Parag Milk Foods Ltd. (PMFL), one of India’s leading dairy-based FMCG players, has reported a strong financial and operational performance for the first quarter of FY26, achieving its highest-ever Q1 revenue and continued momentum in its premium product segment.
Financial Highlights: Q1 FY26
Parag Milk Foods posted a consolidated net profit of ₹27.58 crore, up 1.02% from ₹27.30 crore in Q1 FY25. Total revenue from operations grew by 12.34% year-on-year, reaching ₹851.52 crore—a record for any first quarter in the company’s history.
The company also registered a 6% YoY rise in EBITDA, which stood at ₹66 crore. However, the EBITDA margin saw a marginal dip to 7.7%, compared to 8.1% in the previous year’s quarter. Profit Before Tax rose to ₹29.18 crore, reflecting an 8.83% YoY growth.
Despite a sharp 18% YoY rise in raw milk prices to ₹37/litre, the company managed to maintain a stable gross profit margin of 27.4%, marginally lower than 27.5% in Q1 FY25 but up from 25.1% in Q4 FY25. Milk procurement volumes also saw a healthy uptick, reaching 16.5 lakh litres per day, a 10% sequential increase.
Strong Core Category Performance
The company achieved 5% volume growth year-on-year, led by robust demand across its core categories:
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Ghee, cheese, and paneer collectively registered 9% volume growth
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Gowardhan Ghee maintained a dominant 22% market share in the branded cow ghee category
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Go Cheese retained its leadership position with a 35% market share in the cheese segment
Parag’s focus on premium and differentiated products continued to yield results:
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Pride of Cows, the premium farm-to-home milk brand, posted 36% growth in value terms, benefiting from new launches and expansion via quick commerce platforms
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Avvatar, the company’s performance nutrition brand, recorded an eightfold growth over the past three Q1s, with strong demand for its new protein wafer bar
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Together, these premium businesses contributed 9% to total revenue, up from 6% a year ago, marking a 57% YoY increase in value
Brand Building & Marketing Push
PMFL launched a 360-degree marketing campaign to deepen consumer engagement and reinforce brand trust:
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Strategic TV integrations such as with Maharashtrachi Hasya Jatra
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Sponsorship presence at Zee Cine Awards
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Digital influencer campaigns
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Retail branding across general and modern trade channels
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The popular “What’s the Source?” campaign promoted transparency in milk sourcing and highlighted the purity of its premium milk offerings
Devendra Shah, Chairman of Parag Milk Foods, expressed optimism about the road ahead:
“Q1 FY26 has set a promising tone. Our highest-ever Q1 revenue reflects the strength of our strategy and the trust our consumers place in us. As we approach the festive season, our diverse product portfolio—rooted in Indian dairy tradition and adapted to evolving lifestyles—positions us strongly for further growth.”
Looking ahead, the company is eyeing the festive season as a key opportunity to drive demand across its product categories, particularly value-added dairy products such as:
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Ghee and traditional sweets
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Cheese and snacking products
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High-protein and lifestyle-focused offerings
With two advanced manufacturing facilities in Manchar, Maharashtra, and Palamaner, Andhra Pradesh, and a pan-India distribution network, Parag Milk Foods is well positioned to scale both its mass-market and premium product lines.
About Parag Milk Foods:
Founded in 1992, PMFL is known for brands like Gowardhan, Go, Pride of Cows, and Avvatar. The company serves over 100,000 retail outlets and exports to more than 30 countries.