Parag Milk Foods Q3 FY26: Revenue Surpasses ₹1,000 Cr for Second Consecutive Quarter
Parag Milk Foods reported Q3 FY26 revenue exceeding ₹1,000 Cr, a 14% YoY increase. The new-age business (Pride of Cows, Avvatar) crossed ₹100 Cr quarterly revenue for the first time with 123% YoY growth. Despite 20% commodity inflation, gross margins were maintained sequentially. A one-time provision of ₹5.4 Cr was recognized.
The announcement details solid revenue growth and positive performance in key segments. However, the impact is moderated by sequential margin decline year-on-year and a one-time provision impacting profit after tax.
The company reported strong revenue growth for the quarter and nine months, with its new-age business achieving a significant milestone. Despite inflationary pressures, margins were maintained sequentially, and strategic brand-building initiatives are underway.
Parag Milk Foods Limited announced its financial and operational performance for the quarter and nine months ended December 31, 2025. The company reported its highest ever quarterly revenue, exceeding ₹1,000 crores for the second consecutive quarter, marking a 14% year-on-year increase with 8% volume growth.
For the first nine months of FY26, revenue reached ₹2,872 crores, also a 14% year-on-year increase with 8% volume growth. Core categories like ghee, cheese, and paneer contributed significantly, recording a 12% volume growth and accounting for 64% of total revenue.
The new-age business, comprising Pride of Cows and Avvatar, showed robust growth, achieving ₹100 crores in quarterly revenue for the first time, a 123% year-on-year increase. This segment now contributes 9% of the overall revenue, up from 6% in the previous year. The Avvatar Protein Wafer Bar, launched recently, has received encouraging consumer response and is now scaled for nationwide distribution.
The company incurred a one-time increase in employee benefit provision of ₹5.4 crores (standalone) and ₹5.7 crores (consolidated) due to the implementation of new Labour Codes. Despite a 20% year-on-year increase in commodity inflation, the company maintained gross margins sequentially at 25.9% through pricing and a favorable product mix. EBITDA for Q3 FY26 stood at 7.6%, with Profit After Tax before exceptional items at ₹35 crores, a 2% year-on-year decline.
Brand building initiatives included campaigns for Gowardhan and Go, a new ₹20 sachet pack for Gowardhan Ghee, and celebrity endorsements for Pride of Cows and Avvatar. Looking ahead, milk prices are expected to remain elevated, and the company plans to navigate this through disciplined pricing, operational efficiency, and new product development.
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