Parag Milk Foods Limited (PARAGMILK)
₹276.30 -6.62% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Parag Milk's revenue was ₹945 Cr (+3.0% year on year, -6.7% on the previous quarter), and net profit ₹32.2 Cr (+23.0% year on year); the operating margin was 6.3%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹945 | +3.0% | -6.7% |
| Operating profit | ₹59.4 | -4.3% | -13.1% |
| Net profit | ₹32.2 | +23.0% | +9.0% |
| EPS (₹) | 2.58 | +17.3% | +8.9% |
| Operating margin | 6.3% | — | — |
PARAGMILK delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 41.0% of the PARAGMILK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.92%. That is close to its usual level. 1 bulk or block deal was reported in PARAGMILK in the last 60 days: ₹18 Cr sold, none bought.
Delivery in the last 5 sessions: 29.6% · 36.7% · 39.5% · 51.6% · 41.0%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 16 Oct | Sell | Anant Jain | ₹18.46 Cr | ₹283.59 | 650,964 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Parag Milk Foods announced the voting results of its 34th Annual General Meeting held on September 29, 2026. All six ordinary resolutions were approved by shareholders with the requisite majority, including the adoption of FY26 financial statements and a dividend payout of ₹1.10 per equity share (11%). Resolutions covering related-party office-of-profit remunerations for Poojan Shah and Stavan Shah also passed, receiving over 97.8% and 98.0% institutional/overall support respectively.
- All 6 ordinary resolutions approved with requisite majority at the 34th AGM
- Dividend of ₹1.10 per share (11%) for FY26 formally approved by 99.9988% of polled votes
- Remuneration approved for Poojan Shah and Stavan Shah (offices of profit) with 97.81% and 98.08% overall approval
- Record date was September 22, 2026, with 89,956 total shareholders on record
Parag Milk Foods has announced a ₹100 crore expansion to quadruple its paneer manufacturing capacity from 20 MT/day to 80 MT/day. The existing 20 MT/day capacity is running close to full utilisation, driven by a 28% growth in paneer sales over the last two years. The proposed brownfield and greenfield additions across Manchar (Maharashtra) and Palamaner (Andhra Pradesh) are slated for commissioning by June 2027 (FY28). The investment represents approximately 7.7% of net worth (₹1,291 crore) and will be funded through a mix of internal accruals, borrowings, and lease arrangements.
- Quadrupling aggregate paneer capacity from 20 MT/day to 80 MT/day (60 MT/day addition)
- Proposed investment of approximately ₹100 crore, funded via internal accruals, borrowings, or lease
- Current 20 MT/day capacity is operating close to full utilisation
- Expected commissioning timeline targeted by June 2027 (FY 2027-28)
- Targets high-growth value-added dairy; paneer category grew 28% for the company over the last two years
Parag Milk Foods has appointed industry veteran Phalgun Trivedi as Chief – R&D, Quality Control and Food Safety Officer on September 18, 2026. Mr. Trivedi brings over 30 years of global food, beverage, and dairy experience across major FMCG companies including Unilever, Danone, Coca-Cola India, and Lactalis. The leadership addition supports the company's focus on premiumization and scaling its high-growth protein (Avvatar) and nutrition portfolios, which currently represent around 9% of its Rs 3,818 Cr TTM revenue base.
- Phalgun Trivedi appointed Chief – R&D, Quality Control and Food Safety Officer effective September 18, 2026
- Appointee brings over 3 decades of experience across global food and dairy majors including Danone and Lactalis
- Focus aligned with expanding value-added dairy and nutrition segments like Avvatar whey protein (9% of revenue)
- Parag operates dairy facilities with Bhagyalaxmi farm housing more than 5,000 cows
Parag Milk Foods announced its entry into the packaged snacking category with the launch of Avvatar Popped Chips, expanding its New Age protein portfolio beyond powders and ready-to-drink formats. The non-fried chips offer 10 grams of protein per 30-gram pack at a retail price of ₹60 across two flavours (Magic Masala and Pudina). The product will be distributed across the Avvatar website, quick commerce, vending machines, and general and modern trade. The filing notes this product launch does not breach SEBI Regulation 30 materiality thresholds, indicating an incremental rather than immediate structural top-line contribution.
- Launched non-fried Avvatar Popped Chips priced at ₹60 per pack
- Each 30-gram pack provides 10 grams of protein with no palm oil or added sugar
- Available in 2 flavours: Magic Masala and Pudina
- Company clarified the launch does not meet materiality thresholds under SEBI Regulation 30
Parag Milk Foods Limited has released newspaper publication copies regarding its 34th Annual General Meeting (AGM), scheduled to be held on Tuesday, September 29, 2026. The notices were published on September 6, 2026, in 'Financial Express' (English) and 'Lok Satta' (Marathi). The publication provides statutory e-voting instructions and meeting details to shareholders under applicable SEBI LODR and Companies Act rules. This is a standard secretarial filing with no impact on core financials or operations.
- 34th Annual General Meeting of the company is scheduled for Tuesday, September 29, 2026
- Newspaper advertisements published on Sunday, September 6, 2026, in Financial Express and Lok Satta
- Notices provide mandatory instructions regarding shareholder e-voting through NSDL platform
Parag Milk Foods Limited has issued an intimation regarding the dispatch of letters to shareholders without registered email addresses, providing web links and QR codes to access the Integrated Annual Report for FY 2025-26 and the Notice of the 34th Annual General Meeting (AGM). The AGM is scheduled to take place on Tuesday, September 29, 2026, at 4:30 PM IST via Video Conference/Other Audio-Visual Means. This is a procedural compliance filing under Regulation 30 and Regulation 36(1)(b) of SEBI LODR Regulations.
- 34th Annual General Meeting scheduled for Tuesday, September 29, 2026 at 4:30 PM IST
- AGM to be conducted virtually through Video Conferencing / Other Audio-Visual Means
- Web links and QR codes provided to access the FY 2025-26 Integrated Annual Report and Notice
- Company requested shareholders to update email and KYC details with Depository Participants for dividend processing
Parag Milk Foods Limited has fixed Tuesday, September 22, 2026, as the record date for determining shareholder eligibility for remote e-voting at its 34th AGM and for the FY26 dividend. The Board has recommended a dividend of ₹1.10 per equity share of face value ₹10 (11%), subject to shareholder approval at the AGM. The dividend payout represents ~10.1% of FY26 EPS (₹10.91). Upon approval, dividend payment will commence on or from September 29, 2026.
- Record date / cut-off date fixed as Tuesday, September 22, 2026 for 34th AGM and dividend entitlement.
- Recommended dividend of ₹1.10 per equity share (11% on face value of ₹10) for FY26.
- Dividend payment date scheduled on and from Tuesday, September 29, 2026, subject to AGM approval.
Parag Milk Foods has issued the notice for its 34th Annual General Meeting (AGM) scheduled for Tuesday, September 29, 2026, via video conferencing. The company has fixed Tuesday, September 22, 2026, as the cut-off and record date for remote e-voting eligibility and final dividend entitlement for FY 2025-26. Alongside the notice, the company published its Integrated Annual Report for FY 2025-26, highlighting market leadership positions including a 22% share in branded cow ghee and 35% in cheese. For FY26, Parag Milk Foods reported total revenue of Rs 3,817.55 crore and net profit of Rs 135.39 crore.
- 34th Annual General Meeting convened for September 29, 2026 at 4:30 PM IST via VC/OAVM
- Record date and cut-off date for remote e-voting and dividend entitlement fixed as September 22, 2026
- Annual report highlights key product market shares: 22% in Branded Cow Ghee and 35% in Cheese segment
- Integrated Annual Report dispatched for FY 2025-26 with FY26 revenue of Rs 3,817.55 crore
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.
- 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.
Parag Milk Foods has issued newspaper notices regarding its upcoming 34th Annual General Meeting (AGM), which will be held via Video Conferencing. The company is requesting shareholders to update their email addresses with Depository Participants to receive the FY 2025-26 Annual Report and AGM notice electronically. This is a standard regulatory procedure following the conclusion of the financial year where the company reported a TTM revenue of Rs 3,818 Cr and PAT of Rs 135 Cr. Remote e-voting facilities will be provided to all members for the resolutions set forth in the upcoming notice.
- 34th Annual General Meeting to be conducted via Video Conferencing/OAVM
- Annual Report for FY 2025-26 to be dispatched only in electronic mode to registered emails
- Newspaper advertisements published on August 10, 2026, in Financial Express and Lok Satta
- Remote e-voting facility to be provided for all shareholders to cast votes on AGM businesses
- Company reported FY26 revenue of Rs 3,817.55 Cr with an 8.87% operating margin
Parag Milk Foods has announced its participation in the Emkay Investor Conference scheduled for August 12, 2026, in Mumbai. The event will involve one-on-one and group meetings with analysts and institutional investors. This interaction comes as the company maintains a TTM revenue of ₹3,818 Cr and a market-leading position in branded cow ghee (22% share). No unpublished price-sensitive information is expected to be disclosed during these sessions.
- Investor meeting scheduled for August 12, 2026, in Mumbai
- Participation in the Emkay Conference via one-on-one and group formats
- Company operates with a TTM revenue of ₹3,818 Cr and OPM of 8.9%
- B2C segment currently accounts for 70% of the total revenue mix
- New age business (Pride of Cows and Avvatar) contributes 9% to overall revenue
Parag Milk Foods has made the audio recording of its Q1 FY2026-27 earnings conference call available to the public. The call, held on August 7, 2026, discussed the company's operational performance following a fiscal year (FY26) where revenue reached Rs 3,818 Cr with a PAT of Rs 135 Cr. This disclosure is a standard regulatory requirement under SEBI LODR Regulations. Investors can access the recording via the company's website to review management's commentary on the 'Parag 2.0' strategy and the growth of the Avvatar protein segment.
- Earnings conference call held on August 7, 2026, for the quarter ended June 30, 2026
- Company reported TTM revenue of Rs 3,818 Cr and TTM PAT of Rs 135 Cr
- B2C segment currently contributes 70% of total revenue
- New age business segments (Pride of Cows and Avvatar) now contribute 9% of overall revenue
- Maintains #1 position in branded cow ghee with a 22% market share
Parag Milk Foods has confirmed the full utilization of ₹40.30 Crore raised through convertible share warrants issued in May 2025. The funds were deployed across debt reduction (₹17.50 Cr), working capital (₹7.80 Cr), capital expenditure (₹5.00 Cr), and general corporate purposes (₹10.00 Cr). The Audit Committee and Monitoring Agency (India Ratings) have reviewed the statement, confirming zero deviation from the original objects. This fundraise represents approximately 1.45% of the company's current market capitalization of ₹2770 Cr.
- Total funds raised: ₹40.30 Crore via convertible warrants on May 23, 2025
- Debt reduction allocation: ₹17.50 Crore utilized for repayment/reduction of debt
- Working capital allocation: ₹7.80 Crore utilized for operating activities
- Capital expenditure: ₹5.00 Crore utilized for plant and machinery upgrades
- General corporate purposes: ₹10.00 Crore utilized, representing 24.8% of total proceeds
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.
- 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.
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%.
- 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.
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.
Macro Economic Sensitivity
Highly sensitive to food inflation, specifically milk prices, which saw a 16% YoY increase in Q2 FY26.
Consumer Behavior
Increasing consumer preference for premium, branded, and health-oriented dairy products like whey protein and farm-to-home milk.
Geopolitical Risks
Macroeconomic factors like political changes and currency fluctuations are monitored as part of the economic risk mitigation strategy.
Regulatory & Governance
Industry Regulations
Compliant with SEBI (SBEB) Regulations 2021 for ESOPs and Section 129 of the Companies Act for financial reporting.
Taxation Policy Impact
Consolidated Profit After Tax for FY25 was INR 118.79 Cr after accounting for deferred tax of INR 14.99 Cr and MAT credit of INR 1.19 Cr.
Risk Analysis
Key Uncertainties
Raw material price volatility (milk) and the ability to maintain margins during inflationary cycles (16% cost push).
Geographic Concentration Risk
Not disclosed, but operations are primarily domestic with an emerging Middle East presence.
Third Party Dependencies
Dependency on a network of milk aggregators and farmers for 15 lakh litres of daily procurement.
Technology Obsolescence Risk
Cyber risk and information security are identified as key categories in the Risk Management Framework.
Credit & Counterparty Risk
Debtor days are stable at 28 days, indicating consistent receivables quality.
