What was Parag Milk Foods's revenue in Q4 FY26?

Parag Milk Foods reported revenue of ₹945 Cr in Q4 FY26, a — change year-over-year.

Did Parag Milk Foods management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

Parag Milk Foods Q4 FY26 Research Workspace: Revenue ₹945 Cr (—)

Q: What guidance did Parag Milk Foods management give?

New-age business to reach 20-25% of revenue in 3-5 years: 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.

Revenue ₹945 Cr

EBITDA —

PAT ₹32 Cr

EBITDA Margin 6%

Duration 61 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute Summary

✦ AI-Generated from Full Transcript

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.

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Research workspace

Focused Modules

!Risks 4 risks

Risk Intelligence

Employee cost escalation

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Quarter Snapshot

New-age business quarterly revenue ₹100 crore

+100% YoY

Second consecutive quarter above ₹100 crore; contribution to total revenue reached 10%.

Gross margin Q4 28%

+130bps YoY

Expanded despite 15% milk price inflation; driven by product mix and pricing.

Milk procurement price ₹42/liter

+15% YoY, +4% QoQ

Inflationary pressure; management expects stability for next 2-3 months.

Cheese capacity expansion 60 to 80 MT

+33%

Planned capacity increase via adjacency capex; no greenfield required.

Fast read

Guidance and risk preview

Top guidance New-age business to reach 20-25% of revenue in 3-5 years

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 cr...

Top risk Employee cost escalation

Employee expenses rose sharply due to ESOP grants and director remuneration changes, impacting EBITDA margins.