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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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.