Modern Dairies Ltd (519287)
Q2 FY27 results
📅 Next results: 19 Oct 2026 (board meeting)Modern Dairies Ltd's board meets on 19 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Modern Dairies' revenue was ₹91.3 Cr (+16.6% year on year, -1.0% on the previous quarter), and net profit ₹2.1 Cr (+29.5% year on year); the operating margin was 4.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹91.3 | +16.6% | -1.0% |
| Operating profit | ₹3.8 | +26.2% | +128.9% |
| Net profit | ₹2.1 | +29.5% | +567.8% |
| EPS (₹) | 0.75 | +17.2% | +581.8% |
| Operating margin | 4.2% | — | — |
📢 Recent Corporate Announcements
Modern Dairies Limited has received listing approval from BSE Limited on October 13, 2026, for 35,00,000 equity shares. These shares were allotted on September 10, 2026, pursuant to warrant conversion by the Promoter and Promoter Group on a preferential basis. The shares carry a face value of Rs 10 each and were issued at a premium of Rs 40 per share, representing an issue price of Rs 50 per share (aggregating to Rs 17.5 crore). The equity addition represents approximately 13.7% of the company's current Rs 128 crore market capitalization.
- Listing approval granted by BSE for 35,00,000 equity shares
- Issued upon warrant conversion to Promoter and Promoter Group on a preferential basis
- Shares issued at a face value of Rs 10 plus a premium of Rs 40 per share (Rs 50 total)
- BSE approval letter dated October 13, 2026, reference LOD / PREF / DD / FIP/936/2026-27
Modern Dairies Ltd has notified the exchange that its Board of Directors will meet on Monday, October 19, 2026. The meeting will primarily consider and approve the un-audited financial results for the quarter and half-year ended September 30, 2026. The company generated Rs 91.27 Cr in revenue and Rs 2.14 Cr in PAT in Q1 FY27 (ended June 2026). This is a routine regulatory intimation ahead of quarterly earnings.
- Board meeting scheduled for Monday, October 19, 2026
- Agenda includes consideration of un-audited financial results for the quarter and half-year ended September 30, 2026
- Meeting to be held at the corporate office in Chandigarh
- Filing submitted under Regulation 29 of SEBI LODR Regulations, 2015
Modern Dairies Limited submitted its monthly compliance report regarding shareholder requests for re-lodgement of transfer of physical shares for September 2026. Pursuant to SEBI Circular dated January 30, 2026, the company's Registrar and Transfer Agent, MCS Share Transfer Agent Limited, confirmed zero requests received, processed, approved, or rejected during the month. Average processing time recorded was 0 days. The announcement is strictly procedural with no bearing on the company's financial or operational performance.
- 0 requests received for re-lodgement of physical share transfers in September 2026
- 0 requests processed, approved, or rejected during the month
- 0 days average processing time reported by RTA MCS Share Transfer Agent Limited
- Report filed under SEBI Circular HO/38/13/11(2)2026-MIRSD-POD/1/3750/2026 dated January 30, 2026
Modern Dairies Limited announced that shareholders approved key management and governance resolutions at its 52nd AGM on September 26, 2026. Mr. Ashwani Kumar Aggarwal has been re-appointed as Executive (Whole-Time) Director for a three-year term. Additionally, M/s. Sanjeev Sharma & Associates, Chartered Accountants, was appointed as Statutory Auditors for a one-year term concluding at the AGM in 2027. These governance approvals ensure leadership continuity for the company, which reported TTM revenue of Rs 353 Cr.
- Shareholders approved resolutions at the 52nd AGM held on 26th September, 2026
- Mr. Ashwani Kumar Aggarwal re-appointed as Whole-Time Director for a 3-year term
- M/s. Sanjeev Sharma & Associates appointed as Statutory Auditors for a 1-year term until the 2027 AGM
- Auditor firm established in 1993 with registration number 12326N
Modern Dairies Limited has published its Annual Report for FY 2025-26 and scheduled its 34th Annual General Meeting (AGM) for September 26, 2026, via video conferencing. Among key special business items, the company seeks shareholder approval for material related party transactions with Nabha Commerce Private Limited up to ₹145 crore per annum (~41% of TTM revenue) for a 3-year period. The AGM agenda also includes the appointment of Statutory Auditors M/s Sanjeev Sharma & Associates at ₹11 lakh annual remuneration and the re-appointment of Executive Director Mr. Ashwani Kumar Aggarwal.
- 34th AGM scheduled for September 26, 2026, with remote e-voting open from September 23 to September 25, 2026 (cut-off: September 19, 2026).
- Seeking approval for material related party transactions with Nabha Commerce Pvt Ltd up to ₹145 crore per year for 3 years.
- Proposed appointment of Statutory Auditors M/s Sanjeev Sharma & Associates at an aggregate annual fee of ₹11,00,000.
- Proposed re-appointment of Mr. Ashwani Kumar Aggarwal as Executive Director (Whole-Time) until the 2029 AGM.
Modern Dairies Limited has issued the notice for its 34th Annual General Meeting (AGM) scheduled for September 26, 2026. Key items on the agenda include the appointment of M/s Sanjeev Sharma & Associates as Statutory Auditors at an annual remuneration of ₹11 Lakh, and the re-appointment of Mr. Ashwani Kumar Aggarwal as Executive Director. The company is also seeking shareholder approval for material related party transactions with Nabha Commerce Private Limited up to ₹145 Crore per year for three years, representing ~41.1% of TTM revenue (₹353 Crore). The cut-off date for e-voting entitlement is September 19, 2026.
- 34th AGM scheduled for September 26, 2026 via video conferencing, with cut-off date set as September 19, 2026.
- Seeking approval for related party transactions with Nabha Commerce Pvt Ltd up to ₹145 Crore per annum for 3 years.
- Proposed appointment of M/s Sanjeev Sharma & Associates as Statutory Auditors at an annual fee of ₹11,00,000.
- Re-appointment of Mr. Ashwani Kumar Aggarwal as Executive Director until the 2029 AGM.
Modern Dairies Limited has submitted a SEBI PIT disclosure regarding the acquisition of equity shares by its Promoters and Promoter Group. The equity shares (face value ₹10 each) were acquired upon exercising the right of conversion of preferential convertible warrants at an issue price of ₹50 each (including a premium of ₹40 per share). The conversion price of ₹50 represents a premium over the current market price of ₹36.6. Specific aggregate share volume converted was not detailed in the cover letter.
- Promoters exercised right of conversion of convertible warrants into equity shares
- Conversion price fixed at ₹50 per share (Face Value ₹10 plus premium of ₹40)
- Filing made pursuant to Regulation 7(2) of SEBI (PIT) Regulations, 2015 on 26-08-2026
- Current market price stands at ₹36.6 compared to the conversion price of ₹50
Modern Dairies Limited announced a regulatory disclosure under SEBI SAST Regulations regarding an equity acquisition by its promoter group. Promoter Mr. Krishan Kumar Goyal, along with Persons Acting in Concert (PAC), has acquired 16,00,000 equity shares upon exercising the conversion rights attached to preferential convertible warrants. The transaction expands the equity base and increases promoter holding beyond the current 55.46% level.
- Promoter Krishan Kumar Goyal & PAC acquired 16,00,000 equity shares.
- Acquisition resulted from conversion of convertible warrants issued on a preferential basis.
- SEBI SAST Regulation 29(2) disclosure filed on August 26, 2026.
Modern Dairies Limited has allotted 16,00,000 equity shares to promoters and promoter group entities following the conversion of warrants. The company received the balance 75% exercise price of ₹37.50 per warrant, aggregating to ₹6.00 crore, at an issue price of ₹50.00 per share. Consequently, the company's paid-up equity share capital increased from ₹28.42 crore (2,84,19,861 shares) to ₹30.02 crore (3,00,19,861 shares). The combined shareholding of the three promoter entities increased from 29.65% to 33.40%.
- Allotment of 16,00,000 equity shares of face value ₹10 at an issue price of ₹50 per share
- Received balance 75% consideration amounting to ₹6,00,00,000 (₹37.50 per warrant)
- Paid-up share capital expanded from ₹28.42 crore to ₹30.02 crore
- Allottees' combined equity stake increased from 29.65% (84.26 lakh shares) to 33.40% (1.00 crore shares)
Modern Dairies has recommended the appointment of M/s Sanjeev Sharma & Associates as its new Statutory Auditors for a one-year term. This appointment follows the completion of the current term of APT & Co. LLP, which ends at the conclusion of the upcoming Annual General Meeting (AGM) on September 26, 2026. The new firm, established in 1993, brings experience from auditing major public sector banks and government entities. The transition is subject to shareholder approval at the 34th AGM.
- Appointment of M/s Sanjeev Sharma & Associates for a 1-year term until the 2027 AGM
- Existing auditors APT & Co. LLP to conclude their term on September 26, 2026
- New audit firm established in 1993 with experience auditing major banks like SBI and PNB
- Board approval granted on August 11, 2026, following Audit Committee recommendation
Modern Dairies Ltd has filed its quarterly statement of deviation for the period ended June 30, 2026, regarding funds raised via a preferential issue. The company raised ₹10.75 crore on March 13, 2025, intended for strengthening its capital base and supporting operations. The Audit Committee and Board confirmed that there has been no deviation or variation in the utilization of these funds from the original objects. This filing is a standard regulatory requirement to ensure transparency in fund usage.
- ₹10.75 crore (₹1075.00 Lakhs) raised through a preferential issue on March 13, 2025
- Zero deviation or variation reported in fund utilization for the quarter ended June 30, 2026
- Funds were specifically allocated to strengthen the long-term capital base and operations
- Statement reviewed and approved by the Audit Committee on August 11, 2026
Modern Dairies reported a 16.5% YoY revenue growth to ₹91.27 Cr for Q1 FY27, with net profit increasing 29% YoY to ₹2.14 Cr. Sequentially, PAT saw a sharp recovery from just ₹0.32 Cr in the March 2026 quarter. The board has proposed the appointment of M/s. Sanjeev Sharma & Associates as new Statutory Auditors and re-appointed the Whole-Time Director for three years. However, a massive contingent liability remains regarding a ₹544.31 Cr milk cess demand from the Haryana government, which is currently under litigation in the Supreme Court.
- Revenue from operations grew to ₹91.27 Cr in Q1 FY27 compared to ₹78.30 Cr in Q1 FY26.
- Net profit increased to ₹2.14 Cr from ₹1.65 Cr YoY, a 29% growth.
- Total provision for Milk Cess liability stands at ₹22.01 Cr against a government demand of ₹544.31 Cr.
- Re-appointment of Mr. Ashwani Kumar Aggarwal as Executive Director for a 3-year term until 2029.
- Appointment of M/s. Sanjeev Sharma & Associates as Statutory Auditors for a 1-year term starting from the upcoming AGM.
Modern Dairies reported a 16.5% YoY revenue growth to Rs 91.27 Cr for the quarter ended June 30, 2026. Net profit increased to Rs 2.14 Cr from Rs 1.65 Cr in the same quarter last year, reflecting improved operational efficiency despite a slight sequential dip in revenue. A significant legal risk persists regarding a Rs 544.31 Cr Milk Cess demand from the Haryana government, against which the company has provided only Rs 22.01 Cr. The board also approved the re-appointment of the Executive Director and a new statutory auditor.
- Revenue from operations grew 16.5% YoY to Rs 91.27 Cr compared to Rs 78.30 Cr in June 2025.
- Net profit for the quarter stood at Rs 2.14 Cr, a 29.7% increase over the corresponding previous year quarter.
- Total provision for Milk Cess liability reached Rs 22.01 Cr against a demand notice of Rs 544.31 Cr.
- Board approved re-appointment of Executive Director Ashwani Kumar Aggarwal for a 3-year term until 2029.
- New Statutory Auditor M/s. Sanjeev Sharma & Associates appointed for a one-year term starting from the 34th AGM.
Modern Dairies reported a 16.5% YoY revenue growth to ₹91.27 crore for the quarter ended June 2026. Net profit increased 30% YoY to ₹2.14 crore, a sharp recovery from the ₹0.32 crore reported in the preceding March quarter. Despite operational improvement, the company faces a massive contingent liability of ₹544.31 crore regarding a milk cess dispute with the Haryana government, against which only ₹22.01 crore has been provisioned. The board also approved the re-appointment of Executive Director Ashwani Kumar Aggarwal for a three-year term.
- Revenue from operations grew 16.5% YoY to ₹91.27 crore compared to ₹78.30 crore in June 2025.
- Net profit stood at ₹2.14 crore for the quarter, up from ₹1.65 crore YoY and ₹0.32 crore QoQ.
- The company disclosed a pending demand notice of ₹544.31 crore for Milk Cess including interest, which is over 7.6x its current market capitalization.
- Total provision for the contested Milk Cess stands at ₹22.01 crore as of June 30, 2026.
- Board approved the re-appointment of Mr. Ashwani Kumar Aggarwal as Whole-Time Director for 3 years until 2029.
Modern Dairies reported a 16.5% YoY revenue growth to Rs 91.27 Cr for the quarter ended June 30, 2026. Net profit rose 29.7% YoY to Rs 2.14 Cr, showing a significant recovery from the previous quarter's Rs 0.32 Cr. However, the company continues to face a massive contingent liability of Rs 544.31 Cr regarding a Milk Cess dispute with the Haryana government, which is currently under Supreme Court stay. The board also approved the re-appointment of the Executive Director for three years and proposed new statutory auditors.
- Revenue from operations increased 16.5% YoY to Rs 91.27 Cr compared to Rs 78.30 Cr in June 2025.
- Net Profit grew 29.7% YoY to Rs 2.14 Cr, while EPS improved to Rs 0.75 from Rs 0.64.
- Contingent liability for Milk Cess stands at Rs 544.31 Cr, which is approximately 7.6x the company's current market capitalization.
- Total provision made for the Milk Cess dispute is only Rs 22.01 Cr as of June 30, 2026.
- Executive Director Ashwani Kumar Aggarwal re-appointed for a 3-year term until 2029.
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