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PARAGMILK - Parag Milk Foods

📊 NSE: PARAGMILK 🏢 Food - Processing - Indian 📅 Last Updated: 12/14/2025 10:51

📢 Recent Corporate Announcements

Parag Milk Foods Schedules Investor Meetings for March 10 and 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Mar 2026, 07:32 PM

Parag Milk Foods Limited has announced its participation in two upcoming investor conferences to engage with analysts and institutional investors. The company will attend the Investec Conference in Mumbai on March 10, 2026, for in-person one-on-one and group meetings. This will be followed by a virtual group meeting at the Arihant Conference on March 11, 2026. The company has clarified that no unpublished price-sensitive information will be shared during these interactions.

Participation in the Investec Conference on March 10, 2026, in Mumbai for in-person meetings.
Virtual group meeting scheduled for the Arihant Conference on March 11, 2026.
Meetings include both one-on-one and group formats with institutional investors.
Company confirms that no unpublished price sensitive information (UPSI) will be discussed.

💡 Investors should monitor the exchange filings for any new investor presentations that may be released following these conferences to gain insights into the company's growth strategy.

Parag Milk Foods Q3 FY26: Revenue Crosses ₹1,000 Cr; New Age Business Surges 123% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 02:28 PM

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.

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.

💡 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 Reports Zero Deviation in Utilization of INR 40.30 Cr Raised via Warrants

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 05 Feb 2026, 10:20 PM

Parag Milk Foods has confirmed that there was no deviation in the utilization of INR 40.30 crore raised through convertible share warrants for the quarter ended December 31, 2025. The funds were primarily deployed for debt reduction (INR 17.50 crore) and working capital requirements (INR 7.80 crore). Furthermore, INR 5.00 crore was utilized for capital expenditure to upgrade plant and machinery. The statement has been reviewed by the Audit Committee and the monitoring agency, India Ratings & Research.

Total funds raised via convertible share warrants amounted to INR 40.30 crore in May 2025.
INR 17.50 crore utilized for debt reduction, helping improve the company's balance sheet.
INR 5.00 crore spent on capital expenditure for upgrading plant and machinery.
Zero deviation reported in the utilization of proceeds compared to the original objects of the issue.

💡 Investors should view this as a sign of disciplined capital allocation and adherence to stated financial goals. Monitor future earnings to see if the debt reduction leads to improved interest coverage ratios.

Parag Milk Foods to Participate in Systematix Investor Conference on February 10, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 10:16 PM

Parag Milk Foods Limited has announced its participation in the Systematix Conference scheduled for February 10, 2026, in Mumbai. The engagement will consist of one-on-one and group meetings with various analysts and institutional investors. This disclosure is a routine compliance filing under Regulation 30 of the SEBI Listing Regulations. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these interactions.

Participation in the Systematix Conference scheduled for February 10, 2026.
Meetings will be conducted in physical format in Mumbai, involving both group and one-on-one sessions.
Compliance filing under Regulation 30 of SEBI (LODR) Regulations, 2015.
Company confirmation that no unpublished price sensitive information will be disclosed.

💡 Investors should monitor for any investor presentations or meeting transcripts released after the conference for insights into the company's operational outlook. No immediate trading action is required based on this routine scheduling update.

Parag Milk Foods to Participate in Systematix Investor Conference on Feb 10, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 09:47 PM

Parag Milk Foods Limited has announced its participation in the Systematix Conference scheduled for February 10, 2026, in Mumbai. The event will involve physical meetings, including both one-on-one and group sessions with analysts and institutional investors. This is a routine regulatory filing under SEBI (LODR) Regulations, 2015. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these interactions.

Participation in the Systematix Conference scheduled for February 10, 2026
Meetings will be held in a physical format in Mumbai
Interaction types include both one-on-one and group meetings with investors
Management confirms no unpublished price sensitive information will be disclosed

💡 No immediate action is required as this is a routine investor relations activity. Investors may monitor the exchange for any new investor presentations released following the conference.

Parag Milk Foods Board Reviews Exchange Fines for Delayed SEBI Compliance

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 04 Feb 2026, 11:57 PM

Parag Milk Foods Limited has informed shareholders that its Board reviewed fines imposed by the NSE and BSE during a meeting on February 4, 2026. The fines were issued on December 16, 2025, due to a marginal delay in complying with Regulation 23(9) of SEBI LODR regarding Related Party Transactions. The Board has officially noted the matter and characterized the delay as inadvertent rather than intentional. While the specific fine amount was not disclosed, the event highlights a minor administrative lapse in regulatory filings.

Notices received from NSE and BSE on December 16, 2025, regarding compliance delays.
Fines imposed for marginal delay in filing Regulation 23(9) Related Party Transaction disclosures.
Board of Directors formally reviewed the notices in a meeting held on February 4, 2026.
The company categorized the delay as inadvertent and has taken the matter on record.

💡 This is a minor procedural matter with no impact on the company's business operations or financial health. Investors should treat this as a routine regulatory update but monitor for any recurring compliance issues.

Parag Milk Foods Q3 FY26: Revenue Hits Record ₹1,013 Cr; New-Age Biz Crosses ₹100 Cr Mark

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 11:52 PM

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.

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.

💡 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%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 11:48 PM

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).

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.

💡 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%

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 11:22 PM

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.

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.

💡 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

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 10:04 PM

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.

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.

💡 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

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 04 Feb 2026, 09:51 PM

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.

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.

💡 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.

Parag Milk Foods to Discuss Q3 FY26 Results in Earnings Call on Feb 5, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Feb 2026, 08:21 PM

Parag Milk Foods Limited has scheduled its earnings conference call for Thursday, February 5, 2026, at 4:00 PM IST. The call will focus on the financial and operational performance for the third quarter and nine months ended December 31, 2025. Management will interact with analysts and investors to provide insights into the company's recent trajectory. Universal dial-in numbers for the session are +91 22 6280 1347 and +91 22 7115 8238.

Earnings call scheduled for February 5, 2026, at 16:00 IST.
Covers financial and operational performance for Q3 and 9M FY26.
Universal dial-in access via +91 22 6280 1347 and +91 22 7115 8238.
Diamond Pass registration link provided for priority access to the call.

💡 Investors should monitor the call for management's commentary on raw milk procurement costs and margin outlook for the upcoming quarters.

Parag Milk Foods Submits Routine SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 07:32 PM

Parag Milk Foods 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, covers the quarter ended December 31, 2025. It confirms that the company received zero requests for dematerialization or rematerialization of shares during this period. This is a standard administrative filing required for listed companies in India to maintain regulatory transparency.

Compliance certificate submitted for the quarter ended December 31, 2025
Registrar KFin Technologies Limited confirmed zero demat or remat requests during the quarter
Filing adheres to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
No reports were required to be furnished to stock exchanges due to lack of share conversion requests

💡 This is a routine regulatory filing with no impact on business fundamentals. Investors should continue to monitor the company's operational performance and upcoming quarterly financial results.

Parag Milk Foods to Close Trading Window from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Dec 2025, 06:05 PM

Parag Milk Foods Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the unaudited financial results for the quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are announced. The specific date for the board meeting to approve these results will be communicated at a later stage.

Trading window closure effective from Thursday, January 1, 2026.
Closure pertains to the Unaudited Financial Results for the quarter and nine months ending December 31, 2025.
Window will reopen 48 hours after the official declaration of the financial results.
Compliance is in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement with no impact on company fundamentals. Investors should look forward to the upcoming Q3 earnings release for operational performance updates.

Parag Milk Foods ESOP Trust Transfers 20,000 Equity Shares to Option Grantee

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Dec 2025, 07:34 PM

Parag Milk Foods Limited has announced that its Employee Stock Option Trust has transferred 20,000 equity shares to a stock option grantee. This transfer follows the exercise of options under the company's Employee Stock Option Plan 2022. The options were exercised at a price of Rs. 10 per share, which is equivalent to the face value of the shares. This is a routine administrative procedure to fulfill employee compensation obligations and does not represent a new issuance of capital by the company.

A total of 20,000 stock options were exercised by an employee grantee.
The exercise price for the options was fixed at Rs. 10 per equity share.
Shares were transferred directly from the Parag Milk Foods Employees Stock Option Trust to the grantee's demat account.
The action was carried out in compliance with SEBI Share Based Employee Benefits Regulations, 2021.

💡 This is a routine corporate update regarding employee compensation; no specific action is required from investors. The volume of shares is negligible relative to the total market capitalization.

View All PARAGMILK Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 9.35% YoY to INR 3,432.21 Cr in FY25. In H1 FY26, Core categories (Ghee, Cheese, Paneer) grew 19% YoY to INR 1,099 Cr, New age business (Pride of Cows, Avvatar) grew 68% YoY to INR 167 Cr, Liquid milk grew 8% YoY to INR 182 Cr, and Ingredients/SMP decreased 11% YoY to INR 245 Cr.

Geographic Revenue Split

Not disclosed in available documents, though the company has a subsidiary, Parag Foods Middle East FZE, which is yet to commence operations.

Profitability Margins

Gross Profit reached INR 885 Cr in FY25. Gross Margin improved from 23.6% in Q2 FY25 to 25.8% in Q2 FY26. Net Profit Margin (PAT %) improved from 3.4% in Q2 FY25 to 4.5% in Q2 FY26.

EBITDA Margin

Consolidated EBITDA margin was 8.5% (INR 293 Cr) in FY25, up 130 bps from 7.2% in FY24. In Q2 FY26, EBITDA margin was 8.9% (INR 89 Cr) compared to 8.8% in the previous year.

Capital Expenditure

Not disclosed as a specific future INR value, but the company highlights ongoing R&D investments and capacity management of 15 lakh litres of milk daily.

Credit Rating & Borrowing

Net Debt reduced by INR 125 Cr during H1 FY26 to INR 436 Cr. Finance costs for FY25 were INR 93.12 Cr, up from INR 79.40 Cr in FY24 due to higher operations.

⚙️ Operational Drivers

Raw Materials

Milk (primary raw material), packaging materials, and logistics services. Milk procurement averages 15 lakh litres daily.

Import Sources

Sourced through a direct procurement network and relationships with farmers and aggregators, primarily in India.

Key Suppliers

Not specifically named; procurement is handled through a network of farmers and aggregators.

Capacity Expansion

Current capacity allows for the management of 15 lakh litres of milk daily. Planned expansion is focused on increasing cheese production to provide raw materials for the high-growth protein segment.

Raw Material Costs

Raw material costs are subject to price volatility. In Q2 FY26, the company faced a 16% YoY inflation in cost push (milk collection, packaging, and logistics).

Manufacturing Efficiency

Improved product mix and operational efficiencies contributed to a 130-basis point expansion in EBITDA margin in FY25.

Logistics & Distribution

Logistics costs are part of the 16% YoY cost push experienced in Q2 FY26; specific distribution cost % not disclosed.

📈 Strategic Growth

Expected Growth Rate

16%

Growth Strategy

The 'Parag 2.0' journey focuses on premiumization, increasing the B2C revenue mix (currently 70%), and expanding the 'New Age' protein segment (Avvatar). The company is leveraging its #2 position in cheese to secure raw materials for whey protein production, which grew 68% in H1 FY26.

Products & Services

Ghee, Cheese, Paneer, Liquid Milk, Whey Protein (Avvatar), and Premium Milk (Pride of Cows).

Brand Portfolio

Pride of Cows, Avvatar, and branded cow ghee/cheese products.

New Products/Services

New age business (Pride of Cows and Avvatar) now contributes 9% of overall revenue, up from 6% in the previous year.

Market Expansion

Expansion into the Middle East via Parag Foods Middle East FZE and deepening penetration in HoReCa and modern trade segments.

Market Share & Ranking

Market leader with #1 position in branded cow ghee (22% share) and #2 position in cheese (35% share).

Strategic Alliances

Fourth consecutive year of brand association with the television show KBC (Kaun Banega Crorepati) for high visibility.

🌍 External Factors

Industry Trends

Shift toward value-added dairy (VADP) and health-focused protein products. The industry is evolving from loose milk to branded, packaged dairy products.

Competitive Landscape

High industry competition from both organized and unorganized players; Parag competes through premiumization and a differentiated value proposition.

Competitive Moat

Moat is built on brand equity in core categories (#1 in Ghee, #2 in Cheese) and a robust direct-to-farm procurement network that ensures quality raw material for premium products like Avvatar.