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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹2815 Cr.
Stock P/E
23.7
P/B
2.2
Current Price
₹222.3
Book Value
₹ 99.9
Face Value
10
52W High
₹377.2
52W Low
₹ 178.4
Dividend Yield
0.49%

Parag Milk Foods Overview

Business

Parag Milk Foods Ltd. is an Indian dairy and food products company. Its core business involves the procurement, processing, and marketing of a wide range of dairy products. The company sources raw milk directly from farmers, processes it in its manufacturing facilities, and then distributes its products under various brands. It generates revenue primarily through the sale of liquid milk, cheese, ghee, paneer, curd, yogurt, milk powder, and whey protein supplements across retail, institutional, and export channels.

Revenue Mix

The company operates across several key product categories, though specific revenue percentages are not static or always publicly broken down in detail. Its major segments include:

Liquid Milk: Packaged fresh milk (including premium variants like 'Pride of Cows').

Value-Added Products: This is a significant focus and includes:

Cheese: Under the 'Go' brand (various types like cheddar, mozzarella, processed cheese).

Ghee: Under the 'Gowardhan' brand.

Paneer, Curd, Yogurt, Buttermilk, Lassi: Also under 'Gowardhan' and 'Go' brands.

Milk Powder & Whey Protein: Including the 'Avvatar' brand for whey protein.

The company strategically focuses on value-added products due to their higher margins compared to liquid milk.

Industry

The Indian dairy industry is one of the largest globally, characterized by a mix of cooperative federations (like Amul), large private players, and a vast unorganized sector. Parag Milk Foods is positioned as a prominent private sector player in the organized dairy industry, particularly known for its strong presence in value-added products like cheese (where 'Go Cheese' is a well-recognized brand) and ghee ('Gowardhan Ghee'). It competes with national players such as Amul, Mother Dairy, Hatsun Agro Product, Heritage Foods, and various regional cooperatives and private dairies. The industry is witnessing a gradual shift from loose milk to branded, packaged products.

MOAT

Brand Equity: Established and recognized brands like 'Gowardhan' (for traditional dairy products) and 'Go' (for modern dairy products, especially cheese) enjoy consumer trust and recall. 'Pride of Cows' offers a premium niche.

Processing Capabilities: The company has invested in modern processing facilities, including specialized units for cheese production, giving it an edge in quality and variety for value-added products.

Integrated Model & Farmer Relationships: Direct milk procurement from farmers helps ensure quality control and supply stability, building long-term relationships.

Distribution Network: An established distribution network across key regions in India, reaching various retail formats.

Growth Drivers

Rising Dairy Consumption: Increasing per capita consumption of milk and dairy products in India, driven by population growth, rising disposable incomes, and urbanization.

Shift to Branded & Value-Added Products: Growing consumer preference for hygiene, convenience, and variety offered by branded, packaged dairy, especially in cheese, yogurt, and paneer segments.

Distribution Expansion: Expanding its reach into new geographies and strengthening its presence in existing markets, including modern trade and e-commerce.

Product Portfolio Diversification: Growth through new product launches, especially in health & nutrition (e.g., whey protein 'Avvatar') and premium segments.

Premiumization: Success of premium offerings like 'Pride of Cows' indicates potential for higher-margin growth.

Risks

Raw Material Price Volatility: Fluctuations in milk procurement prices directly impact the cost of goods sold and profitability.

Intense Competition: The Indian dairy market is highly competitive with large cooperatives, established private players, and regional players.

Regulatory Changes: Stricter food safety norms (FSSAI) or changes in dairy policies can impact operations and costs.

Supply Chain & Cold Chain Management: Maintaining an efficient cold chain is crucial for perishable dairy products, posing logistical and cost challenges.

Changing Consumer Preferences: Evolving consumer tastes, dietary trends, or perception of dairy products could impact demand for certain segments.

Management & Ownership

Parag Milk Foods Ltd. is a promoter-led company. It was founded by Mr. Devendra Shah, who serves as the Chairman, providing strategic direction. The management team has significant experience in the dairy industry. The ownership structure is primarily controlled by the promoter group, indicating a concentrated ownership and decision-making by the founding family.

Outlook

Parag Milk Foods is well-positioned to capitalize on the secular growth trend in India's organized dairy sector, driven by increasing consumption and a shift towards branded, value-added products. Its strong brand portfolio, particularly in cheese and ghee, and its focus on premium and nutritional products like whey protein, provide avenues for margin expansion and diversification. However, the company faces inherent challenges from raw material price volatility, intense competition from well-entrenched national and regional players, and the continuous need for investment in processing and cold chain infrastructure. Sustained growth will depend on effective cost management, successful product innovation, and continued expansion of its distribution network while navigating a competitive and price-sensitive market.

Parag Milk Foods Share Price

Live · BSE / NSE · Inception: 1992
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Parag Milk Foods Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 801 790 758 871 885 918 852 1008 1013 945
Other Income 6 8 6 16 5 13 8 18 9 19
Total Income 807 798 763 888 890 931 859 1026 1022 964
Total Expenditure 736 753 702 811 811 856 794 937 944 886
Operating Profit 70 45 62 77 80 75 66 89 77 78
Interest 22 16 19 23 26 25 20 20 21 21
Depreciation 15 15 16 18 16 17 16 19 18 18
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -6 0
Profit Before Tax 33 14 27 36 38 33 29 50 33 40
Provision for Tax -1 4 -0 6 2 6 2 5 3 8
Profit After Tax 34 10 27 29 36 26 28 46 30 32
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 34 10 27 29 36 26 28 46 30 32
Adjusted Earnings Per Share 2.9 0.8 2.3 2.5 3 2.2 2.3 3.7 2.4 2.6

Parag Milk Foods Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1444 1645 1731 1955 2396 2438 1842 2072 2893 3139 3432 3818
Other Income 2 2 13 13 29 8 14 21 45 25 79 54
Total Income 1446 1647 1744 1967 2425 2446 1855 2093 2938 3164 3511 3871
Total Expenditure 1337 1497 1643 1762 2191 2227 1719 2510 2774 2938 3218 3561
Operating Profit 109 150 101 205 234 219 136 -417 163 226 293 310
Interest 47 50 33 36 36 38 47 51 55 79 93 82
Depreciation 28 33 49 51 50 54 49 54 57 60 67 71
Exceptional Income / Expenses 0 0 -19 0 0 0 0 0 0 0 0 -6
Profit Before Tax 34 67 -1 119 148 127 41 -522 51 86 133 152
Provision for Tax 2 19 -6 32 27 33 20 10 -2 -5 14 18
Profit After Tax 32 47 5 87 121 94 21 -532 53 91 119 136
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 32 47 5 87 121 94 21 -532 53 91 119 136
Adjusted Earnings Per Share 6.7 6.7 0.6 10.4 14.4 11.2 2.5 -55.9 4.5 7.6 10 11

Parag Milk Foods Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 124 362 625 712 827 911 928 554 808 912 1023
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 172 125 70 64 65 48 33 260 255 244 252
Other Non-Current Liabilities 28 48 4 3 -12 7 10 18 16 26 46
Total Current Liabilities 600 486 578 650 560 715 708 563 588 701 711
Total Liabilities 924 1020 1278 1429 1439 1681 1679 1395 1668 1883 2033
Fixed Assets 291 345 359 426 440 466 473 459 436 466 578
Other Non-Current Assets 97 63 82 43 65 39 20 28 103 113 97
Total Current Assets 536 613 837 960 935 1177 1186 908 1129 1304 1358
Total Assets 924 1020 1278 1429 1439 1681 1679 1395 1668 1883 2033

Parag Milk Foods Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 3 4 5 41 31 7 22 7 80 14 11
Cash Flow from Operating Activities 88 59 -17 19 140 -66 100 -149 -190 102 212
Cash Flow from Investing Activities -29 -32 -87 -16 -73 -29 -47 -20 -88 -53 -132
Cash Flow from Financing Activities -58 -26 140 -12 -91 111 -69 241 212 -53 -78
Net Cash Inflow / Outflow 1 1 36 -10 -24 15 -15 73 -66 -3 1
Closing Cash & Cash Equivalent 4 5 41 31 7 22 7 80 14 11 12

Parag Milk Foods Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 6.72 6.72 0.57 10.38 14.38 11.16 2.47 -55.93 4.54 7.6 9.97
CEPS(Rs) 12.47 11.46 6.4 16.41 20.36 17.55 8.26 -50.29 9.43 12.65 15.6
DPS(Rs) 0 0 0.5 0.75 1 0.5 0.5 0 0 0.5 1
Book NAV/Share(Rs) 25.86 51.39 74.38 84.8 98.48 108.45 110.49 57.93 68.53 76.52 85.83
Core EBITDA Margin(%) 7.42 9.01 5.06 9.85 8.55 8.64 6.65 -20.16 3.96 6.07 5.87
EBIT Margin(%) 5.62 7.07 1.86 7.91 7.66 6.77 4.75 -21.66 3.55 5 6.2
Pre Tax Margin(%) 2.37 4.06 -0.06 6.09 6.17 5.21 2.21 -24 1.71 2.6 3.64
PAT Margin (%) 2.23 2.88 0.27 4.45 5.04 3.84 1.12 -24.48 1.78 2.74 3.26
Cash Profit Margin (%) 4.14 4.91 3.1 7.04 7.13 6.04 3.76 -22.01 3.7 4.56 5.11
ROA(%) 3.69 4.87 0.41 6.43 8.42 6 1.23 -34.64 3.48 5.1 6.07
ROE(%) 29.51 19.48 0.96 13.04 15.7 10.79 2.25 -72.01 7.86 10.56 12.28
ROCE(%) 12.31 16.4 3.93 16.37 17.73 13.88 6.67 -39.57 8.6 11.42 14.4
Receivable days 42.25 45.13 43.34 39.85 40.4 43.58 45.82 23.85 17.93 22.77 25.24
Inventory Days 50.82 53.72 73.91 80.9 68.62 82.03 131.56 98.46 64.26 65.64 59.79
Payable days 58.75 59.88 76.13 90.57 73.44 63.89 87.67 50.22 32.17 33.54 38.07
PER(x) 0 0 402.36 24.07 18.18 5.73 42.79 0 15.99 27.38 15.03
Price/Book(x) 0 0 3.07 2.95 2.66 0.59 0.96 1.66 1.06 2.72 1.74
Dividend Yield(%) 0 0 0.22 0.3 0.38 0.78 0.47 0 0 0.24 0.67
EV/Net Sales(x) 0.38 0.27 1.2 1.2 1.01 0.37 0.68 0.65 0.49 0.97 0.69
EV/Core EBITDA(x) 5.11 3.01 20.63 11.38 10.37 4.16 9.18 -3.24 8.72 13.46 8.11
Net Sales Growth(%) 32.85 13.92 5.2 12.93 22.57 1.76 -24.45 12.49 39.62 8.51 9.35
EBIT Growth(%) 48.12 43.33 -72.34 380.63 18.67 -10.09 -47.05 -638.99 122.55 55.59 36.58
PAT Growth(%) 120.81 46.91 -89.95 1730.45 38.67 -22.39 -77.9 -2671.82 110 70.11 31.13
EPS Growth(%) 120.87 -0.07 -91.56 1730.59 38.59 -22.39 -77.9 -2367.58 108.12 67.25 31.13
Debt/Equity(x) 4.4 1.07 0.42 0.41 0.29 0.44 0.41 0.94 0.73 0.64 0.6
Current Ratio(x) 0.89 1.26 1.45 1.48 1.67 1.65 1.67 1.61 1.92 1.86 1.91
Quick Ratio(x) 0.54 0.7 0.71 0.8 0.84 0.76 0.69 0.76 0.94 0.98 1.1
Interest Cover(x) 1.73 2.35 0.97 4.33 5.13 4.33 1.87 -9.24 1.93 2.08 2.42
Total Debt/Mcap(x) 0 0 0.14 0.14 0.11 0.74 0.43 0.56 0.69 0.24 0.34

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +9% +18% +7% +9%
Operating Profit CAGR +30% +6% +10%
PAT CAGR +31% +5% +14%
Share Price CAGR +3% +30% +10% -1%
ROE Average +12% +10% -8% +5%
ROCE Average +14% +11% 0% +7%

Parag Milk Foods Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 40.65 %
FII 8.77 %
DII (MF + Insurance) 5.25 %
Public (retail) 59.35 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 41.6342.6142.6142.6142.6142.6142.6142.6140.6540.65
FII 8.838.958.5110.088.28.469.239.919.258.77
DII 8.368.428.396.886.846.846.846.66.155.25
Public 58.3757.3957.3957.3957.3957.3957.3957.3959.3559.35
Others 0000000000
Total 100100100100100100100100100100

Parag Milk Foods Peer Comparison

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Parag Milk Foods Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Parag Milk Foods Pros & Cons

Pros

Cons

  • Promoter holding is low: 40.65%.
  • Company has a low return on equity of 10% over the last 3 years.
  • Debtor days have increased from 33.54 to 38.07days.
  • The company has delivered a poor profit growth of 4% over past five years.
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