Parag Milk Foods Q3FY26 Revenue Hits ₹1013 Cr, Up 14% YoY; New Age Business Crosses ₹100 Cr
Parag Milk Foods reported its highest-ever quarterly revenue of ₹1013 Cr for Q3FY26, up 14% YoY, with 8% volume growth. The 'New Age' business crossed ₹100 Cr for the first time, growing 123% YoY. EBITDA was ₹77 Cr (7.6% margin). For 9M FY26, revenue grew 17% to ₹2872 Cr.
Record revenue, significant growth in new-age business, and margin management despite cost pressures are material financial events that are likely to significantly influence investor perception and stock performance.
The company reported record quarterly revenue, strong growth in core and new-age businesses, and managed margin pressure despite milk price inflation, indicating positive operational and financial performance.
Parag Milk Foods Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025. The company achieved its highest-ever quarterly revenue of ₹1013 Crore, marking a 14% year-on-year (YoY) increase, with an 8% volume growth.
Key categories like Ghee, Cheese, and Paneer showed strong performance, contributing 64% to the total revenue with a 21% value growth and 12% volume growth. The 'New Age' business, encompassing brands like Pride of Cows and Avvatar, crossed the ₹100 Crore mark for the first time, growing by 123% YoY and now contributing 9% to the overall business.
Despite a 6.5% sequential increase in milk prices (20% YoY), the company managed to maintain stable gross margins at 25.9% (down 130 bps YoY from 27.2%) through calibrated pricing, promotions, and an improved portfolio mix. EBITDA for the quarter stood at ₹77 Crore, with a margin of 7.6%, compared to 9.0% in the previous year, primarily due to a one-time employee benefit provision of ₹5.7 Crore.
For the nine-month period ended December 31, 2025, revenue grew by 17% YoY to ₹2872 Crore, with EBITDA at ₹232 Crore (8.1% of sales) and PAT (before exceptional items) at ₹109 Crore (up 7% YoY). The company also highlighted its strategic priorities, including strengthening core categories, brand building, innovation, evolving its route-to-market, and growing its new-age business.
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