · (4.7) | (12.7) · (15.6) | (55.5) · (72.4) | 205.6 · 137.6 | 8.8 · 12.3 |
| Debt / equity (x) | (0.00) | (0.01) | (0.13) | 0.18 | 0.21 |
| Cash from operations | 17 | 15 | 47 | 20 | (5) |
| Capex | (2) | (3) | (5) | (4) | (1) |
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 | 74 | 89 | 91 | 78 | 82 | 87 | 92 | 91 |
| Profit before tax | 3 | 58 | 1 | 2 | 2 | 2 | 1 | 3 |
| Net profit | 3 | 58 | 18 | 2 | 2 | 1 | 0 | 2 |
| EPS (₹) | 1.42 | 24.84 | 6.87 | 0.64 | 0.64 | 0.47 | 0.11 | 0.75 |
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. | 24,798 | 71.2 | 13.56 | 26.1 | 13.4 | 10.5 | — | 10.9 |
| KWALITY WALL'S (INDIA) L | 8,693 | — | 12.93 | — | (54.9) | (37.5) | — | 13.5 |
| DODLA DAIRY LIMITED | 6,141 | 25.1 | 3.67 | 16.6 | 15.9 | 15.7 | 16.2 | 6.6 |
| VADILAL INDUSTRIES LTD | 5,191 | 23.2 | 6.10 | 19.4 | 18.2 | 19.3 | 26.5 | 28.4 |
| PARAG MILK FOODS LTD. | 3,813 | 28.9 | 3.03 | 14.3 | 10.7 | 10.1 | 15.7 | 7.4 |
| HERITAGE FOODS LTD | 3,554 | 26.3 | 3.21 | 12.7 | 13.5 | 13.8 | 12.8 | 5.1 |
| VADILAL ENTERPRISES LTD. | 845 | 81.1 | 25.53 | — | 31.6 | 17.4 | — | 0.7 |
| MILKFOOD LTD. | 209 | 18.1 | 1.24 | 12.6 | (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) | 26.9 | 26.3 | 6 of 9 | 38% |
| P/B | 2.7 | 3.2 | 4 of 11 | 70% |
| ROCE | 10.5 | 10.1 | 5 of 13 | 67% |
| ROE | 8.8 | 10.7 | 8 of 11 | 30% |
| Debt / Equity | 0.2 | 0.3 | 4 of 11 | 70% |
| EBITDA margin | 4.5 | 6.5 | 8 of 11 | 30% |
| Revenue growth | 16.6 | 17.7 | 7 of 11 | 40% |
| Profit growth | 29.5 | 19.8 | 5 of 10 | 56% |
| Market cap | 151 | 845 | 9 of 13 | 33% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Monthly report on physical share transfer re-lodgement requests - Sep 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · Modern Dairies 34th AGM: All 6 Resolutions Passed with 99.99% Approval | compliance | minimal | — | — |
| 26 Sept 2026 · AGM approves auditor appointment and director re-appointment | management changes | medium | — | — |
| 26 Sept 2026 · 34th AGM held on 26 Sep 2026; resolutions on accounts, directors and auditors | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Promoters acquire 19 lakh shares via warrant conversion | ownership changes | high | — | — |
| 11 Sept 2026 · Promoter group raises stake by 5.95 percent via warrant conversion | ownership changes | medium | — | — |
| 11 Sept 2026 · Promoter group raises stake to 22.36% via warrant conversion | ownership changes | high | — | — |
| 10 Sept 2026 · Promoters Convert Warrants Worth Rs 43 Crore Into Equity Shares | ownership changes | high | — | — |
| 10 Sept 2026 · Promoters convert final 19 lakh warrants into equity shares | fund raising | high | — | — |
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 |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.