Parag Milk Foods Ltd(PARAGMILK)

NSE: PARAGMILKBSE: 539889

₹ 240.15-3.63%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,017 crWebsite: www.paragmilkfoods.comUpdated: 24 Oct 2026

About

Parag Milk Foods is an Indian dairy company that processes milk into ghee, cheese, paneer, milk, whey proteins and nutrition products under four brands: Gowardhan, Go, Pride of Cows and Avvatar. It describes itself as the largest private dairy FMCG company with a presence across India, and it reported revenue of ₹3,817.5 Cr in FY26. Gowardhan held a 22% share of branded cow ghee and Go Cheese a 35% share of the cheese category.^[1][2]

Revenue mix

The company reports a single segment, milk and milk products, with revenue of ₹3,817.50 Cr in FY26 vs ₹3,432.21 Cr in FY25.^[1]
Core categories (ghee, cheese, paneer) made up about 60% of revenue in FY26 and recorded 12% volume growth.^[1]
The New Age business (Pride of Cows and Avvatar) rose to 10% of revenue (₹366 Cr) in FY26, up 91%, vs 3% earlier. It reached 13% in Q1 FY27, vs 9% in Q1 FY26.^[1][3]
The ingredient business's share of revenue fell to 13% in FY26, from 23% in FY24 and 17% in FY25.^[1]
Whey protein was redirected from institutional and commodity sales towards the Avvatar brand in FY26.^[4]
The B2C channel accounted for 70% of revenue in Q2 FY26, vs 65% a year earlier. B2B made up the other 30%.^[5]

Products and brands

Four brands: Gowardhan (everyday dairy), Go (cheese, UHT milk and beverages), Pride of Cows (premium farm-to-home milk from a single farm) and Avvatar (sports nutrition), covering 20 consumer categories as of FY26.^[1]
Gowardhan held a 22% share of branded cow ghee and Go Cheese a 35% share of the cheese category (FY26).^[1][3]
Avvatar has expanded beyond whey protein into RTD coffee, protein bars, creatine and a Protein Wafer Bar. The wafer bar, launched in Q1 FY26, made up 8% of Avvatar revenue by Q3 FY26.^[3]
As of Q2 FY26, Pride of Cows was sold in eight cities, with Chandigarh the latest, and was also available on quick-commerce platforms.^[5]
The company had more than 150 registered trademarks as of FY26.^[1]

Plants and capacity

Three plants, at Manchar and Thorandale in Maharashtra and Palamaner in Andhra Pradesh, can together process 34 lakh litres of milk per day (FY26).^[1]
Daily capacity as of FY26: 110 MT of cheese and ghee, 20 MT of paneer and 10 lakh litres of whey processing.^[1]
Cheese capacity stood at 60 MT/day as of Q1 FY27.^[3]
Manchar is the main plant. It makes ghee, cheese, paneer, milk, curd, yoghurt, lactose, whey proteins and Avvatar products.^[1]
Palamaner specialises in UHT milk. It also has a powder plant that makes nutritional powders for pharmaceutical and multinational clients.^[1]
Bhagyalaxmi Dairy Farms, a wholly owned subsidiary, has about 5,000 cows and supplies only Pride of Cows. It is expected to reach about 15,000 cows in four to five years.^[1]
Milk procurement was about 15 lakh litres per day as of Q2 FY26. The long-term plan is about 40 lakh litres per day, with more milk sourced through bulk milk coolers than through aggregators.^[5]

Key operating numbers

The average milk procurement price was ₹42/litre in Q1 FY27, up 13% YoY and flat QoQ.^[3]
Overall volume grew 5% in FY26 alongside 11% value growth. Volume grew 3% YoY in Q1 FY27.^[1][3]
Gross margin was 27.3% in Q1 FY27 vs 27.4% in Q1 FY26, 28.0% in Q4 FY26 and 26.7% for FY26.^[3]
Milk procurement price inflation across the industry put pressure on gross margins in FY26 and hurt liquid milk profitability.^[1]

Customers and distribution

As of FY26 the network had 4.6 lakh retail touchpoints, about 4,500 distributors, 500 super stockists and 29 depots.^[1]
The company was adding about 30,000 general trade outlets per quarter as of Q1 FY27.^[3]
Sales channels include general trade, modern trade, e-commerce, quick-commerce, its website and app, and institutional sales to hotels, restaurants and caterers.^[1]
Over 75% of Avvatar revenue came through e-commerce, quick-commerce and its own website as of Q1 FY27. The other 25% came from traditional retail and specialised protein outlets.^[3]
The ingredients business supplies makers of pharmaceutical, bakery, confectionery, infant nutrition and protein-enriched products.^[1]
Exports were 2.17% of revenue in FY26, going to markets including the UAE, Singapore, the USA and Nepal. The company serves 28 states in India and 16 countries.^[1]
Geographic expansion is focused on North India (UP) and South India, with investment in cold chain, warehousing and brand awareness.^[6]

Expansion and capex

The board approved doubling cheese capacity from 60 MT/day to 120 MT/day through brownfield capex, with completion targeted around March 2028. Whey capacity will grow alongside it.^[3]
Paneer capacity is to expand from 20 MT/day to 80 MT/day with a ₹100 Cr investment, to be commissioned in FY 2027-28 (announced 21 Sep 2026).^[7]
FY27 capex guidance was ₹60-70 Cr for ongoing dairy capital projects.^[3]
The company targets 15 lakh outlets within 3 years, up from 4.6 lakh (stated in Q1 FY27).^[3]
Avvatar is expanding into vending machines (airports, hostels, canteens) and pharmacy channels.^[3]

Recent developments

The company set up Parag Foods Middle East FZE, a wholly owned subsidiary in Dubai, to expand in global markets (FY26).^[1]
In September 2025, GST on ghee and cheese was cut from 12% to 5%, which reduced state PSI incentive income. As a result, 'Others' revenue fell 46% YoY in Q1 FY27.^[3]
During FY26, equity was strengthened through a preferential warrant issue and conversion of FCCBs into shares.^[6]
Consolidated on-roll headcount was 2,403 as of FY26.^[1]

Market Cap

₹3,017 Cr

High / Low

₹377 / 178

Stock P/E

28.0

Price / Book

2.9

Book Value

₹101

EPS

₹10.8

No. of Shares

12.51 Cr

ROCE

13.6%

ROE

11.8%

OPM

6.2%

Debt / Equity

0.43

Sales

₹3,818 Cr

Net Profit

₹135 Cr

Promoter holding

40.5%

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