Food Products
Valuation | |
|---|---|
| Market Cap | 3.02 kCr |
| Price/Earnings (Trailing) | 22.26 |
| Price/Sales (Trailing) | 0.82 |
| EV/EBITDA | 11.32 |
| Price/Free Cashflow | 38.79 |
| MarketCap/EBT | 20.16 |
| Enterprise Value | 3.5 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | -2.9% |
| Price Change 1M | -12.8% |
| Price Change 6M | 6% |
| Price Change 1Y | 52.9% |
| 3Y Cumulative Return | 40.7% |
| 5Y Cumulative Return | 18% |
| 7Y Cumulative Return | 3.1% |
Cash Flow & Liquidity |
|---|
| Revenue (TTM) |
| 3.71 kCr |
| Rev. Growth (Yr) | 16.8% |
| Earnings (TTM) | 135.51 Cr |
| Earnings Growth (Yr) | 56.3% |
Profitability | |
|---|---|
| Operating Margin | 4% |
| EBT Margin | 4% |
| Return on Equity | 11.26% |
| Return on Assets | 6.06% |
| Free Cashflow Yield | 2.58% |
| Cash Flow from Investing (TTM) | -132.36 Cr |
| Cash Flow from Operations (TTM) | 212.04 Cr |
| Cash Flow from Financing (TTM) | -78.35 Cr |
| Cash & Equivalents | 2.47 Cr |
| Free Cash Flow (TTM) | 88.19 Cr |
| Free Cash Flow/Share (TTM) | 7.39 |
Balance Sheet | |
|---|---|
| Total Assets | 2.24 kCr |
| Total Liabilities | 1.03 kCr |
| Shareholder Equity | 1.2 kCr |
| Current Assets | 1.52 kCr |
| Current Liabilities | 809.81 Cr |
| Net PPE | 434.41 Cr |
| Inventory | 729.36 Cr |
| Goodwill | 0.00 |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.22 |
| Debt/Equity | 0.4 |
| Interest Coverage | 0.65 |
| Interest/Cashflow Ops | 3.27 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 1 |
| Dividend Yield | 0.40% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 11.2% |
Balance Sheet: Strong Balance Sheet.
Past Returns: Outperforming stock! In past three years, the stock has provided 40.7% return compared to 12.8% by NIFTY 50.
Insider Trading: Significant insider selling noticed recently.
Momentum: Stock is suffering a negative price momentum. Stock is down -12.8% in last 30 days.
Smart Money: Smart money is losing interest in the stock.
Technicals: SharesGuru indicator is Bearish.
Balance Sheet: Strong Balance Sheet.
Past Returns: Outperforming stock! In past three years, the stock has provided 40.7% return compared to 12.8% by NIFTY 50.
Insider Trading: Significant insider selling noticed recently.
Momentum: Stock is suffering a negative price momentum. Stock is down -12.8% in last 30 days.
Smart Money: Smart money is losing interest in the stock.
Technicals: SharesGuru indicator is Bearish.
Investor Care | |
|---|---|
| Dividend Yield | 0.40% |
| Dividend/Share (TTM) | 1 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 11.37 |
Financial Health | |
|---|---|
| Current Ratio | 1.88 |
| Debt/Equity | 0.4 |
Technical Indicators | |
|---|---|
| RSI (14d) | 38.54 |
| RSI (5d) | 28.19 |
| RSI (21d) | 34.92 |
| MACD Signal | Sell |
| Stochastic Oscillator Signal | Buy |
| SharesGuru Signal | Sell |
| RSI Signal | Hold |
| RSI5 Signal | Buy |
| RSI21 Signal | Hold |
| SMA 5 Signal | Sell |
| SMA 10 Signal |
Summary of Parag Milk Foods's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
In the recent earnings conference call held on November 12, 2025, Parag Milk Foods Limited provided an optimistic outlook, highlighting significant achievements and growth in the first half of FY26. The company reported revenue surpassing INR 1,000 crores for the first time in its history, reaching INR 1,008 crores in Q2 FY26, representing a 16% year-on-year growth, supported by a 10% increase in volume. For the first half of FY26, total revenue was INR 1,859 crores, marking a 14% increase year-on-year.
Management emphasized the robustness of its core categories"”ghee, cheese, and paneer"”which collectively accounted for 59% of total revenue and experienced a volume growth of 14% this quarter. The "new age" business segment, including Pride of Cows and Avvatar, grew by 79%, contributing 9% to total turnover, up from 6% the previous year.
A strategic goal to reach INR 10,000 crores in revenue within a few years was reaffirmed. The management discussed addressing protein deficiency with the launch of new products, including a protein wafer bar, and expanding the availability of Pride of Cows in urban markets. It continue focusing on operational efficiency, highlighting a gross EBITDA of INR 89 crores (up by 16% year-on-year) and maintaining a PAT growth of 56%.
Looking forward, the company commits to strengthening its capital structure, having reduced net debt by INR 125 crores, which now stands at INR 436 crores. The management intends to leverage pricing power and product mix to navigate rising costs, maintaining steady margins even amidst inflationary pressures. The management's forward-looking initiatives include enhancing product offerings, expanding into new markets, and a keen emphasis on brand building to ensure sustainable growth in an increasingly competitive environment.
Understand Parag Milk Foods ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| DEVENDRA PRAKASH SHAH | 16.15% |
| NETRA PREETAM SHAH | 11.08% |
| PRITAM PRAKASH SHAH | 7.32% |
| PEANENCE COMMERCIAL PVT LIMITED | 4.65% |
| SIXTH SENSE INDIA OPPORTUNITIES III | 4.58% |
| International Finance Corporation | 4.58% |
| MULTITUDE GROWTH FUNDS LIMITED | 3.96% |
Detailed comparison of Parag Milk Foods against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| HATSUN | Hatsun Agro Products | 19.6 kCr | 9.54 kCr | -10.00% | -6.60% | 54.21 | 2.05 | - | - |
| DODLA | Dodla Dairy | 7.15 kCr | 4.03 kCr |
Parag Milk Foods Limited processes, manufactures, and sells milk and milk related products in India and internationally. The company offers ghee, milk, paneer, sweets, curd, butter, dairy whitener, milk powder, and gulab jamun mix products. It also offers cheese wedges, spreads, slices, and angles, as well as flavored yoghurt, slim milk, 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, and lactose related products. 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.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Sell |
| SMA 20 Signal | Sell |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
Question: "Looking beyond the near-term numbers, what is the bigger plan for Parag Milk as the dairy industry shifts towards premium nutrition and branded products?"
Answer: Our vision is clear: we are targeting INR 10,000 crores in revenue. To build a lasting edge, we focus on the protein segment, where our new-age business now stands at 9% of total revenue. We've launched products like the Avvatar Protein Wafer Bar to reinforce our position in the nutrition market, creating entry barriers through proprietary products.
Question: "What strategies are in place to maintain margins despite rising costs in logistics and milk collection?"
Answer: We maintained our EBITDA margins despite a 16% year-on-year inflation by passing costs onto consumers. Brand pricing power and improved product mix have supported margin stability. Furthermore, our continuous focus on cost efficiencies aids in sustaining margins.
Question: "Can you provide insights into how the core categories have achieved such high volume and value growth?"
Answer: The 14% volume growth across core categories has been driven by both expanded distribution and deeper penetration in existing markets. It's a holistic growth approach, leveraging our successful products like ghee, cheese, and paneer, contributing to overall revenue.
Question: "What expectations do you have for EBITDA margins moving towards double digits?"
Answer: We aim to gradually improve our EBITDA margins, currently at 8.9%, aiming for double digits in the medium term. This growth will stem from enhanced product mix, pricing strategies, and operational efficiencies, although specific timelines for such growth remain aspirational.
Question: "What is the current cash flow strategy? Why aren't you repaying more debt despite cash flow generation?"
Answer: Our cash generation of INR 99 crores has predominantly funded capital expenditures. We've consciously prioritized internal investments over debt repayment to fuel growth, reflecting a strategic long-term view rather than focusing solely on reducing debt at this stage.
These answers are a summary of the key inquiries and reflections during the Q&A session, providing a comprehensive look at Parag Milk Foods' strategic focus and financial performance expectations.
| POOJAN DEVENDRA SHAH | 2.63% |
| SHAH PRITI DEVENDRA | 1.78% |
| AKSHALI DEVENDRA SHAH | 1.6% |
| LATE PARAG PRAKASH SHAH | 0.08% |
| SHABDALI DESAI | 0.01% |
| SHAH JINAL PRITAM | 0% |
| URVASHI SHAILESH SHAH | 0% |
| GIRISH JAYANTILAL SHAH | 0% |
| ANJANA SANDEEP SHAH | 0% |
| CHETNA YOGESH SHAH | 0% |
| NIRMALABEN KIRTIBHAI SHAH | 0% |
| LATE JAYANTILAL FAKIRCHAND SHAH | 0% |
| LATE JAYANTILAL SHAH | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| -5.20% |
| +8.60% |
| 26.96 |
| 1.78 |
| - |
| - |
| HERITGFOOD | Heritage Foods | 3.33 kCr | 4.44 kCr | -22.00% | -15.00% | 20.28 | 0.75 | - | - |
| VADILALIND | Vadilal Industries | 3.15 kCr | 1.35 kCr | -11.20% | +15.70% | 23.44 | 2.34 | - | - |
| 75% |
| 50 |
| 29 |
| 33 |
| 38 |
| 36 |
| 27 |
| Total profit before tax | 75% | 50 | 29 | 33 | 38 | 36 | 27 |
| Current tax | -81.8% | 0 | 0.45 | -1.19 | 0 | -0.33 | 0.33 |
| Deferred tax | 2460% | 4.84 | 1.15 | 7.53 | 1.59 | 6.69 | -0.82 |
| Total tax | 540% | 4.84 | 1.6 | 6.34 | 1.59 | 6.36 | -0.49 |
| Total profit (loss) for period | 66.7% | 46 | 28 | 26 | 36 | 29 | 27 |
| Other comp. income net of taxes | -62.2% | -1.4 | -0.48 | -1.54 | -0.11 | -0.11 | -0.11 |
| Total Comprehensive Income | 65.4% | 44 | 27 | 25 | 36 | 29 | 27 |
| Earnings Per Share, Basic | 116% | 3.83 | 2.31 | 2.2 | 3.03 | 2.45 | 2.29 |
| Earnings Per Share, Diluted | 116% | 3.57 | 2.19 | 2.1 | 2.89 | 2.34 | 2.28 |
| 28.2% |
| 133 |
| 104 |
| 88 |
| 77 |
| 75 |
| 93 |
| Finance costs | 23.5% | 85 | 69 | 53 | 47 | 46 | 38 |
| Depreciation and Amortization | 7.3% | 60 | 56 | 54 | 51 | 49 | 51 |
| Other expenses | 9.9% | 444 | 404 | 304 | 318 | 250 | 293 |
| Total Expenses | 8.1% | 3,259 | 3,016 | 2,807 | 2,552 | 1,760 | 2,269 |
| Profit Before exceptional items and Tax | 63.4% | 135 | 83 | 67 | -517.73 | 39 | 125 |
| Total profit before tax | 63.4% | 135 | 83 | 67 | -517.73 | 39 | 125 |
| Current tax | - | 0 | 0 | 0 | 0 | 6.11 | 29 |
| Deferred tax | 199.1% | 11 | -9.09 | -1.3 | 11 | 15 | 5.26 |
| Total tax | 199.1% | 11 | -9.09 | -1.3 | 11 | 21 | 35 |
| Total profit (loss) for period | 35.2% | 124 | 92 | 68 | -529.16 | 17 | 91 |
| Other comp. income net of taxes | -96.5% | -1.83 | -0.44 | 0.28 | 0.5 | 0.57 | 0.36 |
| Total Comprehensive Income | 33% | 122 | 92 | 69 | -528.65 | 18 | 91 |
| Earnings Per Share, Basic | 37% | 10.36 | 7.83 | 6.52 | -56.56 | 2.08 | 10.8 |
| Earnings Per Share, Diluted | 35.1% | 9.89 | 7.58 | 6.34 | -65.19 | 2.08 | 10.78 |
| - |
| 0 |
| 0 |
| - |
| - |
| 12 |
| - |
| Non-current investments | 0% | 109 | 109 | 109 | 109 | 109 | 67 |
| Loans, non-current | 52.6% | 30 | 20 | 0 | 2.91 | 2.71 | 0 |
| Total non-current financial assets | 7.1% | 182 | 170 | 151 | 136 | 161 | 141 |
| Total non-current assets | 8.5% | 598 | 551 | 476 | 470 | 478 | 481 |
| Total assets | 11.3% | 2,142 | 1,925 | 1,840 | 1,766 | 1,646 | 1,583 |
| Borrowings, non-current | -48.5% | 102 | 197 | 173 | 183 | 193 | 205 |
| Total non-current financial liabilities | -37.1% | 135 | 214 | 187 | 193 | 193 | 212 |
| Provisions, non-current | 0.9% | 4.29 | 4.26 | 3.75 | 3.26 | 4.12 | 3.61 |
| Total non-current liabilities | -35% | 144 | 221 | 191 | 196 | 205 | 218 |
| Borrowings, current | -9.8% | 323 | 358 | 369 | 355 | 345 | 322 |
| Total current financial liabilities | 15.7% | 738 | 638 | 576 | 599 | 524 | 491 |
| Provisions, current | - | 0 | 0 | 0.21 | 0.21 | 0.43 | 0.43 |
| Current tax liabilities | -103.8% | 0 | 27 | - | 0 | - | 0 |
| Total current liabilities | 14.9% | 763 | 664 | 674 | 646 | 578 | 547 |
| Total liabilities | 2.5% | 907 | 885 | 865 | 843 | 783 | 765 |
| Equity share capital | 5.1% | 125 | 119 | 119 | 119 | 117 | 117 |
| Total equity | 18.8% | 1,235 | 1,040 | 974 | 924 | 863 | 818 |
| Total equity and liabilities | 11.3% | 2,142 | 1,925 | 1,840 | 1,766 | 1,646 | 1,583 |
| 80.6% |
| 0 |
| -4.16 |
| 0 |
| 0 |
| - |
| - |
| Income taxes paid (refund) | 10% | 12 | 11 | 3.44 | 14 | - | - |
| Net Cashflows From Operating Activities | 158.3% | 187 | 73 | -264.03 | -146.13 | - | - |
| Cashflows used in obtaining control of subsidiaries | -102.4% | 0 | 42 | 0 | 0 | - | - |
| Proceeds from sales of PPE | -5.1% | -0.04 | 0.01 | 1.29 | 0.01 | - | - |
| Purchase of property, plant and equipment | 222.6% | 101 | 32 | 27 | 21 | - | - |
| Purchase of intangible assets | - | 0.83 | 0 | 0.23 | 0.11 | - | - |
| Cash receipts from repayment of advances and loans made to other parties | -151.2% | -20 | 42 | 0 | 0 | - | - |
| Interest received | -146.9% | 0 | 3.13 | 1.66 | 1.48 | - | - |
| Other inflows (outflows) of cash | -204.5% | -7.52 | 9.15 | -4.92 | 7.78 | - | - |
| Net Cashflows From Investing Activities | -412.1% | -129.84 | -24.55 | -28.94 | -11.6 | - | - |
| Proceeds from issuing shares | -107.7% | 0 | 14 | 200 | 163 | - | - |
| Proceeds from borrowings | -40% | 22 | 36 | 81 | 0 | - | - |
| Repayments of borrowings | -199.1% | -25.77 | 28 | 2.47 | -115.43 | - | - |
| Payments of lease liabilities | 108.7% | 13 | 6.75 | 0 | 0 | - | - |
| Dividends paid | - | 5.97 | 0 | 0 | 4.77 | - | - |
| Interest paid | 23.4% | 80 | 65 | 52 | 44 | - | - |
| Other inflows (outflows) of cash | -114.2% | -4.42 | -1.53 | 0 | 0 | - | - |
| Net Cashflows from Financing Activities | -8.8% | -55.8 | -51.21 | 227 | 230 | - | - |
| Net change in cash and cash eq. | 115% | 1.6 | -2.99 | -66.22 | 73 | - | - |