NSE: PARAGMILK · BSE: 539889
PARAG MILK FOODS LTD.
Processes and markets dairy and dairy-based products in India, with a growing protein and nutrition platform under the Avvatar and Pride of Cows brands. The core business spans cheese, ghee, paneer and other traditional dairy products, while the 'New Age' business — Avvatar (sports nutrition/protein drinks) and Pride of Cows — is being built as a separate growth engine. In FY26, revenue crossed ₹3,800 crores with overall volume growth of 5% and core category volume growth of 8%, while the New Age business grew 91% year-on-year and contributed 10% of total revenue. Cheese manufacturing capacity is being expanded from 60 MT to 80 MT via brownfield, with FY27 capex guided at ₹60-70 crores. Raw milk is the primary input — milk procurement was at ₹42/litre in Q4 FY26, up 15% YoY — and materials account for 76.9% of revenue. Distribution is being widened into UP, Tamil Nadu, Karnataka and Kerala, while a Dubai subsidiary is on hold for 2-3 months due to geopolitical uncertainty. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Core dairy products, New Age business (Avvatar + Pride of Cows), Institutional and export sales. Branded dairy FMCG with a commodity input cost base and a growing value-added protein/nutrition segment.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,072 | 2,893 | 3,139 | 3,432 | 3,818 |
| EBITDA (ex other income) | (438) | 133 | 197 | 253 | 251 |
| margin % | (21.2) | 4.6 | 6.3 | 7.4 | 6.6 |
| Owners' profit | 0 | 0 | 91 | 0 | 0 |
| EPS, as reported (₹) | (56.91) | 4.92 | 7.71 | 9.97 | 11.06 |
| ROE % · ROCE % | (96.1) · (56.6) | 6.6 · 9.8 | 9.9 · 13.6 | 11.6 · 17.1 | 10.7 · 15.5 |
| Debt / equity (x) | 0.93 | 0.73 | 0.67 | 0.60 | 0.43 |
| Cash from operations | (149) | (194) | 99 | 212 | 149 |
| Capex | (36) | (61) | (61) | (124) | (106) |
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 | 871 | 885 | 918 | 852 | 1,008 | 1,013 | 945 | 945 |
| Profit before tax | 36 | 38 | 33 | 29 | 50 | 33 | 40 | 29 |
| Net profit | 29 | 36 | 26 | 28 | 46 | 30 | 32 | 22 |
| EPS (₹) | 2.45 | 3.03 | 2.20 | 2.31 | 3.83 | 2.37 | 2.58 | 1.76 |
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. | 21,739 | 62.4 | 11.89 | 23.1 | 13.4 | 10.5 | — | 10.9 |
| KWALITY WALL'S (INDIA) L | 8,528 | — | 12.69 | — | (54.9) | (37.5) | — | 13.5 |
| DODLA DAIRY LIMITED | 5,974 | 24.4 | 3.57 | 16.2 | 15.9 | 15.7 | 16.2 | 6.6 |
| VADILAL INDUSTRIES LTD | 5,280 | 23.6 | 6.21 | 19.7 | 18.2 | 19.3 | 26.5 | 28.4 |
| HERITAGE FOODS LTD | 3,331 | 24.7 | 3.01 | 12.0 | 13.5 | 13.8 | 12.8 | 5.1 |
| PARAG MILK FOODS LTD. ◆ | 2,985 | 22.6 | 2.37 | 11.6 | 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 | 19.2 | 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) | 22.6 | 23.6 | 4 of 9 | 63% |
| P/B | 2.4 | 3.0 | 4 of 11 | 70% |
| ROCE | 10.1 | 10.1 | 7 of 13 | 50% |
| ROE | 10.7 | 10.7 | 6 of 11 | 50% |
| Debt / Equity | 0.4 | 0.3 | 7 of 11 | 40% |
| EBITDA margin | 7.4 | 6.5 | 5 of 11 | 60% |
| Revenue growth | 10.9 | 17.7 | 8 of 11 | 30% |
| Profit growth | (20.1) | 19.8 | 8 of 10 | 22% |
| Market cap | 2985 | 817 | 6 of 13 | 58% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 15 Oct 2026 · Reg 74(5) compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · All 6 resolutions passed at Parag Milk Foods 34th AGM; Rs 1.10 dividend approved | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Parag Milk Foods 34th AGM held, dividend of Rs 1.10 per share approved | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Non-promoter AIF Sixth Sense trims stake in Parag Milk Foods via open market | ownership changes | high | — | — |
| 23 Sept 2026 · Trading window closure from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Parag Milk Foods to attend Arihant Conference on Sept 28 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Parag Milk Foods to invest Rs 100 cr to quadruple paneer capacity to 80 MT/day | capex operations | high | — | — |
| 18 Sept 2026 · Parag Milk Foods appoints Phalgun Trivedi as Chief of R&D and Food Safety | compliance | low | — | — |
| 17 Sept 2026 · Pride of Cows unveils new aspirational lifestyle brand identity | compliance | low | — | — |
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.