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.” Result PDF
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.” Result PDF
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.” Result PDF
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.” Result PDF
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.” Result PDF
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.” Result PDF