DODLA

Dodla Dairy share price & financials

Price
₹1,108.9
Market cap
₹6.3k Cr
Sector
Fast Moving Consumer Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 27 Jul 2026

Dodla Dairy Q1 FY27

Revenue ₹1,198 cr +19%EBITDA ₹65 cr EBITDA Margin 5.4% PAT ₹41 cr

What went well

  • Revenue of ₹1,198 crores, marking a 19% year-on-year increase, driven by strong volume growth.
  • Record milk procurement of 21.1 lakh liters per day, reflecting a 13% year-on-year growth and improved milk supply.
  • Value-added products (VAP) achieved highest-ever sales of ₹415 crores, growing 17.6% year-on-year.

What to watch

  • EBITDA margin declined to 5.4% (₹65 crores) from 8.2% in Q1 FY26 due to elevated input costs and increased operational expenses.
  • PAT stood at ₹41 crores, indicating a year-on-year decline in profitability.
Read the full call →

What Dodla Dairy does

Dodla Dairy is an integrated dairy company, founded in 1995 and based in Hyderabad, that procures raw milk directly from farmers, chills and processes it, and sells liquid milk plus value-added products (VAPs) such as curd, buttermilk, lassi, paneer, ghee, flavoured milk, ice cream and skimmed milk powder under the Dodla brand across South and East India. It has extended the same procure-process-distribute model to East Africa (Uganda and Kenya), where products are sold under the Dairy Top, Dodla+ and Pride of Cows brands. Through its acquired subsidiary Orgafeed, the group also manufactures cattle feed and processes oilseeds (groundnut, gingerly, cotton), supporting the farmers it sources milk from.

Segments

  • India Business
  • Africa Business (Uganda & Kenya)
  • Orgafeed
Milk processing plants
18 (across India, Kenya and Uganda)
Aggregate installed processing capacity
~28 LLPD (lakh litres per day), consolidated
Chilling centres/plants
273
Village-level milk collection centres (VLCCs)
8,000+
Farmers procured from
~1.3 lakh farmers across 10,970+ villages
Dodla Retail Parlours
1,106
Founded 1995Headquarters Hyderabad, Telangana, India Company website

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 2 delivered 5 missed 16 open
  • Effective Tax Rate delivered said Q4 FY26 Promised: Effective tax rate will return to the normal 25% to 27% range post FY26 Q1 FY27: The effective tax rate for Q1 FY27 was approximately 26.8% (PBT of ~₹56cr, PAT of ₹41cr), which falls within the guided 25-27% range as guided.
  • India Volume Growth missed said Q3 FY25 Promised: Return to the regular 8% to 10% of volume growth Q1 FY27: Management admitted that standalone India volume growth was only 3% YoY, again missing the target range despite reiterating the 8-10% guidance for the full year.
  • Gross Margin Recovery at risk said Q4 FY26 Promised: Gradual gross margin recovery of 50 to 100 basis points over FY26 levels in FY27 Q1 FY27: Q1 FY27 gross margin was 23.2%, and overall profitability was under significant pressure due to high input costs, with EBITDA margin falling to 5.4%. This performance puts the full-year margin recovery target at risk.

All 23 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 6.1%, net profit down 64.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue903 803 808 901 855 −5%822 +2%845 +5%956 +6%
EBITDA87 83 67 62 77 −11%57 −31%29 −57%34 −45%
Net profit59 77 57 62 54 −8%57 −26%55 −4%22 −65%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −24.0% 1Y

₹1.0k₹1.2k₹1.4kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 28 Jan 2026Q4 FY26 — 18 May 2026Q1 FY27 — 27 Jul 2026

1Y: ₹1,435.5 on 10 Sept 2025 → ₹1,090.8. High ₹1,459.5 (18 Sept 2025), low ₹971.1 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−2.8%
27 Jul
Q4 FY26
−0.2%
18 May
Q3 FY26
+0.5%
28 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 7.5% a year over 3 years, FY23 to FY26. Operating margin held at 6.6%.

Year endingFY23FY24FY25FY26
Revenue₹2.8k Cr₹2.9k Cr₹3.3k Cr₹3.4k Cr
Operating profit₹183 Cr₹246 Cr₹320 Cr₹225 Cr
Operating margin6.6%8.5%9.6%6.6%
Interest₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Depreciation₹61 Cr₹64 Cr₹64 Cr₹62 Cr
Net profit₹115 Cr₹154 Cr₹247 Cr₹228 Cr
Net margin4.2%5.3%7.4%6.7%
Cash from operations₹140 Cr₹-15 Cr₹479 Cr₹233 Cr
Free cash flow₹69 Cr₹-77 Cr₹393 Cr₹96 Cr
ROCE13.0%21.0%27.0%15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹58 Cr₹59 Cr₹59 Cr₹59 Cr₹60 Cr₹60 Cr
Reserves₹546 Cr₹728 Cr₹824 Cr₹977 Cr₹1.5k Cr₹1.4k Cr
Borrowings₹98 Cr₹13 Cr₹14 Cr₹13 Cr₹55 Cr₹16 Cr
Other liabilities₹200 Cr₹205 Cr₹217 Cr₹253 Cr₹347 Cr₹258 Cr
Total liabilities₹903 Cr₹1.0k Cr₹1.1k Cr₹1.3k Cr₹1.9k Cr₹1.8k Cr
Fixed assets₹495 Cr₹510 Cr₹563 Cr₹578 Cr₹1.0k Cr₹618 Cr
Capital work in progress₹8 Cr₹4 Cr₹30 Cr₹12 Cr₹29 Cr₹99 Cr
Investments₹104 Cr₹228 Cr₹309 Cr₹238 Cr₹408 Cr₹702 Cr
Other assets₹296 Cr₹263 Cr₹211 Cr₹474 Cr₹456 Cr₹352 Cr
Total assets₹903 Cr₹1.0k Cr₹1.1k Cr₹1.3k Cr₹1.9k Cr₹1.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +6.63 pp while FIIs trimmed −3.95 pp. The shareholder count shrank 12% to 33,213.

Promoters
58.9%
FIIs
6.1%
DIIs
25.9%
Public
9.2%

Since Jun 2025

  • DIIs +6.63 pp
  • FIIs −3.95 pp
  • Public −1.89 pp

How it drifted, 12 quarters

Over this window DIIs went from 17.0% to 25.9% — +8.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 62.2%, FIIs 10.9%, DIIs 17.0%, Public 9.9%.Dec '23: Promoters 62.2%, FIIs 11.3%, DIIs 16.9%, Public 9.6%.Mar '24: Promoters 62.2%, FIIs 11.4%, DIIs 17.6%, Public 8.8%.Jun '24: Promoters 60.5%, FIIs 11.3%, DIIs 18.6%, Public 9.6%.Sep '24: Promoters 59.7%, FIIs 11.6%, DIIs 18.0%, Public 10.8%.Dec '24: Promoters 59.7%, FIIs 11.0%, DIIs 18.8%, Public 10.4%.Mar '25: Promoters 59.7%, FIIs 10.4%, DIIs 19.1%, Public 10.7%.Jun '25: Promoters 59.7%, FIIs 10.0%, DIIs 19.2%, Public 11.1%.Sep '25: Promoters 58.9%, FIIs 8.9%, DIIs 21.5%, Public 10.7%.Dec '25: Promoters 58.9%, FIIs 7.4%, DIIs 23.8%, Public 10.0%.Mar '26: Promoters 58.9%, FIIs 6.4%, DIIs 25.3%, Public 9.3%.Jun '26: Promoters 58.9%, FIIs 6.1%, DIIs 25.9%, Public 9.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Dodla Dairy above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Dodla Family Trust 24.08%unchanged
Dodla Sunil Reddy 12.69%unchanged
Dodla Deepa Reddy 10.78%unchanged
Mylktree Consultants Llp 10.29%unchanged
SBI Small Cap Fund Mutual fund8.54%newly disclosed
HDFC Small Cap Fund Mutual fund7.77%+0.50 pp
DSP Small Cap Fund Mutual fund6.60%unchanged
Bharat Biotech International Ltd 3.36%unchanged
Venkat Krishna Reddy Busireddy 1.63%unchanged
Steinberg India Emerging Opportunities Fund Limited FPI fund1.33%unchanged
Sesha Reddy Dodla 0.92%unchanged
Bommi Surekha Reddy 0.15%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in DODLA

Filings to Aug 2026

0 new, 1 added, 0 trimmed, 2 sold out — net +1.90 L shares (+2.0%).

Held by funds
₹1.0k Cr
3 schemes
Biggest holder
HDFC Small Cap Fund
₹515 Cr · 1.2% of that fund
SchemeHoldingLast month
HDFC Small Cap Fund HDFC Mutual Fund₹515 Cr+2.63 L
SBI Smallcap Fund SBI Mutual Fund₹397 Crheld
SBI Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP) SBI Mutual Fund₹97 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

1 added, 0 trimmed — net +1.90 L shares (+2.0%)

Funds are sitting on
+21%
vs est. average cost
Held by funds
₹1.0k Cr
3 schemes · ≈ 17% of the company
Biggest holder
HDFC Small Cap Fund
₹515 Cr · 1.2% of that fund
Longest holder
SBI Smallcap Fund
5y 1m · since Aug '21

Shares held by these funds +75%

Aug '23 95.95 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹1091, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~18%. At that growth it is worth ₹692 — downside of 37%.

Growth the price implies
26.5% a year
for 7 years, fading to 4%
It has actually compounded at
18.4% a year
net profit, FY23–FY26 · EPS 17.6%
The gap
0.1 pp
-37% downside if it only repeats history
Price today ₹1,090.8 Value at the reference growth ₹692.08

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Dodla Dairy

Guides on how to read this kind of business and the numbers that matter.