Parag Milk Foods Limited

BSE: PARAGMILK539889ISIN INE883N01014

Fast Moving Consumer Goods
Dairy Products
BSE 1000

Share price

₹291.80+42.25 (+16.93%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹377.20
52W low: ₹178.35
Off 52W high: -22.64%
1M return: +3.95%
3M return: +28.21%
6M return: +32.85%
1Y return: -7.53%
20D avg volume: 92,243
50 DMA: ₹265.03
200 DMA: ₹233.10

Key ratios Consolidated

Market cap: ₹3,665 Cr
Current price: ₹291.80
52W high / low: ₹377.20 / ₹178.35
Face value: ₹10.00
P/E: 29.12
P/B: 2.79
EPS (TTM): ₹10.02
Book value / share: ₹104.63
ROE: —
ROCE: 15.50%
Operating margin: —
Net margin: —
Debt / equity: 0.43
Net debt: ₹537.15 Cr
Interest cover: 2.87
Dividend yield: 0.38%
Dividend / share (TTM): ₹1.10
Payout: 10.98%
Cash conversion cycle: 67.7 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	1,241	944.57	945.34	1,013	1,008	851.52	918.25	884.72	871.31	757.93	790.12	800.84
	1.89	1.41	18.86	8.93	18.03	7.64	13.09	6.03	7.12	5.52	7.65	5.85
	1,243	945.98	964.20	1,022	1,026	859.16	931.34	890.75	878.43	763.45	797.76	806.69
	1,188	916.69	924.06	983.33	975.49	829.98	898.79	853.09	842.86	736.64	784.23	773.93
	1,034	727.33	711.04	716.58	791.17	717.53	730.68	607.98	619.59	546.83	588.99	610.46
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	46.75	47.73	53.58	49.42	42.69	38.59	43.71	40.08	34.13	33.26	32.20	30.86
	26.58	21.90	20.54	20.80	20.03	20.02	25.16	25.76	22.63	18.88	16.03	20.46
	18.85	18.47	17.53	18.14	18.75	16.32	17.38	16.08	18.12	15.64	14.58	15.43
	177.29	142.06	151.61	144.35	146.37	136.47	124.96	120.91	97.27	115.06	125.50	117.09
	55.17	29.29	40.14	38.29	50.49	29.18	32.55	37.66	35.57	26.81	13.53	32.76
	0.00	0.00	0.00	-5.72	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	55.17	29.29	40.14	32.57	50.49	29.18	32.55	37.66	35.57	26.81	13.53	32.76
	13.17	7.24	7.90	3.00	4.84	1.60	6.34	1.59	6.36	0.49	3.72	1.40
	42.00	22.05	32.24	29.57	45.65	27.58	26.21	36.07	29.21	27.30	9.81	34.16
	3.36	1.76	2.58	2.37	3.83	2.31	2.20	3.03	2.45	2.29	0.84	2.91
Key metrics
	100.60	69.66	78.21	71.51	89.27	65.52	75.09	79.50	76.32	61.33	44.14	68.65
	8.10%	7.40%	8.30%	7.10%	8.90%	7.70%	8.20%	9.00%	8.80%	8.10%	5.60%	8.60%
	3.40%	2.30%	3.40%	2.90%	4.50%	3.20%	2.90%	4.10%	3.40%	3.60%	1.20%	4.30%
	4.90%	—	4.00%	—	4.90%	—	4.40%	—	—	—	—	—
	23.10%	10.90%	3.00%	14.50%	15.70%	12.30%	16.20%	10.50%	—	—	—	—
	-8.00%	-20.10%	23.00%	-18.00%	56.30%	1.00%	167.20%	5.60%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	4,143	3,818	3,432	3,139	2,893	2,072
	31.09	53.46	40.25	25.21	30.60	21.04
	4,175	3,871	3,472	3,164	2,923	2,093
	4,012	3,713	3,340	3,078	2,872	2,615
	3,189	2,936	2,489	2,445	2,395	1,850
	0.00	0.00	0.00	—	—	8.24
	197.48	184.27	149.95	116.44	98.06	83.66
	89.82	81.39	93.12	76.24	55.16	50.96
	72.99	70.74	67.22	60.25	57.27	53.77
	615.31	578.80	482.84	435.14	338.48	345.95
	162.89	158.11	132.59	85.86	51.06	-522.05
	-5.72	-5.72	0.00	0.00	0.00	0.00
	157.17	152.39	132.59	85.86	51.06	-522.05
	31.31	17.34	13.80	4.73	2.19	10.44
	125.86	135.05	118.79	90.58	53.25	-532.50
	10.07	11.06	9.97	7.71	4.92	-56.91
Key metrics
	319.98	304.52	292.93	222.35	163.49	-417.32
	7.72%	8.00%	8.50%	7.10%	5.70%	-20.10%
	3.04%	3.50%	3.50%	2.90%	1.80%	-25.70%
	—	15.50%	17.10%	—	—	—
	13.13%	11.20%	9.40%	8.50%	39.60%	—
	-7.12%	13.70%	31.10%	70.10%	110.00%	—
	—	43.34	88.19	—	—	—
	—	1.11	1.78	—	—	—
	—	0.43	0.60	—	—	—
	—	537.15	603.60	—	—	—
	—	67.7	61.9	—	—	—
Balance sheet
	—	2,281	2,033	—	—	—
	—	1,331	1,358	—	—	—
	—	3.28	11.89	—	—	—
	—	244.51	259.51	—	—	—
	—	730.30	577.95	—	—	—
	—	283.91	458.01	—	—	—
	—	460.71	448.55	—	—	—
	—	267.00	255.68	—	—	—
	—	776.94	710.74	—	—	—
	—	540.43	615.49	—	—	—
	—	382.47	363.12	—	—	—
	—	157.96	252.37	—	—	—
	—	1,259	1,023	—	—	—
Cash flow
	—	149.48	212.04	—	—	—
	—	-98.01	-132.36	—	—	—
	—	-60.08	-78.35	—	—	—
	—	106.14	123.85	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	1,215	920.47	946.17	984.19	981.15	830.52	898.69	868.81	856.35	743.55	776.08	788.70
	2.71	2.16	7.73	3.84	18.89	4.97	13.17	1.60	2.27	1.07	0.62	1.21
	1,218	922.63	953.90	988.03	1,000	835.49	911.86	870.41	858.62	744.62	776.70	789.91
	1,157	890.23	920.77	948.10	941.52	802.89	874.98	832.75	824.27	718.68	765.84	757.83
	1,028	724.33	736.22	704.79	778.64	711.63	726.30	605.19	616.41	545.55	587.24	609.18
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	42.90	42.85	48.79	45.27	37.42	33.51	38.95	35.98	30.01	29.42	28.31	27.75
	24.21	19.82	18.31	18.64	17.58	17.75	23.57	23.50	20.77	16.72	13.70	18.26
	16.52	16.17	14.67	15.79	15.91	14.03	14.68	14.22	16.60	14.19	12.97	14.40
	161.01	127.87	133.42	129.80	134.08	125.14	115.28	111.89	89.49	105.46	116.70	109.16
	60.99	32.40	33.13	39.93	58.52	32.60	36.88	37.66	34.35	25.94	10.86	32.08
	0.00	0.00	0.00	-5.39	0.00	0.00	0.00	—	—	—	—	—
	60.99	32.40	33.13	34.54	58.52	32.60	36.88	37.66	34.35	25.94	10.86	32.08
	11.73	6.97	4.85	-0.01	2.82	0.25	4.45	3.48	4.48	1.11	2.49	1.32
	49.26	25.43	28.28	34.55	55.70	32.35	32.43	34.18	29.87	27.05	13.35	33.40
	3.94	2.03	2.26	2.77	4.67	2.71	2.72	2.87	2.51	2.27	1.14	2.85
Key metrics
	101.72	68.39	66.11	68.97	92.01	64.38	75.13	75.38	71.72	56.85	37.53	64.74
	8.40%	7.40%	7.00%	7.00%	9.40%	7.80%	8.40%	8.70%	8.40%	7.60%	4.80%	8.20%
	4.10%	2.80%	3.00%	3.50%	5.70%	3.90%	3.60%	3.90%	3.50%	3.60%	1.70%	4.20%
	5.20%	—	3.50%	—	5.50%	—	4.80%	—	—	—	—	—
	23.90%	10.80%	5.30%	13.30%	14.60%	11.70%	15.80%	10.20%	—	—	—	—
	-11.60%	-21.40%	-12.80%	1.10%	86.50%	19.60%	142.90%	2.30%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	4,066	3,742	3,367	3,090	2,853	2,026
	16.44	35.43	26.60	8.76	20.60	8.96
	4,083	3,777	3,394	3,099	2,874	2,035
	3,916	3,613	3,259	3,016	2,807	2,552
	3,194	2,931	2,480	2,438	2,378	1,828
	0.00	0.00	0.00	—	—	8.24
	179.81	164.99	133.13	104.43	88.25	77.34
	80.98	72.28	85.07	68.82	52.86	47.04
	63.15	60.40	59.68	55.70	54.07	50.95
	552.10	522.43	444.39	403.95	304.29	318.43
	166.45	164.18	134.84	82.85	67.19	-517.73
	-5.39	-5.39	0.00	—	—	—
	161.06	158.79	134.84	82.85	67.19	-517.73
	23.54	7.91	11.30	9.09	1.30	11.42
	137.52	150.88	123.54	91.94	68.49	-529.15
	11.00	12.36	10.36	7.83	6.52	-56.56
Key metrics
	305.19	291.47	279.59	207.37	174.12	-419.74
	7.51%	7.80%	8.30%	6.70%	6.10%	-20.70%
	3.38%	4.00%	3.70%	3.00%	2.40%	-26.10%
	—	15.80%	17.40%	—	—	—
	13.61%	11.10%	9.00%	8.30%	40.90%	—
	-11.08%	22.10%	34.40%	34.20%	112.90%	—
	—	37.38	85.79	—	—	—
	—	0.88	1.52	—	—	—
	—	0.38	0.53	—	—	—
	—	482.98	543.11	—	—	—
	—	69.1	63.9	—	—	—
Balance sheet
	—	2,187	1,925	—	—	—
	—	1,371	1,374	—	—	—
	—	2.40	11.64	—	—	—
	—	230.78	249.40	—	—	—
	—	713.09	563.34	—	—	—
	—	356.30	499.47	—	—	—
	—	328.16	314.04	—	—	—
	—	235.98	223.11	—	—	—
	—	727.93	664.07	—	—	—
	—	485.38	554.75	—	—	—
	—	374.29	357.71	—	—	—
	—	111.09	197.04	—	—	—
	—	1,291	1,040	—	—	—
Cash flow
	—	132.42	187.24	—	—	—
	—	-98.40	-129.84	—	—	—
	—	-43.26	-55.80	—	—	—
	—	95.04	101.45	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +9.46%
Sales CAGR 5Y: —
Profit CAGR 3Y: +30.12%
Profit CAGR 5Y: —
Sales YoY (TTM): +13.61%
Profit YoY (TTM): -11.08%

Consolidated

Sales CAGR 3Y: +9.69%
Sales CAGR 5Y: —
Profit CAGR 3Y: +36.37%
Profit CAGR 5Y: —
Sales YoY (TTM): +13.13%
Profit YoY (TTM): -7.12%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 40.49%

Quarter	September 2026	June 2026
Promoter %	40.49%	40.49%

Holder	Type	Holding	Previous	Change
DEVENDRA PRAKASH SHAH	Promoter	16.09%	16.09%	0.00%
NETRA PREETAM SHAH	Promoter Group	11.04%	11.04%	0.00%
PRITAM PRAKASH SHAH	Promoter	7.29%	7.29%	0.00%
INTERNATIONAL FINANCE CORPORATION	Public	4.56%	4.56%	0.00%
GB MU-MR OP FU OP-ED PCC PL-GBC INDIA OPPORTUNITY	Public	3.39%	—	—
PEANENCE COMMERCIAL PVT LIMITED	Public	3.25%	4.16%	-0.91%
POOJAN DEVENDRA SHAH	Promoter Group	2.62%	2.62%	0.00%
INDIA INSIGHT VALUE FUND	Public	1.84%	1.84%	0.00%
SHAH PRITI DEVENDRA	Promoter Group	1.77%	1.77%	0.00%
AKSHALI DEVENDRA SHAH	Promoter Group	1.59%	1.59%	0.00%
SIXTH SENSE INDIA OPPORTUNITIES III	Public	1.48%	4.56%	-3.08%
YASH SHARES AND STOCK PRIVATE LIMITED	Public	1.12%	—	—
ENIGMA SMALL OPPORTUNITIES FUND	Public	1.11%	—	—
LATE PARAG PRAKASH SHAH	Promoter	0.08%	0.08%	0.00%
SHABDALI DESAI	Promoter Group	0.01%	0.01%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Hatsun Agro Products Ltd. S	23,312	1,046.55	63.47	20.20%	+19.09% TTM	+2.39% TTM	+0.74%
Milky Mist Dairy Food Limited	23,238	301.85	—	—	—	—	—
Kwality Wall’s (India) Limited S	9,335	39.73	—	-34.80%	—	—	—
Dodla Dairy Limited	5,940	984.70	27.54	15.90%	+17.12% TTM	-17.06% TTM	-20.83%
Vadilal Industries Ltd.	5,303	7,377.95	22.06	20.90%	+35.53% TTM	+78.99% TTM	+36.29%
Parag Milk Foods Limited	3,665	291.80	29.12	15.50%	+13.13% TTM	-7.12% TTM	-7.53%
Heritage Foods Limited	3,438	370.45	30.06	15.00%	+13.91% TTM	-33.80% TTM	-23.40%
Vadilal Enterprises Ltd. S	813	9,420.00	53.32	27.60%	+32.77% TTM	+309.68% TTM	-12.05%
SHEETAL COOL PRODUCTS LIMITED S	608	579.00	29.29	17.90%	+24.25% TTM	+43.47% TTM	+149.03%
Milkfood Ltd. S	248	97.01	4.57	25.80%	+6.82% TTM	+1,088.36% TTM	+30.13%
Modern Dairies Ltd. S	137	42.77	22.99	12.30%	+1.54% TTM	-92.49% TTM	-3.08%
DINDIGUL FARM PRODUCT LIMITED S	90	36.65	24.11	9.10%	—	—	+103.72%
Virat Crane Industries Ltd S	65	31.99	-9.22	-9.50%	+22.16% TTM	-677.24% TTM	-33.28%
HEALTHY LIFE AGRITEC LIMITED	26	5.15	—	9.40%	—	—	-69.05%
Tasty Dairy Specialities Limited S	7	3.28	—	-3.70%	-48.45% TTM	+50.00% TTM	-59.75%

Filings & corporate actions

Recent announcements

Parag Milk Foods Limited has informed Exchange about audio recordings of Earnings Call under Regulation 30 of the SEBI (LODR) Regulations.4 Nov 2026 · Company Update / Analyst / Investor Meet
Parag Milk Foods Limited - Investor Presentation on Unaudited Financial Results for quarter and half year ended September 30, 20264 Nov 2026 · Company Update / Investor Presentation
Parag Milk Foods Limited has informed the Exchange regarding Press release dated November 3, 2026 titled ''Outcome of Board Meeting held on November 3, 2026''.4 Nov 2026 · Company Update / Press Release / Media Release
Parag Milk Foods Limited has informed the Exchange about the Unaudited Financial Results for the quarter and half year ended September 30, 20263 Nov 2026 · Result / Financial Results
Parag Milk Foods Limited has informed the Exchange about Amalgamation/Merger.3 Nov 2026 · Company Update / Scheme of Arrangement
Parag Milk Foods Limited has informed the Exchange about the Outcome of Board Meeting held on November 3, 20263 Nov 2026 · Board Meeting / Outcome of Board Meeting
Parag Milk Foods Limited has informed the Exchange about update on intimation dated October 31, 2026 for Schedule of Analysts/Investors Meet2 Nov 2026 · Company Update / General
Schedule of Earnings Call (Group Conference Call) to discuss the financial and operational performance for Quarter and Half year ended September 30,2026 with Investors & Analysts.1 Nov 2026 · Company Update / Analyst / Investor Meet
Parag Milk Foods Limited has informed the Exchange about Early Redemption of Non -Convertible Debentures.30 Oct 2026 · Company Update / General
Parag Milk Foods Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 03/11/2026 ,inter alia, to consider and approve Unaudited Standalone and Consolidated ....28 Oct 2026 · Board Meeting / Board Meeting
Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 201815 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Parag Milk Foods Limited has informed the Exchange about Voting Results and Scrutinizers Report of the 34th Annual General Meeting held on September 29,20261 Oct 2026 · AGM/EGM / AGM
Parag Milk Foods Limited has informed the Exchange regarding the proceedings of 34th Annual General Meeting held on September 29, 202629 Sep 2026 · AGM/EGM / AGM
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Sixth Sense India Opportunities III & PACs26 Sep 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Parag Milk Foods Limited has informed the Exchange regarding the Trading Window Closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 201523 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Parag Milk Foods Limited has informed about Schedule of Analyst / Investor Meet23 Sep 2026 · Company Update / Analyst / Investor Meet
Parag Milk Foods Limited has informed the Exchange about Expansion of Paneer Manufacturing Capacity21 Sep 2026 · Company Update / General
Parag Milk Foods Limited has informed the Exchange about Press Release on appointment of Mr. Phalgun Trivedi as Chief R&D, Quality Control and Food Safety Officer18 Sep 2026 · Company Update / General
Parag Milk Foods Limited has informed the Exchange about Press Release titled "Pride of Cows Unveils New Brand Identity, Reclaiming Its Place as on Aspirational Lifestyle Brand"17 Sep 2026 · Company Update / General
Parag Milk Foods Limited has informed Exchange about Press Release titled "Parag Milk Foods Takes Its Nutrition Play into Snacking with Avvatar Popped Protein Chips"9 Sep 2026 · Company Update / General
Parag Milk Foods Limited has informed the Exchange regarding extract of Newspaper Publication in connection with 34th Annual General Meeting to be held on September 29, 20266 Sep 2026 · Company Update / General
Parag Milk Foods Limited has informed the Exchange regarding Letter to Shareholders, providing link to access the Integrated Annual Report for FY 2025-26 and Notice of 34th Annual General Meeting5 Sep 2026 · Company Update / General
Parag Milk Foods Limited has informed the Exchange regarding the Business Responsibility and Sustainability Reporting for FY 2025-265 Sep 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
Parag Milk Foods Limited has informed the Exchange that the record date for the purpose of Dividend is September 22, 20265 Sep 2026 · Corp. Action / Record Date
Parag Milk Foods Limited has informed the Exchange regarding the Integrated Annual Report for FY 2025-265 Sep 2026 · Others / Reg. 34 (1) Annual Report
Parag Milk Foods Limited has informed the Exchange regarding the Integrated Annual Report for FY 2025-265 Sep 2026 · Others / Reg. 34 (1) Annual Report
Parag Milk Foods Limited has informed the Exchange regarding the Notice of Annual General Meeting to be held on September 29, 2026 and the Integrated Annual Report for FY 2025-265 Sep 2026 · AGM/EGM / AGM
Parag Milk Foods Limited has informed the exchange about transcript of Earnings Conference Call held on August 7, 2026.13 Aug 2026 · Company Update / Earnings Call Transcript
Extract of Newspaper Publications regarding the ensuing AGM and, inter - alia, requesting the shareholders to register/update their email address.10 Aug 2026 · Company Update / Newspaper Publication
Parag MIlk Foods Limited has informed about Schedule of Analysts/Investors Meet7 Aug 2026 · Company Update / Analyst / Investor Meet
Parag Milk Foods Limited has informed Exchange about audio recordings of Earnings Call under Regulation 30 of the SEBI (LODR) Regulations.7 Aug 2026 · Company Update / Analyst / Investor Meet
Monitoring Agency Report for quarter ended June 30, 20267 Aug 2026 · Company Update / Monitoring Agency Report
Parag Milk Foods Limited has informed the Exchange about statement of no deviation or variation under Regulation 32 for quarter ended June 30, 2026.7 Aug 2026 · Company Update / General
Parag Milk Foods Limited - Investor Presentation on Unaudited Financial Results for quarter ended June 30, 20267 Aug 2026 · Company Update / Investor Presentation
Press Releases on Outcome of Board Meeting held on August 6, 20267 Aug 2026 · Company Update / Press Release / Media Release
Appointment of Mr. Rakesh Kothari as Chief Financial Officer & Key Managerial Personnel with effect from August 7, 20267 Aug 2026 · Company Update / Change in Management
Parag Milk Foods Limited has informed the exchange about the the Unaudited Financial Results for the quarter ended June 30, 20266 Aug 2026 · Result / Financial Results
Parag Milk Foods Limited has informed the Exchange about the Outcome of Board Meeting held on August 6, 20266 Aug 2026 · Board Meeting / Outcome of Board Meeting
Schedule of Earnings Call (Group Conference Call) to discuss the financial and operational performance for Quarter ended June 30,2026 with Investors & Analysts.4 Aug 2026 · Company Update / Analyst / Investor Meet
Parag Milk Foods Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 06/08/2026 ,inter alia, to consider and approve Unaudited Standalone and Consolidated ....31 Jul 2026 · Board Meeting / Board Meeting

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 1.1000	22 Sep 2026	22 Sep 2026	—
Final Dividend - Rs. - 1.0000	22 Sep 2025	22 Sep 2025	—
Dividend - Rs. - 0.5000	4 Sep 2024	4 Sep 2024	—

Board meetings

3 Nov 2026 Board Meeting - Financial Results
6 Aug 2026 Board Meeting - Financial Results