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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,074 Cr
verified against source
Revenue YoY
18.1%
reported change
EBITDA
₹54 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 Q4 FY26 revenue of ₹1,074 crore (+18.1% YoY), driven by volume expansion. EBITDA margin contracted to 5.0% due to elevated milk procurement costs (₹40.97/liter, +9.7% YoY) and a calibrated pricing strategy that did not fully pass on cost increases. PAT of ₹70 crore included one-off tax credits; adjusted PAT was ~₹40 crore. Africa business grew 48% YoY to ₹151 crore, with EBITDA of ₹18 crore. Management guided for FY27 revenue growth in low-to-mid teens, gradual gross margin recovery of 50-100 bps, and normalized tax rate of 25-27%. Key risks include sustained input cost inflation (fuel, packaging) and potential El Niño impact on milk supply.
Colored figures show movement against the previous available record.
Guidance to track
- Driven by 8-9% organic India growth, Africa's current trajectory, and full-year contribution from OSAM.
- Expected as procurement normalizes and pricing actions take effect.
- Post completion of favorable tax orders received in FY26.
- Supported by Phase 2 expansion in Uganda (pasteurized milk and products).
Risks flagged
- Fuel and packaging costs have risen sharply (plastic +30%); management uncertain on pass-through timing.
- Analyst raised concern; management acknowledged uncertainty but noted potential offset from farmer shift to animal husbandry.
- Management expects procurement costs to drop ₹1-1.5/liter, but timing is uncertain; Q4 margins were cyclical trough.
Key quotes
- We are expecting a gradual gross margin recovery of 50 to 100 basis points over FY26 level. As procurement normalizes and pricing actions take effect.
- The decision that we took 12 years ago to extend our footprint in Africa has now become an important engine for long-term growth of the company.
- We are more worried about the other costs that are going to shoot up dramatically more than the price of milk itself.
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