NSE: DODLA | BSE: 543306

Mid-range Performer

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1160.35 38.35 (3.42%)

46.68% Gain from 52W Low

64,289 NSE+BSE Volume

NSE 20 Mar, 2025 3:31 PM (IST)

7,000.1

Market Cap

High in industry

0.8

Beta 1Year

Very Low volatility

Dodla Dairy Ltd. share price target and research reports

Name: Latest research reports of Dodla Dairy Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Dodla Dairy Ltd.
Rating: 4
Author: ICICI Securities Limited

Latest analyst research reports with target prices and PDF download for DODLA, BSE:543306 Dodla Dairy Ltd.

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Dodla Dairy Ltd.

23 Oct 2023

1160.35

3.42%

Margin expansion due to correction in commodity prices

Accumulate: Dodla Dairy Ltd.

Target

ICICI Securities Limited

Three observations: (1) The gross margin expanded with correction in milk procurement prices. We model the margin recovery to continue in H2FY24 with likely normal flush season in FY24, (2) the company plans to set up new plant in Maharashtra. We view it as a positive development considering geographical expansion just next to current cluster of South India, (3) There is healthy growth in value added products (Curd) partially led by muted monsoon and higher temperatures in Aug’23.

Dodla Dairy Ltd. is trading above all available SMAs

Dodla Dairy Ltd.

24 Jul 2023

1160.35

3.42%

Correction in milk procurement prices leads to EBITDA margin expansion

Accumulate: Dodla Dairy Ltd.

Recommendation Target

ICICI Securities Limited

Highlights from Dodla’s Q1FY24: (1) Milk procurement prices have corrected and it has led to gross and EBITDA margin expansion YoY. We model margin expansion to continue even in rest of FY24 led by correction in input prices, (2) volume growth was healthy at ~6.7% YoY; we model it to be in mid-high single digits in rest of FY24, and (3) the company has potential to gain market share considering additional profitability.

Dodla Dairy Ltd. has gained 18.07% in the last 1 Week

Dodla Dairy Ltd.

22 May 2023

1160.35

3.42%

Muted flush season impacts margin; we model recovery in H2FY24

Buy: Dodla Dairy Ltd.

Target

ICICI Securities Limited

Muted flush season and heat wave have impacted the milk production and milk procurement prices. While Dodla reported healthy growth of 9.8% in milk procurement, we note the steep increase in input prices contracted the gross margins by 416bps YoY to 21.4%, lowest level in past 12 quarters.

Dodla Dairy Ltd. is trading above all available SMAs

Dodla Dairy Ltd.

23 Mar 2023

1160.35

3.42%

Model recovery in margins in H2FY24; Milk procurement prices near peak levels

Buy: Dodla Dairy Ltd.

ICICI Securities Limited

We believe milk procurement prices are closer to the peak levels and may correct post commencement of flush season in H2CY23. We model the EBITDA margins of Dodla Dairy to decline 50-100bps YoY in H1CY23. However, we model strong recovery in margins in H2FY24 led by (1) price hikes and (2) likely correction in milk procurement prices.

Dodla Dairy Ltd. is trading above all available SMAs

Dodla Dairy Ltd.

23 Jan 2023

1160.35

3.42%

Likely market share gains; Expect margin recovery in FY24

Buy: Dodla Dairy Ltd.

ICICI Securities Limited

In-spite of multiple macro headwinds such as higher milk procurement prices, higher SMP prices and muted flush season, Dodla reported sturdy performance in Q2FY23. Considering the peer group performance, we believe Dodla has likely gained market shares in Q3FY23.

Number of FII/FPI investors increased from 86 to 103 in Dec 2024 qtr.

Dodla Dairy Ltd.

25 Oct 2022

1160.35

3.42%

Highest revenue growth among peers; likely market share gains

Buy: Dodla Dairy Ltd.

Target

ICICI Securities Limited

Dodla’s revenues increased 22.8% YoY compared to Hatsun (6.9%) and Heritage (21.8%) led by strong 11.7% growth in milk procurement and 19.7% higher revenues from VAP.

Dodla Dairy Ltd. is trading above all available SMAs

Dodla Dairy Ltd.

21 Mar 2022

1160.35

3.42%

Acquisition of Sri Krishna Milks to strengthen footprint in Karnataka and South Maharashtra

Buy: Dodla Dairy Ltd.

Target

ICICI Securities Limited

We believe acquisition of Sri Krishna Milks to be value accretive in medium term as (1) Sri Krishna operates in key region of Dodla i.e. South India and same products where Dodla has strong understanding i.e. milk and curd, (2) While Sri Krishna was loss making, it has Gross margin of ~22% over FY18-21 which indicates strong consumer acceptance of the brand and (3) post acquisition Dodla will be able to consolidate its position in North Karnataka, South Maharashtra and Goa.

Number of FII/FPI investors increased from 86 to 103 in Dec 2024 qtr.

Dodla Dairy Ltd.

25 Oct 2021

1160.35

3.42%

Strong volume-led revenue growth

Buy: Dodla Dairy Ltd.

ICICI Securities Limited

Key takeaways from Q2FY22 results are: (1) Dodla registered healthy revenue growth of 22.9% YoY, (2) steady launch of new products continued during the quarter and (3) EBITDA margins declined 544bps YoY due to higher input prices, increase in freight costs and ad spends.

Dodla Dairy Ltd. is trading above all available SMAs

Dodla Dairy Ltd.

16 Jun 2021

1160.35

3.42%

Dodla Dairy Ltd.: IPO

IPO Note: Dodla Dairy Ltd.

ICICI Securities Limited

Dodla has an integrated business model consisting of procurement, processing, distribution & marketing operations. Its procurement operations are spread across Andhra Pradesh, Telangana, Tamil Nadu, Karnataka and Maharashtra with average procurement of 1.03 million litre per day (MLPD) from ~1.09 lakh farmers through 6,771 village level collection centres (VLCCs) and third party suppliers. The processing operations are spread across 13 processing plants in south India with aggregate installed capacity of 1.70 MLPD. It also runs two skimmed milk powder (SMP) plants in Nellore...

Dodla Dairy Ltd. is trading above all available SMAs

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VOTE: Is Dodla Dairy Ltd. worth buying?

28 Votes:

Buy 71.43%

Sell 21.43%

Hold 7.14%