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Parag Milk Foods Ltd.

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paragmilkfoods.comBSE: 539889NSE: PARAGMILK
Market Cap₹ 3,406 Cr.
Current Price
High / Low₹ 377 / 178
Stock P/E26.3
Book Value₹ 98
Price to Book1.85
Dividend Yield0.41 %
ROCE13.6 %
ROE12.1 %
Face Value₹ 10

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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%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 45.5% CAGR over last 5 years
  • Company has delivered good sales growth of 15.7% CAGR over last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.35x)
  • Company generates healthy free cash flow
  • Attractively priced for its growth - PEG of 0.7
  • Company maintains a comfortable, low leverage position

CONS

  • A large part of profit comes from other income (39.4% of PBT)
  • Promoter holding has decreased over last 2 years: -2.1pp
  • Effective tax rate is unusually low at 11.4% - earnings may be flattered
  • Valuation is stretched - P/E of 26.3 is well above its own 5-year median (16.6)
  • Though reporting repeated profits, the company pays out little dividend (10.2%)
  • Growth is decelerating - 3Y profit CAGR (36.4%) trails the 5Y trend (45.5%)

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

Peer comparison

Fast Moving Consumer GoodsFMCGConsumer Food
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.NESTLEIND1384.0070.03266878.700.879586.801382.6763781.801157.0498.3523.86
2.VBL416.2541.58140795.100.361525.3615.088650.5720.7720.7327.04
3.BRITANNIA4970.0045.97119711.541.82593.3814.084999.9710.2656.4816.77
4.JUBLFOOD470.4071.5231039.120.26100.036.032569.6513.6625.5619.77
5.HATSUN1222.8078.2027237.660.4960.58—2363.7217.6117.4010.81
6.MILKYMIST293.30177.7822579.510.00646.79—9734.46—13.7914.77
7.ZYDUSWELL552.6593.4317583.150.22118.90-7.041437.0067.544.4216.82
8.DEVYANI137.950.0017008.400.00171.047576.8415805.161064.748.9816.09
9.LTFOODS437.8523.7415204.470.69183.458.873151.8327.9219.7711.26
10.BIKAJI548.5053.2013752.890.2359.471.62734.2615.2621.6513.48
11.MANORAMA2063.4552.8113024.990.0478.6667.55404.0139.5335.0026.29
12.PARAGMILK269.0026.303405.800.4122.05-20.05944.5710.9313.607.23
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
7507988017907588718859188521,0081,013945945
707745736753702811811856794937944886917
Operating Profit42536537566074625871685928
OPM %5.64%6.62%8.07%4.68%7.41%6.93%8.38%6.75%6.80%7.07%6.74%6.28%2.95%
66686165138183191
Interest18192216192326252020212122
Depreciation15151515161816171619181818
Profit before Tax15243314273638332950334029
Tax %-41.13%-3.28%-4.27%27.42%-1.83%17.88%4.22%19.48%5.48%9.59%9.21%19.68%24.72%
Net Profit0000272936262846303222
1.832.152.910.842.292.453.032.202.313.832.372.581.76

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,7311,9552,3962,4381,8422,0722,8933,1393,4323,8183,911
1,6431,7622,1912,2271,7192,5102,7742,9383,2183,5673,684
Operating Profit88193205211123-438118200214250227
OPM %5.06%9.85%8.55%8.64%6.65%-21.16%4.09%6.39%6.23%6.56%5.80%
-61329814214525795442
Interest3336363847515579938183
Depreciation4951505449545760677173
Profit before Tax-111914812741-5225186133152152
Tax %523.89%26.82%18.31%26.20%49.16%-2.00%-4.29%-5.51%10.41%11.38%15.07%
Net Profit5871219421-5325391119135130
EPS0.5810.3514.360.002.46-55.544.967.609.9710.80—
Dividend Payout %88.20%7.23%6.95%4.48%20.27%0.00%0.00%6.58%10.03%10.18%—

COMPOUNDED SALES GROWTH

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

COMPOUNDED PROFIT GROWTH

10 Years:
11%
5 Years:
46%
3 Years:
36%

STOCK PRICE CAGR

10 Years:
-2%
5 Years:
15%
3 Years:
12%
1 Year:
-1%

RETURN ON EQUITY

10 Years:
1%
5 Years:
-6%
3 Years:
12%
Last Year:
12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2025

Sep 22

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2024

Sep 4

₹ 0.05

Rs.0.5000 per share(5%)Dividend

2021

Sep 7

₹ 0.05

Rs.0.5000 per share(5%)Final Dividend

2020

Sep 21

₹ 0.05

Rs.0.5000 per share(5%)Dividend

2018

Sep 11

Rs.0.7500 per share(7.5%)Final Dividend

2017

Aug 1

₹ 0.05

Rs.0.5000 per share(5%)Final Dividend

2026

May 8

₹ 0.11

Rs.1.1000 per share(11%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital848484848495117119119125
5406287438268434566867939041,088
226297240411390529600583609546
Trade Payables312303297294304226153249256267
11611775665889112139145254
Total Liabilities1,2781,4291,4391,6811,6791,3951,6681,8832,0332,281
359426440466473459436466578643
Capital Work in Progress162029731045691937
0111105555
429438463633695479574615578730
0000000244260245
Cash & Bank101501228198415282518
373494495547489363593457569602
Total Assets1,2781,4291,4391,6811,6791,3951,6681,8832,0332,281

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
032167-31122-135-187102212149
Cash from Investing-87-16-73-29-47-20-88-53-132-98
Cash from Financing140-12-91111-69241212-53-78-60
36-10-2415-1573-66-31-9

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
42.6142.6142.6142.6142.6142.6140.6540.6540.49
8.5110.088.208.469.249.929.268.777.46
8.386.876.846.846.846.606.155.255.90
Government0.000.000.000.000.000.000.000.000.00
40.4940.4442.3542.0941.3240.8843.9545.3346.24

Documents

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

2026-09-09
Updates

2026-09-09 - Parag Milk Foods Limited has informed the Exchange regarding Press Release titled "Parag Milk Foods Takes Its Nutrition Play into Snacking with Avvatar Popped Protein Chips".

2026-09-06
General Updates

2026-09-06 - Parag Milk Foods Limited has informed the Exchange regarding Newspaper Publication in connection with 34th Annual General Meeting to be held on September 29, 2026

2026-09-05
Updates

2026-09-05 - Parag Milk Foods Limited has informed the Exchange regarding letter to shareholders, providing web-link to access the Integrated Annual Report for FY 2025-26 and Notice of 34th Annual General Meeting

2026-09-05
Record Date

2026-09-05 - Parag Milk Foods Limited has informed the Exchange that Record date for the purpose of Dividend & Meeting is 22-Sep-2026.

2026-09-05
Shareholders meeting

2026-09-05 - Parag Milk Foods Limited has informed the Exchange regarding Notice of 34th Annual General Meeting to be held on September 29, 2026 and Integrated Annual Report of FY 2025-26.

2026-08-13
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Parag Milk Foods Limited has informed the exchange about transcript of Earnings Conference Call held on August 7, 2026

2026-08-10
General Updates

2026-08-10 - Extract of Newspaper Publications regarding the ensuing AGM and, inter-alia, requesting shareholders to register/update their email address

2026-08-07
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - Parag Milk Foods Limited has informed the Exchange about Schedule of meet

2026-08-07
General Updates

2026-08-07 - Parag Milk Foods Limited has informed the Exchange about statement of no deviation or variation under Regulation 32 for quarter ended June 30, 2026.

News

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