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Revenue
₹1,019 Cr
verified against source
Revenue YoY
2.1%
reported change
EBITDA
₹93 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dodla Dairy reported Q2 FY26 consolidated revenue of ₹1,019 crore, up 2.1% YoY, with EBITDA margin of 9.1% and PAT margin of 6.4%. Growth was impacted by a sharp decline in bulk SMP/butter sales (₹28 crore vs ₹165 crore YoY), but core business (ex-Osam and bulk) grew 13%. Osam contributed ₹52.6 crore for two months. Gross margin improved 220bps to 27.7% due to better product mix. Liquid milk volume grew 12.6% YoY, while value-added products (ex-bulk) rose 24.2%. Procurement costs increased to ₹37.29/litre (vs ₹34.64 last year) due to lean season and erratic rainfall. Management guided for 8-10% EBITDA margins in H2, with India standalone revenue growth of 5-6%. Key risk: continued supply pressure from weather could keep procurement costs elevated and compress margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to maintain EBITDA margins between 8% and 10% in the second half, barring weather-related disruptions.
- India standalone revenue is expected to grow at 5-6% in the second half due to winter seasonality impacting value-added products.
- The Maharashtra facility currently processes 1.2 lakh litres/day and is targeted to reach 2 lakh litres/day within two years, with breakeven expected in 3-4 quarters.
Risks flagged
- Erratic rainfall and lean season have pushed procurement costs to ₹37.29/litre, up 7.6% YoY, and management expects further pressure in Q3.
- Osam operates at low margins (~2.6% EBITDA margin) and management could not provide a specific timeline for improvement to 8-9% levels, citing operational inefficiencies.
- Bulk SMP/butter sales dropped from ₹165 crore to ₹28 crore YoY, causing overall revenue growth to slow to 2.1%. This volatility may recur.
Key quotes
- This is the second consecutive quarter where we have crossed the ₹1,000 crore revenue mark despite a notable shift in the product mix as compared to Q2 FY25.
- Our hope is that we will maintain that you know between the 8 to 10% kind of margin outlook also won't drop significantly.
- We are not sure about it. I think that is the reason but otherwise we will maintain between that 8 to 10%.
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