Dodla Dairy Ltd(DODLA)

NSE: DODLABSE: 543306

₹ 968.1-0.62%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,840 crNext results: 28 Oct 2026Website: www.dodladairy.comUpdated: 24 Oct 2026

About

Dodla Dairy Ltd is a South India-based dairy company that procures, processes and sells liquid milk and value-added dairy products (VAP) across India, with operations also in East Africa (Kenya and Uganda) and an animal feed subsidiary (Orgafeed). In FY26 the company reported consolidated revenue of ₹4,125 cr, its first year clearing ₹1,000 cr in every quarter. It acquired OSAM (HR Food Processing) in July 2025, adding a fourth processing cluster, and is building a greenfield plant in Maharashtra.^[1][2][3]

Business segments

India dairy (standalone) is the core segment: liquid milk procurement, processing and sale of milk and VAP across South and Central India, generating the bulk of consolidated revenue in FY26.^[2]
Africa (Kenya and Uganda) delivered ₹154 cr revenue (+45.6% YoY) and ₹24.2 cr EBITDA (+74% YoY) in Q1FY27, the segment's highest-ever quarter on both metrics.^[4]
OSAM (HR Food Processing), acquired end-July 2025, contributed ₹214.7 cr revenue and ₹4.8 cr EBITDA (~2.2% margin) in its first partial year FY26.^[2]
Orgafeed, the animal feed subsidiary, delivered revenue growth of 23.2% YoY in Q4FY26 with an EBITDA margin of 9.5%; Q1FY27 EBITDA margin was 10.5%.^[2][4]

Milk procurement and pricing

Total consolidated milk procurement was 21.1 LLPD in Q1FY27 (+13% YoY): Dodla India standalone 17.23 LLPD (+3%), Africa 2.52 LLPD (+28.5%), OSAM 1.39 LLPD (new).^[4]
Average milk procurement cost was ₹41.3/L in Q1FY27 (+10.4% YoY vs ₹37.4/L in Q1FY26); average milk sales realisation was ₹59.4/L (+3.9% YoY vs ₹57.2/L).^[4]
The spread between realisation and procurement cost narrowed to ₹18.1/L in Q1FY27 from ₹19.8/L a year ago, the primary driver of EBITDA margin compression from 8.2% to 5.4%.^[4]
In Q4FY26, average consolidated procurement cost rose 9.7% YoY to ₹40.97/L while average milk sales realisation rose only 4% YoY to ₹58.40/L.^[2]

Value-added products (VAP)

VAP sales reached ₹414.7 cr in Q1FY27 (34.6% of total sales), up 17.6% YoY; excluding bulk SMP/butter (nil in Q1FY27 vs ₹57.7 cr in Q1FY26), like-for-like VAP grew 40.6% YoY.^[4]
India standalone VAP revenue (ex-bulk) was ₹332 cr in Q1FY27 (+36% YoY vs ₹245 cr in Q1FY26).^[4]
Curd and curd-based products reached 642.6 MTPD in Q1FY27 (+41.4% YoY); curd volume was 442 MTPD in Q4FY26 (+15.4% YoY) and 355 MTPD in Q3FY26 (+15.5% YoY).^[4][2][5]
Paneer daily sales scaled from ~1 ton to 3.5 - 4 tons as of Q3FY26; long-term VAP mix target raised to 32 - 34% of total revenue, driven by curd, paneer, and ice cream.^[5][2]

Key operating volumes

Consolidated milk sales volume was 13.6 LLPD in Q1FY27 (+14.5% YoY), 14.0 LLPD in Q4FY26 (+19.5% YoY), and 13.9 LLPD in Q3FY26 (+19.6% YoY).^[4][2][5]
Gross margin was 23.2% in Q1FY27 (-260 bps YoY vs 25.8% in Q1FY26) and 23.0% in Q4FY26; packing material costs rose 48% YoY to 5.6% of revenue in Q1FY27 vs 4.4% prior year.^[4][2]
Orgafeed volume rose 37% YoY to ~5,600 MT/month in Q2FY26; Q3FY26 nine-month EBITDA margin improved from 13.4% to 14.3% YoY.^[3][5]

Africa operations

Kenya plant was operating at ~80% of its 1.5 LLPD installed capacity in Q1FY27; Uganda plant is at full capacity.^[4]
Africa full-year FY26 EBITDA margin was 11.3%; in Q4FY26 Africa revenue was ₹151 cr (+48% YoY) driven by more than 60% growth in liquid milk sales from scaling Kenya operations.^[2]
Uganda greenfield expansion: a 70-acre land parcel near Kampala was secured for a new 3 LLPD dairy plant with planned capex of ₹50 - 60 cr over two years, targeting revenue generation by end of FY28.^[5]

Expansion and capex

Maharashtra greenfield plant: total project cost ₹280 cr; cumulative capex deployed ₹106 cr as of Q4FY26 (₹86 cr in FY26); remaining ₹180 cr planned for FY27; commercial operations targeted by end-FY27.^[2]
Maharashtra milk procurement was averaging ~3 LLPD as of Q4FY26, targeting 5 LLPD by end-FY27; initial output to be used for bulk sales until consumer sales presence is established.^[2][3]
FY27 standalone capex (excluding Maharashtra) budgeted at ~₹130 cr; Maharashtra balance ₹180 cr is additional.^[2]
Bihar/Eastern India: following BIADA due diligence (₹4.4 cr land), management is evaluating whether to develop the BIADA parcel or add capacity at the existing Chandel plant; Board decision pending.^[4][2]

Recent developments

Board approved a primary investment of ₹11.65 cr for a 2% stake in Sids Farm Pvt Ltd, a premium direct-to-consumer dairy brand, framed as a learning investment in D2C dynamics.^[4]
OSAM (HR Food Processing) acquisition completed end-July 2025; contributed ₹214.7 cr revenue and ₹4.8 cr EBITDA in FY26; SAP implementation and infrastructure upgrades ongoing as of Q1FY27.^[3][2]
FY26 reported PAT of ₹267 cr includes ~₹70 cr of one-off tax credits (ITAT/CIT(A) orders and related interest); adjusted FY26 PAT was approximately ₹215 cr at ~5.2% margin; no further such credits expected.^[2]
Q1FY27 consolidated revenue reached ₹1,197.9 cr (+19% YoY), the highest-ever quarterly figure, with FY27 guidance of 10% volume growth and 15% value growth maintained.^[4]

Market Cap

₹5,840 Cr

High / Low

₹1,350 / 955

Stock P/E

24.7

Price / Book

3.6

Book Value

₹278

EPS

₹44.3

No. of Shares

6.03 Cr

ROCE

18.1%

ROE

17.3%

OPM

6.8%

Debt / Equity

0.02

Sales

₹4,125 Cr

Net Profit

₹267 Cr

Promoter holding

58.9%

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