Parag Milk Foods Ltd.
NSE: PARAGMILK · Dairy Products · sector
₹244.50NSE close 2026-10-26
Key numbers
Market cap₹3,056 cr
Price₹244.50
52w high / low₹377 / ₹178
P/E23.2xSector median 22.6x
P/B2.4xSector median 2.8x
Book value₹100.7
Dividend yield0.39%Sector median 0.34%
ROE11.3%Sector median 14.8%
ROCE13.1%Sector median 14.1%
OPM6.7%Sector median 4.2%
Debt / equity0.43xSector median 0.31x
EV/EBITDA13.7xSector median 14.3x
Interest cover2.8x
Current ratio1.71x
Sales growth 3y+9.7%Sector median +11.8%
Profit growth 3y+36.4%Sector median +29.7%
PEG0.75x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 15 companies in Dairy Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹18 cr vs borrowings ₹540 cr (FY26): borrowings are higher by ₹522 cr.
- Operating profit covered interest 2.8x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding fell by 2.12 percentage points in a year, to 40.49% (2026-09-30).
- Operating cash flow was below net profit in 1 of the last 5 years (FY23).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 36% of net profit in the last 12 months.
- Dividend paid in 3 of the last 5 financial years.
- Price ₹244.50 on 2026-10-26: -35.1% from the 52-week high, +37.5% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹355.70 · low ₹141.32
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 871 | 885 | 918 | 852 | 1,008 | 1,013 | 945 | 945 |
| EBITDA | 69 | 73 | 62 | 58 | 71 | 63 | 59 | 68 |
| OPM % | 7.9% | 8.3% | 6.8% | 6.8% | 7.1% | 6.2% | 6.3% | 7.2% |
| Other income | 7 | 6 | 13 | 8 | 18 | 9 | 19 | 1 |
| Net profit | 29 | 36 | 26 | 28 | 46 | 30 | 32 | 22 |
| EPS (₹) | 2.45 | 3.03 | 2.20 | 2.31 | 3.83 | 2.37 | 2.58 | 1.76 |
| Revenue YoY | +15.7% | +14.5% | +3.0% | +10.9% | ||||
| Profit YoY | +56.3% | -18.0% | +23.0% | -20.1% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 2,072 | 2,893 | 3,139 | 3,432 | 3,818 | 3,911 |
| EBITDA | -438 | 133 | 197 | 253 | 251 | 261 |
| Net profit | -532 | 53 | 91 | 119 | 135 | 130 |
| EPS (₹) | -56.91 | 4.92 | 7.71 | 9.97 | 11.06 | 10.54 |
| Revenue growth | +39.6% | +8.5% | +9.4% | +11.2% | +10.9% | |
| Profit growth | – | +70.1% | +31.1% | +13.7% | +8.8% | |
| Dividend / share (₹) | 0.50 | – | – | 0.50 | 1.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +9.7% | +15.7% | +10.9% |
| Net profit | +36.4% | +45.5% | +8.8% |
| EPS | +31.0% | +35.0% | – |
| Share price | – | +10.0% (2y) | -16.2% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 808 | 912 | 1,023 | 1,259 |
| Borrowings | – | 589 | 612 | 615 | 540 |
| Cash & equivalents | – | 15 | 28 | 25 | 18 |
| Total assets | – | 1,668 | 1,891 | 2,033 | 2,281 |
| Fixed assets | – | 375 | 355 | 449 | 461 |
| Capital work in progress | – | 45 | 69 | 19 | 37 |
| Investments | – | 5 | 5 | 5 | 5 |
| Receivables | – | 168 | 244 | 260 | 245 |
| Inventory | – | 574 | 615 | 578 | 730 |
| Payables | – | 153 | 217 | 256 | 267 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -149 | -194 | 99 | 212 | 149 |
| Cash from investing | -26 | -89 | -53 | -132 | -98 |
| Cash from financing | 248 | 218 | -49 | -78 | -60 |
| Capex | 36 | 61 | 61 | 126 | 109 |
| Free cash flow | -185 | -255 | 38 | 87 | 40 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 6.6% | 9.9% | 11.6% | 10.7% |
| ROCE % | – | 7.6% | 10.6% | 13.8% | 13.0% |
| Debtor days | – | 21 | 28 | 28 | 23 |
| Inventory days | – | 90 | 94 | 83 | 95 |
| Payable days | – | 24 | 33 | 37 | 35 |
| Cash conversion cycle (days) | – | 87 | 89 | 74 | 83 |
| Working capital days | – | 66 | 70 | 69 | 53 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 40.49% |
| FIIs | 7.59% |
| DIIs | 2.87% |
| of which Mutual funds | 0.00% |
| Public (non-institutions) | 48.67% |
| Quarter | Mar 2025 | Jun 2025 | Sep 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 42.61% | 42.61% | 40.65% | 42.61% | 40.65% | 40.65% | 40.49% | 40.49% |
| Promoter group | % |
|---|---|
| Devendra Prakash Shah | 16.09% |
| Netra Preetam Shah | 11.04% |
| Pritam Prakash Shah | 7.29% |
| Poojan Devendra Shah | 2.62% |
| Shah Priti Devendra | 1.77% |
| Akshali Devendra Shah | 1.59% |
| Late Parag Prakash Shah | 0.08% |
| Shabdali Desai | 0.01% |
| Shah Stavan Pritam | 0.00% |
| Late Rajani Prakash Shah | 0.00% |
| Late Prakash Babulal Shah | 0.00% |
| Nayan Sameer Shah | 0.00% |
| Shah Jinal Pritam | 0.00% |
| Urvashi Shailesh Shah | 0.00% |
| Girish Jayantilal Shah | 0.00% |
| Public holders above 1% | % |
|---|---|
| International Finance Corporation | 4.56% |
| GB Mu-mr OP FU Op-ed PCC PL-GBC India Opportunity | 3.39% |
| Peanence Commercial PVT Limited | 3.25% |
| India Insight Value Fund | 1.84% |
| Sixth Sense India Opportunities III | 1.48% |
| Yash Shares and Stock Private Limited | 1.12% |
| Enigma Small Opportunities Fund | 1.11% |
89,477 shareholders. Pledged: 0.00% of promoter shares.
Peers in Dairy Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| HATSUN | ₹21,917 cr | 59.7x | 11.1x | 19.2% | 18.6% | 10.8% | +11.2% | 0.61% |
| MILKYMIST | ₹18,340 cr | – | – | – | – | – | – | – |
| KWIL | ₹8,089 cr | – | 12.0x | -54.9% | -54.8% | -10.0% | – | – |
| DODLA | ₹5,877 cr | 24.0x | 3.5x | 15.9% | 15.1% | 6.7% | +13.6% | 0.21% |
| VADILALIND | ₹4,946 cr | 22.6x | 5.8x | 30.3% | 32.6% | 18.7% | +12.4% | 0.30% |
| HERITGFOOD | ₹3,193 cr | 27.7x | 2.8x | 10.5% | 12.1% | 5.1% | +11.8% | 0.73% |
| PARAGMILK | ₹3,056 cr | 23.2x | 2.4x | 11.3% | 13.1% | 6.7% | +9.7% | 0.39% |
| VADILENT | ₹817 cr | 15.1x | 24.7x | 49.3% | 28.8% | 3.0% | +9.4% | 0.02% |
| SCPL | ₹589 cr | 28.4x | 3.8x | 14.8% | 17.4% | 11.6% | – | – |
| MLKFOOD | ₹233 cr | 3.6x | 1.0x | 22.6% | 21.4% | 2.5% | -4.0% | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-22 | Dividend | Dividend - Rs 1.10 Per Share |
| 2025-09-22 | Dividend | Dividend - Re 1 Per Share |
| 2024-09-04 | Dividend | Dividend - Re 0.50 Per Share |
| 2024-09-04 | Other | Annual General Meeting |
| 2023-09-20 | Other | Annual General Meeting |
| 2022-09-22 | Other | Annual General Meeting |
| 2021-09-07 | Dividend | Dividend - Rs 0.50 Per Share |
| 2020-09-21 | Dividend | Annual General Meeting/Dividend - Rs 0.50 Per Share |
| 2019-09-20 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
| 2018-09-11 | Dividend | Annual General Meeting/Dividend Re 0.75 Per Share |
| 2017-08-01 | Dividend | Dividend - Re 0.50 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing:
| Sector | Fast Moving Consumer Goods |
| Industry | Dairy Products |
| Sub-industry | Dairy Products |
| Symbol | PARAGMILK |
| BSE code | 539889 |
| ISIN | INE883N01014 |
| Face value | ₹10.0 |
| Incorporated | 1992-12-29 |
| Website | www.paragmilkfoods.com |
| Plants (India / abroad) | 3 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.