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Revenue
₹945 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Parag Milk Foods reported FY26 annual revenue of ₹3,800 crore, with double-digit growth and 5% volume growth. Core categories grew 8% in volume, while the new-age business (Avataar, Pride of Cows) surged 91% YoY, reaching ₹100 crore quarterly revenue for the second consecutive quarter, now contributing 10% of total revenue. Gross margins expanded to 28% in Q4 (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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the new-age business (Avataar, Pride of Cows) to contribute 20-25% of total revenue over the next 3-5 years, implying ~₹1,000 crore at a ₹10,000 crore revenue target.
- Capital expenditure for FY27 is guided at ₹60-70 crore, primarily for cheese capacity expansion and other projects.
- Management aims to achieve double-digit EBITDA margins, though no specific timeline was provided.
- Management aspires to double-digit volume growth in core categories, leveraging distribution expansion and market share gains.
Risks flagged
- Employee expenses rose sharply due to ESOP grants and director remuneration changes, impacting EBITDA margins. Quarterly run-rate may settle around ₹45-46 crore.
- Core category volumes declined 3% in Q4 due to lower institutional and export sales, raising concerns about demand sustainability.
- Milk prices rose 15% YoY; while management passed on costs, further inflation could pressure gross margins if pricing power wanes.
- New-age business revenue was flat sequentially at ~₹100 crore due to promotional pullbacks and price increases; growth trajectory needs monitoring.
Key quotes
- We crossed 3,800 crores in annual revenue growing in double digits with volume growth of 5%.
- Our new age business has emerged as a strong growth engine crossing 100 crores in quarterly revenue for the second consecutive quarter and growing over 100% year-on-year in Q4.
- We are confident that we will inch up to double digit margins... the idea or the business strategy is to enter into double digit margins.
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