Parag Milk Foods

Parag Milk Foods reported FY26 annual revenue of ₹3,800 croreCurrent reported value: ₹3,800 crore. No comparable prior figure is available in the source record., with double-digit growth and 5% volume growthCurrent reported value: 5% volume growth. No comparable prior figure is available in the source record.. Core categories grew 8% in volume, while the new-age business (Avataar, Pride of Cows) surged 91% YoYCurrent reported value: 91% YoY. No comparable prior figure is available in the source record., reaching ₹100 crore quarterly revenueCurrent ₹100 crore quarterly revenue. Reported change: +100% YoY. for the second consecutive quarter, now contributing 10% of total revenue. Gross margins expanded to 28% in Q4Current 28% in Q4. Reported change: +130bps YoY. (vs 26.7% last year) despite 15% milk price inflation, driven by portfolio mix and pricing discipline. However, Q4 core category volumes declined 3% due to lower institutional/export sales. Management targets double-digit EBITDA margins and expects new-age business to reach 20-25% of revenue in 3-5 years. Capex guidance for FY27 is ₹60-70 crore. Risk: Employee costs surged due to ESOP and director remuneration changes, pressuring near-term profitability.