Parag Milk Foods Q3 FY26 Revenue Surges 14% YoY to ₹1,013 Cr, New Age Business Grows 123%
Parag Milk Foods reported its highest-ever quarterly revenue of ₹1,013 crore for Q3 FY26, a 14% YoY increase. Volume grew 8% YoY, with core categories up 12% and New Age Business surging 123% to cross ₹100 crore quarterly revenue. PAT (adjusted) was ₹35 crore.
The announcement details record-breaking revenue and substantial growth in key business segments, along with strategic brand initiatives, which are material to investors and significantly impact the company's valuation and market position.
The company achieved its highest-ever quarterly revenue and significant growth in its New Age Business, indicating strong market performance and future potential, despite some pressure on profitability due to raw material inflation.
Parag Milk Foods Limited (PMFL) announced its financial results for the quarter ended December 31, 2025, reporting its highest-ever quarterly revenue of ₹1,013 crore, a 14% increase year-on-year (YoY). The company achieved an 8% volume growth YoY, with core categories like Ghee, Cheese, and Paneer witnessing a 12% volume growth and 21% value growth. The New Age Business, comprising Pride of Cows and Avvatar, recorded a remarkable 123% YoY growth, crossing ₹100 crore in quarterly revenues for the first time and now constitutes 9% of the overall business.
Consolidated financial performance for Q3 FY26 showed a revenue of ₹1,013 crore, a 14% value growth YoY, with a 9% growth in Gross Profit to ₹262 crore. However, EBITDA was down 3% YoY to ₹77 crore, and Profit After Tax (PAT) decreased by 18% YoY to ₹30 crore. PAT adjusted for exceptional items (bei) was ₹35 crore, a 2% decrease YoY.
For the nine months ended December 31, 2025 (9M FY26), consolidated revenue stood at ₹2,872 crore, an 8% volume growth and 14% value growth YoY. Gross Profit grew 15% YoY to ₹755 crore, EBITDA increased by 6% to ₹232 crore, and PAT saw an 11% growth to ₹103 crore. PAT (bei) grew 17% YoY to ₹109 crore.
The company faced volatility in raw material prices, with milk prices inching up to ₹40/litre, a 20% YoY increase. Despite this, PMFL managed to maintain its gross margin sequentially and pass on costs in a calibrated manner YoY, aided by a favorable product mix and pricing strategies. Brand building initiatives included campaigns for Gowardhan and Go, and the introduction of Gowardhan Cow Ghee in a ₹20 sachet. Pride of Cows strengthened its premium positioning, and Avvatar collaborated with Janhvi Kapoor for marketing.
Ms. Akshali Shah, Executive Director, PMFL, commented that the quarter was a landmark with the highest-ever quarterly revenue, demonstrating agility and consumer trust. She highlighted the continued dominance in core categories and the acceleration of the New Age Business. The company remains focused on navigating commodity inflation through brand power, superior offerings, and improved product mix, with strategic priorities on new product development and disciplined distribution expansion for sustainable profitable growth.
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