1. India Stocks

  2. •

    Consumer Defensive

  3. •

    Packaged Foods
Parag Milk Foods Limited

Parag Milk Foods Limited

PARAGMILK.NS
Parag Milk Foods LimitedIN flagNational Stock Exchange of India
231.72
INR
+3.85
- -
29.31BMarket Cap
Parag Milk Foods Limited
PARAGMILK.NS
(National Stock Exchange of India)

Recent

price

231.72

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
99.65
133.75
136.71
158.58
248.56
251.1
210.14
232.99
266.48
286.08
213.75
218.32
271.61
262.03
288.06
312.64
312.71
Revenue per Share
-0.06
2.88
3.17
2.44
5.54
7.22
0.58
10.38
14.39
11.16
2.47
-56.91
5.07
7.71
9.97
11.06
11.06
Basic EPS, GAAP
-9.48
-5.57
-6.09
-1.93
9.84
4.78
-13.48
-5.4
6.16
-11.7
6.62
-19.06
-23.18
3.5
7.26
3.29
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
0.6
0.91
1.21
0.5
0.51
- -
- -
0.5
0.98
- -
Dividend per Share
7.58
4.7
10.71
13.08
19.26
24.99
22.07
31.44
44.91
54.83
56.79
-5.27
2.46
10.08
19.41
10.24
10.24
Book Value per Share
8.38
5.91
11.88
14.19
20.45
50.11
75.3
84.33
98.15
108.24
110.34
59.17
76.88
77.58
85.73
102.52
102.54
Tangible Book Value per Share
66
66
66
66
58
66
82
84
84
84
84
94
105
117
119
122
122
Basic Weighted Avg Shares
6,529
8,763
8,957
10,390
14,441
16,452
17,307
19,545
22,363
24,013
17,942
20,426
28,537
30,777
34,322
38,175
38,175
Sales/Revenue/Turnover
5.09
6.99
6.54
5.67
5.96
7.47
2.72
8.03
9.21
6.81
4.71
-22.96
3.65
5.26
5.4
4.87
4.87
Operating Margin (%)
181
225
261
275
275
334
490
506
502
536
486
537
573
602
672
707
707
Depreciation Expense
-4
189
208
160
322
473
48
871
1,207
937
207
-5,325
533
906
1,188
1,350
1,350
Net Income, GAAP
104.24
7.86
- -
- -
6
29.15
- -
26.82
18.31
26.2
49.16
- -
- -
- -
10.41
11.38
11.38
Effective Tax Rate (%)
-0.06
2.16
2.32
1.54
2.23
2.88
0.27
4.45
5.4
3.9
1.15
-26.07
1.87
2.94
3.46
3.54
3.54
Profit Margin (%)
-790
-733
-227
9
-643
738
2,586
3,097
3,752
4,617
4,776
3,448
5,403
6,037
6,473
5,542
5,542
Working Capital
1,636
1,417
2,327
2,726
1,723
1,188
703
635
646
594
419
2,709
2,655
2,704
2,833
2,102
2,102
LT Debt
579
390
813
972
1,239
3,332
6,249
7,122
8,271
9,112
9,281
5,540
8,079
9,121
10,234
12,586
12,586
Total Equity
- -
12.99
- -
- -
13.8
14.3
- -
13.14
17.66
10.99
3.53
- -
- -
- -
10.67
9.36
9.36
Return on Invested Capital (%)
- -
13.21
- -
- -
12.29
14.72
- -
21.9
25.18
16.1
4.98
- -
- -
- -
24.96
25.61
25.61
Return on Capital (%)
- -
46.97
41.16
20.49
32.6
34.33
2.75
39.09
37.69
22.38
4.42
- -
- -
125.63
67.95
75.82
75.82
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
3,417
- -
3,972
LT Borrowings
1,531
- -
1,580
LT Finance Leases
480
- -
522
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
125
- -
125
Market Capitalization
30,950
35,035
21,957

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
15,208
- -
13,312
Cash, Cash Equivalents & STI
150
- -
183
Accounts Receivable, Net
2,816
- -
2,445
Inventories
7,294
- -
7,303
Total Current Liabilities
8,098
- -
7,769
Payables & Accruals
- -
- -
- -
ST Debt
3,417
- -
3,972
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
18.33%
10.72%
22.98%
Free Cash Flow
-161.86%
-88.77%
-53.51%
Net Income, GAAP
-108.8%
-533.38%
13.69%
Sales/Revenue/Turnover
9.88%
16.83%
11.23%
Total Cash Common Dividend
- -
- -
100%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
7,496
7,982
8,008
7,291
30,777
2025
7,579
8,713
8,847
9,182
34,322
2026
8,515
10,080
10,127
9,453
38,175

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.83
2.15
2.91
- -
7.71
2025
2.29
2.45
3.03
2.2
9.97
2026
2.31
3.83
2.37
2.58
11.06

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
0.5
2026
- -
- -
- -
- -
0.98
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Business
Parag Milk Foods Limited, founded in 1992 and headquartered in Mumbai, India, manufactures and markets a diverse portfolio of value-added dairy products made from 100% fresh cow's milk, operating processing plants in Manchar (Maharashtra), Palamaner (Andhra Pradesh), and Sonipat (Haryana), with a subsidiary dairy farm in Manchar. The company offers traditional products under the Gowardhan brand including ghee, paneer, curd, butter, skimmed milk powder, whole milk powder, dairy whitener, gulab jamun mix, and sweets; processed cheese, natural cheese, cheese spreads, yogurt, UHT milk, buttermilk, lassi, and flavoured milk under the Go brand; premium farm-to-home fresh milk and upcoming high-protein yogurt, Greek yogurt, paneer, and natural cheeses under the Pride of Cows brand; flavoured milk under Topp Up; and vegetarian whey protein concentrates, including new mango flavours and planned protein snacks and chips, under the Avvatar brand. Parag Milk Foods serves retail, foodservice, institutional, and export markets across India and internationally, with value-added products comprising approximately 75-80% of revenues. In 2025, the company announces a Rs 400 crore investment over three to four years from internal accruals to expand cheese production capacity from 60 to 120 tonnes per day, scale Avvatar into new categories with doubled business in three years via a new whey filtration plant, grow Pride of Cows milk output to 250,000 litres daily by 2027 through a 500-acre sustainable greenfield facility at Bota, Nashik featuring biogas and rainwater harvesting, and accelerate new product launches across brands amid 79% year-on-year growth in new-age businesses; it also doubles advertising budgets for high-impact media partnerships in H1 2025, renews Kaun Banega Crorepati integration for tier 2/3 reach, issues warrants raising Rs 40.3 crore for debt reduction, and targets Rs 10,000 crore revenue via 1.5 million distribution touchpoints.