🔍

DODLA - Dodla Dairy

📊 NSE: DODLA 🏢 Food - Processing - Indian 📅 Last Updated: 12/13/2025 21:37

📢 Recent Corporate Announcements

Dodla Dairy to Participate in Virtual Investor Conference on March 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Mar 2026, 12:51 PM

Dodla Dairy Limited has scheduled a group meeting with institutional investors and analysts for March 18, 2026, at 11:00 AM. The virtual interaction is organized by Arihant Capital and will focus on discussions based on publicly available information. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this session. Such meetings are standard practice for listed companies to maintain engagement with the investment community.

Group meeting scheduled for March 18, 2026, at 11:00 AM IST
Interaction organized by Arihant Capital via virtual mode
Compliance with Regulation 30(6) of SEBI (LODR) Regulations, 2015
Discussions restricted to publicly available information only

💡 Investors should monitor the exchange filings after the meeting for any presentation or transcript that might provide insights into management's outlook. No immediate action is required as this is a routine investor relations event.

Dodla Dairy to Conduct Institutional Investor Meetings on March 10, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Mar 2026, 12:49 PM

Dodla Dairy Limited has scheduled a series of interactions with institutional investors and analysts on March 10, 2026. The meetings will be held in Mumbai starting from 11:00 AM and will include both one-on-one and group formats. The company has explicitly stated that discussions will be based on publicly available information and no unpublished price sensitive information (UPSI) will be shared. This is a standard regulatory disclosure under SEBI Listing Obligations and Disclosure Requirements.

Investor and analyst meetings scheduled for March 10, 2026, in Mumbai.
Interaction format includes both 1x1 and group meetings starting at 11:00 AM.
Company confirms that no unpublished price sensitive information (UPSI) will be discussed.
The schedule is subject to change based on exigencies from the host or the company.

💡 No immediate action is required as this is a routine investor relations update. Investors should look for any subsequent investor presentations or transcripts that may be uploaded to the exchanges following the event.

Dodla Dairy to Meet Investors at Investec India Conference on March 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Feb 2026, 03:14 PM

Dodla Dairy Limited has scheduled an interaction with institutional investors and analysts on March 11, 2026, in Mumbai. The meeting is part of the Investec India Promoter & Founder Conference and will commence at 10:00 AM. The company will engage in 1x1 and group discussions based on publicly available information. This is a routine disclosure as per SEBI Listing Obligations and Disclosure Requirements to maintain transparency with the investor community.

Meeting date set for March 11, 2026, starting from 10:00 AM onwards.
Organized by Investec India as part of their Promoter & Founder Conference in Mumbai.
Interaction format includes 1x1 and group meetings with institutional participants.
Company confirms no unpublished price sensitive information (UPSI) will be shared during the sessions.

💡 Investors should monitor for any corporate presentations filed around the meeting date for insights into the company's outlook. No immediate action is required as this is a routine investor engagement.

Dodla Dairy Receives Income Tax Penalty Order of INR 12.2 Lakhs for AY 2017-18

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 24 Feb 2026, 11:04 AM

Dodla Dairy Limited has received a penalty order from the Income Tax Department's Assessment Unit amounting to INR 12.2 Lakhs. The penalty pertains to Assessment Year 2017-18 and was issued under Section 270A of the Income Tax Act, 1961. The order relates to disallowances under section 14A and interest expenditure previously disallowed by the CIT(A). The company is currently evaluating legal options to contest the order, stating it was passed without considering the merits of the case.

Penalty of INR 12.2 Lakhs levied by the Income Tax Department Assessment Unit.
Order issued under Section 270A of the Income Tax Act for Assessment Year 2017-18.
Penalty concerns disallowances under Section 14A and interest expenditure.
Company is in the process of evaluating further legal action against the penalty order.
The financial impact is considered immaterial relative to the company's scale of operations.

💡 No action is required as the penalty amount is negligible and does not impact the company's fundamental value. Investors should treat this as a routine regulatory disclosure.

Dodla Dairy Wins Platinum Award and Global Rank #41 at LACP Vision Awards FY 2024-25

🟢 POSITIVE ⭐ 3/10

OTHER 📅 17 Feb 2026, 12:09 PM

Dodla Dairy Limited has been globally recognized for its FY 2024-25 Annual Report by the League of American Communications Professionals (LACP). The company secured the prestigious Platinum Award for industry excellence and achieved a global ranking of #41 among the Top 100 Reports reviewed worldwide. Additionally, it received a Technical Achievement Award for its communication methods and disclosure quality. These accolades reflect the company's commitment to high standards of corporate governance and transparency.

Awarded the Platinum Award for excellence in the dairy industry for the FY 2024-25 Annual Report
Ranked #41 globally in the Top 100 Reports Worldwide by LACP
Received the Technical Achievement Award for excellence in the art and method of annual report communications
Recognition highlights the company's focus on transparency and high-quality corporate disclosures

💡 Investors should view these awards as a positive indicator of the company's commitment to transparency and corporate governance. While this does not impact immediate financial performance, it strengthens the company's reputation among global stakeholders.

Dodla Dairy Wins Tax Dispute; ITAT Upholds Refund of INR 26.2 Crores

🟢 POSITIVE ⭐ 7/10

LEGAL 📅 03 Feb 2026, 01:21 PM

The Income Tax Appellate Tribunal (ITAT) has ruled in favor of Dodla Dairy, dismissing the Revenue department's appeal regarding Section 80-IB deductions for multiple assessment years. This decision upholds a previous order allowing a tax refund of INR 26.2 crores, including interest, for the period between AY 2012-13 and 2017-18. Furthermore, the company expects an additional refund of approximately INR 6.7 crores due to computation errors in the original orders. While the Revenue may still appeal to the High Court, this ruling significantly strengthens the company's cash position.

ITAT dismissed Revenue appeals for AY 2012-13, 2013-14, 2014-15, 2016-17, and 2017-18.
The company is entitled to a tax refund of INR 26.2 crores including interest.
An additional refund of INR 6.7 crores is expected following rectification of computation errors.
Total potential cash inflow from this legal victory is approximately INR 32.9 crores.

💡 Investors should view this as a positive liquidity event that will boost the company's cash reserves. Monitor for any further appeals by the Revenue department in the High Court.

Dodla Dairy Q3 FY26 Revenue Grows 13.75% to ₹1,025 Cr; Margins Impacted by Procurement Costs

🔵 WATCH ⭐ 8/10

EARNINGS 📅 31 Jan 2026, 06:01 PM

Dodla Dairy reported a 13.75% YoY revenue growth to ₹1,025 crores in Q3 FY26, driven by strong liquid milk and curd volumes. However, EBITDA margins contracted to 7.7% due to a sharp ₹2.5 per liter sequential rise in procurement costs and lower high-margin value-added product sales during a severe winter. Net profit stood at ₹69 crores, significantly aided by a ₹21.8 crore one-time tax reversal from a favorable ITAT order. The company is actively expanding, announcing a ₹50-60 crore greenfield project in Uganda to capture East African market share.

Revenue grew 13.75% YoY to ₹1,025 crores, while liquid milk sales volume rose 19.6% to 13.9LLPD.
Average procurement cost increased to ₹39.8 per liter, up from ₹35.6 in Q3 FY25, causing gross margins to drop to 26%.
Africa operations delivered robust 34.5% YoY revenue growth with plans for a new 70-acre greenfield site in Uganda.
PAT of ₹69 crores includes a ₹21.8 crore tax reversal and a ₹5.7 crore one-time labor code provision.
Management anticipates a price hike of ₹2-3 per liter in the upcoming summer to offset high procurement costs.

💡 Investors should monitor the company's ability to implement planned price hikes to restore EBITDA margins toward the 8-9% range. The successful scaling of the OSAM acquisition and the Uganda expansion remain key long-term growth triggers.

Dodla Dairy Releases Audio Recording of Q3 FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Jan 2026, 02:29 PM

Dodla Dairy Limited has officially released the audio recording of its Q3 FY26 earnings call, which took place on January 28, 2026. The call followed the announcement of the company's financial results for the quarter and nine-month period ending December 31, 2025. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations. The recording provides investors with access to management's detailed commentary and responses to analyst queries regarding recent performance.

Audio recording of the Q3 FY26 earnings call is now accessible on the company's website.
The call was conducted on January 28, 2026, following the release of Q3 and 9M FY26 results.
Filing is in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
The recording link provides transparency for shareholders who could not attend the live session.

💡 Investors should listen to the recording to understand management's guidance on milk procurement prices and margin sustainability. No immediate action is required as this is a routine procedural filing.

Dodla Dairy Q3 FY26: Revenue Up 13.7% to ₹10,250 Mn; EBITDA Margins Contract to 7.7%

🔵 WATCH ⭐ 8/10

EARNINGS 📅 27 Jan 2026, 06:45 PM

Dodla Dairy reported a healthy 13.7% YoY revenue growth to ₹10,250 million for Q3 FY26, driven by a 19.6% surge in milk sales volume. However, EBITDA margins faced significant pressure, dropping to 7.7% from 10.6% YoY due to an 11.8% rise in milk procurement costs and lower bulk sales. PAT grew 8.1% YoY to ₹687 million, but this was largely supported by a one-time tax reversal of ₹219 million. The company is actively pursuing growth with a new greenfield project in Uganda and ongoing expansion in Maharashtra.

Consolidated Revenue increased 13.7% YoY to ₹10,250 Mn, while Milk Sales volume reached 13.9 LLPD.
EBITDA declined 17.3% YoY to ₹793 Mn as procurement prices rose to ₹39.83 per liter versus ₹35.62 YoY.
PAT stood at ₹687 Mn, aided by a ₹219 Mn tax reversal which offset a ₹57 Mn one-time labor code provision.
Value-Added Products (VAP) excluding bulk sales grew to 25% of total revenue compared to 23% in the previous year.
Announced a new greenfield expansion in Uganda with an estimated capital outlay of ₹500-600 Mn over two years.

💡 Investors should watch for margin recovery in upcoming quarters as the company balances market share gains with rising procurement costs. The aggressive expansion in Maharashtra and East Africa offers long-term scale, but short-term profitability is currently dependent on non-operational tax reversals.

Dodla Dairy Q3FY26 Revenue Rises 13.7% to ₹10,250 Mn; EBITDA Margins Under Pressure

🔵 WATCH ⭐ 8/10

EARNINGS 📅 27 Jan 2026, 06:36 PM

Dodla Dairy reported a 13.7% YoY revenue increase to ₹10,250 million for Q3FY26, driven by a 19.6% surge in milk sales volume. Despite the topline growth, EBITDA declined 17.3% YoY to ₹793 million as milk procurement costs rose 11.8%, significantly outpacing the 4.9% increase in realization prices. PAT grew 8.1% YoY to ₹687 million, though this was largely supported by a ₹219 million tax reversal which offset a ₹57 million one-time labor provision. The company is continuing its expansion strategy with a ₹690 million capex in Maharashtra and a planned ₹500-600 million greenfield project in Uganda.

Revenue grew 13.7% YoY to ₹10,250 million, while milk sales volume increased 19.6% to 13.9 LLPD.
EBITDA margins contracted to 7.7% from 10.6% YoY due to high procurement costs and negligible bulk sales.
PAT rose 8.1% YoY to ₹687 million, aided by a ₹219 million tax reversal offsetting a ₹57 million labor provision.
Value-Added Product (VAP) contribution excluding bulk sales improved to 25% of total sales from 23% YoY.
Announced greenfield expansion in Uganda with a ₹500-600 million outlay over the next two years.

💡 Investors should monitor the company's ability to pass on rising procurement costs to consumers to restore EBITDA margins. While volume growth remains robust, the operational margin compression and reliance on tax reversals for PAT growth this quarter warrant a cautious outlook.

Dodla Dairy Q3 Standalone PAT Falls 25.8% YoY to ₹56.8 Cr; Revenue Up 2.3%

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 27 Jan 2026, 06:22 PM

Dodla Dairy reported a standalone revenue of ₹821.5 crore for Q3 FY26, a marginal 2.3% increase compared to the same period last year. Net profit for the quarter declined by 25.8% YoY to ₹56.8 crore, despite being supported by a one-time favorable tax credit of ₹21.8 crore. The operational performance was significantly impacted by rising costs and a ₹5.6 crore exceptional charge related to new labor code provisions. Profit Before Tax (PBT) saw a sharp contraction of over 50% YoY, indicating significant margin pressure.

Standalone Revenue from operations grew 2.3% YoY to ₹821.5 crore in Q3 FY26.
Profit Before Tax (PBT) dropped 50.9% YoY to ₹46.9 crore from ₹95.6 crore in the previous year.
Net Profit (PAT) stood at ₹56.8 crore, aided by a ₹21.8 crore tax credit following a favorable ITAT order.
Recognized an exceptional expense of ₹5.6 crore due to a one-time provision for the New Labour Codes.
Basic EPS declined to ₹9.42 for the quarter compared to ₹12.70 in Q3 FY25.

💡 Investors should exercise caution as core operational profitability has weakened significantly despite stable revenue growth. Monitor the company's ability to pass on raw material costs and the progress of the Osam Dairy integration to see if it improves consolidated margins.

Dodla Dairy Schedules Q3 FY26 Earnings Call for January 28, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 19 Jan 2026, 05:00 PM

Dodla Dairy Limited has scheduled its earnings conference call for Wednesday, January 28, 2026, at 9:00 AM IST. The call will discuss the company's financial and operational performance for the third quarter and nine months ended December 31, 2025. Key management personnel, including the Managing Director, CEO, and CFO, will be present to address investor queries. This is a routine but essential event for stakeholders to understand the company's recent growth trajectory and margin performance.

Earnings call scheduled for January 28, 2026, at 09:00 AM IST.
Management to discuss Q3 FY26 and 9M FY26 results ending December 31, 2025.
Key participants include MD Dodla Sunil Reddy, CEO B.V.K. Reddy, and CFO Murali Mohan Raju R.
Dial-in details provided for India (+91 22 6280 1309) and international markets including USA, UK, Singapore, and Hong Kong.

💡 Investors should attend or review the call transcript to gauge management's outlook on milk procurement costs and regional expansion plans. Monitor for any updates on value-added product contributions to the overall revenue mix.

Dodla Dairy Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Jan 2026, 10:56 AM

Dodla Dairy Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that all dematerialization and rematerialization requests for the quarter ended December 31, 2025, have been processed. This is a mandatory regulatory filing to ensure the accuracy of electronic shareholding records. The filing confirms that the necessary details have been furnished to both the BSE and NSE.

Compliance certificate submitted for the quarter ended December 31, 2025.
Issued by KFin Technologies Limited, the company's Registrar and Transfer Agent (RTA).
Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018.
Verification of dematerialized and rematerialized securities reported to BSE and NSE.

💡 No action is required as this is a routine administrative filing. Investors should monitor the company's upcoming quarterly financial results for material performance updates.

Dodla Dairy Wins GST Case: Karnataka HC Orders ₹1.47 Cr Refund and ₹2.03 Cr Provision Reversal

🟢 POSITIVE ⭐ 6/10

LEGAL 📅 31 Dec 2025, 04:05 PM

Dodla Dairy Limited has received a favorable judgment from the Karnataka High Court regarding the GST classification of flavored milk. The court ruled that flavored milk should be taxed at 5% (IGST) instead of the 12% previously demanded by authorities. Consequently, the company will reverse a provision of INR 2.03 crores and is eligible for a refund of INR 1.47 crores plus interest. This ruling provides clarity on tax liabilities and offers a one-time financial boost to the company's bottom line.

Karnataka High Court ruled flavored milk attracts 5% GST instead of the higher 12% rate
Company will reverse an existing provision of INR 2.03 crores in its books of accounts
Eligible for a refund of INR 1.47 crores paid under protest plus applicable interest
The High Court directed the refund to be processed within 3 months from the date of the order

💡 This is a positive development that improves cash flow and clarifies tax treatment for a key product category. Investors should monitor the impact on net profit and margins in the upcoming quarterly report.

Dodla Dairy Announces Trading Window Closure Starting January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Dec 2025, 12:32 PM

Dodla Dairy Limited has officially announced the closure of its trading window for all designated persons and their relatives starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q3 financial results. The closure will remain in effect until 48 hours after the declaration of the unaudited financial results for the quarter and nine months ending December 31, 2025. The specific date for the board meeting to approve these results will be communicated to the exchanges at a later date.

Trading window for equity shares to be closed effective from January 1, 2026.
Closure is related to the upcoming unaudited financial results for the period ending December 31, 2025.
Restriction applies to Promoters, Directors, Designated Persons, and their immediate relatives.
Trading window will reopen 48 hours after the public announcement of the financial results.

💡 This is a routine regulatory filing and does not impact the company's fundamentals. Investors should await the announcement of the board meeting date for the Q3 FY26 earnings release.

View All DODLA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 2.1% YoY to INR 1,018.8 Cr in Q2 FY26. Segment-wise, Africa revenue grew 21.7% YoY and Orgafeed grew 28.3% YoY. The modest overall growth was due to a strategic shift away from bulk sales of Skimmed Milk Powder (SMP) and butter, which fell from INR 167 Cr to INR 28 Cr.

Geographic Revenue Split

The company operates in South India, Eastern India (via OSAM), and Africa (Uganda and Kenya). Africa contributes significantly to growth with a 21.7% YoY revenue increase in Q2 FY26. Standalone Indian operations maintain a procurement network of 19.5 LLPD.

Profitability Margins

Gross Profit Margin expanded by over 200 bps to 27.7% in Q2 FY26 from 25.5% in Q2 FY25. Net Profit Ratio improved from 5.29% in FY24 to 7.39% in FY25 due to higher value-added product (VAP) contribution.

EBITDA Margin

Consolidated EBITDA margin stood at 9.1% (INR 93 Cr) in Q2 FY26. While Orgafeed margins moderated to 13.7% from 17% due to maize price volatility, the overall margin is supported by the premiumization of the product mix.

Capital Expenditure

The company maintains a comfortable financial profile with low leverage. Recent major capital allocation includes the acquisition of OSAM Dairy (completed July 2025) and the implementation of SAP systems to drive operational efficiency.

Credit Rating & Borrowing

Upgraded to [ICRA]AA (Stable) from [ICRA]AA- (Positive) in March 2025. Short-term rating reaffirmed at [ICRA]A1+. Interest coverage is robust at 91.9 times as of FY23, reflecting minimal utilization of working capital limits.

⚙️ Operational Drivers

Raw Materials

Raw Milk (primary cost), Maize (primary for Orgafeed cattle feed), and packaging materials. Raw milk procurement costs increased by INR 1.00 to INR 1.50 per liter in Q2 FY26 due to erratic rainfall.

Import Sources

Procurement is localized: 19.5 LLPD from South India, 2.4 LLPD from Maharashtra, and direct procurement networks in Kenya and Uganda.

Key Suppliers

Direct procurement from a network of over 7,960 Village Level Collection Centers (VLCC) and thousands of individual farmers, reducing dependency on third-party aggregators.

Capacity Expansion

Consolidated aggregate installed capacity is 26+ LLPD (Lakh Liters Per Day) as of Q2 FY26. OSAM Dairy capacity is targeted to expand from 1.2 LLPD to 2.0 LLPD by FY27.

Raw Material Costs

Raw material costs are sensitive to seasonal 'lean' periods and rainfall. Management mitigates this by adjusting selling prices in line with industry norms and improving the product mix toward high-margin VAP.

Manufacturing Efficiency

Focus on improving OSAM's EBITDA margins from 2-3% to Dodla's consolidated 9-10% levels within 2-3 years through operational optimization and better capacity utilization.

Logistics & Distribution

Distribution is handled via 968 Dodla Retail Parlours, 3,360+ agents, and 2,600+ distributors. Freight costs rose 18% in Q2 FY26 due to the shift from bulk sales to liquid milk and VAP distribution.

📈 Strategic Growth

Expected Growth Rate

12-15%

Growth Strategy

Growth will be driven by: 1) Increasing VAP share (currently ~35% of revenue); 2) Scaling OSAM Dairy volumes to 2 LLPD by FY27; 3) Expanding the Africa footprint (21.7% current growth); and 4) Leveraging GST benefits and festive demand to drive liquid milk volumes.

Products & Services

Liquid Milk, Curd, Ghee, Lassi, Flavoured Milk, Ice Cream, Skimmed Milk Powder (SMP), Butter, and Cattle Feed (Orgafeed).

Brand Portfolio

Dodla Dairy, OSAM, Orgafeed, Lakeside Dairy (Uganda), Country Delight (Kenya).

New Products/Services

Expansion of the Value-Added Products (VAP) portfolio including premium curd and ice cream, which contributed to a 200 bps gross margin expansion in Q2 FY26.

Market Expansion

Strategic expansion into North Eastern India via the OSAM acquisition and market share capture in Kenya through strategic pricing.

Market Share & Ranking

Leading dairy player in South India with a growing presence in East India and East Africa (Uganda/Kenya).

Strategic Alliances

Acquisition of OSAM (HR Foods) to enter the Bihar/East India market. Associate partnership with Global VetMed Concepts (47.88% stake).

🌍 External Factors

Industry Trends

Shift in consumer preference toward branded dairy and VAP (curd, lassi). The industry is evolving from unorganized to organized procurement, where Dodla's 7,960+ collection centers provide a competitive edge.

Competitive Landscape

Competes with regional cooperatives and private players. Competitive advantage is maintained through a higher VAP mix (35%) and lower debt (TD/OPBITDA < 1.2x).

Competitive Moat

Moat is built on a deep 'Direct-to-Farmer' procurement network and a strong brand in South India. This is sustainable because it creates high entry barriers for competitors regarding milk sourcing and chilling infrastructure.

Macro Economic Sensitivity

Highly sensitive to food inflation and consumer purchasing power. Inflation in cattle feed raw materials (maize) directly impacts Orgafeed margins (4% drop in Q2 FY26).

Consumer Behavior

Increasing demand for high-margin value-added products and branded liquid milk in urban centers, driving the company's 22% 2-year PAT CAGR.

Geopolitical Risks

Operations in East Africa carry regional political and economic risks, though the business model mirrors the successful Indian integrated dairy model.

⚖️ Regulatory & Governance

Industry Regulations

Subject to food safety standards and dairy procurement norms. Compliance is managed through a strong internal control system and SAP-driven processes.

Environmental Compliance

CSR applicable with a turnover of INR 3,341.53 Cr and Net Worth of INR 1,282.23 Cr. Focus on Business Responsibility and Sustainability Reporting (BRSR).

Taxation Policy Impact

The company benefits from GST structures on dairy products; specific effective tax rate % is not disclosed in the snippets.

Legal Contingencies

The company has a grievance redressal mechanism in place for stakeholders; specific pending court case values in INR are not disclosed in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

Raw milk price volatility due to seasonal factors (lean season) and competition for milk procurement which can impact EBITDA margins by 1-2%.

Geographic Concentration Risk

Significant concentration in South India, though diversifying through OSAM (East India) and Africa (Uganda/Kenya).

Third Party Dependencies

Low dependency on third-party suppliers for milk due to the direct farmer network, but sensitive to commodity prices (maize) for the Orgafeed segment.