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Dodla Dairy Margin Trend — Quarter by Quarter

Dodla Dairy's EBITDA margin moved from 9.1% in Q2 FY26 to 5.0% in Q4 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY265.0%—
Q3 FY267.7%—
Q2 FY269.1%—

What management said about ebitda margin

G

Q4 FY26 · Gross margin recovery of 50-100 bps over FY26

Expected as procurement normalizes and pricing actions take effect.

G

Q3 FY26 · Price hike of ₹2-3/liter expected in summer

Management plans to increase milk prices by ₹2-3 per liter once summer demand picks up, to offset higher procurement costs.

G

Q2 FY26 · EBITDA margin guidance of 8-10% for H2 FY26

Management expects to maintain EBITDA margins between 8% and 10% in the second half, barring weather-related disruptions.