Parag Milk Foods Delivers Record Q1FY26 Revenue at ₹852 Cr, Driven by Value-Added Product Surge and Brand Momentum

Mumbai, 21st July 2025 – Parag Milk Foods Ltd (PMFL), a leading private dairy-FMCG player in India, reported its highest-ever first-quarter revenue of ₹852 crore for Q1FY26, reflecting a 12% year-on-year growth. The impressive top-line performance was driven by robust volume growth in core dairy categories, such as gheCheeseese, and paneer, underscoring strong consumer demand despite a volatile input cost environment.

The company’s Profit Before Tax (PBT) rose by 9% YoY to ₹29 crore, while Profit After Tax (PAT) saw a marginal increase of 1% to ₹28 crore. EBITDA stood at ₹66 crore, up 6% YoY, translating to an EBITDA margin of 7.7%, slightly lower than 8.1% in Q1FY25 but higher than Q4FY25.

“Delivering our highest-ever first-quarter revenue reflects our strategic focus and disciplined execution,” said Mr. Devendra Shah, Chairman, PMFL. “Our value-added product portfolio and purpose-led marketing are deepening consumer trust and supporting long-term value creation.”

Core Categories Shine: Ghee, Cheese, and Paneer Lead the Way

Parag Milk Foods’ core product categories, namely Gowardhan Ghee, Cheese and paneer, registered 9% volume growth YoY, outpacing the overall volume growth of 5%. The Gowardhan Ghee brand now commands a 22% market share in the branded cow ghee segment, while Go Cheese holds a dominant 35% share in India’s cheese category.

Handling Milk Price Volatility with Smart Execution

The company navigated rising input costs with resilience. Average milk procurement prices surged by 18% YoY to ₹37/litre, while milk handling reached 16.5 lakh litres per day, reflecting a 10% sequential increase. Despite the inflationary environment, the gross profit margin (GPM) remained stable at 27.4%, thanks to product mix optimisation and the ability to command premium pricing.

New-Age Brands Fuel Growth Momentum

Parag’s new-age business verticals — Pride of Cows and Avvatar — contributed significantly to revenue expansion:

• Pride of Cows posted 36% value growth, leveraging premium offerings and expanded reach through quick commerce platforms.
• The brand launched the “What’s the Source?” campaign, focusing on milk traceability and authenticity to build consumer trust.
• Avvatar, India’s first 100% vegetarian whey protein brand, grew 8x over the past three Q1s, boosted by its new protein wafer bar.

These premium and health-conscious brands now constitute 9% of the company’s overall business, up from 6% last year — a strong testament to PMFL’s diversified growth engine.

Marketing Muscle: 360-Degree Brand Campaigns Drive Visibility

A mix of traditional and digital campaigns significantly elevated brand engagement in Q1:

• Sponsorships on marquee platforms, such as Sony Marathi’s Maharashtrachi Hasya Jatra and Zee Cine Awards, elevated visibility.
• Influencer-led digital campaigns boosted reach among millennials and Gen Z.
• In-store branding across General Trade and Modern Trade channels deepened market penetration nationwide.

Outlook: Festive Demand, Innovation, and Integration to Drive Growth

As India approaches the festive season, Parag Milk Foods is poised for further growth, with increased demand for traditional products such as ghee and mithai, alongside modern dairy staples and nutritional solutions.

“Our growing portfolio of value-added products is well-positioned to meet festive demand,” added Mr. Shah. “With strong farmer relationships and an integrated supply chain, we continue delivering nutrition-rich, trustworthy products across India and the globe.”

Snapshot: Financial Performance (Q1FY26 vs Q1FY25)

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