Milkfood Ltd.

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milkfoodltd.comBSE: -NSE: MLKFOOD

Market Cap₹ 206 Cr.

Current Price

High / Low₹ 93 / 75

Stock P/E—

Book Value₹ 66

Price to Book0.88

Dividend Yield0.00 %

ROCE7.0 %

ROE2.6 %

Face Value₹ 5

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ABOUT

AI Sector View

AI GENERATED

Fast Moving Consumer Goods

Hold

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.

Confidence

62%

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PROS

Company has consistently been profitable over the last 5 years
Company has been maintaining a healthy dividend payout of 67.6%
Working capital cycle has improved - days down from 22 to 17
Company generates healthy free cash flow

CONS

Recent results are weak - TTM profit is down 284.9% versus prior year
A large part of profit comes from other income (51.1% of PBT)
Company has a low return on equity of 5.0% over last 3 years
Company has a low return on capital employed of 8.3%
Promoter holding has decreased over last 2 years: -2.7pp
Interest coverage is weak at 1.6x - earnings barely cover interest

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Fast Moving Consumer GoodsFMCGConsumer Food

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	NESTLEIND	1384.00	70.03	266878.70	0.87	9586.80	1382.67	63781.80	1157.04	98.35	23.86
2.	VBL	416.25	41.58	140795.10	0.36	1525.36	15.08	8650.57	20.77	20.73	27.04
3.	BRITANNIA	4970.00	45.97	119711.54	1.82	593.38	14.08	4999.97	10.26	56.48	16.77
4.	JUBLFOOD	470.40	71.52	31039.12	0.26	100.03	6.03	2569.65	13.66	25.56	19.77
5.	HATSUN	1222.80	78.20	27237.66	0.49	60.58	—	2363.72	17.61	17.40	10.81
6.	MILKYMIST	293.30	177.78	22579.51	0.00	646.79	—	9734.46	—	13.79	14.77
7.	ZYDUSWELL	552.65	93.43	17583.15	0.22	118.90	-7.04	1437.00	67.54	4.42	16.82
8.	DEVYANI	137.95	0.00	17008.40	0.00	17.10	667.68	1580.52	16.47	8.98	16.09
9.	LTFOODS	437.85	23.74	15204.47	0.69	183.45	8.87	3151.83	27.92	19.77	11.26
10.	BIKAJI	548.50	53.20	13752.89	0.23	59.47	1.62	734.26	15.26	21.65	13.48
11.	MANORAMA	2063.45	52.81	13024.99	0.04	78.66	67.55	404.01	39.53	35.00	26.29
12.	MLKFOOD	80.30	4.55	205.54	0.00	-7.86	-973.33	74.05	-7.90	22.83	-3.15

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	103	150	133	94	106	115	122	96	80	113	158	74	74
	97	143	125	95	100	108	114	90	74	110	150	75	76
Operating Profit	7	8	9	-0	6	7	8	6	6	3	8	-1	-2
OPM %	6.52%	5.20%	6.38%	-0.38%	5.52%	5.76%	6.23%	6.13%	7.44%	3.04%	5.25%	-1.44%	-3.15%
	3	0	0	4	3	0	3	0	0	1	1	6	0
Interest	2	3	3	3	3	3	3	3	3	1	3	3	3
Depreciation	2	2	2	2	2	2	2	2	2	2	2	2	2
Profit before Tax	6	4	4	-2	3	2	6	1	1	2	4	-1	-8
Tax %	22.48%	15.28%	8.63%	23.76%	-3.92%	27.78%	31.81%	42.16%	21.74%	63.58%	34.33%	-0.00%	-0.00%
Net Profit	0	0	0	0	0	1	4	1	1	1	2	-1	-8
	10.08	6.69	6.94	-2.81	7.06	2.31	7.77	1.02	0.37	0.26	0.99	-0.28	-3.22

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	373	389	491	531	551	368	316	467	437	448	419
	352	368	465	503	527	348	303	444	417	424	411
Operating Profit	21	21	26	28	25	20	13	24	20	24	8
OPM %	5.70%	5.45%	5.36%	5.23%	4.47%	5.39%	4.12%	5.09%	4.50%	5.28%	1.99%
	2	-4	0	0	1	0	3	4	9	4	8
Interest	13	12	10	8	8	8	7	10	14	13	11
Depreciation	9	5	6	7	8	9	7	6	7	7	8
Profit before Tax	2	-0	10	13	9	3	2	11	9	8	-3
Tax %	39.22%	-1150.00%	15.88%	23.43%	4.33%	25.15%	-51.08%	15.14%	19.27%	40.42%	-74.92%
Net Profit	1	-1	8	10	8	2	3	10	7	5	-6
EPS	0.00	0.00	0.00	0.00	0.00	4.97	7.11	19.01	13.88	1.85	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	12.54%	18.01%	67.57%	—

COMPOUNDED SALES GROWTH

10 Years:: 2%
5 Years:: -4%
3 Years:: 12%

COMPOUNDED PROFIT GROWTH

10 Years:: 16%
5 Years:: -12%
3 Years:: 9%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 5%
5 Years:: 4%
3 Years:: 5%
Last Year:: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5	5	5	5	5	5	5	5	5	12
	31	85	93	103	112	114	118	126	169	164
	126	135	110	115	132	142	149	139	113	115
Trade Payables	20	25	33	44	31	28	16	40	51	52
	22	17	18	17	22	21	18	22	35	34
Total Liabilities	204	268	259	285	302	310	305	331	373	377
	107	167	165	168	185	184	184	190	222	226
Capital Work in Progress	2	2	1	2	2	2	5	0	0	0
	65	75	75	68	59	33	20	64	32	34
	0	0	0	0	0	0	0	0	77	82
Cash & Bank	2	1	1	5	3	1	1	0	2	2
	29	23	17	42	55	91	94	76	40	34
Total Assets	204	268	259	285	302	310	305	331	373	377

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	40	27	29	36	23	14	15	-27	20	19
Cash from Investing	-16	-9	-5	-10	-22	-8	-5	-7	1	-4
Cash from Financing	-25	-19	-23	-20	0	-7	-8	36	-21	-15
	-0	-1	-0	4	-2	-2	0	-1	0	0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.03	56.03	56.03	56.03	56.03	56.03	56.03	56.03	53.37
	2.67	1.00	0.14	0.00	0.00	0.00	0.00	0.00	0.00
	0.05	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	41.24	42.94	43.80	43.94	43.94	43.94	43.94	43.94	46.61

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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