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Elevated procurement costs due to weather
View Risks →Dodla Dairy Limited — Q2 FY26
Dodla Dairy reported Q2 FY26 consolidated revenue of ₹1,019 crore, up 2.1% YoY, with EBITDA margin of 9.1% and PAT margin of 6.4%.
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Dodla Dairy reported Q2 FY26 consolidated revenue of ₹1,019 crore, up 2.1% YoY, with EBITDA margin of 9.1% and PAT margin of 6.4%. Growth was impacted by a sharp decline in bulk SMP/butter sales (₹28 crore vs ₹165 crore YoY), but core business (ex-Osam and bulk) grew 13%. Osam contributed ₹52.6 crore for two months. Gross margin improved 220bps to 27.7% due to better product mix. Liquid milk volume grew 12.6% YoY, while value-added products (ex-bulk) rose 24.2%. Procurement costs increased to ₹37.29/litre (vs ₹34.64 last year) due to lean season and erratic rainfall. Management guided for 8-10% EBITDA margins in H2, with India standalone revenue growth of 5-6%. Key risk: continued supply pressure from weather could keep procurement costs elevated and compress margins.
डोडला डेयरी ने दूसरी तिमाही में 1,019 करोड़ रुपये की कमाई की, जो पिछले साल से 2.1% ज्यादा है। कंपनी का मुनाफा मार्जिन 6.4% रहा। बल्क एसएमपी और मक्खन की बिक्री घटने से कमाई पर असर पड़ा, लेकिन मुख्य कारोबार (ओसाम और बल्क को छोड़कर) 13% बढ़ा। दूध की बिक्री 12.6% और वैल्यू-एडेड उत्पादों की बिक्री 24.2% बढ़ी। कच्चे दूध की कीमत बढ़कर 37.29 रुपये प्रति लीटर हो गई, जो पिछले साल 34.64 रुपये थी। कंपनी को उम्मीद है कि दूसरी छमाही में मुनाफा मार्जिन 8-10% रहेगा। मौसम की मार से दूध की कीमतें ऊंची रह सकती हैं, जिससे मुनाफा कम हो सकता है।
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Liquid milk sales volume
13.1 lakh litres/day
+12.6% YoY
Consolidated liquid milk sales volume grew to 13.1 lakh litres per day in Q2 FY26.
Milk procurement volume
19.5 lakh litres/day
+13.4% YoY
Consolidated milk procurement increased to 19.5 lakh litres per day, aided by Osam addition.
Value-added products (ex-bulk) growth
24.2%
+24.2% YoY
Value-added product sales excluding bulk grew 24.2% YoY, driven by curd and paneer.
Osam Dairy revenue (2 months)
₹52.6 crore
N/A (new acquisition)
Osam contributed ₹52.6 crore in revenue for August and September 2025.
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Guidance and risk preview
Management expects to maintain EBITDA margins between 8% and 10% in the second half, barring weather-related disruptions.
Erratic rainfall and lean season have pushed procurement costs to ₹37.29/litre, up 7.6% YoY, and management expects further pressure in Q3.
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