Employee cost escalation
Employee expenses rose sharply due to ESOP grants and director remuneration changes, impacting EBITDA margins. Quarterly run-rate may settle around ₹45-46 crore.
PARAGMILKFOODS / Q4-FY26 / risks
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Parag Milk Foods · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Core category volume decline in Q4
Core category volumes declined 3% in Q4 due to lower institutional and export sales, raising concerns about demand sustainability.
Milk price inflation and margin pressure
Milk prices rose 15% YoY; while management passed on costs, further inflation could pressure gross margins if pricing power wanes.
New-age business sequential stagnation
New-age business revenue was flat sequentially at ~₹100 crore due to promotional pullbacks and price increases; growth trajectory needs monitoring.