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20 announcements match the current filters (relevance ≥ 5).
Parag Milk to Double Cheese Capacity to 120 MT/day; Q1 Revenue Hits Record Rs 945 Cr
Parag Milk Foods reported its highest-ever Q1 revenue of Rs 945 crore, up 11% YoY, driven by a 59% surge in its 'New Age' business (Avvatar and Pride of Cows). The company announced a major capacity expansion, doubling cheese production from 60 MT/day to 120 MT/day over the next 18 months to support its high-margin whey protein segment. While EBITDA grew 6% to Rs 70 crore, PAT declined 20% YoY to approximately Rs 22 crore (implied) due to a higher tax impact. Raw milk costs rose 13% YoY to Rs 42/litre, which the company successfully passed through via calibrated price hikes.
Confidence: HIGH
What changedThe company has committed to doubling its cheese capacity and has seen its high-margin protein business (Avvatar) reach a significant 13% revenue share.
Why it mattersDoubling cheese capacity is a strategic move to secure raw material for the high-growth whey protein business, which is central to the 'Parag 2.0' premiumization strategy.
Q1 FY27 Revenue: Rs 945 crCheese Capacity Expansion: 100% (60 to 120 MT/day)New Age Revenue Mix: 13%Raw Milk Price: Rs 42/litreEBITDA Margin: 7.4%
📅 Short termThe stock may see positive sentiment from the strong revenue growth and expansion plans, despite the tax-led PAT decline.
📈 Long termThe shift toward a 13%+ contribution from high-margin protein products and doubling of cheese capacity could structurally improve OPM and ROCE over the next 2-3 years.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Raw milk price volatility
- Execution risk of 18-month capacity expansion
- Intense competition in the sports nutrition (whey) segment
Key Highlights
Revenue grew 11% YoY to Rs 945 crore in Q1 FY27, marking the highest-ever first quarter for the company.
Cheese production capacity to be doubled from 60 MT/day to 120 MT/day by March 2028.
New Age business (Avvatar and Pride of Cows) now contributes 13% of total revenue, up from 9% in Q1 FY26.
Raw milk prices increased 13% YoY to Rs 42 per litre, though margins remained stable through pricing power.
Avvatar brand distribution is heavily digital-led, with 75% of sales coming from e-commerce and quick-commerce channels.
👀 What to Watch
Watch for the execution of the cheese capacity expansion over the next 6 quarters and the impact of the upcoming 'flush season' on raw milk procurement costs.
Parag Milk Q1 Revenue up 11% to ₹945 Cr; Board approves doubling Cheese capacity to 120 MT
Parag Milk Foods reported its highest-ever Q1 revenue of ₹945 crore, an 11% YoY increase, despite a 13% rise in raw milk prices to ₹42/Ltr. While EBITDA grew 6% to ₹70 crore, PAT declined 20% to ₹22 crore due to a higher tax impact in FY27. A major strategic highlight is the Board's approval to double cheese production capacity from 60 MT to 120 MT per day to fuel the high-growth protein segment. The 'New Age' business (Avvatar and Pride of Cows) showed strong momentum, growing 59% YoY and increasing its revenue contribution to 13%.
Confidence: HIGH
What changedParag Milk Foods reported Q1 FY27 results, announced a 100% capacity expansion in its cheese segment, and elevated Mr. Rakesh Kothari to Chief Financial Officer.
Why it mattersThe doubling of cheese capacity is a significant move to capture market share in value-added dairy and provide raw materials for the high-margin whey protein business. The 59% growth in premium brands indicates successful brand building and pricing power.
Q1 FY27 Revenue: ₹945 CrCheese Capacity Expansion: 60 MT to 120 MTNew Age Business Growth: 59% YoYRaw Milk Price: ₹42/LtrEBITDA Margin: 7.4%Q1 Revenue vs TTM Revenue: 24.7%
📅 Short termThe market is likely to react positively to the strong top-line growth and the aggressive capacity expansion plan, although the PAT decline due to tax may cause some caution.
📈 Long termThe structural shift toward a 120 MT cheese capacity and the rapid scaling of the Avvatar protein brand could significantly improve margins and re-rate the business over the next 2-3 years.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Raw milk price volatility (13% YoY increase)
- Execution risk of doubling manufacturing capacity
- Increased tax outgo impacting net profit margins
Key Highlights
Highest-ever Q1 revenue of ₹945 crore, achieving 11% value growth and 3% volume growth YoY.
Board approved doubling cheese production capacity from 60 MT to 120 MT per day.
New Age business (Avvatar & Pride of Cows) grew 59% YoY, now contributing 13% to total turnover vs 9% last year.
Raw milk prices increased 13% YoY to ₹42 per litre, managed through calibrated price increases and product mix.
PAT declined 20% YoY to ₹22 crore, primarily due to the current tax impact starting FY27.
👀 What to Watch
Watch for the execution timeline and capital expenditure details for the cheese capacity doubling, as this is a high-margin segment. Monitor if the company can sustain the 59% growth rate in the 'New Age' protein business to offset raw milk price volatility.
₹945 Cr Q1 Revenue; Board Approves Doubling Cheese Capacity to 120 MT
Parag Milk Foods reported an 11% YoY revenue growth to ₹945 crore for Q1 FY27, driven by a 59% surge in its high-margin 'New Age' business (Avvatar and Pride of Cows). The board has approved a major strategic expansion to double cheese production capacity from 60 MT to 120 MT per day, targeting the high-growth whey protein segment. While EBITDA grew 6% to ₹70 crore, PAT declined 20% to ₹22 crore, primarily due to a higher tax impact. Milk procurement prices rose 13% YoY to ₹42/litre, which the company partially mitigated through pricing and product mix adjustments.
Confidence: HIGH
What changedThe company reported its Q1 FY27 results, announced a 100% capacity expansion in its cheese segment, and elevated Mr. Rakesh Kothari to the role of Chief Financial Officer.
Why it mattersThe doubling of cheese capacity is a significant move to capture the high-margin branded cheese and whey protein markets, which are central to the 'Parag 2.0' premiumization strategy. The 59% growth in the New Age business indicates strong brand traction in the health and nutrition segment.
Q1 FY27 Revenue: ₹945 CrCheese Capacity Expansion: 60 MT to 120 MTNew Age Business Growth: 59% YoYMilk Procurement Price: ₹42/LtrPAT Growth: -20% YoY
📅 Short termThe stock may see mixed reactions as the market weighs strong revenue growth and expansion plans against the 20% decline in PAT and milk price inflation.
📈 Long termThe structural shift towards value-added products (Cheese, Ghee, and Whey) and the doubling of capacity could significantly re-rate the business if execution leads to margin expansion over the next 2-3 years.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Raw milk price volatility (13% YoY increase)
- Execution risk of doubling cheese capacity
- Tax-related earnings pressure
Key Highlights
Highest-ever Q1 revenue of ₹945 crore, representing 11% YoY value growth and 3% volume growth.
Board approved doubling cheese production capacity from 60 MT to 120 MT per day to drive whey protein generation.
New Age business (Avvatar & Pride of Cows) grew 59% YoY, now contributing 13% to overall turnover vs 9% in Q1 FY26.
Milk procurement prices increased 13% YoY to ₹42 per litre, leading to a slight EBITDA margin compression to 7.4% from 7.7%.
PAT declined 20% YoY to ₹22 crore, mainly attributed to the current tax impact starting from FY27.
👀 What to Watch
Investors should monitor the execution timeline and capex outflow for the cheese capacity doubling, as this is critical for the high-margin protein segment. Additionally, watch for the company's ability to sustain margins if milk prices remain elevated at ₹42/litre or higher.
₹105 Cr Capex to Double Cheese Capacity; Q1 Revenue Up 11% to ₹945 Cr
Parag Milk Foods has approved a ₹105 Cr brownfield expansion to double its cheese manufacturing capacity from 60 MT/day to 120 MT/day by FY28. In Q1 FY27, the company reported an 11% YoY revenue growth to ₹945 Cr, driven by a 59% surge in its 'New Age' business (Avvatar and Pride of Cows). However, PAT declined 20% YoY to ₹22 Cr, primarily due to higher tax impacts and a 13% rise in milk procurement prices to ₹42/litre. The company also elevated Rakesh Kothari to the position of Chief Financial Officer.
Confidence: HIGH
What changedThe company has committed to a major capacity expansion in its high-margin cheese segment and transitioned its finance leadership with a new CFO appointment.
Why it mattersCheese and Whey protein are strategic pillars for Parag; doubling capacity allows them to leverage their 35% market share in cheese to feed the high-growth sports nutrition (Avvatar) segment, potentially improving the overall margin profile.
Expansion Capex: ₹105 CrCapex vs Net Worth: 8.13%Q1 FY27 Revenue: ₹945 CrNew Age Business Revenue: ₹118 CrCheese Market Share: 35%Milk Procurement Price: ₹42/litre
📅 Short termThe stock may see mixed reactions as the market weighs the significant capacity expansion and strong New Age growth against the 20% decline in quarterly PAT.
📈 Long termThe doubling of cheese capacity by FY28 is structurally significant, supporting the company's 'Parag 2.0' strategy to increase premiumization and B2C mix, which currently stands at 70%.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Raw milk price volatility (13% YoY inflation)
- Execution risk for the FY28 expansion timeline
- Increased debt levels to fund the ₹105 Cr capex
Key Highlights
Doubling of cheese manufacturing capacity from 60 MT/day to 120 MT/day by FY28
₹105 Cr capital expenditure planned, funded through a mix of internal accruals and debt
New Age Business (Avvatar and Pride of Cows) revenue grew 59% YoY to ₹118 Cr
Milk procurement prices increased 13% YoY to an average of ₹42 per litre
Consolidated PAT fell 20% YoY to ₹22 Cr despite 11% value growth in revenue
👀 What to Watch
Investors should monitor the execution timeline of the cheese capacity expansion and the company's ability to maintain margins if milk price volatility persists. The rapid scaling of the high-margin Avvatar brand (now 13% of revenue) is a key metric for long-term value creation.
Parag Milk to double Cheese capacity to 120 MT/day with ‡105 Cr investment
Parag Milk Foods has approved a brownfield expansion to double its cheese manufacturing capacity from 60 MT/day to 120 MT/day by FY 2027-28. The project involves an investment of approximately ‡105 crore, which is roughly 8.1% of the company's current net worth. Alongside this, the company reported Q1 FY27 results with revenue growing 10.9% YoY to ‡944.6 crore, though net profit declined 20% to ‡22.1 crore. The board also appointed Rakesh Kothari as the permanent CFO to lead financial operations.
Confidence: HIGH
What changedThe company is doubling its capacity in the high-margin cheese segment and has transitioned from an interim to a permanent CFO.
Why it mattersCheese is a core value-added product where Parag holds a 35% market share; doubling capacity supports their premiumization strategy and provides raw material for their high-growth whey protein business.
Expansion Investment: ‡105 CroreCapacity Increase: 100% (60 to 120 MT/day)Investment vs Net Worth: 8.13%Q1 FY27 Revenue: ‡944.57 CroreQ1 FY27 Net Profit: ‡22.05 Crore
📅 Short termThe stock may see mixed sentiment as the positive capacity expansion news is balanced against a 20% YoY decline in quarterly net profit.
📈 Long termDoubling cheese capacity is structurally significant for long-term revenue growth and margin expansion, aligning with the 'Parag 2.0' strategy of focusing on B2C and protein segments.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Raw milk price volatility impacting quarterly margins
- Execution risk associated with the brownfield expansion timeline
- Potential increase in debt if internal accruals are insufficient for the ‡105 Cr capex
Key Highlights
Cheese manufacturing capacity to increase by 60 MT/day, reaching a total of 120 MT/day
Planned investment of ‡105 crore for brownfield expansion to be completed by FY 2027-28
Q1 FY27 consolidated revenue rose 10.9% YoY to ‡944.57 crore from ‡851.52 crore
Net profit for Q1 FY27 decreased to ‡22.05 crore compared to ‡27.58 crore in the previous year
Appointment of Rakesh Kothari as CFO effective August 7, 2026, replacing the interim CFO
👀 What to Watch
Watch for the execution timeline of the cheese capacity expansion and monitor if the company can improve margins in upcoming quarters to offset the recent 20% profit dip.
₹105 Cr Cheese Capacity Expansion to 120 MT/day; Q1 FY27 PAT Declines 20% YoY
Parag Milk Foods has approved a ₹105 crore brownfield expansion to double its cheese manufacturing capacity from 60 MT/day to 120 MT/day by FY 2027-28. In Q1 FY27, the company reported a 10.9% YoY revenue growth to ₹944.57 crore, though consolidated PAT fell 20% to ₹22.05 crore compared to ₹27.58 crore in the previous year. The company also appointed Rakesh Kothari as CFO, transitioning from an interim arrangement. The expansion investment represents approximately 8.1% of the company's net worth, signaling a strong commitment to its high-margin cheese and protein segments.
Confidence: HIGH
What changedThe company has committed to doubling its cheese production capacity and has formalized its financial leadership with a permanent CFO appointment.
Why it mattersCheese is a core high-margin category for Parag (35% market share); doubling capacity provides the necessary raw material for their 'New Age' protein business (Avvatar) and supports their premiumization strategy.
Expansion Investment: ₹105 CroreCapacity Addition: 60 MT/dayInvestment vs Net Worth: ~8.1%Q1 FY27 Revenue: ₹944.57 CroreQ1 FY27 PAT Growth (YoY): -20.0%
📅 Short termThe stock may face pressure due to the 20% YoY decline in quarterly profits, despite the positive long-term news of capacity expansion.
📈 Long termThe doubling of cheese capacity by FY28 is structurally significant, supporting the company's goal to increase B2C revenue mix and scale its protein segment.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Raw material price volatility impacting margins
- Execution risk for the FY28 expansion timeline
- Increased debt if expansion is not fully funded by internal accruals
Key Highlights
Doubling cheese manufacturing capacity from 60 MT/day to 120 MT/day by FY 2027-28
Investment of ₹105 crore for brownfield expansion to be funded via internal accruals, borrowings, or lease
Q1 FY27 consolidated revenue grew 10.9% YoY to ₹944.57 crore
Q1 FY27 consolidated PAT declined 20% YoY to ₹22.05 crore from ₹27.58 crore
Appointment of Rakesh Kothari as CFO effective August 7, 2026, bringing 25 years of experience
👀 What to Watch
Investors should monitor the impact of raw material (milk) costs on margins in the coming quarters and track the execution progress of the cheese capacity expansion, which is critical for the high-growth Avvatar protein brand.
₹105 Cr Cheese Capacity Expansion to 120 MT/day and Q1 FY27 Results
Parag Milk Foods has approved a ₹105 crore brownfield expansion to double its cheese manufacturing capacity from 60 MT/day to 120 MT/day by FY28. In Q1 FY27, the company reported revenue of ₹944.57 crore, up 10.9% YoY, though net profit declined 20% YoY to ₹22.05 crore due to higher raw material costs. The board also appointed Rakesh Kothari as the permanent CFO, effective August 7, 2026. The expansion represents approximately 8.1% of the company's net worth and is aimed at supporting the high-growth whey protein segment.
Confidence: HIGH
What changedThe company has committed to doubling its cheese production capacity and transitioned from an interim to a permanent CFO.
Why it mattersCheese is a high-margin category and provides the essential raw material (whey) for the company's high-growth protein business; doubling capacity signals a major push into premium dairy segments.
Expansion Investment: ₹105 CroreInvestment vs Net Worth: 8.13%Capacity Increase: 100% (60 to 120 MT/day)Q1 Revenue Growth (YoY): 10.9%Q1 Net Profit Margin: 2.33%
📅 Short termThe stock may face pressure due to the 20% YoY decline in quarterly net profit, but the expansion announcement provides a positive long-term growth outlook.
📈 Long termDoubling cheese capacity is structurally significant for the 'Parag 2.0' strategy, potentially improving the product mix and supporting the high-margin whey protein business over the next 2-3 years.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Raw milk price volatility impacting margins
- Execution risk for the brownfield expansion by FY28
- Increased finance costs if expansion is debt-funded
Key Highlights
Cheese manufacturing capacity to double from 60 MT/day to 120 MT/day by FY 2027-28
Planned investment of ₹105 crore to be funded via internal accruals, borrowings, or leases
Q1 FY27 revenue increased to ₹944.57 crore from ₹851.52 crore in the previous year
Net profit for Q1 FY27 decreased to ₹22.05 crore compared to ₹27.58 crore in Q1 FY26
Appointment of Rakesh Kothari as CFO, replacing interim CFO Pritam Shah
👀 What to Watch
Monitor the execution timeline of the cheese capacity expansion and the company's ability to recover margins through premiumization (Avvatar and Pride of Cows) in subsequent quarters.
Parag Milk Foods FY26 Revenue Hits ₹3,800 Cr; New Age Business Grows 91%
Parag Milk Foods reported a strong FY26 with annual revenue crossing ₹3,800 crores and a 5% overall volume growth. The company's New Age business, comprising Avvatar and Pride of Cows, saw a massive 91% growth, now contributing 10% to total revenue. Despite a 15% YoY increase in milk prices to ₹42/litre, Q4 gross margins improved to 28% through better product mix and pricing discipline. Management aims for the New Age segment to reach 20-25% of total revenue within the next 3-5 years.
Key Highlights
Annual revenue crossed ₹3,800 crores with core category volume growth of 8%
New Age business (Avvatar & Pride of Cows) revenue grew 91% YoY, reaching ₹100 crores per quarter
Q4 gross margins expanded to 28% despite average milk prices rising 15% YoY to ₹42 per litre
Avvatar holds a 14-15% market share in the protein segment across quick commerce and marketplaces
Planned cheese capacity expansion from 60 metric tons to 80 metric tons to meet growing demand
👀 What to Watch
Investors should focus on the rapid scaling of the high-margin Avvatar brand and the company's successful premiumization strategy. The transition toward a 25% revenue contribution from the New Age segment suggests a structural improvement in long-term profitability.
Parag Milk Foods Launches Avvatar Protein Cold Coffee; New-Age Segment Grew 91% YoY in FY26
Parag Milk Foods has entered the high-growth ready-to-drink (RTD) protein segment through a strategic partnership with Tetra Pak. The company launched Avvatar Protein Cold Coffee, priced at ₹120, offering 15g of protein per 250ml pack with no added sugar. This launch follows a strong performance in FY26, where the company's new-age business segment, including the Avvatar brand, recorded a 91% year-on-year growth. The product aims to address the 73% protein deficiency in India by integrating nutrition into a familiar daily beverage format.
Key Highlights
Launched India's first RTD protein cold coffee in Tetra Prisma Aseptic 250E packaging priced at ₹120
Each 250ml pack delivers 15g of protein with no added sugar or artificial sweeteners
The Avvatar brand and new-age business segment reported a significant 91% YoY growth in FY26
Strategic collaboration with Tetra Pak for premium, recyclable, and ergonomic packaging to enhance shelf appeal
Targets a massive market opportunity as nearly 73% of the Indian population remains protein deficient
👀 What to Watch
Investors should track the adoption of the Avvatar RTD range as it represents a high-margin expansion into the functional beverage space. The 91% growth in the new-age segment indicates strong brand equity that could drive future valuation re-rating.
Parag Milk Foods FY26 PAT Rises 19% to ₹141 Cr; New Age Business Grows 91%
Parag Milk Foods reported a strong FY26 with record revenue of ₹3,818 crore, up 11% YoY, and a 19% increase in PAT (before exceptional items) to ₹141 crore. Despite a 15% YoY surge in milk procurement prices to ₹42/litre in Q4, the company expanded its gross margins to 28% through a premium product mix and calibrated price hikes. The high-margin 'New Age' segment (Avvatar and Pride of Cows) showed exceptional momentum, growing 91% during the year and now contributing 10% to total turnover. The company also strengthened its balance sheet through equity infusion via warrants and FCCB conversions.
Key Highlights
FY26 Revenue reached ₹3,818 crore (up 11% YoY) with PAT before exceptional items at ₹141 crore (up 19% YoY).
New Age business (Avvatar & Pride of Cows) grew 91% in FY26, contributing 10% to total revenue and hitting ₹100 crore quarterly run-rate.
Q4 FY26 Gross Margins improved by 130 bps YoY to 28.0% despite milk prices rising 15% YoY to ₹42/litre.
Core categories (Ghee, Cheese, Paneer) grew 16% in value for FY26, maintaining a dominant 60% share of the business.
Cash flow from operations stood at ₹149 crore for FY26, while the capital structure was bolstered by equity infusions.
👀 What to Watch
Investors should focus on the company's successful premiumization strategy and the rapid scaling of the high-margin New Age segment. The ability to expand margins despite inflationary milk prices suggests strong pricing power and a favorable shift in product mix.
Parag Milk Foods FY26 PAT Rises 19% to ₹141 Cr; New Age Business Revenue Surges 91%
Parag Milk Foods reported a robust FY26 with consolidated revenue reaching ₹3,818 crore, an 11% YoY increase. Despite a 15% surge in raw milk prices to ₹42 per litre, the company successfully expanded its Q4 gross margins to 28% through a premium product mix and calibrated pricing. The high-margin 'New Age' segment, featuring brands like Avvatar and Pride of Cows, grew 91% annually and now contributes 10% to total turnover. Full-year PAT (before exceptional items) rose 19% to ₹141 crore, supported by a 16% value growth in core categories like Ghee and Cheese.
Key Highlights
FY26 consolidated revenue grew 11% YoY to ₹3,818 crore, with Q4 FY26 PAT rising 23% to ₹32 crore.
New Age business (Avvatar & Pride of Cows) surged 91% in FY26, achieving a consistent ₹100 crore quarterly revenue run rate.
Gross margins improved by 130 bps YoY to 28.0% in Q4 FY26 despite a 15% increase in milk procurement costs.
Core categories (Ghee, Cheese, Paneer) maintained a dominant 60% revenue share with 16% value growth in FY26.
Capital structure was strengthened during the year through equity infusion via preferential warrants and FCCB conversions.
👀 What to Watch
Investors should focus on the company's successful transition toward a high-margin, value-added portfolio which is effectively buffering raw material inflation. The rapid scaling of the 'Avvatar' protein brand suggests strong growth potential in the health and nutrition segment.
Parag Milk Foods FY26 PAT Up 19% to ₹141 Cr; New Age Business Revenue Grows 91%
Parag Milk Foods reported a resilient FY26 with revenue growing 11% to ₹3,818 crore and PAT (before exceptional items) rising 19% to ₹141 crore. The company successfully navigated a 16% YoY increase in raw milk prices by improving its product mix and implementing calibrated price hikes, leading to a Q4 gross margin of 28%. A standout performer was the 'New Age Business' (Avvatar and Pride of Cows), which grew 91% during the year and now contributes 10% to total turnover. While Q4 saw a 5% volume decline, core categories like Ghee and Cheese maintained strong market shares of 22% and 35% respectively.
Key Highlights
FY26 Revenue reached ₹3,818 Cr (+11% YoY) with PAT (before exceptional items) at ₹141 Cr (+19% YoY).
New Age Business (Avvatar & Pride of Cows) grew 91% in FY26, crossing the ₹100 Cr quarterly revenue milestone in Q4.
Gross Profit Margin improved to 28.0% in Q4 FY26 from 26.7% YoY, despite 15% YoY milk price inflation.
Core categories (Ghee, Cheese, Paneer) witnessed 16% value growth; Gowardhan Ghee maintains 22% market share.
Q4 FY26 PAT grew 23% YoY to ₹32 Cr, supported by premiumization despite a 5% overall volume decline.
👀 What to Watch
Investors should focus on the company's successful transition toward high-margin value-added products like Avvatar whey protein, which is effectively cushioning the impact of milk price volatility. The stock remains a play on the premiumization of the Indian dairy sector and improved margin profiles from the New Age segment.
Parag Milk Foods FY26 Revenue at ₹3,742 Cr; Recommends ₹1.10 Dividend and Allots 10L ESOP Shares
Parag Milk Foods reported a total revenue of ₹3,742.03 crores for FY26, with Q4 revenue standing at ₹946.17 crores. The Board recommended a final dividend of ₹1.10 per share (11% of face value) for the fiscal year, subject to shareholder approval. To support employee incentives, 1,000,000 equity shares were allotted to the ESOP Trust, increasing the total paid-up capital to ₹126.11 crores. The company also moved a promoter group entity with zero holding to the public category, streamlining its shareholding structure.
Key Highlights
Annual revenue from operations reached ₹3,742.03 crores for the financial year ended March 31, 2026.
Board recommended a final dividend of ₹1.10 per equity share (11% of face value).
Allotment of 10,00,000 equity shares to the ESOP Trust under the 2022 scheme.
Q4 FY26 standalone profit after tax recorded at ₹28.28 crores on revenue of ₹946.17 crores.
Total paid-up equity share capital increased to ₹126,10,95,540 following the ESOP allotment.
👀 What to Watch
The steady revenue growth and dividend recommendation are positive indicators for shareholders; investors should monitor the impact of ESOP dilution on future EPS and track margin performance.
Parag Milk Foods Credit Rating Upgraded to IND BBB+; Outlook Stable
India Ratings and Research has upgraded Parag Milk Foods' credit rating for bank facilities and Non-Convertible Debentures (NCDs) to 'IND BBB+' from 'IND BBB'. The short-term rating has also seen an upgrade to 'IND A2' from 'IND A3+', indicating improved liquidity and creditworthiness. The rating action covers bank facilities worth INR 6,000 million and NCDs worth INR 810 million. This upgrade suggests a strengthening financial profile and potentially lower future borrowing costs for the dairy major.
Key Highlights
Long-term rating for INR 6,000 million bank loan facilities upgraded to IND BBB+/Stable.
NCD rating for INR 810 million (reduced from INR 1,050 million) upgraded to IND BBB+.
Short-term bank loan rating upgraded from IND A3+ to IND A2.
Issuer rating upgraded to IND BBB+/Stable prior to its withdrawal at the company's request.
👀 What to Watch
The upgrade is a positive indicator of the company's debt-servicing capability and financial health. Investors should monitor the impact on interest costs and overall profitability in the next few quarters.
Parag Milk Foods Q3 FY26: Revenue Crosses ₹1,000 Cr; New Age Business Surges 123% YoY
Parag Milk Foods reported its highest-ever quarterly revenue of over INR 1,000 crores, marking a 14% YoY growth driven by an 8% increase in volumes. The high-margin New Age segment, including Avvatar and Pride of Cows, crossed the INR 100 crore quarterly milestone for the first time with a massive 123% YoY growth. While milk inflation of 20% YoY pressured gross margins to 25.9%, the company maintained sequential margins through calibrated price hikes and an improved product mix. For the 9-month period, PAT before exceptional items grew by 17% to INR 109 crores, showcasing underlying operational resilience.
Key Highlights
Quarterly revenue exceeded INR 1,000 crores for the second consecutive quarter, up 14% YoY.
New Age business (Avvatar & Pride of Cows) revenue crossed INR 100 crores, growing 123% YoY.
Core categories (Ghee, Cheese, Paneer) contributed 64% of total revenue with 12% volume growth.
Milk procurement prices rose 20% YoY to INR 40 per litre, impacting EBITDA margins which stood at 7.6%.
9M FY26 PAT before exceptional items increased by 17% YoY to INR 109 crores.
👀 What to Watch
Investors should monitor the company's ability to sustain margins through planned price hikes in February to offset rising milk costs. The rapid scaling of the high-margin Avvatar brand remains a significant long-term value driver for the stock.
Parag Milk Foods Q3 FY26: Revenue Hits Record ₹1,013 Cr; New-Age Biz Crosses ₹100 Cr Mark
Parag Milk Foods reported its highest-ever quarterly revenue of ₹1,013 crore, marking a 14% YoY growth driven by strong performance in core categories and a 123% surge in its new-age business. While volumes grew by 8%, EBITDA margins contracted to 7.6% from 9.0% due to a 20% YoY spike in milk procurement prices. The New Age segment, comprising Avvatar and Pride of Cows, now contributes 9% to total revenue, crossing the ₹100 crore quarterly milestone for the first time. Despite inflationary pressures, the company maintained sequential gross margins through calibrated pricing and an improved product mix.
Key Highlights
Highest ever quarterly revenue of ₹1,013 Cr, up 14% YoY with 8% volume growth.
New-age business (Avvatar & Pride of Cows) revenue surged 123% YoY to ₹102 Cr in Q3.
Core categories (Ghee, Cheese, Paneer) grew 21% in value and 12% in volume, contributing 64% of revenue.
EBITDA margin contracted to 7.6% (vs 9.0% YoY) primarily due to 20% YoY milk price inflation.
Maintains dominant market position with 22% share in branded cow ghee and 35% share in cheese.
👀 What to Watch
Investors should focus on the rapid scaling of the high-margin New Age business and the company's ability to maintain sequential margins despite milk price volatility. The stock remains a strong play on dairy premiumization, though short-term margin pressure from raw material inflation warrants a watch.
Parag Milk Foods Q3 FY26: Revenue Hits Record ₹1,013 Cr; New Age Business Surges 123%
Parag Milk Foods achieved its highest-ever quarterly revenue of ₹1,013 crore in Q3 FY26, a 14% YoY increase supported by 8% volume growth. The company's 'New Age' segment, including Avvatar and Pride of Cows, crossed the ₹100 crore quarterly milestone for the first time, growing 123% YoY. However, EBITDA margins faced pressure, declining to 7.6% from 9.0% a year ago, primarily due to a 20% YoY spike in milk procurement prices. Despite this, the company maintained market leadership in core categories like Ghee (22% share) and Cheese (35% share).
Key Highlights
Highest ever quarterly revenue of ₹1,013 Cr, up 14% YoY with 8% volume growth.
New Age business revenue grew 123% YoY to ₹102 Cr, increasing its revenue contribution to 9%.
Core categories (Ghee, Cheese, Paneer) saw 21% value growth and 12% volume growth.
EBITDA margin contracted to 7.6% from 9.0% YoY due to 20% inflation in milk prices reaching ₹40/litre.
9M FY26 PAT (before exceptional items) rose 17% YoY to ₹109 Cr.
👀 What to Watch
The rapid scaling of high-margin 'New Age' brands is a significant long-term positive that helps offset raw material volatility. Investors should monitor if milk prices stabilize, which could lead to a strong margin recovery given the robust top-line momentum.
Parag Milk Foods Q3 FY26: Revenue Crosses INR 1,000 Cr Mark, Up 14% YoY; PAT Down 18%
Parag Milk Foods reported its highest-ever quarterly revenue of INR 1,013 crore, representing a 14% YoY growth driven by strong performance in core categories and a 123% surge in its New Age Business. However, profitability was pressured by a 20% YoY increase in raw milk prices, leading to a 140 bps contraction in EBITDA margins to 7.6%. While reported PAT fell 18% to INR 30 crore, the adjusted PAT (before exceptional items) remained relatively stable at INR 35 crore. The company successfully maintained sequential gross margins at 25.9% despite rising input costs through pricing strategies and a better product mix.
Key Highlights
Achieved highest-ever quarterly revenue of INR 1,013 Cr, a 14% YoY increase with 8% volume growth.
New Age Business (Avvatar and Pride of Cows) recorded 123% YoY growth, crossing INR 100 Cr in quarterly revenue for the first time.
Core categories including Ghee, Cheese, and Paneer witnessed 12% volume growth and 21% value growth YoY.
EBITDA margins contracted to 7.6% from 9.0% YoY due to raw milk prices rising 20% YoY to INR 40/litre.
9M FY26 PAT grew 11% YoY to INR 103 Cr, while adjusted PAT for the same period grew 17% YoY to INR 109 Cr.
👀 What to Watch
Investors should monitor the company's ability to sustain volume growth in core categories while navigating high milk price inflation. The rapid scaling of the high-margin 'Avvatar' brand is a positive long-term driver, but near-term margin pressure from commodity costs remains a key watchpoint.
Parag Milk Foods Q3 FY26 Revenue Up 13% YoY to ₹984 Cr; PAT Flat at ₹34.6 Cr
Parag Milk Foods reported a 13.3% YoY growth in standalone revenue for Q3 FY26, reaching ₹984.19 crore. Net profit remained nearly stagnant at ₹34.55 crore compared to ₹34.18 crore in the previous year, largely due to a one-time exceptional charge of ₹5.39 crore for labor code provisions. While the 9-month performance remains strong with a 34.6% PAT growth, the sequential (QoQ) profit saw a sharp 38% decline from ₹55.70 crore in Q2 FY26. Rising material costs, which grew from ₹600 crore to ₹705 crore YoY, continue to pressure quarterly margins.
Key Highlights
Revenue from operations increased 13.3% YoY to ₹984.19 crore in Q3 FY26.
Standalone PAT for the quarter stood at ₹34.55 crore, including a ₹5.39 crore exceptional hit.
9-month FY26 PAT surged 34.6% to ₹122.60 crore compared to ₹91.09 crore in 9M FY25.
Finance costs decreased significantly to ₹18.64 crore from ₹23.50 crore in the same quarter last year.
Cost of materials consumed rose to ₹704.79 crore in Q3 FY26 from ₹600.24 crore in Q3 FY25.
👀 What to Watch
Investors should focus on the company's ability to manage rising raw material costs which are impacting quarterly margins. While the long-term 9-month growth trajectory is positive, the sequential dip in profitability suggests a need for caution regarding short-term operational headwinds.
Parag Milk Foods Q3 FY26 Standalone PAT at ₹34.55 Cr; Revenue up 13.3% YoY to ₹984.19 Cr
Parag Milk Foods reported a 13.3% YoY growth in standalone revenue for Q3 FY26, reaching ₹984.19 crore. However, net profit remained nearly flat YoY at ₹34.55 crore and saw a significant sequential decline from ₹55.70 crore in Q2 FY26. The bottom line was impacted by a one-time exceptional charge of ₹5.39 crore related to new Government Labour Code provisions for employee benefits. Despite the quarterly pressure, the nine-month (9M FY26) performance remains strong with PAT rising 34.6% YoY to ₹122.60 crore.
Key Highlights
Standalone Revenue from operations grew 13.3% YoY to ₹984.19 crore in Q3 FY26.
Standalone Net Profit for the quarter stood at ₹34.55 crore, compared to ₹34.18 crore in the previous year's corresponding quarter.
Recognized a one-time exceptional expense of ₹5.39 crore due to the implementation of new unified Labour Codes.
9M FY26 performance shows robust growth with total income reaching ₹2,823.56 crore and PAT up 34.6% YoY.
Finance costs for the quarter decreased to ₹18.64 crore from ₹23.50 crore in Q3 FY25, indicating improved debt management.
👀 What to Watch
Investors should monitor the company's ability to maintain margins as the QoQ profit decline suggests rising operational costs despite steady revenue. The long-term growth trajectory for the 9-month period remains positive, but short-term volatility in raw material costs and the impact of new labour regulations should be watched.
