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Revenue
₹1,025 Cr
verified against source
Revenue YoY
13.7%
reported change
EBITDA
₹79 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 Q3 FY26 revenue of ₹1,025 crore (+13.7% YoY), driven by strong volume growth in liquid milk and value-added products, partially offset by a sharp decline in bulk sales (from ₹72 crore to negligible). EBITDA margin contracted to 7.7% due to a ₹2.5/liter sequential increase in procurement costs, which were not fully passed on to consumers amid subdued winter demand. A one-time provision of ₹6 crore for labor law changes was offset by a ₹22 crore tax reversal. Africa revenue grew 34.5% YoY to ₹133 crore, with EBITDA improving to ₹17 crore. Management expects margin pressure to persist in Q4 but anticipates recovery in summer with price hikes of ₹2-3/liter. Risks include prolonged milk shortage due to erratic weather and potential El Niño impact on procurement costs.
Colored figures show movement against the previous available record.
Guidance to track
- Management plans to increase milk prices by ₹2-3 per liter once summer demand picks up, to offset higher procurement costs.
- The Maharashtra greenfield project is on track, with ₹69 crore already spent out of ₹280 crore total capex. First-year revenue potential of ₹500-600 crore.
- A new 3 lakh liter/day plant near Kampala will focus on fresh milk and yogurt, with phase one capex of ₹50-60 crore funded by internal accruals.
- Management aims to increase VAP share from current 25% to 30-32% through paneer, curd, and ice cream growth.
Risks flagged
- Erratic rainfall and lack of flush season have driven procurement costs up ₹2.5/liter sequentially, with no immediate relief expected.
- Management delayed price hikes to maintain market share, compressing margins. If summer demand remains weak, margin recovery may be delayed.
- Large capex projects (₹280 crore in Maharashtra, ₹50-60 crore in Uganda) face timeline and cost overrun risks.
- El Niño could lead to severe summers and further milk shortages, increasing procurement costs and pressuring margins.
Key quotes
- We expect some pressure to persist in Q4 FY26 with a revival anticipated as we move into summer.
- The arbitrage that we will be looking at at the current moment will be anywhere between two to three rupees as a requirement of the price increase that we need to do across the board.
- We generate healthy profits in Uganda and we will redeploy only those profits. We don't need any additional money.
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