PARAGMILK

Parag Milk Foods share price & financials

Price
₹229.61
Market cap
₹2.6k Cr
Sector
Fast Moving Consumer Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 07 Aug 2026

Parag Milk Foods Limited Q1 FY27

Revenue ₹945 cr +11%EBITDA ₹70 cr +6%EBITDA Margin 7.4% PAT — −20%

What went well

  • Revenue of ₹945 crores, up 11% YoY value growth and 3% volume growth.
  • New age business grew 59% YoY, now contributing 13% of overall revenue (up from 9% last year).
  • Gross profit increased 11% to ₹258 crores, demonstrating cost pass-through and stable gross margins.

What to watch

  • PAT declined by 20%, primarily due to current tax impact.
  • EBITDA margin was 7.4% compared to 7.7% last year, remaining broadly flat.
Read the full call →

What Parag Milk Foods Limited does

Parag Milk Foods is a pan-India dairy FMCG company founded in 1992, sourcing 100% cow's milk from over five lakh farmers across Maharashtra, Andhra Pradesh, Telangana, Tamil Nadu and Karnataka. It processes the milk into ghee, cheese, paneer, curd, UHT milk, whey protein and milk powder at its Manchar and Palamaner manufacturing plants and the Bhagyalakshmi dairy farm, marketing these under the Gowardhan, Go, Pride of Cows and Avvatar brands. Products reach consumers through a distributor-led wholesale network as well as direct-to-consumer and e-commerce channels for its premium and sports-nutrition brands.

Segments

  • Core Categories
  • New Age Business
  • Liquid Milk
  • Ingredients & SMP
  • Others
Manufacturing facilities
3 manufacturing units (Manchar, Maharashtra and Palamaner, Andhra Pradesh) plus 4 filling locations (Vashi, Vasai, Surat, Nagpur) and the Bhagyalakshmi Dairy Farm
Milk processing capacity
34 lakh litres per day (3.4 million LPD)
Cheese/ghee/paneer/whey production capacity
Cheese & ghee 110 tonnes/day, paneer 20 tonnes/day, whey processing 10 lakh litres/day
Farmer network
5,00,000+ farmers supplying raw milk across 5 states (Maharashtra, Andhra Pradesh, Telangana, Tamil Nadu, Karnataka)
Distribution network
4,500+ distributors, 500+ super stockists and 29 depots across India
Retail touchpoints
4,60,000+ retail outlets
Founded 1992 Company website

Guidance record · Q1 FY27

what the last two calls moved 13 tracked 0 delivered 5 missed 8 open
  • Return on Capital (ROC) went quiet said Q1 FY26 Promised: above 20% within two years Q1 FY27: The ROC/ROCE target was not mentioned or updated during the quarter. The two-year deadline from birth quarter has passed.
  • Total Revenue at risk said Q1 FY26 Promised: ₹10,000 crores in revenue within the next five years Q1 FY27: Management guided for FY27 revenue growth of 'more than 10%', which is significantly below the ~21% CAGR required to reach the ₹10,000 crore target from the FY26 base. Q1 growth was 11% YoY.
  • New Age Business Contribution on track said Q2 FY26 Promised: around 20% of our portfolio would be coming from the health and nutrition business in the next 3 to 4 years Q1 FY27: New Age business contribution grew strongly to 13% of overall revenue, up from 9% YoY and 10% in the prior quarter. This demonstrates accelerated progress towards the target.

All 13 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 10.9%, net profit down 21.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue871 885 918 852 1,008 +16%1,013 +14%945 +3%945 +11%
EBITDA69 74 62 58 71 +3%68 −8%59 −5%68 +17%
Net profit29 36 26 28 46 +59%30 −17%32 +23%22 −21%
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 +1.5% 1Y

₹200₹250₹300₹350Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 11 Feb 2026Q4 FY26 — 8 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹264.46 on 10 Sept 2025 → ₹268.5. High ₹371.6 (13 Nov 2025), low ₹179.86 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−1.2%
7 Aug
Q4 FY26
−3.8%
8 May
Q3 FY26
−2.1%
11 Feb
Q2 FY26
+13.3%
12 Nov

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 9.7% a year over 3 years, FY23 to FY26. Operating margin widened to 6.7%.

Year endingFY23FY24FY25FY26
Revenue₹2.9k Cr₹3.1k Cr₹3.4k Cr₹3.8k Cr
Operating profit₹119 Cr₹198 Cr₹261 Cr₹256 Cr
Operating margin4.1%6.3%7.6%6.7%
Interest₹55 Cr₹76 Cr₹93 Cr₹82 Cr
Depreciation₹57 Cr₹60 Cr₹67 Cr₹71 Cr
Net profit₹52 Cr₹90 Cr₹118 Cr₹136 Cr
Net margin1.8%2.9%3.4%3.6%
Cash from operations₹-190 Cr₹102 Cr₹212 Cr₹149 Cr
Free cash flow₹-190 Cr₹41 Cr₹87 Cr₹59 Cr
ROCE9.0%11.0%14.0%14.0%
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₹84 Cr₹95 Cr₹117 Cr₹119 Cr₹125 Cr₹125 Cr
Reserves₹844 Cr₹459 Cr₹691 Cr₹793 Cr₹1.1k Cr₹1.1k Cr
Borrowings₹381 Cr₹523 Cr₹606 Cr₹616 Cr₹543 Cr₹607 Cr
Other liabilities₹373 Cr₹318 Cr₹253 Cr₹358 Cr₹489 Cr₹415 Cr
Total liabilities₹1.7k Cr₹1.4k Cr₹1.7k Cr₹1.9k Cr₹2.2k Cr₹2.3k Cr
Fixed assets₹473 Cr₹459 Cr₹436 Cr₹466 Cr₹593 Cr₹643 Cr
Capital work in progress₹3 Cr₹10 Cr₹45 Cr₹69 Cr₹37 Cr₹37 Cr
Investments₹1 Cr₹0 Cr₹5 Cr₹5 Cr₹5 Cr₹5 Cr
Other assets₹1.2k Cr₹926 Cr₹1.2k Cr₹1.3k Cr₹1.6k Cr₹1.6k Cr
Total assets₹1.7k Cr₹1.4k Cr₹1.7k Cr₹1.9k Cr₹2.2k Cr₹2.3k 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, the public added +4.60 pp while promoters trimmed −2.12 pp. The shareholder count shrank 13% to 88,951.

Promoters
40.5%
FIIs
7.5%
DIIs
5.8%
Public
45.8%
Others
0.5%

Since Jun 2025

  • Public +4.60 pp
  • Promoters −2.12 pp
  • FIIs −1.78 pp

How it drifted, 12 quarters

Over this window the public went from 41.4% to 45.8% — +4.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 41.6%, FIIs 8.8%, DIIs 8.1%, Public 41.4%, Others 0.1%.Dec '23: Promoters 41.6%, FIIs 8.8%, DIIs 8.6%, Public 40.8%, Others 0.1%.Mar '24: Promoters 42.6%, FIIs 8.9%, DIIs 8.6%, Public 39.7%, Others 0.1%.Jun '24: Promoters 42.6%, FIIs 8.5%, DIIs 8.6%, Public 40.1%, Others 0.1%.Sep '24: Promoters 42.6%, FIIs 10.1%, DIIs 7.1%, Public 40.0%, Others 0.1%.Dec '24: Promoters 42.6%, FIIs 8.2%, DIIs 7.1%, Public 42.0%, Others 0.1%.Mar '25: Promoters 42.6%, FIIs 8.5%, DIIs 6.9%, Public 41.9%, Others 0.1%.Jun '25: Promoters 42.6%, FIIs 9.2%, DIIs 6.9%, Public 41.2%, Others 0.1%.Sep '25: Promoters 42.6%, FIIs 9.9%, DIIs 6.6%, Public 40.7%, Others 0.1%.Dec '25: Promoters 40.6%, FIIs 9.3%, DIIs 6.2%, Public 43.8%, Others 0.1%.Mar '26: Promoters 40.6%, FIIs 8.8%, DIIs 5.3%, Public 45.3%, Others 0.1%.Jun '26: Promoters 40.5%, FIIs 7.5%, DIIs 5.8%, Public 45.8%, Others 0.5%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Parag Milk Foods Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Devendra Prakash Shah 16.09%−0.06 pp
Netra Preetam Shah 11.04%unchanged
Pritam Prakash Shah 7.29%unchanged
Sixth Sense India Opportunities Iii VC / PE4.56%unchanged
International Finance Corporation NBFC / DFI4.56%unchanged
Peanence Commercial Pvt Limited 4.16%unchanged
Multitude Growth Funds Limited FPI fund3.40%unchanged
Poojan Devendra Shah 2.62%unchanged
India Insight Value Fund FPI fund1.84%unchanged
Shah Priti Devendra 1.77%unchanged
Akshali Devendra Shah 1.59%unchanged
Late Parag Prakash Shah 0.08%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.

What the price assumes

Attractive

To justify its price of ₹268, this stock must grow earnings at 21% every year for 7 years. Our analysis caps realistic growth at ~66%. At that growth it is worth ₹2075 — upside of 673%.

Growth the price implies
21.4% a year
for 7 years, fading to 4%
It has actually compounded at
65.8% a year
net profit, FY23–FY26 · EPS 66.2%
The gap
-0.4 pp
673% downside if it only repeats history
Price today ₹268.5 Value at the reference growth ₹2,074.52

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Parag Milk Foods Limited

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