Dodla Dairy Limited (DODLA)

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Dodla Dairy Limited (DODLA) · mywealthgrid

About

Dodla Dairy Limited is a dairy products company operating in the Consumer Staples sector. With market capitalization of ₹6,689.68 Cr and quarterly revenues around ₹1,000 Cr, it operates as a mid-cap player in India's organized dairy segment.

Face value: ₹10

Market cap

₹6,068 Cr

P/E

24.8×

P/B

3.6×

Dividend yield

0.5%

ROE

17.3%

ROCE

17.6%

Debt / equity

0.02

OPM

7.5%

EPS (TTM)

₹40.6

Book value

₹277.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin compressed from 9.11% (Sep 2025) to 5.42% (Jun 2026) despite revenue growth — verify drivers of margin compression and recovery path
Valuation stretched at PE 27.33 given earnings volatility (EPS fell 42% from ₹11.56 to ₹6.74 in consecutive quarters)
Commodity input cost exposure typical in dairy — verify current feed and fodder cost inflation trajectory and ability to pass through to customers
Competitive pressure from larger dairy players with superior scale and distribution — verify Dodla's market share and competitive positioning

Generated analysis · source review pending

Growth drivers

Revenue recovered from ₹821.53 Cr (Dec 2025 low) to ₹1,197.94 Cr (Jun 2026), demonstrating operational resilience
ROE of 17.34% enables high-quality profit reinvestment without increasing financial leverage (D/E 0.02)
Minimal debt burden (D/E 0.02) provides financial flexibility to fund growth investments and weather downturns
Consistent dividend payments (2026-07, 2025-07, 2024-10) indicate stable cash generation capability

Generated analysis · source review pending

1,298 historical price candles were omitted because the exchange source has not been verified.

₹1,006.3-0.5%1Y

Quick read

rule-based

Pros

+High return on capital employed of 22%
+Profit CAGR of 16.2% over the last 5 years
+Revenue CAGR of 16.2% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 85.8×

Cons

−Thin operating margin of 7.5%

Research score

Structured signal from quality, growth, valuation and momentum.

58/100

Business quality: 60
Growth: 58
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,944	2,243	2,812	3,125	3,720	4,125
COGS	1,351	1,626	2,141	2,282	2,699	3,070
Gross profit	593	617	671	843	1,021	1,055
	351	406	480	554	640	746
	242	211	191	289	381	308
OPM %	12.5%	9.4%	6.8%	9.2%	10.2%	7.5%
Depreciation	51	52	61	70	75	82
Interest	12	7	1	2	4	3
	6	14	23	27	53	58
Profit before tax	186	166	152	244	356	281
Tax	60	33	30	77	96	14
Tax %	32.4%	19.8%	19.5%	31.6%	26.9%	4.9%
	126	133	122	167	260	267
PAT margin %	6.5%	5.9%	4.4%	5.3%	7%	6.5%
EPS (₹)	22.5	22.4	20.6	28	43.3	44.3
EPS adjusted (₹)	21.6	22.3	20.6	28	43.1	44.3
	0%	0%	0%	0%	11.6%	11.3%
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	56	58	59	59	59	60	60
Reserves	—	600	784	913	1,079	1,346	1,614
	—	65	13	22	46	42	30
	—	250	232	258	293	282	393
Total equity & liabilities	—	972	1,088	1,251	1,478	1,731	2,096
	536	546	564	622	713	750	1,056
CWIP	—	8	4	58	12	12	109
Investments	—	60	184	260	196	644	411
	—	357	336	311	557	325	521
Total assets	—	972	1,088	1,251	1,478	1,731	2,096

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	30.5%	27.5%	23.9%	27%	27.4%	25.6%
EBITDA margin %	12.5%	9.4%	6.8%	9.2%	10.2%	7.5%
EBIT margin %	9.9%	7.1%	4.6%	7%	8.2%	5.5%
PAT margin %	6.5%	5.9%	4.4%	5.3%	7%	6.5%
Working capital
Receivable days	1	1	1	1	1	1
Inventory days	26	27	20	62	22	18
Payable days	23	23	22	24	21	22
NWC days	4	5	-0	40	2	-3
Leverage
Current ratio	2.07	2.15	2.2	2.7	3.71	2.44
Debt to EBITDA	0.27	0.06	0.11	0.16	0.11	0.1
Debt to equity	0.1	0.02	0.02	0.04	0.03	0.02
Interest coverage	16.7	26.4	126.5	102.6	96.9	85.8
Asset turnover	2	2.06	2.25	2.12	2.15	1.97
Return ratios
Return on assets %	13%	12.2%	9.8%	11.3%	15%	12.7%
Return on capital employed %	25.5%	20.5%	15.8%	21.9%	26.7%	17.6%
Return on equity %	19.1%	15.8%	12.6%	14.6%	18.5%	15.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.21%	62.21%	62.21%	60.53%	59.69%	59.69%	59.69%	59.69%	58.92%	58.92%	58.92%	58.92%
	10.91%	11.33%	11.36%	11.28%	11.58%	11.03%	10.41%	10.03%	8.91%	7.36%	6.43%	6.08%
	16.99%	16.9%	17.62%	18.63%	17.97%	18.83%	19.15%	19.21%	21.5%	23.76%	25.34%	25.85%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	9.89%	9.56%	8.81%	9.56%	10.76%	10.45%	10.75%	11.07%	10.67%	9.96%	9.31%	9.15%
No. of shareholders	—	—	—	—	—	—	—	—	38,552	35,379	33,649	33,213

Promoter holding down 3.29 percentage points since Sep 2023.

34 deals · 1 Sept 2022 – 25 Jul 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
25 Jul 2025	BOMMI SUREKHA REDDY	Bulk	NSE	Sell	4,65,000	₹1,280.68	₹59.55 Cr
6 Nov 2024	VENKAT KRISHNA REDDY BUSIREDDY	Block	NSE	Sell	85,500	₹1,170.00	₹10.00 Cr
6 Nov 2024	BK LEGACY TRUST	Block	NSE	Buy	85,500	₹1,170.00	₹10.00 Cr
25 Jun 2024	PINEBRIDGE INV ASIA LIMITED A/C PB GLOBAL FUNDS-PINEBRIDGE INDIA EQ FUND	Bulk	NSE	Buy	8,25,000	₹1,000.00	₹82.50 Cr
25 Jun 2024	MYLKTREE CONSULTANTS LLP	Bulk	NSE	Sell	7,36,000	₹1,000.00	₹73.60 Cr
24 Jul 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	2,98,744	₹847.01	₹25.30 Cr
24 Jul 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	2,98,744	₹847.64	₹25.32 Cr
21 Sept 2022	BHARAT BIO TECH INTERNAT IONAL LTD	Block	NSE	Buy	20,26,434	₹525.00	₹106.39 Cr
21 Sept 2022	BHARAT BIO TECH INTERNAT IONAL LTD	Bulk	NSE	Buy	20,26,434	₹525.00	₹106.39 Cr
21 Sept 2022	TPG DODLA DAIRY HOLDINGS PTE. LTD	Block	NSE	Sell	18,31,434	₹525.00	₹96.15 Cr

1–10 of 34

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Mr. Dodla Sesha ReddyNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Dodla Sunil ReddyExecutive Director
Mr. Ambavaram Madhusudhana ReddyExecutive Director
Mr. Akshay TannaNon-Executive - Non Independent Director
Mr. Raja RathinamNon-Executive - Independent Director
Mr. Rampraveen SwaminathanNon-Executive - Independent Director
Mr. Raman Tallam PuranamNon-Executive - Independent Director
Ms. Vinoda KailasNon-Executive - Independent Director
Mr. Reddycherla Murali Mohan RajuChief Financial Officer
Mr. Surya Prakash MungelkarCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 5 fund houses

Held by these funds

15%

of the company's equity

All mutual funds

23.97%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

12 schemes · 5 fund houses

		Shares
Small Cap Fund	DSP Mutual Fund	41.37 L	447.03	2.06%	6.861%	+51,211
Smallcap Fund	SBI Mutual Fund	36.72 L	396.84	0.93%	6.09%	-0
Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP)	SBI Mutual Fund	9 L	97.25	1.25%	1.493%	-0
Multi Cap Fund (Ex DSP Multi Cap Fund)NEW	DSP Mutual Fund	2.33 L	25.21	0.83%	0.387%	—
Small Cap FundNEW	Helios Mutual Fund	73,179	7.91	0.46%	0.121%	—
Flexi Cap Fund	Shriram Mutual Fund	10,319	1.07	0.8%	0.017%	-0
Multi Asset Allocation Fund	Shriram Mutual Fund	7,960	0.83	0.57%	0.013%	-0
ELSS Tax Saver Fund	Shriram Mutual Fund	3,896	0.41	0.84%	0.006%	-0

1–8 of 12

1 / 2

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Jul 2026Transcript AI SummaryPPTREC
May 2026Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

3

Final dividend7 Jul 2026 · ex-date₹5
Final dividend7 Jul 2025 · ex-date₹2
Interim dividend31 Oct 2024 · ex-date₹3

1

Board meeting to consider results25 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

17 announcementsExport CSV

1 Oct 2026, 11:54 amCompany Update

Update On Completion Of Acquisition Of 2% Equity Share Capital Of M/S. Sids Farm Private Limited

General PDF

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	30.5%	27.5%	23.9%	27%	27.4%	25.6%
EBITDA margin %	12.5%	9.4%	6.8%	9.2%	10.2%	7.5%
EBIT margin %	9.9%	7.1%	4.6%	7%	8.2%	5.5%
PAT margin %	6.5%	5.9%	4.4%	5.3%	7%	6.5%
Working capital
Receivable days	1	1	1	1	1	1
Inventory days	26	27	20	62	22	18
Payable days	23	23	22	24	21	22
NWC days	4	5	-0	40	2	-3
Leverage
Current ratio	2.07	2.15	2.2	2.7	3.71	2.44
Debt to EBITDA	0.27	0.06	0.11	0.16	0.11	0.1
Debt to equity	0.1	0.02	0.02	0.04	0.03	0.02
Interest coverage	16.7	26.4	126.5	102.6	96.9	85.8
Asset turnover	2	2.06	2.25	2.12	2.15	1.97
Return ratios
Return on assets %	13%	12.2%	9.8%	11.3%	15%	12.7%
Return on capital employed %	25.5%	20.5%	15.8%	21.9%	26.7%	17.6%
Return on equity %	19.1%	15.8%	12.6%	14.6%	18.5%	15.9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Hatsun Agro Product LimitedHATSUNHATSUN	₹24,900 Cr	₹26,997 Cr	₹9,624 Cr	₹1,166 Cr	11.6%	₹348 Cr	3.2%	18.3%	16.2%	45
Milky Mist Dairy Food LimitedMILKYMISTMILKYMIST	₹23,744 Cr	₹25,416 Cr	₹3,138 Cr	₹429 Cr	13.7%	₹127 Cr	4.1%	15.8%	32.2%	—
Kwality Wall's (India) LimitedKWILKWIL	₹9,013 Cr	₹9,063 Cr	₹2,245 Cr	₹-110 Cr	-4.9%	₹-369 Cr	-16.4%	-24.8%	-54.9%	-47
Dodla Dairy LimitedDODLADODLA	₹6,068 Cr	₹6,098 Cr	₹4,316 Cr	₹291 Cr	7.5%	₹245 Cr	6.5%	17.6%	17.3%	-3
Vadilal Industries LimitedVADILALINDVADILALIND	₹5,175 Cr	₹5,266 Cr	₹1,675 Cr	₹313 Cr	16.6%	₹219 Cr	10.3%	22.7%	22%	148
Heritage Foods LimitedHERITGFOODHERITGFOOD	₹3,739 Cr	₹4,063 Cr	₹4,727 Cr	₹254 Cr	5.9%	₹135 Cr	3.3%	15.8%	14.5%	18
Parag Milk Foods LimitedPARAGMILKPARAGMILK	₹3,316 Cr	₹3,856 Cr	₹3,911 Cr	₹267 Cr	6.7%	₹130 Cr	3.5%	17%	11.8%	84
Vadilal Enterprises LtdVADILENTVADILENT	₹892 Cr	₹937 Cr	₹340 Cr	₹16 Cr	—	₹1 Cr	0.5%	-22.1%	28.4%	36
Sheetal Cool Products LimitedSCPLSCPL	₹651 Cr	₹701 Cr	₹386 Cr	₹45 Cr	11.3%	₹21 Cr	5.2%	19.9%	13.3%	212
Milkfood LtdMLKFOODMLKFOOD	₹205 Cr	₹318 Cr	₹448 Cr	₹24 Cr	5.3%	₹5 Cr	1%	7%	2.6%	49
Modern Dairies LtdMODAIRYMODAIRY	₹153 Cr	₹165 Cr	₹348 Cr	₹14 Cr	2.9%	₹83 Cr	1.4%	13.9%	10.2%	10
Dindigul Farm Product LtdDFPLDFPL	₹72 Cr	₹91 Cr	₹90 Cr	₹8 Cr	8.6%	₹4 Cr	4.1%	9.3%	10%	3

Date	Category	Subject	Filing
1 Oct 2026, 11:54 am	Company Update General	Update On Completion Of Acquisition Of 2% Equity Share Capital Of M/S. Sids Farm Private Limited	PDF
16 Sept 2026, 4:00 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
2 Sept 2026, 3:13 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
1 Aug 2026, 11:46 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
27 Jul 2026, 11:53 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
26 Jul 2026, 1:41 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
25 Jul 2026, 11:35 am	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
25 Jul 2026, 11:23 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	245	171	161	-1	520	295
	-200	-138	-214	30	-528	-286
	11	-49	15	-1	-8	-25
Net cash flow	56	-16	-38	28	-16	-15
Free cash flow	188	99	52	-107	410	133
CFO / Operating profit %	101.1%	81.2%	84%	-0.3%	136.5%	95.6%

Dodla Dairy Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

3

1

Announcements

3

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Dodla Dairy Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends3

Board meetings1

Announcements

Dividends3

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

1

3

1