Parag Milk Foods 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 53.9% CAGR over last 5 years
- Company has delivered good sales growth of 15.9% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.08x)
- 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 (26.4% of PBT)
- Promoter holding has decreased over last 2 years: -2.1pp
- Effective tax rate is unusually low at 5.0% - earnings may be flattered
- Growth is decelerating - 3Y profit CAGR (30.1%) trails the 5Y trend (53.9%)
- Though reporting repeated profits, the company pays out little dividend (9.1%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NESTLEIND | 1393.10 | 70.49 | 268633.47 | 0.86 | 9586.80 | 1382.67 | 63781.80 | 1157.04 | 98.35 | 23.86 |
| VBL | 406.00 | 40.56 | 137328.07 | 0.37 | 1525.36 | 15.08 | 8650.57 | 20.77 | 20.73 | 27.04 |
| BRITANNIA | 5099.50 | 47.17 | 122830.79 | 1.77 | 593.38 | 14.08 | 4999.97 | 10.26 | 56.48 | 16.77 |
| JUBLFOOD | 475.50 | 72.30 | 31375.64 | 0.25 | 100.03 | 6.03 | 2569.65 | 13.66 | 25.56 | 19.77 |
| HATSUN | 1199.95 | 76.74 | 26728.68 | 0.50 | 60.58 | — | 2363.72 | 17.61 | 17.40 | 10.81 |
| MILKYMIST | 266.05 | 161.26 | 20481.68 | 0.00 | 646.79 | — | 9734.46 | — | 13.79 | 14.77 |
| ZYDUSWELL | 555.10 | 93.84 | 17661.10 | 0.22 | 118.90 | -7.04 | 1437.00 | 67.54 | 4.42 | 16.82 |
| DEVYANI | 137.20 | 0.00 | 16915.93 | 0.00 | 171.04 | 7576.84 | 15805.16 | 1064.74 | 8.98 | 16.09 |
| LTFOODS | 453.80 | 24.61 | 15758.34 | 0.66 | 183.45 | 8.87 | 3151.83 | 27.92 | 19.77 | 11.26 |
| BIKAJI | 571.90 | 55.47 | 14339.61 | 0.22 | 59.47 | 1.62 | 734.26 | 15.26 | 21.65 | 13.48 |
| MANORAMA | 2092.15 | 53.54 | 13206.15 | 0.04 | 78.66 | 67.55 | 404.01 | 39.53 | 35.00 | 26.29 |
| PARAGMILK | 253.45 | 24.78 | 3208.92 | 0.43 | 22.05 | -20.05 | 944.57 | 10.93 | 13.60 | 7.23 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 738 | 787 | 789 | 776 | 744 | 856 | 869 | 899 | 831 | 981 | 984 | 946 | 920 | |
| 696 | 734 | 723 | 739 | 687 | 796 | 794 | 837 | 771 | 908 | 914 | 888 | 890 | |
| Operating Profit | 42 | 53 | 65 | 37 | 56 | 60 | 74 | 62 | 59 | 73 | 71 | 58 | 30 |
| OPM % | 5.69% | 6.78% | 8.29% | 4.80% | 7.54% | 7.06% | 8.57% | 6.89% | 7.15% | 7.45% | 7.17% | 6.17% | 3.29% |
| 5 | 2 | 1 | 1 | 1 | 11 | 1 | 13 | 5 | 19 | -2 | 8 | 2 | |
| Interest | 17 | 17 | 20 | 14 | 17 | 21 | 24 | 24 | 18 | 18 | 19 | 18 | 20 |
| Depreciation | 14 | 14 | 14 | 13 | 14 | 17 | 14 | 15 | 14 | 16 | 16 | 15 | 16 |
| Profit before Tax | 16 | 24 | 32 | 11 | 26 | 34 | 38 | 37 | 33 | 59 | 35 | 33 | 32 |
| Tax % | -16.66% | -11.02% | -4.11% | -22.93% | -4.28% | 13.04% | 9.24% | 12.07% | 0.77% | 4.82% | -0.03% | 14.67% | 21.51% |
| Net Profit | 18 | 27 | 33 | 13 | 27 | 30 | 34 | 32 | 32 | 56 | 35 | 28 | 25 |
| 1.56 | 2.29 | 2.85 | 1.14 | 2.27 | 2.51 | 2.87 | 2.72 | 2.71 | 4.67 | 2.77 | 2.26 | 2.03 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,701 | 1,918 | 2,346 | 2,391 | 1,792 | 2,026 | 2,853 | 3,090 | 3,367 | 3,742 | 3,832 | |
| 1,624 | 1,730 | 2,147 | 2,180 | 1,668 | 2,454 | 2,714 | 2,888 | 3,149 | 3,487 | 3,600 | |
| Operating Profit | 78 | 188 | 199 | 211 | 124 | -429 | 139 | 202 | 218 | 255 | 232 |
| OPM % | 4.56% | 9.79% | 8.47% | 8.83% | 6.90% | -21.17% | 4.87% | 6.52% | 6.47% | 6.81% | 6.06% |
| -11 | 6 | 23 | 3 | 7 | 9 | 35 | 9 | 62 | 37 | 27 | |
| Interest | 29 | 37 | 36 | 38 | 46 | 47 | 53 | 72 | 85 | 72 | 74 |
| Depreciation | 47 | 49 | 48 | 51 | 46 | 51 | 54 | 56 | 60 | 60 | 63 |
| Profit before Tax | -9 | 108 | 138 | 125 | 39 | -518 | 67 | 83 | 135 | 159 | 159 |
| Tax % | 81.30% | 27.08% | 17.20% | 27.61% | 54.86% | -2.21% | -1.94% | -10.97% | 8.38% | 4.98% | 9.23% |
| Net Profit | -2 | 78 | 114 | 91 | 17 | -529 | 68 | 92 | 124 | 151 | 144 |
| EPS | -0.21 | 9.33 | 13.56 | 0.00 | 2.08 | -55.19 | 6.34 | 7.71 | 10.36 | 12.07 | — |
| Dividend Payout % | -237.87% | 8.02% | 7.36% | 4.63% | 24.05% | 0.00% | 0.00% | 6.48% | 9.65% | 9.11% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 16%
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 11%
- 5 Years:
- 54%
- 3 Years:
- 30%
STOCK PRICE CAGR
- 10 Years:
- -2%
- 5 Years:
- 15%
- 3 Years:
- 9%
- 1 Year:
- 0%
RETURN ON EQUITY
- 10 Years:
- 1%
- 5 Years:
- -5%
- 3 Years:
- 12%
- Last Year:
- 13%
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 | 84 | 84 | 84 | 84 | 84 | 95 | 117 | 119 | 119 | 125 |
| 553 | 632 | 741 | 821 | 835 | 451 | 696 | 805 | 920 | 1,120 | |
| 226 | 297 | 235 | 406 | 372 | 483 | 535 | 495 | 540 | 487 | |
| Trade Payables | 306 | 291 | 286 | 281 | 289 | 208 | 130 | 214 | 223 | 236 |
| 115 | 111 | 65 | 60 | 53 | 83 | 105 | 125 | 123 | 219 | |
| Total Liabilities | 1,285 | 1,415 | 1,411 | 1,652 | 1,633 | 1,321 | 1,583 | 1,759 | 1,925 | 2,187 |
| 307 | 371 | 379 | 398 | 381 | 350 | 311 | 309 | 340 | 391 | |
| Capital Work in Progress | 16 | 16 | 23 | 7 | 1 | 3 | 9 | 10 | 12 | 26 |
| 62 | 63 | 63 | 63 | 63 | 62 | 67 | 109 | 109 | 109 | |
| 427 | 430 | 448 | 627 | 687 | 468 | 558 | 598 | 563 | 713 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 235 | 249 | 231 | |
| Cash & Bank | 100 | 49 | 11 | 27 | 18 | 84 | 15 | 27 | 25 | 17 |
| 373 | 487 | 487 | 531 | 483 | 354 | 623 | 471 | 627 | 700 | |
| Total Assets | 1,285 | 1,415 | 1,411 | 1,652 | 1,633 | 1,321 | 1,583 | 1,759 | 1,925 | 2,187 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -9 | 29 | 166 | -38 | 122 | -132 | -176 | 76 | 187 | 132 | |
| Cash from Investing | -87 | -14 | -66 | -24 | -34 | -5 | -82 | -25 | -130 | -98 |
| Cash from Financing | 148 | -13 | -96 | 111 | -81 | 224 | 196 | -54 | -56 | -43 |
| 36 | -10 | -23 | 15 | -15 | 73 | -66 | -3 | 2 | -9 |
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
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 - 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 - 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 - Parag Milk Foods Limited has informed the Exchange that Record date for the purpose of Dividend & Meeting is 22-Sep-2026.
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 - Parag Milk Foods Limited has informed the exchange about transcript of Earnings Conference Call held on August 7, 2026
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 - Parag Milk Foods Limited has informed the Exchange about Schedule of meet
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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Parag Milk Foods Ltd.
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