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View Promises →Dodla Dairy Limited — Q4 FY26
Dodla Dairy reported Q4 FY26 revenue of ₹1,074 crore (+18.1% YoY), driven by volume expansion.
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Dodla Dairy reported Q4 FY26 revenue of ₹1,074 crore (+18.1% YoY), driven by volume expansion. EBITDA margin contracted to 5.0% due to elevated milk procurement costs (₹40.97/liter, +9.7% YoY) and a calibrated pricing strategy that did not fully pass on cost increases. PAT of ₹70 crore included one-off tax credits; adjusted PAT was ~₹40 crore. Africa business grew 48% YoY to ₹151 crore, with EBITDA of ₹18 crore. Management guided for FY27 revenue growth in low-to-mid teens, gradual gross margin recovery of 50-100 bps, and normalized tax rate of 25-27%. Key risks include sustained input cost inflation (fuel, packaging) and potential El Niño impact on milk supply.
डोडला डेयरी ने चौथी तिमाही में ₹1,074 करोड़ का कारोबार किया, जो पिछले साल से 18.1% ज़्यादा है। यह बढ़ोतरी दूध की ज़्यादा बिक्री से हुई। मुनाफा कम हुआ क्योंकि दूध खरीदने की लागत ₹40.97 प्रति लीटर (+9.7%) बढ़ गई और कंपनी ने पूरी लागत ग्राहकों पर नहीं डाली। कुल मुनाफा ₹70 करोड़ था, लेकिन इसमें एक बार का टैक्स फ़ायदा शामिल है। असली मुनाफा लगभग ₹40 करोड़ रहा। अफ्रीका कारोबार 48% बढ़कर ₹151 करोड़ हुआ। अगले साल कंपनी को 10-15% कारोबार बढ़ने और मुनाफे में थोड़ा सुधार की उम्मीद है। लेकिन दूध, पैकेजिंग और ईंधन की बढ़ती लागत से जोखिम है।
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Sustained input cost inflation
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Read Transcript →Quarter Snapshot
Milk procurement volume
18.5 lakh liters/day
+13.4% YoY
Stable procurement despite industry shortage, reflecting strong farmer network.
Africa revenue
₹151 crore
+48% YoY
Driven by >60% growth in liquid milk sales; Africa EBITDA at ₹18 crore.
Value-added products (VAP) revenue
₹2,969 million
+4.5% YoY
Excluding bulk sales, VAP grew 21% YoY; curd sales +19.1%, paneer +15.4%.
Average milk sales price
₹58.4/liter
+₹0.7/liter QoQ
Price hike taken in March; cooperatives followed later. Further hikes contingent on cost clarity.
What Changed vs Last Quarter
NEW
FY27 revenue growth in low-to-mid teens
Driven by 8-9% organic India growth, Africa's current trajectory, and full-year contribution from OSAM.
NEW
Gross margin recovery of 50-100 bps over FY26
Expected as procurement normalizes and pricing actions take effect.
NEW
Effective tax rate to normalize to 25-27%
Post completion of favorable tax orders received in FY26.
NEW
Africa to scale to 15-18% of consolidated revenue by FY28
Supported by Phase 2 expansion in Uganda (pasteurized milk and products).
DROPPED
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.
DROPPED
Maharashtra plant to start commercial operations by end of FY27
The Maharashtra greenfield project is on track, with ₹69 crore already spent out of ₹280 crore total capex. First-year revenue potential of ₹500-600 crore.
DROPPED
Uganda greenfield expansion to generate revenue by end of FY28
A new 3 lakh liter/day plant near Kampala will focus on fresh milk and yogurt, with phase one capex of ₹50-60 crore funded by internal accruals.
DROPPED
Value-added product mix target of 30-32% over long term
Management aims to increase VAP share from current 25% to 30-32% through paneer, curd, and ice cream growth.
NEW RISK
Sustained input cost inflation
Fuel and packaging costs have risen sharply (plastic +30%); management uncertain on pass-through timing.
NEW RISK
Margin recovery dependent on procurement cost decline
Management expects procurement costs to drop ₹1-1.5/liter, but timing is uncertain; Q4 margins were cyclical trough.
RISK GONE
Prolonged milk shortage and procurement cost inflation
Erratic rainfall and lack of flush season have driven procurement costs up ₹2.5/liter sequentially, with no immediate relief expected.
RISK GONE
Inability to pass on cost increases due to subdued demand
Management delayed price hikes to maintain market share, compressing margins. If summer demand remains weak, margin recovery may be delayed.
RISK GONE
Execution risk in Maharashtra and Uganda expansions
Large capex projects (₹280 crore in Maharashtra, ₹50-60 crore in Uganda) face timeline and cost overrun risks.
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Guidance and risk preview
Driven by 8-9% organic India growth, Africa's current trajectory, and full-year contribution from OSAM.
Fuel and packaging costs have risen sharply (plastic +30%); management uncertain on pass-through timing.
View Risks →