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Parag Milk Foods Q3 FY26 results: net profit down 18.0% to ₹29.57 crore, revenue up 14.5%
Parag Milk Foods Limited reported consolidated revenue of ₹1,013 crore for Q3 FY26, up 14.5% year on year, while EBITDA fell to ₹68.30 crore and net profit declined to ₹29.57 crore. The October–December 2025 quarter’s EBITDA margin was 6.7%, compared with 8.3% in Q3 FY25 and 7.1% in Q2 FY26.
Key points
- Consolidated revenue was ₹1,013 crore in Q3 FY26, up ₹127.97 crore or 14.5% from ₹884.72 crore in Q3 FY25.
- EBITDA fell ₹5.17 crore or 7.0% year on year to ₹68.30 crore, while the EBITDA margin declined 1.6 percentage points to 6.7%.
- Net profit fell ₹6.50 crore or 18.0% year on year to ₹29.57 crore, and basic EPS declined ₹0.66 or 21.8% to ₹2.37.
- For 9M FY26, revenue rose 14.2% to ₹2,872.16 crore and net profit increased 11.0% to ₹102.8 crore.
- The stock closed 8.1% lower on the reaction day, underperforming the Dairy Products industry median by 7.9 percentage points.
How did Parag Milk Foods perform in Q3 FY26?
Parag Milk Foods reported consolidated revenue of ₹1,013 crore for the October–December 2025 quarter, up ₹127.97 crore or 14.5% from ₹884.72 crore in Q3 FY25. Against Q2 FY26, revenue was higher by ₹4.74 crore or 0.5%. Total expenses increased ₹130.24 crore or 15.3% year on year to ₹983.33 crore, and EBITDA declined ₹5.17 crore or 7.0% to ₹68.30 crore.
The consolidated EBITDA margin was 6.7% in Q3 FY26, down 1.6 percentage points from 8.3% in Q3 FY25 and 0.4 percentage points from 7.1% in Q2 FY26. Profit before tax fell ₹5.09 crore or 13.5% year on year to ₹32.57 crore and ₹17.92 crore or 35.5% sequentially to ₹32.57 crore. Net profit was ₹29.57 crore, down ₹6.50 crore or 18.0% year on year and ₹16.08 crore or 35.2% sequentially, while basic EPS fell to ₹2.37 from ₹3.03 and ₹3.83.
On a standalone basis, Q3 FY26 revenue was ₹984.19 crore and net profit was ₹34.55 crore. The standalone filing reported basic EPS of ₹2.77, profit before tax of ₹34.54 crore and an exceptional charge of ₹5.39 crore.
| ₹ crore | Q3 FY26 | Q2 FY26 | Q3 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,013 | 1,008 | 884.72 | +14.5% | +0.5% |
| Other income | 8.93 | 18.03 | 6.03 | +48.1% | −50.5% |
| Total expenses | 983.33 | 975.49 | 853.09 | +15.3% | +0.8% |
| EBITDA | 68.30 | 71.24 | 73.47 | −7.0% | −4.1% |
| EBITDA margin | 6.7% | 7.1% | 8.3% | −1.6 pp | −0.4 pp |
| Profit before tax | 32.57 | 50.49 | 37.66 | −13.5% | −35.5% |
| Tax | 3 | 4.84 | 1.59 | +88.7% | −38.0% |
| Net profit | 29.57 | 45.65 | 36.07 | −18.0% | −35.2% |
| EPS (₹) | 2.37 | 3.83 | 3.03 | −21.8% | −38.1% |
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 Parag Milk Foods' costs and profit?
Total expenses rose ₹130.24 crore or 15.3% year on year to ₹983.33 crore, exceeding the ₹127.97 crore increase in revenue. Cost of materials consumed increased ₹108.60 crore or 17.9% to ₹716.58 crore, employee cost rose ₹9.34 crore or 23.3% to ₹49.42 crore, depreciation rose ₹2.06 crore or 12.8% to ₹18.14 crore, and other expenses increased ₹23.44 crore or 19.4% to ₹144.35 crore.
Finance costs declined ₹4.96 crore or 19.3% to ₹20.80 crore, while other income increased ₹2.90 crore or 48.1% to ₹8.93 crore. Tax expense rose ₹1.41 crore or 88.7% to ₹3 crore. The quarter also carried a ₹5.72 crore exceptional charge, which the investor presentation attributed to an employee-benefit provision arising from implementation of the new Labour Codes under Ind AS 19.
The company’s investor presentation said milk prices increased 20% YoY and 6.5% sequentially in Q3 FY26, with the average procurement price at ₹40 per litre. Management said calibrated pricing, promotions and improved portfolio mix helped maintain sequential gross margin at 25.9%, while year-on-year gross margin fell from 27.2%.
| ₹ crore | Q3 FY26 | Q3 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 716.58 | 607.98 | +108.60 | +17.9% |
| Employee cost | 49.42 | 40.08 | +9.34 | +23.3% |
| Finance costs | 20.80 | 25.76 | −4.96 | −19.3% |
| Depreciation | 18.14 | 16.08 | +2.06 | +12.8% |
| Other expenses | 144.35 | 120.91 | +23.44 | +19.4% |
| Total expenses | 983.33 | 853.09 | +130.24 | +15.3% |
| Other income | 8.93 | 6.03 | +2.90 | +48.1% |
| Tax | 3 | 1.59 | +1.41 | +88.7% |
| Exceptional items | −5.72 (charge) | none |
Source: Company's results filing (XBRL).
How did the first nine months of FY26 go?
For the first nine months of FY26, consolidated revenue was ₹2,872.16 crore, up ₹358.2 crore or 14.2% from ₹2,513.96 crore in 9M FY25. Total income rose ₹374.13 crore or 14.8% to ₹2,906.76 crore, while profit before tax increased ₹12.2 crore or 12.2% to ₹112.24 crore.
Net profit for 9M FY26 was ₹102.8 crore, up ₹10.22 crore or 11.0% from ₹92.58 crore in 9M FY25. Basic EPS rose ₹0.71 or 9.1% to ₹8.48 from ₹7.77. The investor presentation separately reported 9M EBITDA of ₹232 crore and an EBITDA margin of 8.1%.
| ₹ crore | 9M FY26 | 9M FY25 | Change |
|---|---|---|---|
| Revenue from operations | 2,872 | 2,514 | +14.2% |
| Profit before tax | 112.24 | 100.04 | +12.2% |
| Net profit | 102.80 | 92.58 | +11.0% |
| EPS (₹) | 8.48 | 7.77 | +9.1% |
Source: Company's results filing (XBRL).
How has Parag Milk Foods done over the last 8 quarters?
Revenue reached its highest level of the listed period at ₹1,012.69 crore in Q3 FY26, after ₹1,007.95 crore in Q2 FY26. The lowest quarterly revenue was ₹757.93 crore in Q1 FY25, while Q2 FY26 recorded the highest profit and EBITDA margin at ₹45.65 crore and 7.1%, respectively.
Net profit fell from ₹45.65 crore in Q2 FY26 to ₹29.57 crore in Q3 FY26, while the EBITDA margin declined from 7.1% to 6.7%. Revenue nevertheless rose in each of the last seven quarters on a year-on-year basis. The highest quarterly profit was ₹45.65 crore, while the lowest was ₹9.81 crore in Q4 FY24; the lowest EBITDA margin was 4.6% in that quarter.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025, along with the statutory auditors’ limited-review reports. It also approved an amendment to the company’s policy on the code of practices and procedures for fair disclosure of unpublished price-sensitive information.
The company also filed that NSE and BSE had imposed fines for a marginal delay in complying with Regulation 23(9) of SEBI’s Listing Obligations and Disclosure Requirements. The board noted the matter and recognised that the delay was inadvertent. No dividend, fund-raising or appointment announcement appears in the same-day filings provided.
What did Parag Milk Foods' management say?
The company’s investor presentation set out strategic priorities of strengthening and accelerating core categories, brand building and innovation, evolving the route to market, and strengthening the new-age business to drive financial growth. It said core categories, including ghee, cheese and paneer, recorded 21% value growth and 12% volume growth in Q3 FY26.
The presentation said the new-age business was 9% of overall business, compared with 6% in the year-ago quarter, and its revenue grew 123% YoY. It also said the company was the market leader in branded cow ghee with 22% share and ranked second in cheese with 35% share, citing IMARC. The presentation did not provide earnings-call guidance, analyst questions or management quotes beyond these stated priorities and operating updates.
How did Parag Milk Foods shares react?
The filing appeared after market hours. From the price when the filing appeared, the stock fell 0.4% after five minutes, 2.9% after 15 minutes and 4.3% after 30 minutes. It closed 8.1% below the previous close on the reaction day, compared with a 0.1% fall for the median move of the industry’s other stocks.
By the next day’s close, the stock was down 11.3% from its pre-results close, while the industry median was down 0.8%; by the fifth session, the stock was down 11.0%, against a 4.9% rise for the industry median. The reaction-day underperformance was 7.9 percentage points, widening to 10.5 percentage points by the next close and 15.9 percentage points by the fifth session. Earlier results-day moves included gains of 12.9% on 11 November 2025 and 13.2% on 2 May 2025, and a fall of 13.9% on 18 May 2024.
| After the filing | Stock | Dairy Products median |
|---|---|---|
| 5 minutes | −0.4% | |
| 15 minutes | −2.9% | |
| 30 minutes | −4.3% | |
| Reaction day | −8.1% | −0.1% |
| Next day | −11.3% | −0.8% |
| 5 days | −11.0% | +4.9% |
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 November 2025 | +12.9% |
| 21 July 2025 | −3.9% |
| 2 May 2025 | +13.2% |
| 30 January 2025 | +0.4% |
| 11 November 2024 | −0.7% |
| 23 July 2024 | −2.8% |
| 18 May 2024 | −13.9% |
Source: MarketPing price-reaction measurement.
How did other Dairy Products companies do?
Eight other Dairy Products companies had filed for the quarter, with a median revenue growth of 7.2%. Six peers grew revenue more slowly than Parag Milk Foods, while two grew faster than the company, whose consolidated revenue growth was 14.5%. Four of the eight peers reported higher profit.
| Parag Milk Foods revenue growth (YoY) | +14.5% |
|---|---|
| Median of 8 other Dairy Products companies | +7.2% |
| Companies with slower revenue growth than Parag Milk Foods | 6 of 8 |
| Companies with faster revenue growth than Parag Milk Foods | 2 of 8 |
| Companies whose net profit rose | 4 of 8 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Parag Milk Foods' revenue in Q3 FY26?
Revenue from operations was ₹1,013 crore, up 14.5% from ₹884.72 crore in Q3 FY25 (consolidated).
Did Parag Milk Foods make a profit in Q3 FY26?
Yes. Net profit was ₹29.57 crore, against a net profit of ₹36.07 crore in Q3 FY25.
What was Parag Milk Foods' EPS in Q3 FY26?
Basic earnings per share were ₹2.37, against ₹3.03 in Q3 FY25.
How did Parag Milk Foods shares react to the Q3 FY26 results?
On the reaction day the stock moved −8.1% from the previous close; the median Dairy Products stock moved −0.1%.
When did Parag Milk Foods announce its Q3 FY26 results?
On 4 February 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Consideration Of Unaudited Financial Results Of The Company For Quarter And Nine Months Ended December 31, 2025 (BSE, 30 January 2026) · PDF
- Outcome of Board Meeting (NSE, 4 February 2026) · PDF
- Outcome of Board Meeting (NSE, 4 February 2026) · PDF
- The earnings call (11 February 2026)
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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