Parag Milk Foods Limited — Investor Meet, 27-07-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Parag Milk Foods delivered its highest-ever Q1 FY26 revenue of INR 852 crores, a 12% YoY growth. This was driven by 9% volume and 14% value growth in core categories like cheese, ghee, and paneer, which now contribute 57% of revenue. Despite an 18% rise in milk prices, EBITDA grew 6% to a 7.7% margin, aided by improved product mix and pricing power.

The new age businesses, Avvatar (whey protein) and Pride of Cows, surged 57% YoY, contributing 9% to total revenue. Management highlighted Avvatar's 8x growth in three Q1s, aiming to lead India's protein revolution. The company is shifting towards health and nutrition, focusing on brand building. They aspire to achieve double-digit EBITDA margins and an INR 10,000 crore revenue target in the next five years, confident in sustained profitable growth.