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.
| ₹ 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) |
| ₹ 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 |
| 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 | 28.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Parag Milk Foods launches Avvatar Popped Protein Chips | business updates | low | — | — |
| 6 Sept 2026 · Parag Milk Foods 34th AGM on Sept 29; dividend record date Sept 22 | compliance | minimal | — | — |
| 5 Sept 2026 · AGM notice and annual report link shared with shareholders | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Parag Milk Foods files BRSR for FY26, turnover rises to Rs 3,742 cr | compliance | medium | — | — |
| 5 Sept 2026 · Parag Milk Foods fixes Sep 22, 2026 as record date for dividend | corporate actions | medium | — | — |
| 5 Sept 2026 · Parag Milk Foods: 34th AGM on Sept 29 with Integrated Annual Report FY26 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · 34th AGM on Sept 29, 2026; Integrated Annual Report FY26 filed | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Parag Milk Foods 34th AGM on Sep 29, 2026; FY26 Annual Report enclosed | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Parag Milk Q1 FY27: Revenue up 11%, new CFO named, cheese capacity to double | investor communications | medium | — | — |
| 10 Aug 2026 · Newspaper notice issued for 34th AGM and shareholder email update | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 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) | 25.3 | 19.7 | 9 of 12 | 27% |
| P/B | 2.6 | 3.5 | 5 of 11 | 60% |
| ROCE | 10.1 | 10.1 | 7 of 13 | 50% |
| ROE | 10.7 | 12.1 | 7 of 12 | 46% |
| Debt / Equity | 0.4 | 0.3 | 8 of 12 | 36% |
| 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 | 3327 | 894 | 6 of 13 | 58% |
| 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 |
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.
