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Parag Milk Foods Results: Latest Quarterly Results & Analysis

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Parag Milk Foods Ltd. 08 May 2026 14:39 PM
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Q4FY26 & FY26 Result Announced for Parag Milk Foods Ltd.

Packaged Foods company Parag Milk Foods announced Q4FY26 & FY26 results

FY26 Consolidated Financial Highlights:

  • Revenue from Operations: Stood at Rs 3,817.50 crore, representing a growth of 11.23% YoY compared to Rs 3,432.21 crore in FY25. Volume growth for the year was 5% YoY.
  • Gross Profit: Reached Rs 1,020 crore, a growth of 8% YoY. Gross Profit Margin (GPM) was 26.7% compared to 27.5% in the previous year.
  • EBITDA: Reported at Rs 310 crore, an increase of 6% YoY. The EBITDA margin was 8.1% compared to 8.5% in FY25.
  • Profit After Tax (PAT): Reached Rs 135.05 crore, a growth of 13.69% YoY from Rs 118.79 crore.
  • PAT (Before Exceptional Items): Stood at Rs 141 crore, reflecting a 19% YoY growth.

Q4FY26 Consolidated Financial Highlights:

  • Revenue from Operations: Stood at Rs 945.34 crore, reflecting a value growth of 2.95% YoY from Rs 918.25 crore and a decrease of 6.65% QoQ from Rs 1,012.69 crore in Q3FY26. The quarter saw a 5% volume decline YoY.
  • Gross Profit: Reached Rs 265 crore, a growth of 8% YoY. Gross Profit Margin (GPM) improved to 28.0% compared to 26.7% in Q4FY25 and 25.9% in Q3FY26.
  • EBITDA: Reported at Rs 78 crore, up 4% YoY. The EBITDA margin was 8.3% compared to 8.2% in Q4FY25.
  • Profit After Tax (PAT): Reached Rs 32.24 crore, showing a growth of 23.0% YoY from Rs 26.21 crore and an increase of 9.03% QoQ from Rs 29.57 crore.

Stanalone Financial Highlights

  • Annual Revenue (FY26): Standalone revenue from operations was Rs 3,742.03 crore, up 11.12% YoY from Rs 3,367.40 crore in FY25.
  • Annual PAT (FY26): Standalone PAT stood at Rs 150.88 crore, a growth of 22.13% YoY compared to Rs 123.54 crore.
  • Quarterly Revenue (Q4FY26): Standalone revenue was Rs 946.17 crore, up 5.28% YoY from Rs 898.69 crore and down 3.86% QoQ from Rs 984.19 crore.
  • Quarterly PAT (Q4FY26): Standalone PAT was Rs 28.28 crore, representing a decline of 12.80% YoY and 18.15% QoQ.

Business Highlights

  • Core Categories Performance: Core categories (Ghee, Cheese, and Paneer) witnessed a volume growth of 8% and value growth of 16% YoY.
  • Market Leadership: The flagship brand Gowardhan Ghee commands a 22% market share in the branded cow ghee segment. The cheese brand “Go” holds a 35% market share in the Cheese category, maintaining the #2 position.
  • New Age Business (Pride of Cows and Avvatar):
    • This segment crossed the Rs 100 crore quarterly revenue milestone in Q4FY26.
    • It recorded a 109% YoY growth in Q4FY26 and a 91% YoY growth in FY26.
    • The segment now contributes 10% to the total turnover in FY26 (11% in Q4FY26), up from 6% in the previous year.
    • Avvatar has achieved an 11x scale-up over the last four years. The protein wafer bar contributed 6% to the brand revenue in Q4.
  • Raw Material Price Volatility: Commodity prices saw inflation of 15% YoY and 4% QoQ during Q4FY26, with average milk prices reaching Rs 42/litre. For the full year FY26, average milk prices witnessed 16% YoY inflation.
  • Dividend: The Board of Directors recommended a final dividend of 11% (Rs 1.10 per equity share) for the financial year ended March 31, 2026.
  • Capital Allotment: The company allotted 10,00,000 Equity Shares of face value Rs 10 each to the Parag Milk Foods Employees Stock Option Trust (ESOP Trust).

Akshali Shah, Executive Director, PMFL, said: “FY26 has been a meaningful year for Parag Milk Foods with overall topline growth of 11% and bottom line growth of 19% before exceptional items. The year also unfolded New age business growth 91% with quarterly revenues inching up to 100 Cr. Our core categories ghee, cheese and paneer continued to provide stability and scale backed by consumer trust and product quality. Our performance reflects the benefits of focused execution across portfolio premiumisation, calibrated pricing, and cost discipline, while combating hyper inflation in commodity prices.

In the coming years, we are focussed to uplift the consumer lifestyle with our protein based offerings. We look forward to explode the power of our four brands with full rigour to scale up strong momentum of growth along with value accretion in form of accelerated profitability.”

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Packaged Foods company Parag Milk Foods announced Q3FY26 results

  • Revenue Rs 1,013 crore; 8% Volume growth and 14% Value Growth.
  • Gross Profit Rs. 262 crore with a 9% growth YoY; Gross Margin (GPM) 25.9%; vs 27.2% LY.
  • EBITDA Rs. 77 crore; down 3% YoY; EBITDA Margin 7.6% vs 9.0% LY.
  • PAT Rs 30 crore; down 18% YoY.
  • PAT (bei) Rs 35 crore; down 2% YoY.

Akshali Shah, Executive Director, PMFL, said: “Q3FY26 yet again creates a landmark quarter of more than 1,000 crore with highest ever quarterly revenue. This is a testimony to the trust that consumers continues to place in our brands. This performance underscores our agility in responding to shifting market dynamics and continued belief of our stakeholders across the value chain.

Our value-added dairy engine continues to power ahead, reaffirming our dominance in core categories. At the same time, the acceleration of our New Age Business comprising of Pride of Cows and Avvatar, signals the emergence of Parag as a truly modern, consumer-centric FMCG brands driving premiumization with superior product offerings.

The headwinds of commodity inflation are likely to continue in the foreseeable future. The company is well poised to navigate through these challenging times with the power of its brands, superior offerings and improved product mix. As part of our strategic priorities, the company remain focused on continuous new product development and disciplined distribution expansion to drive long-term, sustainable profitable growth.”

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Packaged Foods company Parag Milk Foods announced Q2FY26 results

  • Revenue Rs 1,008 crore; 10% Volume growth and 16% Value Growth
  • Gross Profit Margin (GPM) 25.8%; vs 23.6% LY
  • EBITDA Rs. 89 crore with a 16% growth; EBITDA Margin 8.9% vs 8.8% LY
  • Profit After Tax (PAT) Rs 46 crore; 56% growth YoY

Commenting on the performance, Akshali Shah, Executive Director, PMFL said: “Q2FY26 has been a stupendous quarter, surpassing the Rs 1000 crore quarterly revenue milestone creating a history for the company. This is a moment of pride for all our stakeholders and reinforces our business fundamentals and consumer trust. We celebrated festivities amidst a backdrop of record-breaking performance and festive cheer. The business sentiments are extremely positive with consumer’s willingness to spend on branded consumer products and maintaining a quality lifestyle.

While there is an inflationary cycle in dairy commodities, in essence it protects and ensure farmer wellbeing without causing much variation on his net income from milk. We foresee the inflationary cycle will continue its momentum even post festive considering the demand and supply balance.

We extend our sincere appreciation to the Government of India for bringing in GST 2.0 reform. The rate reduction especially in dairy sector is likely to enhance affordability, boost demand, and further strengthen the growth of the organized dairy play.

We are poised to the next momentum of business growth with distribution expansion, new product development and brand building initiatives.”

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Packaged Foods company Parag Milk Foods announced Q1FY26 results

  • Revenue Rs 852 crore; 5% Volume growth and 12% Value Growth.
  • Gross Profit Margin (GPM) 27.4%; vs 27.5% Q1FY25.
  • EBITDA Rs 66 crore with a 6% growth; EBITDA Margin 7.7% vs 8.1% Q1FY25.
  • Profit Before Tax (PBT) Rs 29 crore; 9% YoY growth.
  • Profit After Tax (PAT) Rs 28 crore; 1% YoY growth.

Devendra Shah, Chairman, PMFL said: “Q1FY26 has set a promising tone for PMFL as we begin the new financial year. Delivering our highest-ever first-quarter revenue reflects our strategic focus and disciplined execution. Our value-added product portfolio and purpose-led marketing are deepening consumer trust and supporting long-term value creation.

At the core of our success lies a deep commitment to backward and forward integration. Our strong relationships with farmers empower us to maintain timely procurement and high quality of milk. We have handled an average of ~16.5 lakh liter of milk per day during Q1 which is 10% higher over the immediate last quarter. Our brands are not only rooted in tradition — celebrating the authenticity of Indian dairy — but are also evolving to meet the aspirations of health-conscious households. We continue to deliver nutrition-rich, trustworthy products across the globe.

As the festive season approaches, we are energized by the growing momentum. Festivities in India are deeply cultural and emotionally rooted — and so are we. Our growing portfolio of value-added products, including traditional sweets, ghee, and cheese, is well-positioned to meet the festive demand, powered by consumer trust and brand love.”

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Packaged Foods company Parag Milk Foods announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue Rs 918; 13% Volume growth and 16% Value Growth.
  • Gross Profit Margin (GPM) 25.1%; YoY decrease by 10 bps.
  • EBITDA Rs 75 crore with a 69% growth; EBITDA Margin 8.2% vs 5.6% LY.
  • Profit Before Tax (PBT) Rs 33 crore; 141% YoY growth.
  • Profit After Tax (PAT) Rs 26 crore; 167% YoY growth.

FY25 Financial Highlights:

  • Revenue Rs 3432 crore; 10% Volume growth and 9% Value Growth.
  • Gross Profit Margin (GPM) 25.8%; margin expansion of 130 bps.
  • EBITDA Rs 293 crore with a 30% Growth; EBITDA Margin 8.5% vs 7.2% LY.
  • Profit Before Tax (PBT) Rs 133 crore; 54% YoY growth.
  • Profit After Tax (PAT) Rs 119 crore; 31% YoY growth.
  • Cash Flow from Operations generated Rs 212 crore.

Devendra Shah, Chairman, Parag Milk Foods, said: “Our performance in FY25 marks a pivotal milestone in Parag Milk Foods’ journey towards building a future-ready, sustainable, and profitable business. Delivering the highest-ever revenues back-to-back in multiple quarters, coupled with strong operating cash flows and improved profitability, is a result of our disciplined execution and long-term vision. We have stayed committed to innovation, brand building, and operational excellence, while ensuring agility in a dynamic environment. Our investments in expanding distribution, product diversification, and impact-led marketing are not just building brand equity but creating enduring value. We have strengthened governance by adopting leading best practises together with excellence in business processes to transform the organisation from promoter driven to professional management. As we move ahead, our focus remains on strengthening our leadership in the dairy valueadded space, deepening consumer trust, and delivering consistent, profitable growth in a responsible and sustainable manner.”

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Packaged Foods company Parag Milk Foods announced Q3FY25 results

  • Revenue Rs 885 crore; 11% Volume growth and 10% Value Growth.
  • Gross Profit Margin (GPM) 27%; YoY stable.
  • EBITDA Rs 79 crore with 13% growth; EBITDA Margin 9.0% vs 8.8% Q3FY24.
  • Profit Before Tax (PBT) Rs 38 crore; 15% YoY growth.
  • Profit After Tax (PAT) Rs 36 crore; 6% YoY.

Devendra Shah, said: “India’s dairy industry continues to evolve, driven by rising consumer demand for high-quality and value-added products. At Parag, we are not only leading this transformation, but also redefining ourselves as a global nutrition provider. Our highest-ever delivery in Q3 leveraging strong festive demand is a testimonial to the increasing preference for premium dairy offerings and our ability to meet evolving consumer needs. We aspire to bring the goodness of dairy to a wider audience worldwide and remain committed to innovation & quality.

Looking ahead, the interplay of rising disposable incomes, urbanization, and health-conscious consumption will continue to shape the dairy landscape. As an industry leader, we are focused on strengthening our supply chain, expanding our reach through new-age distribution channels, and driving product innovation to offer superior nutrition solutions. We continue to remain focussed on sustainable growth and long-term value creation.”

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Packaged Foods company Parag Milk Foods announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue Rs 871 crore; 10% Volume growth and 9% Value Growth.
  • Gross Profit Margin (GPM) 23.0%; YoY stable.
  • EBITDA Rs 76 crore with 25% growth; EBITDA Margin 8.8% vs 7.7% LY.
  • Profit Before Tax (PBT) Rs 36 crore; 46% YoY growth.
  • Profit After Tax (PAT) Rs 29 crore; 16% YoY growth.

H1FY25 Financial Highlights:

  • Revenue Rs 1629 crore; 11% Volume growth and 5% Value Growth.
  • Gross Profit Margin (GPM) 24.8%; margin expansion of 2.6%.
  • EBITDA Rs 138 crore with 26% Growth; EBITDA Margin 8.4% vs 7.1% LY.
  • Profit Before Tax (PBT) Rs 62 crore; 58% YoY growth.
  • Profit After Tax (PAT) Rs 57 crore; 21% YoY growth.
  • Cash Flow from Operations generated Rs 92 crore.

Devendra Shah, Chairman, Parag Milk Foods, said: “As we continue to expand Parag Milk Foods' reach and impact, our focus remains steadfast on delivering topquality, innovative products that cater to evolving consumer needs. We are happy to announce that this quarter, we have achieved our highest ever sales, reaching Rs 871 crores in revenue. This is a testament to the growing trust consumers place in our brand.

Our recent launch of Gowardhan sweets reinforces our commitment to purity. Made with Gowardhan Ghee and cow milk it offers an authentic and wholesome choice in a market increasingly plagued by adulteration concerns. Gowardhan Ghee continues to be a market leader with 22% share in the branded cow ghee segment. Similarly, the new Go Cheese campaign showcases how our cheese varieties add delight and versatility to everyday meals. Newer business segments, Avvatar and Pride of Cows, are also gaining strong traction. It is overwhelming and delightful that our brand Gowardhan’s association with Kaun Banega Crorepati continues for the third consecutive year and our “Go” Cheese Brand enters the house of Big Boss.With a robust pipeline for new product developments, I am confident that our deep-rooted commitment to provide customer centric products will propel us towards our ambitious Rs 10,000 crore target and beyond. We have built this company on a foundation of trust and quality, and I am proud to see that legacy continue to grow"

Result PDF

Packaged Foods company Parag Milk Foods announced consolidated Q1FY25 results:

Financial Highlights:

  • Revenue Rs 758 crore; growth of 1% YoY
  • Gross profit Rs 204 crore; margin of 26.9 %; up by 550 bps YoY
  • EBITDA Rs 61 crore; margin of 8.1%; up by 160 bps YoY
  • Profit before tax Rs 27 crore; growth of 77% YoY
  • Profit after tax Rs 27 crore, growth of 27% YoY

Business Highlights:

  • Robust volume growth - The business has witnessed strong double digit volume growth of 10% YoY aided by healthy volume growth in its core categories. The Ghee, Cheese and the New age businesses have witnessed volume growth of 15%, 12% and 51%YoY respectively.
  • Improved Market share- As per the latest IMARC report 2024; the flagship brand Gowardhan Ghee commands an improved 22% market share in the branded cow ghee segment, while the brand “Go Cheese” sustained its 35% market share in the Cheese category.
  • Soft raw material prices- The average milk prices during Q1FY25 were at Rs 31 per litre; down 16% YoY, while the company handled ~15.5 lakh liters of milk per day.
  • Improved margins & profitability - Gross Profit Margin (GPM) expanded by 550 basis points YoY during Q1FY25 to 26.9% as against 21.4% in Q1FY24, led by benign milk prices and improved value- added product mix.

Commenting on the performance, Chairman of Parag Milk Foods, Devendra Shah, said, “I am elated to share that, we have delivered double digit volume growth across our Core Categories during the quarter, reflecting our brand strength and enhanced consumer reach. Our flagship brand “Gowardhan Ghee” has witnessed 2% improvement in its market share, and now commands 22% market share in the Branded Cow Ghee segment; while the trusted “Go Cheese” brand enjoys a strong and steady market share of 35% in the Cheese market. The company has delivered a 550 bps expansion in its Gross margins and further continues to remain focused on sustainable profitable growth.

The company focuses on product innovation leveraging its strong R&D capabilities. The foray into the traditional sweets category with brand “Gowardhan” is being well received and is expected to witness a full launch during the festivities.

The company continues to strengthen its building blocks and is well poised to grow exponentially towards achieving Rs 10,000 crore turnover target.”

Result PDF

Packaged Foods company Parag Milk Foods announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue from Operations stood at Rs 790 crore
  • Gross profit (GP) Rs 194 crore; with a GP margin of 24.6%
  • EBITDA at Rs 44 crore; with an EBITDA margin of 5.6%
  • Profit After Tax at Rs 10 crore

FY24 Financial Highlights:

  • Revenue of Rs 3,139 crore; a growth of 8.5 % YoY
  • Gross profit (GP) Rs 749 crore; with a GP margin of 23.9 % vs FY23 GP Rs 569 crore GP margin of 19.7%. Overall GP margin expansion of 4.2% YoY.
  • EBITDA at Rs 222 crore; with an EBITDA margin of 7.1% vs FY23 EBITDA Rs 163 crore, EBITDA margin of 5.7%. Overall EBITDA margin expansion of 1.4% YoY.
  • Profit after tax at Rs 91 crore up from FY23 PAT Rs 53 crore, a growth of 70% YoY.

Devendra Shah, Chairman, Parag Milk Foods Ltd said “It gives me an immense pleasure to state that our consolidated revenues for FY24 have crossed the milestone of Rs 3,000 crore; along with improvement in margins and profitability. The Profit after tax for the year was at Rs 91 crore, with healthy operating cash flows of Rs 99 crore. Over the last few quarters, the milk procurement prices have been benign, and now we expect an upward bias. Despite of tailwinds; we are geared up for improving our margin profile.

We would continue to enhance our industry-leading R&D capabilities and infrastructure to drive innovation and delight our consumers across the globe. Our forward integration of brand ‘Gowardhan’ into the traditional sweets category is an initiative in this direction. The initial response of the prototype is very positive and encouraging and we aim to target a bigger launch around the festivities. We are inching up on our business process transformation along with driving efficiency across the value chain. With an ensuing expansion and acceleration of the distribution footprint, we plan to incorporate a foreign wholly owned subsidiary (WOS) in Dubai, to cater the international market. With strong foundation in place, we are confident of posting industry leading growth and profitability ahead.”

Result PDF

Packaged foods company Parag Milk announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Revenue stood at Rs 8,009.6 million; a growth of 42.4% YoY
    • EBITDA stood at Rs 464.2 million; with an EBITDA margin of 5.8%
    • Profit after tax at Rs 223.5 million
  • FY23:
    • Consolidated revenue from operations stood at Rs 28,926.2 million, reporting a growth of 39.6% YoY as compared to Rs 20,717.5 million in FY22.
    • The share of new age business is 3.3%, while liquid milk is 9.4% and value-added products are 69.3% of total revenue, and skimmed milk powder was 18% YoY.
    • Gross profit stood at Rs 5,694.3 million
    • EBITDA stood at Rs 1,634.9 million, while the margins stood at 5.6%
    • Profit after tax stood at Rs 532.5 million

Devendra Shah, Chairman said, “Our company has recorded a remarkable growth of ~40% YoY in FY23 to Rs 28,926.2 million, led by healthy volume growth, superior product mix, and pricing growth. Our portfolio optimization efforts coupled with strong brand equity strength and responsible pricing actions aided in offsetting the ongoing pressure from consistent inflation. We have witnessed 610 basis point (bps) margin expansions over the last three quarters. We continue to enhance our industry-leading R&D capabilities and infrastructure to better support our innovation agenda and would continue to delight our consumers with our quality offerings. Going forward, we have embarked on an extensive distribution drive and aim to reach 13-15 lac retail touchpoints in the next three years. This distribution drive would be supported by our robust impact-led marketing and branding campaigns."

 

 

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