Arthneeti

Parag Milk Foods Q1 FY27 Share Price & Earnings Call Analysis

₹233.15-4.82% today
Market cap
₹2,932 Cr
P/E
21.77
ROE
12.13%
PEG
0.57
Price to sales
0.75
Debt to equity
0.48
52W high / low
₹372 / ₹180
Sales growth (5Y)
15.69%
EBITDA margin
6.83%
Net profit margin
3.63%
Promoter holding
40.49%
Sales (last year)
₹3,911 Cr

Parag Milk Foods Ltd, founded in 1992 by Mr. Devendra Shah is involved in the development and promotion of 100% fresh cow’s milk and milk products under international brand names with a diverse portfolio in over 10 product categories. [1]

Guidance scorecard · Q1 FY27 call

What Parag Milk Foods Ltd's management guided
and where it ranks in Food Products

#25of 30 in
Food Products
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Parag Milk Foods expects to achieve sales growth of more than 10% in the fiscal year 2027, breaking the previous 10% growth benchmark.
  • Q1 FY27 saw 11% year-on-year value growth and 3% volume growth, indicating a positive trajectory.
  • Flagship categories (ghee, cheese, paneer, dahi) declined 2% in volume mainly due to transient B2B slowdown but B2C within flagship categories showed robust growth.
  • New age business (Pride of Cows, Avvatar) grew 59% YoY and now contributes around 13% of total revenue, up from 9% last year; this segment is expected to continue strong growth.
  • Distribution expansion in new and existing markets is underway, particularly aimed at improving B2C growth and volume expansions.

2 more points from Parag Milk Foods Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Parag Milk Foods Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Parag Milk Foods is doubling its cheese production capacity from 60 metric tons per day to 120 metric tons per day, expected to be completed by March 2028.
  • This capacity expansion will also drive a parallel increase in whey protein generation, tapping into growth opportunities in both cheese and whey categories.
  • The company is working on solar power projects across various sites, including collaboration with Tata Solar Power and biogas-based energy generation from its cattle farms.
  • Investments in renewable energy, such as solar and biogas, are ongoing to reduce costs and increase sustainability.
Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Parag Milk Foods Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Ask what Parag Milk Foods Ltd said on the order book →

Full Q1 FY27 analysis
Full Food Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Food Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Parag Milk Foods Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Food Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹459 Cr7.9
240%+Up 2%+₹454 Cr79.8
340%+Flat₹1,061 Cr48.2
440%+Flat₹157 Cr10.5
520–40%Up 2%+₹671 Cr48.3
620–40%Up 2%+₹265 Cr7.8

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Pro shows every company guiding 40%+ revenue growth →Full Food Products ranking

Financials of Parag Milk Foods Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Parag Milk Foods Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +8017507988017907588718859188521,0081,013945
Expenses +764709743736753702802811856794937944886
Operating Profit37405665375669746258716859
OPM %5%5%7%8%5%7%8%8%7%7%7%7%6%
Other Income +9666867513818319
Interest12172122161923262520202121
Depreciation18151515151618161716191818
Profit before tax16152433142736383329503340
Tax %-36%-41%-3%-4%27%-2%18%4%19%5%10%9%20%
Net Profit +22212534102729362628463032
EPS in Rs1.901.822.152.910.822.292.453.022.202.313.652.362.58

Financials of Parag Milk Foods Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +1,4431,6451,7311,9552,3962,4381,8422,0722,8933,1393,4323,818
Expenses +1,3301,4941,6391,7582,1712,2251,7152,5082,7732,9363,1793,561
Operating Profit11315192197225213126-436120202254257
OPM %8%9%5%10%9%9%7%-21%4%6%7%7%
Other Income +-4-2-11996122045233948
Interest475033363638465257799381
Depreciation283349515054525457606771
Profit before tax3467-111914812741-5225186133152
Tax %6%29%-524%27%18%26%49%2%-4%-6%10%11%
Net Profit +32475871219421-5325391119135
EPS in Rs20.176.720.5710.3514.3511.142.46-55.834.547.599.9510.79
Dividend Payout %0%0%88%7%7%4%20%0%0%7%10%0%

Financials of Parag Milk Foods Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1670848484848495117119119125
Reserves1082915416287438278444596917939041,134
Borrowings +545389261291240400381523606616654607
Other Liabilities +255241401378375379373318253358355415
Total Liabilities9249911,2871,3821,4421,6901,6831,3951,6681,8872,0332,281
Fixed Assets +291345334397406466473459436466578643
CWIP2828212029731045691937
Investments000111105555
Other Assets +6046189339641,0071,2171,2059261,1821,3481,4311,596
Total Assets9249911,2871,3821,4421,6901,6831,3951,6681,8872,0332,281

Financials of Parag Milk Foods Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +8859-1719140-66100-149-190102212149
Cash from Investing Activity +-29-32-87-16-73-30-47-26-88-53-132-98
Cash from Financing Activity +-58-26140-12-91111-69248212-53-78-60
Net Cash Flow1136-10-2415-1573-66-31-9
Free Cash Flow5831-111-4552-9856-185-190418759
CFO/OP80%48%0%16%75%-15%96%31%-155%56%88%65%

Financials of Parag Milk Foods Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days435237474245322221282823
Inventory Days7383136131113127186911001038795
Days Payable665199917359814327423935
Cash Conversion Cycle50847487831141367095897684
Working Capital Days-182633495565914466676651
ROCE %13%17%7%17%18%14%7%-39%9%11%14%14%

Guidance history

How Parag Milk Foods Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned——
Q4 FY26 call →10–20%FlatPlanned——
Q3 FY26 call →10–20%FlatPlannedPlanned—
Q2 FY26 call →10–20%Up 0–2%Planned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

27out of 100

Momentum score · price trend

27 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−25.1%31%
Last 6 months+4.0%62%
Last 3 months+8.8%80%

The price is 37.3% below its all-time high of ₹371.6 (13 Nov 2025). Stocks more than 20% below their peak have their score halved, so 53 became 27.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Parag Milk Foods Ltd: 0.4 × 31 + 0.4 × 62 + 0.2 × 80 = 53, halved to 27 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Parag Milk Foods Ltd's management said in earlier quarters

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