Milkfood Ltd.
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ABOUT
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company has delivered good profit growth of 78.6% CAGR over last 5 years
- Stock looks reasonably valued - P/E of 4.5 is below its historical median
- Company generates healthy free cash flow
- Attractively priced for its growth - PEG of 0.1
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (285.9% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.17x)
- Promoter holding has decreased over last 2 years: -2.7pp
- Company has a low return on equity of 9.9% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NESTLEIND | 1384.00 | 70.03 | 266878.70 | 0.87 | 9586.80 | 1382.67 | 63781.80 | 1157.04 | 98.35 | 23.86 |
| VBL | 416.25 | 41.58 | 140795.10 | 0.36 | 1525.36 | 15.08 | 8650.57 | 20.77 | 20.73 | 27.04 |
| BRITANNIA | 4970.00 | 45.97 | 119711.54 | 1.82 | 593.38 | 14.08 | 4999.97 | 10.26 | 56.48 | 16.77 |
| JUBLFOOD | 470.40 | 71.52 | 31039.12 | 0.26 | 100.03 | 6.03 | 2569.65 | 13.66 | 25.56 | 19.77 |
| HATSUN | 1222.80 | 78.20 | 27237.66 | 0.49 | 60.58 | — | 2363.72 | 17.61 | 17.40 | 10.81 |
| MILKYMIST | 293.30 | 177.78 | 22579.51 | 0.00 | 646.79 | — | 9734.46 | — | 13.79 | 14.77 |
| ZYDUSWELL | 552.65 | 93.43 | 17583.15 | 0.22 | 118.90 | -7.04 | 1437.00 | 67.54 | 4.42 | 16.82 |
| DEVYANI | 137.95 | 0.00 | 17008.40 | 0.00 | 17.10 | 667.68 | 1580.52 | 16.47 | 8.98 | 16.09 |
| LTFOODS | 437.85 | 23.74 | 15204.47 | 0.69 | 183.45 | 8.87 | 3151.83 | 27.92 | 19.77 | 11.26 |
| BIKAJI | 548.50 | 53.20 | 13752.89 | 0.23 | 59.47 | 1.62 | 734.26 | 15.26 | 21.65 | 13.48 |
| MANORAMA | 2063.45 | 52.81 | 13024.99 | 0.04 | 78.66 | 67.55 | 404.01 | 39.53 | 35.00 | 26.29 |
| MLKFOOD | 80.30 | 4.55 | 205.54 | 0.00 | -7.86 | -973.33 | 74.05 | -7.90 | 22.83 | -3.15 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 94 | 106 | 115 | 122 | 96 | 80 | 113 | 158 | 74 | 74 | 86 | 179 | 81 | |
| 95 | 100 | 108 | 114 | 90 | 74 | 110 | 150 | 75 | 76 | 80 | 176 | 82 | |
| Operating Profit | -0 | 6 | 7 | 8 | 6 | 6 | 3 | 8 | -1 | -2 | 6 | 3 | -0 |
| OPM % | -0.38% | 5.52% | 5.76% | 6.23% | 6.13% | 7.44% | 3.04% | 5.26% | -1.44% | -3.15% | 7.45% | 1.85% | -0.46% |
| 4 | 3 | 0 | 3 | 0 | 0 | 1 | 1 | 6 | 0 | 0 | 66 | 1 | |
| Interest | 3 | 3 | 3 | 3 | 3 | 3 | 1 | 3 | 3 | 3 | 4 | 3 | 2 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 2 |
| Profit before Tax | -2 | 3 | 2 | 6 | 1 | 1 | 2 | 4 | -1 | -8 | 1 | 65 | 0 |
| Tax % | 23.76% | -3.92% | 27.78% | 31.81% | 42.16% | 21.74% | 63.58% | 34.24% | -0.00% | -0.00% | -31.78% | 20.38% | 24.14% |
| Net Profit | -1 | 3 | 1 | 4 | 1 | 1 | 1 | 2 | -1 | -8 | 1 | 51 | 0 |
| -2.81 | 7.06 | 2.31 | 7.77 | 1.02 | 0.37 | 0.26 | 0.99 | -0.28 | -3.22 | 0.58 | 21.09 | 0.09 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 389 | 491 | 531 | 551 | 368 | 316 | 467 | 437 | 448 | 413 | 420 | |
| 368 | 465 | 503 | 527 | 348 | 303 | 444 | 417 | 424 | 498 | 413 | |
| Operating Profit | 21 | 26 | 28 | 25 | 20 | 13 | 24 | 20 | 24 | -85 | 7 |
| OPM % | 5.45% | 5.36% | 5.23% | 4.47% | 5.39% | 4.12% | 5.09% | 4.50% | 5.28% | -20.63% | 1.67% |
| -4 | 0 | 0 | 1 | 0 | 3 | 4 | 9 | 4 | 163 | 67 | |
| Interest | 12 | 10 | 8 | 8 | 8 | 7 | 10 | 14 | 13 | 14 | 13 |
| Depreciation | 5 | 6 | 7 | 8 | 9 | 7 | 6 | 7 | 7 | 7 | 7 |
| Profit before Tax | -0 | 10 | 13 | 9 | 3 | 2 | 11 | 9 | 8 | 57 | 58 |
| Tax % | -1150.00% | 15.88% | 23.41% | 4.33% | 25.15% | -51.08% | 15.14% | 19.27% | 40.37% | 22.42% | 22.20% |
| Net Profit | -1 | 8 | 10 | 8 | 2 | 3 | 10 | 7 | 5 | 44 | 45 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 4.97 | 7.11 | 19.01 | 13.88 | 1.85 | 18.17 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 12.54% | 18.01% | 67.42% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 1%
- 5 Years:
- 2%
- 3 Years:
- -4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 47%
- 5 Years:
- 79%
- 3 Years:
- 66%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 7%
- 5 Years:
- 8%
- 3 Years:
- 10%
- Last Year:
- 22%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 12 | 12 |
| 85 | 93 | 103 | 112 | 114 | 118 | 126 | 169 | 164 | 208 | |
| 135 | 110 | 115 | 132 | 142 | 149 | 136 | 113 | 115 | 81 | |
| Trade Payables | 25 | 33 | 44 | 31 | 28 | 16 | 40 | 51 | 52 | 32 |
| 17 | 18 | 17 | 22 | 21 | 18 | 25 | 35 | 34 | 75 | |
| Total Liabilities | 268 | 259 | 285 | 302 | 310 | 305 | 331 | 373 | 377 | 408 |
| 167 | 165 | 168 | 185 | 184 | 184 | 190 | 222 | 226 | 174 | |
| Capital Work in Progress | 2 | 1 | 2 | 2 | 2 | 5 | 0 | 0 | 0 | 0 |
| 75 | 75 | 68 | 59 | 33 | 20 | 64 | 32 | 34 | 46 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 77 | 82 | 55 | |
| Cash & Bank | 1 | 1 | 5 | 3 | 1 | 1 | 0 | 2 | 2 | 1 |
| 23 | 17 | 42 | 55 | 91 | 94 | 76 | 40 | 34 | 132 | |
| Total Assets | 268 | 259 | 285 | 302 | 310 | 305 | 331 | 373 | 377 | 408 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 27 | 29 | 36 | 23 | 14 | 15 | -27 | 20 | 19 | -105 | |
| Cash from Investing | -9 | -5 | -10 | -22 | -8 | -5 | -7 | 1 | -4 | 126 |
| Cash from Financing | -19 | -23 | -20 | 0 | -7 | -8 | 36 | -21 | -15 | -21 |
| -1 | -0 | 4 | -2 | -2 | 0 | -1 | 0 | 0 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
No announcements filed.
News
Recent coverage and analyst commentary for MLKFOOD
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Milkfood Ltd.
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