Parag Milk Foods Reports Strong Q2FY26 Results: Revenue Crosses ₹1,000 Cr, PAT Up 56%
Parag Milk Foods reported Q2FY26 revenue of ₹1,008 Cr, up 16% YoY, with PAT up 56% to ₹46 Cr. Core categories and New Age businesses showed strong growth and improved margins and debt metrics.
The robust growth in revenue and profitability, alongside improved debt ratios, indicates strong operational efficiency and market position, which is likely to have a substantial positive impact on the company's valuation and future prospects.
The company demonstrated strong revenue growth, especially in core and new-age categories, coupled with significant increases in EBITDA and PAT, and improved debt metrics.
* Parag Milk Foods Limited (PARAGMILK) announced its unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, along with an Investor Presentation. A post-earnings conference call with analysts/investors is scheduled for November 12, 2025. * Q2FY26 Consolidated Performance Highlights: * Highest ever quarterly revenue at ₹1,008 crore, a 16% increase year-on-year (YoY), driven by 10% YoY volume growth. * Core categories (Ghee, Cheese, Paneer) achieved 23% value growth and 14% volume growth, contributing 59% of total revenue. * EBITDA increased by 16% YoY to ₹89 crore, with EBITDA margin maintained at 8.9% (vs 8.8% last year). * Gross margin grew to ₹260 crore, with gross margin at 25.8% (vs 23.6% last year), up 27% YoY. * Profit Before Tax (PBT) grew 42% YoY. * Profit After Tax (PAT) increased by 56% YoY to ₹46 crore, with PAT margin at 4.5% (vs 3.4% last year). * New Age businesses (Pride of Cows and Avvatar) contributed 9% of the overall business (up from 6% last year) and saw revenue growth of 79% YoY. * The company procured an average of 14 lakh litres of milk per day during Q2FY26, a 10% volume growth quarter-on-quarter. Milk prices increased by 16% YoY. * H1FY26 Consolidated Performance Highlights: * Revenue reached ₹1,859 crore, up 14% YoY. * EBITDA was ₹155 crore, up 12% YoY, with an 8.3% margin. * PAT stood at ₹73 crore, up 30% YoY, with a 3.9% margin. * Cash flow generated from operations was ₹99 crore. * Net debt reduced by ₹125 crore, improving consolidated Net Debt to EBITDA to 1.4 times and Net Debt to Equity to 0.4 times. * Management stated: "Parag milk foods delivered a 16% YoY revenue growth in Q2FY26, crossing ₹1,000 Cr mark for quarterly revenues, backed by a strong 10% underlying volume growth with core categories growing by 14% in volumes. Gross margins improved YoY with better product mix and operational efficiencies offset by the cost push. EBITDA increased by 16% YoY with EBITDA margin during the quarter maintained at 8.9% vs 8.8% last year."
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