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Modern Dairies Q2 FY27 results: net profit up 33.1% to ₹2.25 crore, revenue down 9.2%
Modern Dairies Ltd reported standalone Q2 FY27 revenue of ₹74.39 crore, down 9.2% from the year-ago quarter, while EBITDA rose 38.5% to ₹3.78 crore and the EBITDA margin expanded to 5.1%. Net profit increased 33.1% to ₹2.25 crore and basic EPS rose to ₹0.76, despite lower revenue. The results were announced on 19 October 2026 on a standalone basis; consolidated figures were not provided.
Key points
- Revenue was ₹74.39 crore in Q2 FY27, down 9.2% from ₹81.96 crore in Q2 FY26 and 18.5% from ₹91.27 crore in Q1 FY27.
- EBITDA was ₹3.78 crore, up 38.5% from ₹2.73 crore a year earlier, while the margin rose to 5.1% from 3.3%.
- Net profit was ₹2.25 crore, up 33.1% from ₹1.69 crore in Q2 FY26 and 5.1% from ₹2.14 crore in Q1 FY27.
- Basic EPS was ₹0.76, compared with ₹0.64 in Q2 FY26 and ₹0.75 in Q1 FY27.
- For H1 FY27, revenue rose 3.4% to ₹165.66 crore and net profit rose 31.4% to ₹4.39 crore.
How did Modern Dairies perform in Q2 FY27?
Modern Dairies reported standalone revenue of ₹74.39 crore in Q2 FY27, down ₹7.57 crore or 9.2% from ₹81.96 crore in Q2 FY26. Against Q1 FY27, revenue was lower by ₹16.88 crore or 18.5%. Total income was ₹74.68 crore, down 9.4% year on year and 18.4% sequentially. The figures are standalone; consolidated figures were not given.
EBITDA rose to ₹3.78 crore from ₹2.73 crore in Q2 FY26, an increase of ₹1.05 crore or 38.5%. The EBITDA margin was 5.1%, up 1.8 percentage points from 3.3%, and 0.9 percentage points above Q1 FY27. Profit before tax was ₹3.01 crore, up 44.7% year on year, while net profit rose 33.1% to ₹2.25 crore from ₹1.69 crore. Basic EPS was ₹0.76, compared with ₹0.64 a year earlier and ₹0.75 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 74.39 | 91.27 | 81.96 | −9.2% | −18.5% |
| Other income | 0.28 | 0.30 | 0.46 | −39.1% | −6.7% |
| Total expenses | 71.67 | 88.52 | 80.33 | −10.8% | −19.0% |
| EBITDA | 3.78 | 3.82 | 2.73 | +38.5% | −1.0% |
| EBITDA margin | 5.1% | 4.2% | 3.3% | +1.8 pp | +0.9 pp |
| Profit before tax | 3.01 | 3.05 | 2.08 | +44.7% | −1.3% |
| Tax | 0.76 | 0.91 | 0.39 | +94.9% | −16.5% |
| Net profit | 2.25 | 2.14 | 1.69 | +33.1% | +5.1% |
| EPS (₹) | 0.76 | 0.75 | 0.64 | +18.8% | +1.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Modern Dairies' costs and profit?
Total expenses fell to ₹71.67 crore from ₹80.33 crore in Q2 FY26, down ₹8.66 crore or 10.8%. Cost of materials consumed declined by ₹16.94 crore or 25.9% to ₹48.43 crore, while depreciation fell ₹0.07 crore or 8.3% to ₹0.77 crore. Employee benefits expense increased ₹0.42 crore or 10.3% to ₹4.49 crore, other expenses rose ₹1.37 crore or 12.5% to ₹12.29 crore, and finance costs increased ₹0.03 crore or 11.5% to ₹0.29 crore. The filing does not state reasons for these movements.
Other income decreased to ₹0.28 crore from ₹0.46 crore, down ₹0.18 crore or 39.1%. There was no exceptional item in either quarter. Tax expense rose ₹0.37 crore or 94.9% to ₹0.76 crore. Profit before tax increased by ₹0.93 crore to ₹3.01 crore, while net profit rose ₹0.56 crore to ₹2.25 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 48.43 | 65.37 | −16.94 | −25.9% |
| Employee cost | 4.49 | 4.07 | +0.42 | +10.3% |
| Finance costs | 0.29 | 0.26 | +0.03 | +11.5% |
| Depreciation | 0.77 | 0.84 | −0.07 | −8.3% |
| Other expenses | 12.29 | 10.92 | +1.37 | +12.5% |
| Total expenses | 71.67 | 80.33 | −8.66 | −10.8% |
| Other income | 0.28 | 0.46 | −0.18 | −39.1% |
| Tax | 0.76 | 0.39 | +0.37 | +94.9% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, revenue was ₹165.66 crore, up ₹5.40 crore or 3.4% from ₹160.26 crore in H1 FY26. Total income rose to ₹166.24 crore from ₹160.86 crore, an increase of ₹5.38 crore or 3.3%.
Profit before tax increased to ₹6.05 crore from ₹4.17 crore, up ₹1.88 crore or 45.1%. Net profit rose to ₹4.39 crore from ₹3.34 crore, up ₹1.05 crore or 31.4%. Basic EPS increased to ₹1.52 from ₹1.30, a rise of ₹0.22 or 16.9%. The filing covers standalone results.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 165.66 | 160.26 | +3.4% |
| Profit before tax | 6.05 | 4.17 | +45.1% |
| Net profit | 4.39 | 3.34 | +31.4% |
| EPS (₹) | 1.52 | 1.30 | +16.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹129.93 crore on 30 September 2026, compared with ₹131.61 crore on 31 March 2026. Total equity rose to ₹73.56 crore from ₹55.36 crore, while borrowings increased to ₹12.38 crore from ₹11.57 crore. Cash and cash equivalents were ₹11.37 crore, compared with ₹10.29 crore. Inventories fell to ₹27.50 crore from ₹31.86 crore, and trade receivables declined to ₹14.94 crore from ₹24.03 crore.
For H1 FY27, net cash used in operating activities was ₹5.36 crore, against ₹3.63 crore in H1 FY26. Net cash used in investing activities rose to ₹6.92 crore from ₹2.63 crore, while financing activities provided ₹13.37 crore compared with ₹5.06 crore. Capital expenditure was ₹3.91 crore, compared with ₹0.66 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 129.93 | 131.61 |
| Total equity | 73.56 | 55.36 |
| Borrowings | 12.38 | 11.57 |
| Cash and equivalents | 11.37 | 10.29 |
| Inventories | 27.50 | 31.86 |
| Trade receivables | 14.94 | 24.03 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −5.36 | −3.63 |
| Cash from investing | −6.92 | −2.63 |
| Cash from financing | 13.37 | 5.06 |
| Capital expenditure | 3.91 | 0.66 |
Source: Company's results filing (XBRL).
How has Modern Dairies done over the last 8 quarters?
Revenue reached its recent high of ₹92.18 crore in Q4 FY26 and its low of ₹78.30 crore in Q1 FY26 within the supplied series. It fell to ₹74.39 crore in Q2 FY27, the lowest point shown, while net profit rose from ₹2.14 crore to ₹2.25 crore. The EBITDA margin increased from 4.2% to 5.1%, the highest level in the series. Net profit has risen year on year in each of the last two quarters.
How did Modern Dairies shares react?
| After the filing | Stock | Dairy Products median |
|---|---|---|
| 30 minutes | +1.4% | |
| Reaction day | −4.8% | −0.4% |
| Next day | −3.3% | −0.8% |
| 5 days | −12.6% | −4.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 11 August 2026 | +7.4% |
| 22 May 2026 | −8.6% |
| 14 February 2026 | −9.0% |
| 10 November 2025 | +1.5% |
| 11 August 2025 | −9.8% |
| 27 May 2025 | −2.2% |
| 10 August 2024 | −3.7% |
| 18 May 2024 | +11.6% |
Source: MarketPing price-reaction measurement.
How did other Dairy Products companies do?
Five other Dairy Products companies that had filed for the quarter were compared. Their median revenue growth was 21.7%. All five grew faster than Modern Dairies, while none grew slower than the company. One of the five peers reported higher profit.
| Modern Dairies revenue growth (YoY) | −9.2% |
|---|---|
| Median of 5 other Dairy Products companies | +21.7% |
| Companies with slower revenue growth than Modern Dairies | 0 of 5 |
| Companies with faster revenue growth than Modern Dairies | 5 of 5 |
| Companies whose net profit rose | 1 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Modern Dairies' revenue in Q2 FY27?
Revenue from operations was ₹74.39 crore, down 9.2% from ₹81.96 crore in Q2 FY26 (standalone).
Did Modern Dairies make a profit in Q2 FY27?
Yes. Net profit was ₹2.25 crore, against a net profit of ₹1.69 crore in Q2 FY26.
What was Modern Dairies' EPS in Q2 FY27?
Basic earnings per share were ₹0.76, against ₹0.64 in Q2 FY26.
How did Modern Dairies shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.8% from the previous close; the median Dairy Products stock moved −0.4%.
When did Modern Dairies announce its Q2 FY27 results?
On 19 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Un- Audited Financial Results For The Quarter Ended On 30 September, 2026 (BSE, 12 October 2026) · PDF
- Board Meeting Outcome for Un-Audited Financial Results For The Quarter And Half Year Ended On 30Th September, 2026 (BSE, 19 October 2026) · PDF
- Considered And Approval Of Un-Audited Financial Results For The Quarter Ended 30Th September, 2026 (BSE, 19 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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