NSE: PARAGMILK · BSE: 539889 · ISIN INE883N01014
Parag Milk Foods Limited stock analysis
Parag Milk Foods Limited ranks #3181 in the TickerSutra evidence-ranked universe with a score of 42/100 and 95% data confidence. The latest captured fundamentals show ROCE of 13.5%, quarterly sales growth of 10.9% and quarterly profit growth of -20.1%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹2,072cr | ₹-436cr | ₹-532cr | -21.0% |
| 2023 | ₹2,893cr | ₹120cr | ₹53cr | 4.2% |
| 2024 | ₹3,139cr | ₹202cr | ₹91cr | 6.0% |
| 2025 | ₹3,432cr | ₹254cr | ₹119cr | 7.0% |
| 2026 | ₹3,818cr | ₹257cr | ₹135cr | 7.0% |
| TTM | ₹3,911cr | ₹267cr | ₹130cr | 7.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Sixth Sense India Opportunities III & PACs
RoutineCapacity addition (Sub-para 3-Para B)NSE · 22 Sept 2026 · Structured filingPARAG MILK FOODS LIMITED has informed the Exchange about Capacity addition (Sub-para 3-Para B)
PARAG MILK FOODS LIMITED has informed the Exchange about Capacity addition (Sub-para 3-Para B)
Open original XBRL sourceParag Milk Foods Limited has informed the Exchange about Expansion of Paneer Manufacturing Capacity
RoutineCapacity additionNSE · 22 Sept 2026Parag Milk Foods Limited has informed the Exchange about expansion of Paneer manufacturing Capacity
RoutineUpdatesNSE · 18 Sept 2026Parag Milk Foods Limited has informed the Exchange regarding 'Press Release on appointment of Mr. Phalgun Trivedi as Chief - R&D, Quality Control and Food Safety Officer'.
MANAGEMENT COMMENTARY
Signals from filed documents
Our flagship categories, that is ghee, cheese, paneer and dahi, continue to form the backbone of the business contributing to 61% of our Q1 revenue. The flagship categories volume declined by 2% year -on-year, mainly due to a transient slowdown. But in B2C within the flagship categories recorded a robust growth, while the B2B declined modestly.
We are doubling our cheese production capacity from 60 metric tons per day to 120 metric tons per day over the next 1.5 years. With this capacity expansion, we will be able to drive a parallel expansion in our whey protein generation. This will enable us to tap the opportunity of both the categories, which is cheese and whey, a step towards becoming a health and nutrition powerhouse.
The milk prices at INR42 per litre during the quarter, 13% higher year-on-year and flat sequentially. We responded to this through a combination of calibrated price increases, a better product mix and targeted promotional optimization and acceleration. As a result, the gross profit increased by 11% to INR258 crores, in line with the overall revenue growth, demonstrating that the cost push has been passed on.
So one, if you can help us understand how the B2C part is, kind of, growing in terms of volumes? And is it that we want to, kind of, cede some space in the B2B side because of the pricing pressure or not enough margin being there? Will we be back to that double-digit aspiration of volume growth in the core category?
Parag Milk Foods Limited August 07, 2026 Page 13 of 17 Rahul Kumar Srivastava: Ashish, we don't disclose the cost of production. As you know that we have our own this thing backward integration for the whey raw material. But normally, we don't disclose the cost of production.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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