Parag Milk Foods Limited (PARAGMILK)

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Parag Milk Foods Limited (PARAGMILK) · mywealthgrid

About

Parag Milk Foods operates in packaged dairy products (liquid milk, ghee, yogurt, cheese) within Consumer Staples. With a market cap of ₹2,647.65 Cr and quarterly revenue around ₹900–₹1,000 Cr, it is a mid-sized player in India's fragmented dairy sector. The company trades at a PE of 20.44 with thin 6.73% operating margins, typical for commodity dairy.

Founded: 1992
Face value: ₹10

Market cap

₹3,316 Cr

P/E

25.6×

P/B

2.6×

Dividend yield

0.4%

ROE

11.8%

ROCE

17%

Debt / equity

0.43

OPM

6.7%

EPS (TTM)

₹10.4

Book value

₹100.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Thin 6.73% operating margin leaves limited buffer against milk-procurement cost volatility; verify input-cost hedging strategies and supplier concentration.
Stock price volatility (52-week range ₹179.86–₹371.6) despite stable revenue suggests sensitivity to sentiment or sector cycles; clarify drivers.
ROE 11.84% raises questions on capital efficiency; verify if structural disadvantage or near-term margin pressure.
Quarterly net profit swings from ₹22–55 Cr across stable ₹900–₹1,012 Cr revenue; verify whether cost volatility, sales mix, or seasonality is the culprit.

Generated analysis · source review pending

Growth drivers

Quarterly revenue ₹920–₹1,012 Cr and OPM 6.17%–7.45% indicate stable operations; verify if volume growth, pricing, or product mix (higher-margin products like ghee or yogurt) are driving top line.
D/E 0.43 and dividend payouts (2019–2026) signal cash generation and spare borrowing capacity; verify how capital is deployed between shareholder returns and growth investments.
Profit volatility (₹22–55 Cr) despite stable revenue ₹900–₹1,000 Cr/quarter indicates operational sensitivity; verify if input-cost management, supply-chain efficiency, or sales-mix optimization could stabilize earnings.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹264.0-1.7%1Y

Quick read

rule-based

Pros

+Profit CAGR of 45.5% over the last 5 years
+Revenue CAGR of 15.7% over the last 5 years

Cons

−Thin operating margin of 6.7%
−Low dividend payout of 10.7% of profit
−Promoter holding fell 2.1 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

48/100

Business quality: 33
Growth: 48
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 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,645	1,731	1,955	2,396	2,438	1,842	2,072	2,893	3,139	3,432	3,818
COGS	1,203	1,259	1,368	1,657	1,815	1,362	2,081	2,323	2,390	2,547	2,798
Gross profit	442	472	587	738	623	480	-9	569	749	885	1,020
	294	364	393	515	—	355	430	437	552	633	763
	148	108	193	224	—	125	-438	133	197	253	257
OPM %	9%	6.3%	9.9%	9.3%	—	6.8%	-21.2%	4.6%	6.3%	7.4%	6.7%
Depreciation	33	49	51	50	54	52	54	57	60	67	71
Interest	50	33	36	36	38	46	51	55	76	93	81
	2	11	12	10	8	14	21	31	25	40	48
Profit before tax	—	—	119	148	127	41	-522	51	86	133	152
Tax	5	-1	32	27	33	20	10	-2	-5	14	17
Tax %	—	—	26.8%	18.3%	26.2%	49.2%	2%	-4.3%	-5.5%	10.4%	11.4%
	47	17	87	121	94	21	-532	53	91	119	135
PAT margin %	2.9%	1%	4.5%	5%	3.8%	1.1%	-25.7%	1.8%	2.9%	3.5%	3.5%
EPS (₹)	7.2	2.1	10.4	14.4	11.2	2.5	-56.9	4.9	7.7	10	11.1
EPS adjusted (₹)	6.7	2	—	—	11.2	2.5	-55.9	4.5	7.6	10	10.8
	0%	24%	7.2%	6.9%	4.5%	20.2%	—	0%	6.5%	10%	9.9%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	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	—

₹ Cr	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	70	84	84	84	95	117	119	119	125
Reserves	291	573	827	—	459	691	793	904	1,134
	361	233	370	—	518	589	612	615	540
	269	439	409	—	323	270	367	394	482
Total equity & liabilities	991	1,330	1,690	—	1,395	1,668	1,891	2,033	2,281
	322	334	430	432	409	376	390	490	537
CWIP	23	16	7	—	10	45	69	19	37
Investments	0	0	1	—	0	5	5	5	5
	646	980	1,253	—	977	1,242	1,427	1,519	1,702
Total assets	991	1,330	1,690	—	1,395	1,668	1,891	2,033	2,281

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	30.8%	25.6%	26.1%	-0.4%	19.7%	23.9%	25.8%	26.7%
EBITDA margin %	9.3%	—	6.8%	-21.2%	4.6%	6.3%	7.4%	6.7%
EBIT margin %	7.2%	—	4%	-23.8%	2.6%	4.4%	5.4%	4.9%
PAT margin %	5%	3.8%	1.1%	-25.7%	1.8%	2.9%	3.5%	3.5%
Working capital
Receivable days	—	45	—	22	21	28	28	23
Inventory days	—	127	—	84	90	94	83	95
Payable days	—	59	—	40	24	33	37	35
NWC days	—	114	—	66	87	89	74	84
Leverage
Current ratio	—	1.65	—	1.61	1.89	1.86	1.91	1.71
Debt to EBITDA	—	—	—	—	4.44	3.1	2.44	2.1
Debt to equity	—	0.41	—	0.93	0.73	0.67	0.6	0.43
Interest coverage	5.1	-1.2	1.9	-9.2	1.9	2.1	2.4	2.9
Asset turnover	—	1.44	—	1.49	1.73	1.66	1.69	1.67
Return ratios
Return on assets %	—	5.5%	—	-38.2%	3.2%	4.8%	5.8%	5.9%
Return on capital employed %	—	-4.7%	—	-56.6%	11.1%	14.3%	18%	17%
Return on equity %	—	10.3%	—	-96.1%	6.6%	9.9%	11.6%	10.7%

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
	41.63%	41.63%	42.61%	42.61%	42.61%	42.61%	42.61%	42.61%	42.61%	40.65%	40.65%	40.49%
	8.75%	8.83%	8.95%	8.51%	10.08%	8.2%	8.46%	9.23%	9.91%	9.25%	8.77%	7.46%
	8.11%	8.58%	8.64%	8.61%	7.12%	7.07%	6.92%	6.87%	6.62%	6.16%	5.25%	5.8%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	41.36%	40.81%	39.66%	40.13%	40.05%	41.98%	41.87%	41.15%	40.72%	43.85%	45.25%	45.77%
No. of shareholders	—	—	—	—	—	—	—	—	88,012	86,569	88,588	88,951

Promoter holding down 1.14 percentage points since Sep 2023.

4 disclosures

Person	Deal	Shares	Value	Holding	Filed
Sixth Sense India Opportunities IIIOther	SellMarket Sale	60,000	₹1.75 cr	5.19% → 5.14%	25 Sept 20257(2)
Sixth Sense India Opportunities IIIOther	SellMarket Sale	7,11,000	₹21.36 cr

61 deals · 23 Mar 2023 – 15 Sept 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
15 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	13,15,792	₹304.89	₹40.12 Cr
15 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	13,15,792	₹305.04	₹40.14 Cr
3 Apr 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	6,03,482	₹180.81	₹10.91 Cr
3 Apr 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	6,03,482	₹180.94	₹10.92 Cr
28 Mar 2025	JAYDEV MUKUND MODY	Bulk	NSE	Sell	8,55,975	₹149.77	₹12.82 Cr
7 Nov 2024	JAYDEV MUKUND MODY	Bulk	NSE	Buy	8,55,975	₹216.49	₹18.53 Cr
9 Oct 2024	JAINAM BROKING LIMITED	Bulk	NSE	Buy	7,64,242	₹216.43	₹16.54 Cr
9 Oct 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	7,17,609	₹217.49	₹15.61 Cr
9 Oct 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	7,17,609	₹217.35	₹15.60 Cr
9 Oct 2024	JAINAM BROKING LIMITED	Bulk	NSE	Sell	86,232	₹215.86	₹1.86 Cr

1–10 of 61

1 / 7

Mr. Devendra Prakash ShahExecutive Director-Chairperson related to Promoter
Mr. Pritam Prakash ShahExecutive Director-MD
Ms. Akshali Devendra ShahExecutive Director
Mr. Dnyanesh Vishnu DarshaneNon-Executive - Independent Director
Ms. Namrata GarudNon-Executive - Independent Director
Mr. Milind Anil PatilNon-Executive - Independent Director
Mr. Amitabha MukhopadhyayNon-Executive - Independent Director
Mr. Nikhil Kishorechandra VoraNon-Executive - Non Independent Director
Mr. Virendra VarmaCompany 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

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Fund holders

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

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	200	0.01	0.01%	0%	-0

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Documents

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

Announcements

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Events

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

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

1 Oct 2026, 4:46 pmAGM/EGM

Shareholder Meeting -Voting Results And Scrutinizer''s Report

AGM PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	30.8%	25.6%	26.1%	-0.4%	19.7%	23.9%	25.8%	26.7%
EBITDA margin %	9.3%	—	6.8%	-21.2%	4.6%	6.3%	7.4%	6.7%
EBIT margin %	7.2%	—	4%	-23.8%	2.6%	4.4%	5.4%	4.9%
PAT margin %	5%	3.8%	1.1%	-25.7%	1.8%	2.9%	3.5%	3.5%
Working capital
Receivable days	—	45	—	22	21	28	28	23
Inventory days	—	127	—	84	90	94	83	95
Payable days	—	59	—	40	24	33	37	35
NWC days	—	114	—	66	87	89	74	84
Leverage
Current ratio	—	1.65	—	1.61	1.89	1.86	1.91	1.71
Debt to EBITDA	—	—	—	—	4.44	3.1	2.44	2.1
Debt to equity	—	0.41	—	0.93	0.73	0.67	0.6	0.43
Interest coverage	5.1	-1.2	1.9	-9.2	1.9	2.1	2.4	2.9
Asset turnover	—	1.44	—	1.49	1.73	1.66	1.69	1.67
Return ratios
Return on assets %	—	5.5%	—	-38.2%	3.2%	4.8%	5.8%	5.9%
Return on capital employed %	—	-4.7%	—	-56.6%	11.1%	14.3%	18%	17%
Return on equity %	—	10.3%	—	-96.1%	6.6%	9.9%	11.6%	10.7%

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, 4:46 pm	AGM/EGM AGM	Shareholder Meeting -Voting Results And Scrutinizer''s Report	PDF
29 Sept 2026, 9:28 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
21 Sept 2026, 9:29 pm	Company Update General	Capacity Addition	PDF
18 Sept 2026, 9:30 am	Company Update General	Press Release On Appointment Of Mr. Phalgun Trivedi As Chief - R&D, Quality Control And Food Safety Officer	PDF
17 Sept 2026, 11:28 am	Company Update General	Press Release On New Brand Identity Of Pride Of Cows	PDF
9 Sept 2026, 3:32 pm	Company Update General	Press Release On New Product Launch	PDF
6 Sept 2026, 8:24 pm	Company Update General	Parag Milk Foods Limited Has Informed The Exchange Regarding Extract Of Newspaper Publication In Connection With 34Th Annual General Meeting To Be Held On September 29, 2026	PDF
5 Sept 2026, 10:18 pm	Company Update General	Compliance Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	59	-17	19	140	-66	100	-149	-194	99	212	149
	-32	-87	-16	-73	-30	-47	-26	-89	-53	-132	-98
	-26	140	-12	-91	111	-69	248	218	-49	-78	-60
Net cash flow	1	36	-10	-24	15	-15	73	-66	-3	1	-9
Free cash flow	31	-111	-44	52	-97	56	-185	-255	38	88	43
CFO / Operating profit %	39.6%	-15.3%	9.7%	62.7%	—	80.1%	—	-146%	50.3%	83.9%	58.2%

Parag Milk Foods 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

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

8

1

Compounded sales growth

Compounded profit growth

Return on equity

Parag Milk Foods 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

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends8

Board meetings1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

8

1