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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/E23.7
Book Value₹ 100
Price to Book1.80
Dividend Yield0.41 %
ROCE13.7 %
ROE13.2 %
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 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 0.8
  • 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
  • Valuation is stretched - P/E of 23.7 is well above its own 5-year median (14.9)
  • 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

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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
738787789776744856869899831981984946920
696734723739687796794837771908914888890
Operating Profit42536537566074625973715830
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%
5211111113519-282
Interest17172014172124241818191820
Depreciation14141413141714151416161516
Profit before Tax16243211263438373359353332
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 Profit18273313273034323256352825
1.562.292.851.142.272.512.872.722.714.672.772.262.03

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,7011,9182,3462,3911,7922,0262,8533,0903,3673,7423,832
1,6241,7302,1472,1801,6682,4542,7142,8883,1493,4873,600
Operating Profit78188199211124-429139202218255232
OPM %4.56%9.79%8.47%8.83%6.90%-21.17%4.87%6.52%6.47%6.81%6.06%
-11623379359623727
Interest2937363846475372857274
Depreciation4749485146515456606063
Profit before Tax-910813812539-5186783135159159
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-2781149117-5296892124151144
EPS-0.219.3313.560.002.08-55.196.347.7110.3612.07—
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:
12%
1 Year:
-1%

RETURN ON EQUITY

10 Years:
1%
5 Years:
-5%
3 Years:
12%
Last Year:
13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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
5536327418218354516968059201,120
226297235406372483535495540487
Trade Payables306291286281289208130214223236
11511165605383105125123219
Total Liabilities1,2851,4151,4111,6521,6331,3211,5831,7591,9252,187
307371379398381350311309340391
Capital Work in Progress1616237139101226
62636363636267109109109
427430448627687468558598563713
0000000235249231
Cash & Bank100491127188415272517
373487487531483354623471627700
Total Assets1,2851,4151,4111,6521,6331,3211,5831,7591,9252,187

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-929166-38122-132-17676187132
Cash from Investing-87-14-66-24-34-5-82-25-130-98
Cash from Financing148-13-96111-81224196-54-56-43
36-10-2315-1573-66-32-9

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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