Dairy Products industry

16 companies · ₹71,165 cr · 6 with AI deep dives · Q1FY27 report

Record revenues sector-wide, but procurement spike compresses margins - VAP mix is the only near-term buffer

Mid cyclemargin range-bound near 9.4%

Revenue YoY: +20.3%
EBITDA margin: 9.4%; -130bps YoY
Price, 1 year: -10.8%; 43% of names up
P/E vs own 5y: +11.5%; 28.3x now

Exhibit 1The quarter in numbers

constant panel of 7 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	8,087 cr	6,595 cr	+22.6%	6,721 cr	+20.3%	8,087 cr	0.0%
EBITDA margin	9.4%	7.6%	+180bps	10.7%	-130bps	10.7%	-130bps

Revenue

Jun 26: 8,087 cr
Mar 26: 6,595 cr
QoQ: +22.6%
Jun 25: 6,721 cr
YoY: +20.3%
Peak: 8,087 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 9.4%
Mar 26: 7.6%
QoQ: +180bps
Jun 25: 10.7%

Sept 26: 2 of 9 reported so far, so it is not in the trend above.

Breadth: 100% of 7 companies grew revenue year on year (was 100% a quarter earlier) and 43% expanded margin (was 29%).

Exhibit 2What it costs

23.34x - 44.93x across the panel today

The median name trades at 28.3x, +11.5% against this industry's own 5-year median of 25.4x, and -1.0% against its own peak of 28.6x.

Exhibit 3Structure

₹71,165 cr

Milky Mist Dairy Food Ltd is 32.2% of this industry by market cap. The top 5 are 88.1% and the top 10 are 99.3%.

mid 2small 5micro 99 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 28.32x, 5y ROCE above its median of 13.97%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (16 of 16)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Milky Mist Dairy Food Ltd	₹22,541 cr	-	-	-	-	-	Unlock
Dodla Dairy Ltd	₹5,853 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindMilk procurement cost inflation elevated; mini flush failed to materialise4 managements

All four Q1FY27 reporters flagged sharply higher milk procurement costs as the primary margin headwind. Dodla's procurement rose 10.4% YoY to ₹41.3/L, compressing the milk spread…

DODLA (Q1FY27): “Because of the El-Nino, because of weather pattern, the procurement the anticipated…”

tailwind4 managements headwind3 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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