About
Parag Milk Foods Limited processes, manufactures, and sells milk and milk products in India and worldwide. The company offers ghee, milk, paneer, sweets, curd, butter, dairy whitener, milk powder, and gulab jamun mix products. It also offers flavoured cheese wedges, spreads, slices, and angles, as well as flavored yoghurt, bocconcini, slim milk, fresh cream, buttermilk, double toned milk, lassi, flavoured milk, milk shakes, beverages, UHT milk, and other dairy products. In addition, the company provides sports nutrition products, whey protein, protein bar, sesame and groundnut chikki, and lactose related products. Further, it sells its products under the Gowardhan, Go, Topp Up, Pride of Cows, and Avvatar brand names. Parag Milk Foods Limited was incorporated in 1992 and is headquartered in Pune, India.
Key Metrics
as of Sep 2026Market Cap3,136 Cr
P/E23.30
Div Yield0.40 %
Book Value₹101.00
52w High₹377.00
52w Low₹178.00
Face Value₹10.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 920.00 | 946.00 | 984.00 | 981.00 | 831.00 | 899.00 | 869.00 | 856.00 | 744.00 | 776.00 | 789.00 | 787.00 | 738.00 |
| Expenses | 854.00 | 888.00 | 914.00 | 908.00 | 771.00 | 837.00 | 794.00 | 787.00 | 687.00 | 739.00 | 725.00 | 731.00 | 696.00 |
| Operating Profit | 66.00 | 58.00 | 71.00 | 73.00 | 59.00 | 62.00 | 74.00 | 69.00 | 56.00 | 37.00 | 64.00 | 56.00 | 42.00 |
| OPM % | 7.00 | 6.00 | 7.00 | 7.00 | 7.00 | 7.00 | 9.00 | 8.00 | 8.00 | 4.80 | 8.00 | 7.00 | 6.00 |
| Other Income | 2.00 | 8.00 | -2.00 | 19.00 | 5.00 | 13.00 | 1.00 | 2.00 | 1.00 | 1.00 | 1.00 | 2.00 | 5.00 |
| Depreciation | 16.00 | 15.00 | 16.00 | 16.00 | 14.00 | 15.00 | 14.00 | 17.00 | 14.00 | 13.00 | 14.00 | 14.00 | 14.00 |
| Interest | 20.00 | 18.00 | 19.00 | 18.00 | 18.00 | 24.00 | 24.00 | 21.00 | 17.00 | 14.00 | 18.00 | 20.00 | 17.00 |
| Profit before tax | 32.00 | 33.00 | 35.00 | 59.00 | 33.00 | 37.00 | 38.00 | 34.00 | 26.00 | 11.00 | 32.00 | 24.00 | 16.00 |
| Tax % | 22.00 | 15.00 | 0.00 | 5.00 | 1.00 | 12.00 | 9.00 | 13.00 | -4.00 | -23.00 | -4.00 | -11.00 | -17.00 |
| Net Profit | 25.00 | 28.00 | 35.00 | 56.00 | 32.00 | 32.00 | 34.00 | 30.00 | 27.00 | 13.00 | 33.00 | 27.00 | 18.00 |
| EPS in Rs | 2.02 | 2.26 | 2.76 | 4.45 | 2.71 | 2.72 | 2.86 | 2.50 | 2.27 | 1.12 | 2.85 | 2.29 | 1.56 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,742.00 | 3,367.00 | 3,090.00 | 2,853.00 | 2,026.00 | 1,792.00 | 2,391.00 | 2,346.00 | 1,918.00 | 1,701.00 | 1,623.00 | 1,426.00 |
| Expenses | 3,481.00 | 3,114.00 | 2,888.00 | 2,714.00 | 2,454.00 | 1,668.00 | 2,180.00 | 2,129.00 | 1,730.00 | 1,624.00 | 1,474.00 | 1,319.00 |
| Operating Profit | 261.00 | 253.00 | 202.00 | 139.00 | -429.00 | 124.00 | 212.00 | 218.00 | 188.00 | 78.00 | 149.00 | 106.00 |
| OPM % | 7.00 | 8.00 | 7.00 | 4.90 | -21.00 | 7.00 | 9.00 | 9.00 | 10.00 | 4.60 | 9.00 | 7.00 |
| Other Income | 30.00 | 27.00 | 9.00 | 35.00 | 9.00 | 7.00 | 3.00 | 4.00 | 6.00 | -11.00 | 1.00 | 1.00 |
| Interest | 72.00 | 85.00 | 72.00 | 53.00 | 47.00 | 46.00 | 38.00 | 36.00 | 37.00 | 29.00 | 49.00 | 45.00 |
| Depreciation | 60.00 | 60.00 | 56.00 | 54.00 | 51.00 | 46.00 | 51.00 | 48.00 | 49.00 | 47.00 | 32.00 | 25.00 |
| Profit before tax | 159.00 | 135.00 | 83.00 | 67.00 | -518.00 | 39.00 | 125.00 | 138.00 | 108.00 | -9.00 | 70.00 | 37.00 |
| Tax % | 5.00 | 8.00 | -11.00 | -2.00 | 2.00 | 55.00 | 28.00 | 17.00 | 27.00 | -81.00 | 25.00 | 1.00 |
| Net Profit | 151.00 | 124.00 | 92.00 | 68.00 | -529.00 | 17.00 | 91.00 | 114.00 | 78.00 | -2.00 | 53.00 | 37.00 |
| EPS in Rs | 12.06 | 10.35 | 7.70 | 5.84 | -55.48 | 2.07 | 10.78 | 13.56 | 9.33 | -0.21 | 7.46 | 22.89 |
| Dividend Payout % | 9.00 | 10.00 | 6.00 | 0.00 | 0.00 | 24.00 | 5.00 | 7.00 | 8.00 | -238.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 125.00 | 119.00 | 119.00 | 117.00 | 95.00 | 84.00 | 84.00 | 84.00 | 84.00 | 84.00 | 70.00 | 16.00 |
| Reserves | 1,166.00 | 921.00 | 805.00 | 701.00 | 454.00 | 836.00 | 822.00 | 741.00 | 633.00 | 554.00 | 307.00 | 119.00 |
| Borrowings | 499.00 | 579.00 | 526.00 | 541.00 | 488.00 | 366.00 | 395.00 | 235.00 | 291.00 | 261.00 | 385.00 | 537.00 |
| Other Liabilities | 397.00 | 307.00 | 317.00 | 223.00 | 283.00 | 352.00 | 363.00 | 355.00 | 360.00 | 394.00 | 237.00 | 254.00 |
| Total Liabilities | 2,187.00 | 1,925.00 | 1,766.00 | 1,583.00 | 1,321.00 | 1,638.00 | 1,665.00 | 1,415.00 | 1,368.00 | 1,293.00 | 999.00 | 926.00 |
| Fixed Assets | 391.00 | 340.00 | 309.00 | 311.00 | 350.00 | 381.00 | 398.00 | 379.00 | 371.00 | 307.00 | 295.00 | 238.00 |
| CWIP | 26.00 | 12.00 | 10.00 | 9.00 | 3.00 | 1.00 | 7.00 | 23.00 | 16.00 | 21.00 | 28.00 | 28.00 |
| Investments | 109.00 | 109.00 | 109.00 | 67.00 | 62.00 | 63.00 | 63.00 | 63.00 | 63.00 | 62.00 | 58.00 | 18.00 |
| Other Assets | 1,661.00 | 1,464.00 | 1,339.00 | 1,196.00 | 906.00 | 1,194.00 | 1,197.00 | 950.00 | 918.00 | 903.00 | 618.00 | 642.00 |
| Total Assets | 2,187.00 | 1,925.00 | 1,766.00 | 1,583.00 | 1,321.00 | 1,638.00 | 1,665.00 | 1,415.00 | 1,368.00 | 1,293.00 | 999.00 | 926.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 132.00 | 187.00 | 76.00 | -179.00 | -146.00 | 100.00 | -73.00 | 138.00 | 17.00 | -25.00 | 89.00 | 77.00 |
| Cash from Investing Activity | -98.00 | -130.00 | -25.00 | -82.00 | -5.00 | -34.00 | -24.00 | -66.00 | -14.00 | -87.00 | -66.00 | -28.00 |
| Cash from Financing Activity | -43.00 | -56.00 | -54.00 | 196.00 | 224.00 | -81.00 | 112.00 | -96.00 | -13.00 | 148.00 | -22.00 | -48.00 |
| Net Cash Flow | -9.00 | 2.00 | -3.00 | -66.00 | 73.00 | -15.00 | 15.00 | -23.00 | -10.00 | 36.00 | 1.00 | 1.00 |
| Free Cash Flow | 54.00 | 85.00 | 43.00 | -199.00 | -161.00 | 70.00 | -99.00 | 58.00 | -44.00 | -118.00 | 62.00 | 49.00 |
| CFO/OP % | 57.00 | 79.00 | 43.00 | -127.00 | 31.00 | 99.00 | -18.00 | 76.00 | 16.00 | -11.00 | 69.00 | 75.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 23.00 | 27.00 | 28.00 | 20.00 | 22.00 | 32.00 | 46.00 | 42.00 | 47.00 | 37.00 | 52.00 | 43.00 |
| Inventory Days | 93.00 | 85.00 | 100.00 | 98.00 | 89.00 | 204.00 | 137.00 | 110.00 | 129.00 | 135.00 | 83.00 | 72.00 |
| Days Payable | 31.00 | 34.00 | 36.00 | 23.00 | 40.00 | 86.00 | 61.00 | 71.00 | 87.00 | 97.00 | 49.00 | 65.00 |
| Cash Conversion Cycle | 85.00 | 78.00 | 92.00 | 95.00 | 71.00 | 150.00 | 121.00 | 82.00 | 88.00 | 75.00 | 86.00 | 51.00 |
| Working Capital Days | 61.00 | 74.00 | 74.00 | 71.00 | 51.00 | 96.00 | 68.00 | 57.00 | 50.00 | 35.00 | 29.00 | -5.00 |
| ROCE % | 14.00 | 14.00 | 11.00 | 10.00 | -41.00 | 7.00 | 14.00 | 17.00 | 15.00 | 5.00 | 17.00 | 12.00 |
Corporate Actions
10 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 22 Sep 2025 | 22 Sep 2025 | — | 1.00 | |
| Dividend | 04 Sep 2024 | 04 Sep 2024 | — | 0.50 | |
| Other | 04 Sep 2024 | — | — | — | Annual General Meeting |
| Other | 20 Sep 2023 | — | — | — | Annual General Meeting |
| Other | 22 Sep 2022 | — | — | — | Annual General Meeting |
| Dividend | 07 Sep 2021 | 08 Sep 2021 | — | 0.50 | |
| Dividend | 21 Sep 2020 | — | — | 0.50 | |
| Dividend | 20 Sep 2019 | — | — | 1.00 | |
| Dividend | 11 Sep 2018 | — | — | 0.75 | |
| Dividend | 01 Aug 2017 | — | — | 0.50 |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
-
Rating update7 May from fitch
-
Rating update8 Aug 2025 from icra
-
Rating update30 Jun 2025 from fitch
-
Rating update8 Apr 2025 from icra
-
Rating update10 Feb 2025 from fitch
-
Rating update8 Apr 2024 from icra
Conference Calls
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- PPT
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript
- Transcript