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Parag Milk Foods delivered a milestone Q2 FY26, with revenue crossing INR 1,008 Cr (+16% YoY) and 10% volume growth. The financial results for the quarter saw core categories (ghee, cheese, paneer) grow 14% by volume, contributing 59% of revenue. New age businesses (Pride of Cows, Avvatar) surged 79% YoY, now comprising 9% of turnover. EBITDA increased 16% to INR 89 Cr (8.9% margin), and PAT jumped 56%. Net debt significantly reduced by INR 125 Cr to INR 436 Cr. Management is focused on evolving into a health and nutrition company with a strong protein focus, aiming for an INR 10,000 Cr revenue target and double-digit EBITDA margins through brand strength and efficiency.