Dairy Products industry

16 companies · ₹57,440 cr · 4 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: +6.8%; 71% of names up
P/E vs own 5y: +5.8%; 26.3x 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%
YoY: -130bps
Peak: 10.7%
vs peak: -130bps

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

25.12x - 31.26x across the panel today

The median name trades at 26.3x, +5.8% against this industry's own 5-year median of 24.9x, and -8.0% against its own peak of 28.6x.

Exhibit 3Structure

₹57,440 cr

Milky Mist Dairy Food Ltd is 45.9% of this industry by market cap. The top 5 are 90.5% and the top 10 are 99.4%.

mid 2small 4micro 108 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 26.3x, 5y ROCE above its median of 13.76%, 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 (17 of 17)

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	₹22,580 cr	-	-	-	-	-	Unlock
Dodla Dairy Ltd	₹6,537 cr	26.9x	17.9x	14.5%	8.8%	+19.0%	Unlock
Vadilal Industries Ltd	₹4,975 cr	23.8x	18.7x	28.9%	17.7%	+34.4%	Unlock
Heritage Foods Ltd	₹3,875 cr	27.6x	14.0x	13.8%	6.6%	+17.7%	Unlock
Parag Milk Foods Ltd	₹3,356 cr	25.3x	12.8x	15.6%	7.9%	+10.9%	Unlock
Hatsun Agro Product Ltd	₹27,353 cr	156.2x	24.1x	18.3%	12.2%	+21.9%	Unlock
Kwality Walls India Ltd	₹10,174 cr	-	-45.7x	-34.8%	-10.0%	-	Unlock
Vadilal Enterprises Ltd	₹897 cr	67.6x	22.6x	33.1%	3.5%	+36.2%	Unlock
Sheetal Cool Products Ltd	₹668 cr	32.9x	17.1x	17.9%	11.4%	+17.4%	Unlock
Milkfood Ltd	₹198 cr	-	3.9x	7.0%	-3.0%	+10.3%	Unlock
Sc Agrotech Ltd	₹184 cr	9.3x	41.3x	14.7%	14.1%	+1668.7%	Unlock
Modern Dairies Ltd	₹122 cr	17.9x	12.0x	12.3%	3.3%	+16.6%	Unlock
Umang Dairies Ltd	₹92 cr	-	17.4x	7.4%	3.9%	-8.0%	Unlock
Virat Crane Industries Ltd	₹66 cr	-	-18.7x	-8.7%	-2.5%	+10.3%	Unlock
Dindigul Farm Product Ltd	₹45 cr	11.1x	7.9x	9.5%	8.9%	+76.4%	Unlock
Healthy Life Agritec Ltd	₹33 cr	8.6x	7.1x	9.4%	2.8%	+62.6%	Unlock
Tasty Dairy Specialities Ltd	₹9 cr	-	-5787.0x	-3.8%	-0.2%	-78.2%	Unlock

Milky Mist Dairy Food Ltd

Mcap: ₹22,580 cr
P/E: -
EV/EBITDA: -
ROCE: -
Margin: -
Rev YoY: -

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Dodla Dairy Ltd

Mcap: ₹6,537 cr
P/E: 26.9x
EV/EBITDA: 17.9x
ROCE: 14.5%
Margin: 8.8%
Rev YoY: +19.0%

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Vadilal Industries Ltd

Mcap: ₹4,975 cr
P/E: 23.8x
EV/EBITDA: 18.7x
ROCE: 28.9%
Margin: 17.7%
Rev YoY: +34.4%

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Heritage Foods Ltd

Mcap: ₹3,875 cr
P/E: 27.6x
EV/EBITDA: 14.0x
ROCE: 13.8%
Margin: 6.6%
Rev YoY: +17.7%

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Parag Milk Foods Ltd

Mcap: ₹3,356 cr
P/E: 25.3x
EV/EBITDA: 12.8x
ROCE: 15.6%
Margin: 7.9%
Rev YoY: +10.9%

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Hatsun Agro Product Ltd

Mcap: ₹27,353 cr
P/E: 156.2x
EV/EBITDA: 24.1x
ROCE: 18.3%
Margin: 12.2%
Rev YoY: +21.9%

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Kwality Walls India Ltd

Mcap: ₹10,174 cr
P/E: -
EV/EBITDA: -45.7x
ROCE: -34.8%
Margin: -10.0%
Rev YoY: -

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Vadilal Enterprises Ltd

Mcap: ₹897 cr
P/E: 67.6x
EV/EBITDA: 22.6x
ROCE: 33.1%
Margin: 3.5%
Rev YoY: +36.2%

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Sheetal Cool Products Ltd

Mcap: ₹668 cr
P/E: 32.9x
EV/EBITDA: 17.1x
ROCE: 17.9%
Margin: 11.4%
Rev YoY: +17.4%

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Milkfood Ltd

Mcap: ₹198 cr
P/E: -
EV/EBITDA: 3.9x
ROCE: 7.0%
Margin: -3.0%
Rev YoY: +10.3%

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Sc Agrotech Ltd

Mcap: ₹184 cr
P/E: 9.3x
EV/EBITDA: 41.3x
ROCE: 14.7%
Margin: 14.1%
Rev YoY: +1668.7%

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Modern Dairies Ltd

Mcap: ₹122 cr
P/E: 17.9x
EV/EBITDA: 12.0x
ROCE: 12.3%
Margin: 3.3%
Rev YoY: +16.6%

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Umang Dairies Ltd

Mcap: ₹92 cr
P/E: -
EV/EBITDA: 17.4x
ROCE: 7.4%
Margin: 3.9%
Rev YoY: -8.0%

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Virat Crane Industries Ltd

Mcap: ₹66 cr
P/E: -
EV/EBITDA: -18.7x
ROCE: -8.7%
Margin: -2.5%
Rev YoY: +10.3%

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Dindigul Farm Product Ltd

Mcap: ₹45 cr
P/E: 11.1x
EV/EBITDA: 7.9x
ROCE: 9.5%
Margin: 8.9%
Rev YoY: +76.4%

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Healthy Life Agritec Ltd

Mcap: ₹33 cr
P/E: 8.6x
EV/EBITDA: 7.1x
ROCE: 9.4%
Margin: 2.8%
Rev YoY: +62.6%

Unlock

Tasty Dairy Specialities Ltd

Mcap: ₹9 cr
P/E: -
EV/EBITDA: -5787.0x
ROCE: -3.8%
Margin: -0.2%
Rev YoY: -78.2%

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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 headwind2 managements tailwind3 managements

4 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

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

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