Parag Milk Foods Ltd
NSE:PARAGMILK
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Parag Milk Foods Ltd
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Parag Milk Foods Ltd
Parag Milk Foods Ltd. is a holding company, which engages in the manufacture and sale of milk and dairy products. The company is headquartered in Mumbai, Maharashtra. The company went IPO on 2016-05-19. The firm offers a range of products, which include cheese, ghee, whey proteins, paneer, curd, yoghurt, milk products, liquid milk, milk-based beverages and milk powders. The firm's brands include Gowardhan, under which traditional dairy products, such as ghee, are marketed; Go, under which western lifestyle dairy products, such as cheese are marketed; Pride of Cows, under which premium milk is sold and Topp Up, under which flavoured milk is marketed. Bhagyalaxmi Dairy Farms Private Limited is the Company's subsidiary. The firm has three manufacturing and operating divisions, such as Plant 1, which is located at Manchar Plant: Awasari Phata, Post Manchar, Tal. Ambegoan Dist. Pune; Plant 2, which is located at Palamaner Plant; 149/1, Samudra Palli (Village), Pengaragunta (P.O. ), Palamaner (Mdl), Chittoor (Dist. ), A.P and Plant 3, which is located at Rai, Sonipat, Haryana.
Parag Milk Foods Ltd. is a holding company, which engages in the manufacture and sale of milk and dairy products. The company is headquartered in Mumbai, Maharashtra. The company went IPO on 2016-05-19. The firm offers a range of products, which include cheese, ghee, whey proteins, paneer, curd, yoghurt, milk products, liquid milk, milk-based beverages and milk powders. The firm's brands include Gowardhan, under which traditional dairy products, such as ghee, are marketed; Go, under which western lifestyle dairy products, such as cheese are marketed; Pride of Cows, under which premium milk is sold and Topp Up, under which flavoured milk is marketed. Bhagyalaxmi Dairy Farms Private Limited is the Company's subsidiary. The firm has three manufacturing and operating divisions, such as Plant 1, which is located at Manchar Plant: Awasari Phata, Post Manchar, Tal. Ambegoan Dist. Pune; Plant 2, which is located at Palamaner Plant; 149/1, Samudra Palli (Village), Pengaragunta (P.O. ), Palamaner (Mdl), Chittoor (Dist. ), A.P and Plant 3, which is located at Rai, Sonipat, Haryana.
Record Revenue: Parag Milk Foods delivered its highest ever quarterly revenue in Q3 FY26, exceeding INR 1,000 crores for the second consecutive quarter, a 14% year-on-year increase, supported by 8% volume growth.
Core Categories Growth: Ghee, cheese, and paneer saw 12% volume growth and together contributed 64% of total revenue, remaining pivotal to profitability.
New Age Business Momentum: Pride of Cows and Avvatar delivered robust 123% year-on-year growth, crossing INR 100 crores in quarterly revenue for the first time; new age business now forms 9% of total revenue.
Margin Pressure: Gross margin declined to 25.9% from 27.2% YoY due to 20% milk inflation, with EBITDA margin also dropping to 7.6% from 9% last year.
Pricing Actions: Cost increases have been largely passed on through calibrated price hikes; further price increases, especially in cow ghee, were implemented from February to counter ongoing milk inflation.
Working Capital Improvement: Net working capital cycle reduced to around 60-65 days, down from 75 days previously, with improved cash flow generation supporting lower debt.
Brand & Distribution Focus: Increased marketing spend and new affordable product packs aim to deepen market penetration; over 30,000 new outlets added in the past year, especially in East and Northeast India.
Outlook: Milk prices expected to remain elevated in the near term, but management remains focused on margin protection, operational efficiency, and sustainable growth.
