Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Modern Dairies
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 80.92 | 83.12 | 80.60 | 99.95 | 97.83 | 94.43 | 73.84 | 88.76 | 91.06 | 78.30 | 81.96 | 87.48 | 92.18 |
| Expenses + | 76.33 | 79.09 | 76.64 | 93.76 | 90.36 | 89.43 | 69.75 | 85.64 | 89.32 | 75.27 | 79.24 | 85.09 | 90.51 |
| Operating Profit | 4.59 | 4.03 | 3.96 | 6.19 | 7.47 | 5.00 | 4.09 | 3.12 | 1.74 | 3.03 | 2.72 | 2.39 | 1.67 |
| OPM % | 5.67% | 4.85% | 4.91% | 6.19% | 7.64% | 5.29% | 5.54% | 3.52% | 1.91% | 3.87% | 3.32% | 2.73% | 1.81% |
| Other Income + | 0.35 | 0.02 | 19.34 | 0.14 | 0.33 | 0.16 | 0.36 | 56.04 | 0.20 | 0.14 | 0.46 | 0.35 | 0.35 |
| Interest | 1.46 | 1.32 | 1.05 | 0.76 | 0.69 | 0.54 | 0.39 | 0.45 | 0.45 | 0.24 | 0.26 | 0.31 | 0.30 |
| Depreciation | 0.86 | 0.71 | 0.91 | 1.04 | 0.76 | 0.76 | 0.74 | 0.79 | 0.87 | 0.84 | 0.84 | 0.80 | 0.78 |
| Profit before tax | 2.62 | 2.02 | 21.34 | 4.53 | 6.35 | 3.86 | 3.32 | 57.92 | 0.62 | 2.09 | 2.08 | 1.63 | 0.94 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -2,779.03% | 21.05% | 18.75% | 24.54% | 65.96% |
| Net Profit + | 2.62 | 2.02 | 21.34 | 4.52 | 6.34 | 3.86 | 3.32 | 57.93 | 17.86 | 1.65 | 1.69 | 1.22 | 0.32 |
| EPS in Rs | 1.12 | 0.87 | 9.15 | 1.94 | 2.72 | 1.66 | 1.42 | 24.84 | 6.97 | 0.64 | 0.66 | 0.48 | 0.11 |
Financials of Modern Dairies
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 625 | 497 | 457 | 467 | 560 | 766 | 610 | 241 | 217 | 362 | 348 | 340 |
| Expenses + | 629 | 499 | 461 | 480 | 549 | 757 | 600 | 231 | 201 | 340 | 334 | 330 |
| Operating Profit | -3 | -2 | -4 | -14 | 11 | 9 | 10 | 10 | 17 | 22 | 14 | 10 |
| OPM % | -1% | -0% | -1% | -3% | 2% | 1% | 2% | 4% | 8% | 6% | 4% | 3% |
| Other Income + | 2 | 0 | 14 | 0 | 0 | 0 | -22 | 2 | 1 | 20 | 57 | 1 |
| Interest | 17 | 18 | 17 | 0 | 0 | 0 | 0 | 0 | 2 | 4 | 2 | 1 |
| Depreciation | 5 | 5 | 5 | 5 | 5 | 6 | 22 | 6 | 3 | 3 | 3 | 3 |
| Profit before tax | -24 | -24 | -11 | -19 | 6 | 3 | -35 | 5 | 12 | 34 | 66 | 7 |
| Tax % | -7% | -1% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -26% | 27% |
| Net Profit + | -22 | -24 | -11 | -19 | 6 | 3 | -35 | 5 | 12 | 34 | 83 | 5 |
| EPS in Rs | -9.54 | -10.39 | -4.89 | -7.96 | 2.60 | 1.50 | -14.89 | 2.12 | 5.21 | 14.68 | 32.38 | 1.72 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Modern Dairies
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 26 | 28 |
| Reserves | -57 | -81 | -93 | -111 | -105 | -102 | -136 | -131 | -119 | -85 | 15 | 27 |
| Borrowings + | 180 | 173 | 177 | 167 | 165 | 155 | 50 | 0 | 1 | 8 | 7 | 12 |
| Other Liabilities + | 53 | 59 | 46 | 38 | 53 | 53 | 138 | 170 | 180 | 144 | 69 | 65 |
| Total Liabilities | 199 | 174 | 153 | 117 | 136 | 130 | 74 | 62 | 85 | 90 | 117 | 132 |
| Fixed Assets + | 82 | 79 | 79 | 77 | 76 | 74 | 34 | 30 | 29 | 30 | 31 | 29 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 1 | 1 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 |
| Other Assets + | 117 | 95 | 74 | 40 | 59 | 54 | 40 | 32 | 56 | 59 | 85 | 96 |
| Total Assets | 199 | 174 | 153 | 117 | 136 | 130 | 74 | 62 | 85 | 90 | 117 | 132 |
Financials of Modern Dairies
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 17 | 30 | 3 | 16 | 4 | 6 | 7 | 17 | 15 | 47 | 20 | -4 |
| Cash from Investing Activity + | -2 | -2 | -5 | -3 | -4 | -5 | -3 | -2 | -3 | -5 | -4 | -7 |
| Cash from Financing Activity + | -16 | -22 | -3 | -11 | -0 | -2 | -3 | -9 | -19 | -41 | -10 | 14 |
| Net Cash Flow | -1 | 6 | -5 | 1 | -1 | -1 | 0 | 6 | -7 | 1 | 7 | 2 |
| Free Cash Flow | 15 | 28 | -2 | 13 | -1 | 1 | 3 | 15 | 12 | 42 | 17 | -6 |
| CFO/OP | -493% | -1,511% | -68% | -118% | 35% | 71% | 65% | 179% | 96% | 222% | 147% | -46% |
Financials of Modern Dairies
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 18 | 22 | 22 | 7 | 20 | 11 | 6 | 5 | 32 | 19 | 22 | 26 |
| Inventory Days | 47 | 36 | 30 | 14 | 10 | 13 | 16 | 31 | 73 | 39 | 38 | 43 |
| Days Payable | 19 | 23 | 22 | 15 | 20 | 18 | 11 | 11 | 88 | 58 | 61 | 59 |
| Cash Conversion Cycle | 46 | 35 | 30 | 6 | 10 | 6 | 11 | 25 | 16 | 0 | -1 | 10 |
| Working Capital Days | -11 | -44 | -39 | -136 | -109 | -74 | -89 | -223 | -217 | -91 | -14 | -3 |
| ROCE % | -4% | -5% | -8% | -20% | 8% | 4% | -172% | 14% |
. Key concall takeaways from Foods & Inns Ltd's Q1 FY27 earnings call — and how it ranks against sector peers.
Investment of around INR 175 crores planned in pet food, with INR 25 crores spent on land so far. Key concall takeaways from Avanti Feeds Ltd's Q1 FY27…
Profit after tax (PAT) for Q1 FY27 stood at INR125 million, up 31.4% YoY with a PAT margin expansion of 191 bps YoY. Key concall takeaways from Ganesh Consumer…
Profitability improved significantly in Q1 FY27 with a 79% YoY EBITDA increase and 138% PAT growth, driven by higher realizations, stable farm gate prices, and…