Parag Milk Foods Limited — Investor Meet, 12-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Parag Milk Foods has announced a board meeting to consider the financial results for the quarter and half-year.

Q4 FY25 revenue was Rs. 918 Cr, up 16% YoY, driven by 13% volume growth; FY25 revenue grew 9% YoY to Rs. 3,432 Cr with 10% volume growth. Core categories like ghee, cheese, and paneer grew 17% in volume. EBITDA rose 30% to Rs. 293 Cr with margins up 130 bps to 8.5%. Q4 PAT jumped 167% YoY to Rs. 26 Cr; FY25 PAT was Rs. 119 Cr, up 31%.

Management pointed to stable margins despite 12% milk price inflation via pricing and efficient sourcing (15 lakh litres daily, one-third direct from farmers). Growth is led by premium nutrition brands Avvatar (41% growth) and Pride of Cows. The company targets Rs. 10,000 Cr revenue in four years by balancing core product strength and rapid nutrition portfolio expansion.

Operating cash flow improved with strong working capital control; capex guidance is Rs. 40-50 Cr annually. Cheese plant is near full capacity (~98-99%). New nutrition products deliver ~2x gross margins vs. company average. Focus remains on distribution expansion, brand partnerships, innovation, quality, traceability, and farmer relations. A recent Rs. 161 Cr capital raise supports debt reduction, working capital, and strategic growth. Tone is confident with disciplined execution and a clear shift to protein-led nutrition beyond traditional dairy.