Parag Milk Foods Ltd.

•

₹ 225.58.44%

2026-08-21

paragmilkfoods.comBSE: 539889NSE: PARAGMILK

Market Cap₹ 2,645 Cr.

Current Price₹ 208

High / Low₹ 377 / 178

Stock P/E20.4

Book Value₹ 101

Price to Book1.74

Dividend Yield0.53 %

ROCE14.4 %

ROE12.3 %

Face Value₹ 10

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ABOUT

KEY POINTS

PROS

Operating margins have improved to 5.9% from -19.2%
Company generates healthy free cash flow
Company converts assets efficiently - asset turnover of 1.9x

CONS

A large part of profit comes from other income (59.7% of PBT)
Company has a low return on capital employed of 11.5%
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.47x)
Promoter holding has decreased over last 2 years: -2.1pp
Equity base is being diluted - shares outstanding up 25.2%
Company has delivered a poor profit growth of 4.9% over past five years

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

Peer comparison

EDIT COLUMNS

Fast Moving Consumer GoodsFMCGConsumer Food

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

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	NESTLEIND	1469.90	74.37	283442.92	0.82	9586.80	1382.67	63781.80	1157.04	98.35	23.86
2.	VBL	432.75	43.23	146376.17	0.35	1525.36	15.08	8650.57	20.77	20.73	27.04
3.	BRITANNIA	5410.00	50.04	130309.75	1.67	593.38	14.08	4999.97	10.26	56.48	16.77
4.	JUBLFOOD	495.90	75.40	32721.72	0.24	100.03	6.03	2569.65	13.66	25.56	19.77
5.	HATSUN	931.75	59.58	20754.57	1.72	60.58	—	2363.72	17.61	14.60	10.81
6.	DEVYANI	142.85	0.00	17612.54	0.00	171.04	7576.84	15805.16	1064.74	8.98	16.09
7.	ZYDUSWELL	492.95	83.34	15683.73	0.24	118.90	-7.04	1437.00	67.54	4.42	16.82
8.	MILKYMIST	199.55	120.95	15362.23	0.00	—	—	—	—	13.79	—
9.	BIKAJI	609.25	59.09	15276.12	0.21	59.47	1.62	734.26	15.26	21.65	13.48
10.	LTFOODS	429.90	23.31	14928.40	0.70	183.45	8.87	3151.83	27.92	21.42	11.26
11.	MANORAMA	1924.70	49.26	12149.17	0.04	78.66	67.55	404.01	39.53	19.70	26.29
12.	PARAGMILK	208.90	20.42	2644.87	0.53	22.05	-20.05	944.57	10.93	14.40	7.23

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	750	798	801	790	758	871	885	918	852	1,008	1,013	945	945
	707	745	736	753	702	811	811	856	794	937	944	886	917
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	6	6	6	8	6	16	5	13	8	18	9	19	1
Interest	18	19	22	16	19	23	26	25	20	20	21	21	22
Depreciation	15	15	15	15	16	18	16	17	16	19	18	18	18
	15	24	33	14	27	36	38	33	29	50	33	40	29
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 Profit	0	0	0	0	27	29	36	26	28	46	30	32	22
	2	2	3	1	2	2	3	2	2	4	2	3	0
Equity Capital	117	117	117	119	119	119	119	119	119	125	125	125	125
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	117	117	117	119	119	119	119	119	119	125	125	125	125
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 750
: 707
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 18
Depreciation: 15
: 15
Tax %: -41.13%
Net Profit: 0
: 2
Equity Capital: 117
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 117
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 798
: 745
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 19
Depreciation: 15
: 24
Tax %: -3.28%
Net Profit: 0
: 2
Equity Capital: 117
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 117
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 801
: 736
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 22
Depreciation: 15
: 33
Tax %: -4.27%
Net Profit: 0
: 3
Equity Capital: 117
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 117
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 790
: 753
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 16
Depreciation: 15
: 14
Tax %: 27.42%
Net Profit: 0
: 1
Equity Capital: 119
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 119
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 758
: 702
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 19
Depreciation: 16
: 27
Tax %: -1.83%
Net Profit: 27
: 2
Equity Capital: 119
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 119
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 871
: 811
Operating Profit: —
OPM %: —
Other Income: 16
Interest: 23
Depreciation: 18
: 36
Tax %: 17.88%
Net Profit: 29
: 2
Equity Capital: 119
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 119
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 885
: 811
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 26
Depreciation: 16
: 38
Tax %: 4.22%
Net Profit: 36
: 3
Equity Capital: 119
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 119
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 918
: 856
Operating Profit: —
OPM %: —
Other Income: 13
Interest: 25
Depreciation: 17
: 33
Tax %: 19.48%
Net Profit: 26
: 2
Equity Capital: 119
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 119
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 852
: 794
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 20
Depreciation: 16
: 29
Tax %: 5.48%
Net Profit: 28
: 2
Equity Capital: 119
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 119
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 1,008
: 937
Operating Profit: —
OPM %: —
Other Income: 18
Interest: 20
Depreciation: 19
: 50
Tax %: 9.59%
Net Profit: 46
: 4
Equity Capital: 125
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 125
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 1,013
: 944
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 21
Depreciation: 18
: 33
Tax %: 9.21%
Net Profit: 30
: 2
Equity Capital: 125
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 125
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 945
: 886
Operating Profit: —
OPM %: —
Other Income: 19
Interest: 21
Depreciation: 18
: 40
Tax %: 19.68%
Net Profit: 32
: 3
Equity Capital: 125
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 125
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 945
: 917
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 22
Depreciation: 18
: 29
Tax %: 24.72%
Net Profit: 22
: 0
Equity Capital: 125
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 125
Reserves: 0
Promoter Pledge %: 0.00%

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
	1,645	1,731	1,955	2,396	2,438	1,842	2,072	2,893	3,139	3,432	3,911
	1,497	1,643	1,762	2,191	2,227	1,719	2,510	2,774	2,938	3,218	3,684
Operating Profit	150	101	205	234	219	136	-417	163	226	293	—
OPM %	9	6	11	10	9	7	-20	6	7	9	—
Other Income	2	13	13	29	8	14	21	45	25	79	47
Interest	50	33	36	36	38	47	51	55	79	93	83
Depreciation	33	49	51	50	54	49	54	57	60	67	73
	67	-1	119	148	127	41	-522	51	86	133	152
Tax %	29	524	27	18	26	49	-2	-4	-6	10	15
Net Profit	47	5	87	121	94	21	-532	53	91	119	130
EPS	7	1	10	14	0	2	-56	5	8	10	—
Dividend Payout %	0	88	7	7	4	20	0	0	7	10	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	7	1	10	14	11	2	-56	5	8	10	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	7	1	10	14	11	2	-56	5	8	10	—

Mar 2016

: 1,645
: 1,497
Operating Profit: 150
OPM %: 9
Other Income: 2
Interest: 50
Depreciation: 33
: 67
Tax %: 29
Net Profit: 47
EPS: 7
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 7
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 7

Mar 2017

: 1,731
: 1,643
Operating Profit: 101
OPM %: 6
Other Income: 13
Interest: 33
Depreciation: 49
: -1
Tax %: 524
Net Profit: 5
EPS: 1
Dividend Payout %: 88
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1

Mar 2018

: 1,955
: 1,762
Operating Profit: 205
OPM %: 11
Other Income: 13
Interest: 36
Depreciation: 51
: 119
Tax %: 27
Net Profit: 87
EPS: 10
Dividend Payout %: 7
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10

Mar 2019

: 2,396
: 2,191
Operating Profit: 234
OPM %: 10
Other Income: 29
Interest: 36
Depreciation: 50
: 148
Tax %: 18
Net Profit: 121
EPS: 14
Dividend Payout %: 7
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14

Mar 2020

: 2,438
: 2,227
Operating Profit: 219
OPM %: 9
Other Income: 8
Interest: 38
Depreciation: 54
: 127
Tax %: 26
Net Profit: 94
EPS: 0
Dividend Payout %: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11

Mar 2021

: 1,842
: 1,719
Operating Profit: 136
OPM %: 7
Other Income: 14
Interest: 47
Depreciation: 49
: 41
Tax %: 49
Net Profit: 21
EPS: 2
Dividend Payout %: 20
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

Mar 2022

: 2,072
: 2,510
Operating Profit: -417
OPM %: -20
Other Income: 21
Interest: 51
Depreciation: 54
: -522
Tax %: -2
Net Profit: -532
EPS: -56
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -56
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -56

Mar 2023

: 2,893
: 2,774
Operating Profit: 163
OPM %: 6
Other Income: 45
Interest: 55
Depreciation: 57
: 51
Tax %: -4
Net Profit: 53
EPS: 5
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5

Mar 2024

: 3,139
: 2,938
Operating Profit: 226
OPM %: 7
Other Income: 25
Interest: 79
Depreciation: 60
: 86
Tax %: -6
Net Profit: 91
EPS: 8
Dividend Payout %: 7
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 8
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 8

Mar 2025

: 3,432
: 3,218
Operating Profit: 293
OPM %: 9
Other Income: 79
Interest: 93
Depreciation: 67
: 133
Tax %: 10
Net Profit: 119
EPS: 10
Dividend Payout %: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10

TTM

: 3,911
: 3,684
Operating Profit: —
OPM %: —
Other Income: 47
Interest: 83
Depreciation: 73
: 152
Tax %: 15
Net Profit: 130
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: 9%
5 Years:: 7%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: 14%
5 Years:: 5%
3 Years:: —

STOCK PRICE CAGR

10 Years:: -4%
5 Years:: 13%
3 Years:: 8%
1 Year:: -15%

RETURN ON EQUITY

10 Years:: 2%
5 Years:: -8%
3 Years:: 10%
Last Year:: 12%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	70	84	84	84	84	84	95	117	119	119
	291	540	628	743	826	843	456	686	793	904
	264	144	228	176	352	348	258	334	312	326
Trade Payables	168	312	303	297	294	304	226	153	249	256
	226	198	186	140	125	100	360	378	409	428
Total Liabilities	1,020	1,278	1,429	1,439	1,681	1,679	1,395	1,668	1,883	2,033
ASSETS	-	-	-	-	-	-	-	-	-	-
	345	359	426	440	466	473	459	436	466	578
Capital Work in Progress	23	16	20	29	7	3	10	45	69	19
	0	0	1	1	1	1	0	5	5	5
	272	429	438	463	633	695	479	574	615	578
	0	0	0	0	0	0	0	0	244	260
Cash & Bank	8	101	50	12	28	19	84	15	28	25
	372	373	494	495	547	489	363	593	457	569
Total Assets	1,020	1,278	1,429	1,439	1,681	1,679	1,395	1,668	1,883	2,033
Total Debt	389	261	291	240	400	381	518	589	584	615
Net Working Capital	127	259	310	375	462	478	345	540	604	647
Contingent Liabilities	122	46	45	42	35	45	56	59	55	66
Book Value per Share	51.39	74.38	84.80	98.48	108.45	110.49	57.93	68.53	76.52	85.83
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	389	261	291	240	400	381	518	589	584	615
Net Working Capital	127	259	310	375	462	478	345	540	604	647
Contingent Liabilities	122	46	45	42	35	45	56	59	55	66
Book Value per Share	51.39	74.38	84.80	98.48	108.45	110.49	57.93	68.53	76.52	85.83
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2016

Equity Capital: 70
: 291
: 264
Trade Payables: 168
: 226
Total Liabilities: 1,020
: 345
Capital Work in Progress: 23
: 0
: 272
: 0
Cash & Bank: 8
: 372
Total Assets: 1,020
Total Debt: 389
Net Working Capital: 127
Contingent Liabilities: 122
Book Value per Share: 51.39
Face Value: 10.00
Total Debt: 389
Net Working Capital: 127
Contingent Liabilities: 122
Book Value per Share: 51.39
Face Value: 10.00

Mar 2017

Equity Capital: 84
: 540
: 144
Trade Payables: 312
: 198
Total Liabilities: 1,278
: 359
Capital Work in Progress: 16
: 0
: 429
: 0
Cash & Bank: 101
: 373
Total Assets: 1,278
Total Debt: 261
Net Working Capital: 259
Contingent Liabilities: 46
Book Value per Share: 74.38
Face Value: 10.00
Total Debt: 261
Net Working Capital: 259
Contingent Liabilities: 46
Book Value per Share: 74.38
Face Value: 10.00

Mar 2018

Equity Capital: 84
: 628
: 228
Trade Payables: 303
: 186
Total Liabilities: 1,429
: 426
Capital Work in Progress: 20
: 1
: 438
: 0
Cash & Bank: 50
: 494
Total Assets: 1,429
Total Debt: 291
Net Working Capital: 310
Contingent Liabilities: 45
Book Value per Share: 84.80
Face Value: 10.00
Total Debt: 291
Net Working Capital: 310
Contingent Liabilities: 45
Book Value per Share: 84.80
Face Value: 10.00

Mar 2019

Equity Capital: 84
: 743
: 176
Trade Payables: 297
: 140
Total Liabilities: 1,439
: 440
Capital Work in Progress: 29
: 1
: 463
: 0
Cash & Bank: 12
: 495
Total Assets: 1,439
Total Debt: 240
Net Working Capital: 375
Contingent Liabilities: 42
Book Value per Share: 98.48
Face Value: 10.00
Total Debt: 240
Net Working Capital: 375
Contingent Liabilities: 42
Book Value per Share: 98.48
Face Value: 10.00

Mar 2020

Equity Capital: 84
: 826
: 352
Trade Payables: 294
: 125
Total Liabilities: 1,681
: 466
Capital Work in Progress: 7
: 1
: 633
: 0
Cash & Bank: 28
: 547
Total Assets: 1,681
Total Debt: 400
Net Working Capital: 462
Contingent Liabilities: 35
Book Value per Share: 108.45
Face Value: 10.00
Total Debt: 400
Net Working Capital: 462
Contingent Liabilities: 35
Book Value per Share: 108.45
Face Value: 10.00

Mar 2021

Equity Capital: 84
: 843
: 348
Trade Payables: 304
: 100
Total Liabilities: 1,679
: 473
Capital Work in Progress: 3
: 1
: 695
: 0
Cash & Bank: 19
: 489
Total Assets: 1,679
Total Debt: 381
Net Working Capital: 478
Contingent Liabilities: 45
Book Value per Share: 110.49
Face Value: 10.00
Total Debt: 381
Net Working Capital: 478
Contingent Liabilities: 45
Book Value per Share: 110.49
Face Value: 10.00

Mar 2022

Equity Capital: 95
: 456
: 258
Trade Payables: 226
: 360
Total Liabilities: 1,395
: 459
Capital Work in Progress: 10
: 0
: 479
: 0
Cash & Bank: 84
: 363
Total Assets: 1,395
Total Debt: 518
Net Working Capital: 345
Contingent Liabilities: 56
Book Value per Share: 57.93
Face Value: 10.00
Total Debt: 518
Net Working Capital: 345
Contingent Liabilities: 56
Book Value per Share: 57.93
Face Value: 10.00

Mar 2023

Equity Capital: 117
: 686
: 334
Trade Payables: 153
: 378
Total Liabilities: 1,668
: 436
Capital Work in Progress: 45
: 5
: 574
: 0
Cash & Bank: 15
: 593
Total Assets: 1,668
Total Debt: 589
Net Working Capital: 540
Contingent Liabilities: 59
Book Value per Share: 68.53
Face Value: 10.00
Total Debt: 589
Net Working Capital: 540
Contingent Liabilities: 59
Book Value per Share: 68.53
Face Value: 10.00

Mar 2024

Equity Capital: 119
: 793
: 312
Trade Payables: 249
: 409
Total Liabilities: 1,883
: 466
Capital Work in Progress: 69
: 5
: 615
: 244
Cash & Bank: 28
: 457
Total Assets: 1,883
Total Debt: 584
Net Working Capital: 604
Contingent Liabilities: 55
Book Value per Share: 76.52
Face Value: 10.00
Total Debt: 584
Net Working Capital: 604
Contingent Liabilities: 55
Book Value per Share: 76.52
Face Value: 10.00

Mar 2025

Equity Capital: 119
: 904
: 326
Trade Payables: 256
: 428
Total Liabilities: 2,033
: 578
Capital Work in Progress: 19
: 5
: 578
: 260
Cash & Bank: 25
: 569
Total Assets: 2,033
Total Debt: 615
Net Working Capital: 647
Contingent Liabilities: 66
Book Value per Share: 85.83
Face Value: 10.00
Total Debt: 615
Net Working Capital: 647
Contingent Liabilities: 66
Book Value per Share: 85.83
Face Value: 10.00

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
	59	-17	19	140	-66	100	-149	-190	102	212
Cash from Investing	-32	-87	-16	-73	-29	-47	-20	-88	-53	-132
Cash from Financing	-26	140	-12	-91	111	-69	241	212	-53	-78
	1	36	-10	-24	15	-15	73	-66	-3	1
Free Cash Flow	-32	-17	-103	68	-124	44	-195	-259	-12	106
OCF / Net Profit	1.24	-3.48	0.21	1.16	-0.71	4.83	0.28	-3.57	1.13	1.78
Cumulative 5-Year FCF	0	0	0	0	-208	-131	-310	-466	-546	-315
OCF / Net Profit	1.24	-3.48	0.21	1.16	-0.71	4.83	0.28	-3.57	1.13	1.78
Cumulative 5-Year FCF	0	0	0	0	-208	-131	-310	-466	-546	-315

Mar 2016

: 59
Cash from Investing: -32
Cash from Financing: -26
: 1
Free Cash Flow: -32
OCF / Net Profit: 1.24
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.24
Cumulative 5-Year FCF: 0

Mar 2017

: -17
Cash from Investing: -87
Cash from Financing: 140
: 36
Free Cash Flow: -17
OCF / Net Profit: -3.48
Cumulative 5-Year FCF: 0
OCF / Net Profit: -3.48
Cumulative 5-Year FCF: 0

Mar 2018

: 19
Cash from Investing: -16
Cash from Financing: -12
: -10
Free Cash Flow: -103
OCF / Net Profit: 0.21
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.21
Cumulative 5-Year FCF: 0

Mar 2019

: 140
Cash from Investing: -73
Cash from Financing: -91
: -24
Free Cash Flow: 68
OCF / Net Profit: 1.16
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.16
Cumulative 5-Year FCF: 0

Mar 2020

: -66
Cash from Investing: -29
Cash from Financing: 111
: 15
Free Cash Flow: -124
OCF / Net Profit: -0.71
Cumulative 5-Year FCF: -208
OCF / Net Profit: -0.71
Cumulative 5-Year FCF: -208

Mar 2021

: 100
Cash from Investing: -47
Cash from Financing: -69
: -15
Free Cash Flow: 44
OCF / Net Profit: 4.83
Cumulative 5-Year FCF: -131
OCF / Net Profit: 4.83
Cumulative 5-Year FCF: -131

Mar 2022

: -149
Cash from Investing: -20
Cash from Financing: 241
: 73
Free Cash Flow: -195
OCF / Net Profit: 0.28
Cumulative 5-Year FCF: -310
OCF / Net Profit: 0.28
Cumulative 5-Year FCF: -310

Mar 2023

: -190
Cash from Investing: -88
Cash from Financing: 212
: -66
Free Cash Flow: -259
OCF / Net Profit: -3.57
Cumulative 5-Year FCF: -466
OCF / Net Profit: -3.57
Cumulative 5-Year FCF: -466

Mar 2024

: 102
Cash from Investing: -53
Cash from Financing: -53
: -3
Free Cash Flow: -12
OCF / Net Profit: 1.13
Cumulative 5-Year FCF: -546
OCF / Net Profit: 1.13
Cumulative 5-Year FCF: -546

Mar 2025

: 212
Cash from Investing: -132
Cash from Financing: -78
: 1
Free Cash Flow: 106
OCF / Net Profit: 1.78
Cumulative 5-Year FCF: -315
OCF / Net Profit: 1.78
Cumulative 5-Year FCF: -315

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
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	6.72	0.57	10.38	14.38	11.16	2.47	-55.93	4.54	7.60	9.97
Book Value (₹)	51.39	74.38	84.80	98.48	108.45	110.49	57.93	68.53	76.52	85.83
Dividend per Share (₹)	0.00	0.50	0.75	1.00	0.50	0.50	0.00	0.00	0.50	1.00
Cash EPS (₹)	11.46	6.40	16.41	20.36	17.55	8.26	-50.29	9.43	12.65	15.60
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	9.10%	5.81%	10.50%	9.76%	8.97%	7.39%	-19.19%	5.47%	6.07%	5.87%
Net Margin %	2.88%	0.27%	4.45%	5.04%	3.84%	1.12%	-24.48%	1.78%	2.74%	3.26%
ROE %	19.48%	0.96%	13.04%	15.70%	10.79%	2.25%	-72.01%	7.86%	10.56%	12.28%
ROCE %	16.40%	3.93%	16.37%	17.73%	13.88%	6.67%	-39.57%	8.60%	11.42%	14.40%
	4.87%	0.41%	6.43%	8.42%	6.00%	1.23%	-34.64%	3.48%	5.10%	6.07%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	45	43	40	40	44	46	24	18	23	25
Inventory Days	54	74	81	69	82	132	98	64	66	60
Payable Days	60	76	91	73	64	88	50	32	34	38
	39	41	30	36	62	90	72	50	55	47
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	1.07x	0.42x	0.41x	0.29x	0.44x	0.41x	0.94x	0.73x	0.64x	0.60x
Interest Coverage (x)	2.35x	0.97x	4.33x	5.13x	4.33x	1.87x	-9.24x	1.93x	2.08x	2.42x
	1.26x	1.45x	1.48x	1.67x	1.65x	1.67x	1.61x	1.92x	1.86x	1.91x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	13.92%	5.20%	12.93%	22.57%	1.76%	-24.45%	12.49%	39.62%	8.51%	9.35%
Operating Profit Growth %	37.74%	-32.87%	104.20%	13.87%	-6.44%	-37.80%	-406.80%	139.17%	37.93%	29.90%
Net Profit Growth %	46.91%	-89.95%	1730.45%	38.67%	-22.39%	-77.90%	-2671.82%	110.00%	70.11%	31.13%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	67.25%	31.13%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	27.38x	15.03x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.72x	1.74x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.24%	0.67%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	13.46x	8.11x

Mar 2016

EPS (₹): 6.72
Book Value (₹): 51.39
Dividend per Share (₹): 0.00
Cash EPS (₹): 11.46
Operating Margin %: 9.10%
Net Margin %: 2.88%
ROE %: 19.48%
ROCE %: 16.40%
: 4.87%
Debtor Days: 45
Inventory Days: 54
Payable Days: 60
: 39
Debt to Equity (x): 1.07x
Interest Coverage (x): 2.35x
: 1.26x
Revenue Growth %: 13.92%
Operating Profit Growth %: 37.74%
Net Profit Growth %: 46.91%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2017

EPS (₹): 0.57
Book Value (₹): 74.38
Dividend per Share (₹): 0.50
Cash EPS (₹): 6.40
Operating Margin %: 5.81%
Net Margin %: 0.27%
ROE %: 0.96%
ROCE %: 3.93%
: 0.41%
Debtor Days: 43
Inventory Days: 74
Payable Days: 76
: 41
Debt to Equity (x): 0.42x
Interest Coverage (x): 0.97x
: 1.45x
Revenue Growth %: 5.20%
Operating Profit Growth %: -32.87%
Net Profit Growth %: -89.95%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 10.38
Book Value (₹): 84.80
Dividend per Share (₹): 0.75
Cash EPS (₹): 16.41
Operating Margin %: 10.50%
Net Margin %: 4.45%
ROE %: 13.04%
ROCE %: 16.37%
: 6.43%
Debtor Days: 40
Inventory Days: 81
Payable Days: 91
: 30
Debt to Equity (x): 0.41x
Interest Coverage (x): 4.33x
: 1.48x
Revenue Growth %: 12.93%
Operating Profit Growth %: 104.20%
Net Profit Growth %: 1730.45%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 14.38
Book Value (₹): 98.48
Dividend per Share (₹): 1.00
Cash EPS (₹): 20.36
Operating Margin %: 9.76%
Net Margin %: 5.04%
ROE %: 15.70%
ROCE %: 17.73%
: 8.42%
Debtor Days: 40
Inventory Days: 69
Payable Days: 73
: 36
Debt to Equity (x): 0.29x
Interest Coverage (x): 5.13x
: 1.67x
Revenue Growth %: 22.57%
Operating Profit Growth %: 13.87%
Net Profit Growth %: 38.67%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 11.16
Book Value (₹): 108.45
Dividend per Share (₹): 0.50
Cash EPS (₹): 17.55
Operating Margin %: 8.97%
Net Margin %: 3.84%
ROE %: 10.79%
ROCE %: 13.88%
: 6.00%
Debtor Days: 44
Inventory Days: 82
Payable Days: 64
: 62
Debt to Equity (x): 0.44x
Interest Coverage (x): 4.33x
: 1.65x
Revenue Growth %: 1.76%
Operating Profit Growth %: -6.44%
Net Profit Growth %: -22.39%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 2.47
Book Value (₹): 110.49
Dividend per Share (₹): 0.50
Cash EPS (₹): 8.26
Operating Margin %: 7.39%
Net Margin %: 1.12%
ROE %: 2.25%
ROCE %: 6.67%
: 1.23%
Debtor Days: 46
Inventory Days: 132
Payable Days: 88
: 90
Debt to Equity (x): 0.41x
Interest Coverage (x): 1.87x
: 1.67x
Revenue Growth %: -24.45%
Operating Profit Growth %: -37.80%
Net Profit Growth %: -77.90%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): -55.93
Book Value (₹): 57.93
Dividend per Share (₹): 0.00
Cash EPS (₹): -50.29
Operating Margin %: -19.19%
Net Margin %: -24.48%
ROE %: -72.01%
ROCE %: -39.57%
: -34.64%
Debtor Days: 24
Inventory Days: 98
Payable Days: 50
: 72
Debt to Equity (x): 0.94x
Interest Coverage (x): -9.24x
: 1.61x
Revenue Growth %: 12.49%
Operating Profit Growth %: -406.80%
Net Profit Growth %: -2671.82%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 4.54
Book Value (₹): 68.53
Dividend per Share (₹): 0.00
Cash EPS (₹): 9.43
Operating Margin %: 5.47%
Net Margin %: 1.78%
ROE %: 7.86%
ROCE %: 8.60%
: 3.48%
Debtor Days: 18
Inventory Days: 64
Payable Days: 32
: 50
Debt to Equity (x): 0.73x
Interest Coverage (x): 1.93x
: 1.92x
Revenue Growth %: 39.62%
Operating Profit Growth %: 139.17%
Net Profit Growth %: 110.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 7.60
Book Value (₹): 76.52
Dividend per Share (₹): 0.50
Cash EPS (₹): 12.65
Operating Margin %: 6.07%
Net Margin %: 2.74%
ROE %: 10.56%
ROCE %: 11.42%
: 5.10%
Debtor Days: 23
Inventory Days: 66
Payable Days: 34
: 55
Debt to Equity (x): 0.64x
Interest Coverage (x): 2.08x
: 1.86x
Revenue Growth %: 8.51%
Operating Profit Growth %: 37.93%
Net Profit Growth %: 70.11%
: 67.25%
P/E (x): 27.38x
P/B (x): 2.72x
Dividend Yield %: 0.24%
: 13.46x

Mar 2025

EPS (₹): 9.97
Book Value (₹): 85.83
Dividend per Share (₹): 1.00
Cash EPS (₹): 15.60
Operating Margin %: 5.87%
Net Margin %: 3.26%
ROE %: 12.28%
ROCE %: 14.40%
: 6.07%
Debtor Days: 25
Inventory Days: 60
Payable Days: 38
: 47
Debt to Equity (x): 0.60x
Interest Coverage (x): 2.42x
: 1.91x
Revenue Growth %: 9.35%
Operating Profit Growth %: 29.90%
Net Profit Growth %: 31.13%
: 31.13%
P/E (x): 15.03x
P/B (x): 1.74x
Dividend Yield %: 0.67%
: 8.11x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	42.61	42.61	42.61	42.61	42.61	42.61	40.65	40.65	40.49
	8.51	10.08	8.20	8.46	9.24	9.92	9.26	8.77	7.46
	8.38	6.87	6.84	6.84	6.84	6.60	6.15	5.25	5.90
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	40.49	40.44	42.35	42.09	41.32	40.88	43.95	45.33	46.24

Jun 2024

: 42.61
: 8.51
: 8.38
Government: 0.00
: 40.49

Sep 2024

: 42.61
: 10.08
: 6.87
Government: 0.00
: 40.44

Dec 2024

: 42.61
: 8.20
: 6.84
Government: 0.00
: 42.35

Mar 2025

: 42.61
: 8.46
: 6.84
Government: 0.00
: 42.09

Jun 2025

: 42.61
: 9.24
: 6.84
Government: 0.00
: 41.32

Sep 2025

: 42.61
: 9.92
: 6.60
Government: 0.00
: 40.88

Dec 2025

: 40.65
: 9.26
: 6.15
Government: 0.00
: 43.95

Mar 2026

: 40.65
: 8.77
: 5.25
Government: 0.00
: 45.33

Jun 2026

: 40.49
: 7.46
: 5.90
Government: 0.00
: 46.24

Documents

Announcements

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

Annual Reports

Credit Ratings

Credit Rating- Revision
2026-05-07 - Parag Milk Foods Limited has informed the Exchange about credit ratings issued by India Ratings

Concalls

Aug 2026
Transcript PPTREC
May 2026
Transcript PPTREC
Feb 2026
Transcript PPTREC