India dairy FMCG maker of ghee, cheese, paneer & whey protein under Gowardhan, Go, Pride of Cows, Avvatar.
Price & Snapshot
1Y: ₹311.55 on 31 Oct 2025 → ₹242.38. High ₹371.6 (13 Nov 2025), low ₹179.86 (30 Mar 2026).
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 945 | +10.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 7.0 | 0.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 22.0 | −21.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 11.85 | −0.3 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 1.49 | −1.0 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 10.92 | +1.9 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
0 of 5 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Growth Return on Capital (ROC) | above 20% within two years | Q1 FY26 | The ROC/ROCE target was not mentioned or updated during the quarter. The two-year deadline from birth quarter has passed. | Ghosted |
| Growth Total Revenue | ₹10,000 crores in revenue within the next five years | Q1 FY26 | 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. | At Risk |
| Growth New Age Business Contribution | around 20% of our portfolio would be coming from the health and nutrition business in the next 3 to 4 years | Q2 FY26 | 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. | On Track |
5 of Parag Milk Foods Limited's 13 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 10 more targets are in the full ledger.
Claimed
Qualified
Live Summary
Overview
Based on the company's own presentations, annual report and earnings calls.
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
Moved an average of ±5.1% across the last 4 priced result releases
| Quarter | Release | Revenue (₹ Cr) | Net profit (₹ Cr) | Rev YoY | Before → After | Reaction |
|---|---|---|---|---|---|---|
| Q1 FY27 | 7 Aug 26 | 945 | 22 | +10.9% | ₹225.99 → ₹223.22 | −1.2% |
| Q4 FY26 | 8 May 26 | 945 | 32 | +2.9% | ₹230.52 → ₹221.78 | −3.8% |
| Q3 FY26 | 11 Feb 26 | 1,013 | 30 | +14.5% | ₹242.25 → ₹237.1 | −2.1% |
| Q2 FY26 | 12 Nov 25 | 1,008 | 46 | +15.7% | ₹314.45 → ₹356.4 | +13.3% |
The move from the last close before each results date to the first close on or after it — the market's first read on the quarter alongside what was filed.
Guidance
0 of 5 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Growth Return on Capital (ROC) | above 20% within two years | Q1 FY26 | The ROC/ROCE target was not mentioned or updated during the quarter. The two-year deadline from birth quarter has passed. | Ghosted |
| Growth Total Revenue | ₹10,000 crores in revenue within the next five years | Q1 FY26 | 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. | At Risk |
| Growth New Age Business Contribution | around 20% of our portfolio would be coming from the health and nutrition business in the next 3 to 4 years | Q2 FY26 | 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. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 13 tracked commitments, with each call’s wording and source.
Call summaries
Parag Milk Foods Limited Q1 FY27
Parag Milk Foods delivered its highest ever Q1 revenue, driven by strong performance in its new age business and effective cost management. While overall flagship category volumes saw a slight decline, B2C segments performed robustly. The company is undertaking significant capacity expansion for cheese and aims for continued growth in value-added segments, despite a PAT decline attributed to tax impact.
Read the full callParag Milk Foods Q4 FY26
Parag Milk Foods reported strong annual performance in FY26 with double-digit revenue growth and significant expansion in its new age business. Gross margins improved in Q4 despite inflationary pressures, reflecting effective execution. However, Q4 saw a volume decline in core categories and a year-on-year drop in EBITDA margins, influenced by increased employee costs and the inflationary environment.
Read the full callParag Milk Foods Q3 FY26
Parag Milk Foods delivered strong Q3 FY26 results with revenue exceeding ₹1,000 crores and robust volume growth, particularly in its new age business. Despite significant commodity inflation, the company maintained sequential gross margins through strategic pricing and portfolio mix. However, YoY EBITDA and PAT saw some compression, partly due to inflationary pressures and an exceptional employee benefit provision. The company continues to focus on distribution expansion and brand building.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: −21% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| 871 | 885 | 918 | 852 | 1,008 | 1,013 | 945 | 945 | |
| 802 | 811 | 856 | 794 | 937 | 944 | 886 | 876 | |
| 69 | 74 | 62 | 58 | 71 | 68 | 59 | 68 | |
| 8.0% | 8.0% | 7.0% | 7.0% | 7.0% | 7.0% | 6.0% | 7.0% | |
| 7 | 5 | 13 | 8 | 18 | 3 | 19 | 1 | |
| 23 | 26 | 25 | 20 | 20 | 21 | 21 | 22 | |
| 18 | 16 | 17 | 16 | 19 | 18 | 18 | 18 | |
| 36 | 38 | 33 | 29 | 50 | 33 | 40 | 29 | |
| 18.0% | 4.0% | 19.0% | 5.0% | 10.0% | 9.0% | 20.0% | 25.0% | |
| 29 | 36 | 26 | 28 | 46 | 30 | 32 | 22 | |
| 2.45 | 3.02 | 2.20 | 2.31 | 3.65 | 2.36 | 2.58 | 1.76 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 2,893 | 3,139 | 3,432 | 3,818 | |
| 2,774 | 2,941 | 3,171 | 3,561 | |
| 119 | 198 | 261 | 256 | |
| 45 | 26 | 31 | 48 | |
| 55 | 76 | 93 | 82 | |
| 57 | 60 | 67 | 71 | |
| 51 | 86 | 134 | 152 | |
| 52 | 90 | 118 | 136 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| 95 | 117 | 119 | 119 | 125 | 125 | |
| 459 | 691 | 793 | 904 | 1,079 | 1,134 | |
| 523 | 606 | 616 | 654 | 543 | 607 | |
| 318 | 253 | 358 | 355 | 489 | 415 | |
| 1,395 | 1,668 | 1,887 | 2,033 | 2,235 | 2,281 | |
| 459 | 436 | 466 | 578 | 593 | 643 | |
| 10 | 45 | 69 | 19 | 37 | 37 | |
| 0 | 5 | 5 | 5 | 5 | 5 | |
| 926 | 1,182 | 1,348 | 1,431 | 1,600 | 1,596 | |
| 1,395 | 1,668 | 1,887 | 2,033 | 2,235 | 2,281 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| 100 | -149 | -190 | 102 | 212 | 149 | |
| -47 | -26 | -88 | -53 | -132 | -98 | |
| -69 | 248 | 212 | -53 | -78 | -60 | |
| -15 | 73 | -66 | -3 | 1 | -9 | |
| 56 | -185 | -190 | 41 | 87 | 58 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| 32 | 22 | 21 | 28 | 28 | 23 | |
| 186 | 91 | 100 | 103 | 90 | 104 | |
| 81 | 43 | 27 | 42 | 40 | 38 | |
| 136 | 70 | 95 | 89 | 78 | 89 | |
| 91 | 44 | 66 | 67 | 49 | 51 | |
| 7.0% | −39.0% | 9.0% | 11.0% | 14.0% | 13.0% | |
| 20.0% | 0.0% | 0.0% | 7.0% | 10.0% | 10.0% |
To justify its price of ₹242, this stock must grow earnings at 19% every year for 7 years. Our analysis caps realistic growth at ~66%. At that growth it is worth ₹2075 — upside of 756%.
Ownership
Public hold 48.67% as of Sept 2026; institutions cut 2.80 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Parag Milk Foods Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 16.09% | unchanged | |
| 11.04% | unchanged | |
| 7.29% | unchanged | |
| NBFC / DFI | 4.56% | unchanged |
| 3.39% | newly disclosed | |
| 3.25% | −0.91 pp | |
| 2.62% | unchanged | |
| FPI fund | 1.84% | unchanged |
| 1.77% | unchanged | |
| 1.59% | unchanged | |
| VC / PE | 1.48% | −3.08 pp |
| 1.12% | newly disclosed |
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.
Your own record
Free account: one company. Everything above stays public.
Write why you follow Parag Milk Foods Limited and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Quick Answers
Compiled directly from PARAGMILK's filed financial statements, earnings call transcripts, and ownership disclosures.
For the quarter ended Jun 2026, Parag Milk Foods Limited reported revenue of ₹945 Cr, net profit of ₹22 Cr, an operating margin of 7.0%. Diluted earnings per share stood at ₹1.76.
Parag Milk Foods Limited (PARAGMILK) trades at ₹242.38, with a market capitalization of ₹3.0k Cr. Reverse-DCF analysis shows the current stock price implies 19.4% annual earnings growth over the next 7 years compared with its historical net-profit CAGR of 65.8%.
As of Sept 2026, Promoters hold 40.5%, FIIs hold 7.6%, DIIs hold 2.9%, Public shareholders hold 48.7%.
Guides on how to read this kind of business and the numbers that matter.
