Parag Milk Foods Ltd

Parag Milk Foods Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Parag Milk Foods Ltd

₹ 221 1.30%
13 May - close price
paragmilkfoods.com BSE: 539889 NSE: PARAGMILK
About

Parag Milk Foods Ltd, founded in 1992 by Mr. Devendra Shah is involved in the development and promotion of 100% fresh cow’s milk and milk products under international brand names with a diverse portfolio in over 10 product categories. [1]

Key Points

Market Leadership and innovation[1]
- It is a dominant Player in Cheese in India with a 35% Market Share.
- It is a leader in the Cow Ghee category with its brand ‘Gowardhan’ Ghee with 22% market share. - It is India’s First Company to launch a truly ‘Made-in-India’ B2C Whey protein powder under Brand ‘Avvatar’ in 2017.
- It is the only company to manufacture Fresh Paneer with a 75 Day Shelf Life.
- Its cheese plant has the largest production capacity in India, with a raw cheese production capacity of 60 MT per day. [2] [3]
- It has the Largest automated dairy farm with ~3000+ Holstein Friesian Cows.[4]

Website BSE NSE
  • Market Cap ₹ 2,765 Cr.
  • Current Price ₹ 221
  • High / Low ₹ 377 / 178
  • Stock P/E 17.7
  • Book Value ₹ 103
  • Dividend Yield 0.45 %
  • ROCE 13.9 %
  • ROE 13.4 %
  • Face Value ₹ 10.0
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Pros

  • Company has delivered good profit growth of 55.0% CAGR over last 5 years

Cons

  • Tax rate seems low
  • Company has a low return on equity of 12.3% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Fast Moving Consumer Goods Fast Moving Consumer Goods Food Products Dairy Products

Part of BSE Fast Moving Consumer Goods BSE 1000

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
796 738 787 789 776 744 856 869 899 831 981 984 946
745 696 731 725 739 687 787 794 837 771 908 914 888
Operating Profit 51 42 56 64 37 56 69 74 62 59 73 71 58
OPM % 6% 6% 7% 8% 5% 8% 8% 9% 7% 7% 7% 7% 6%
2 5 2 1 1 1 2 1 13 5 19 -2 8
Interest 14 17 20 18 14 17 21 24 24 18 18 19 18
Depreciation 17 14 14 14 13 14 17 14 15 14 16 16 15
Profit before tax 23 16 24 32 11 26 34 38 37 33 59 35 33
Tax % -23% -17% -11% -4% -23% -4% 13% 9% 12% 1% 5% -0% 15%
28 18 27 33 13 27 30 34 32 32 56 35 28
EPS in Rs 2.38 1.56 2.29 2.85 1.12 2.27 2.50 2.86 2.72 2.71 4.45 2.76 2.26
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1,426 1,623 1,701 1,918 2,346 2,391 1,792 2,026 2,853 3,090 3,367 3,742
1,319 1,474 1,624 1,730 2,129 2,180 1,668 2,454 2,714 2,888 3,114 3,481
Operating Profit 106 149 78 188 218 212 124 -429 139 202 253 261
OPM % 7% 9% 5% 10% 9% 9% 7% -21% 5% 7% 8% 7%
1 1 -11 6 4 3 7 9 35 9 27 30
Interest 45 49 29 37 36 38 46 47 53 72 85 72
Depreciation 25 32 47 49 48 51 46 51 54 56 60 60
Profit before tax 37 70 -9 108 138 125 39 -518 67 83 135 159
Tax % 1% 25% -81% 27% 17% 28% 55% 2% -2% -11% 8% 5%
37 53 -2 78 114 91 17 -529 68 92 124 151
EPS in Rs 22.89 7.46 -0.21 9.33 13.56 10.78 2.07 -55.48 5.84 7.70 10.35 12.06
Dividend Payout % 0% 0% -238% 8% 7% 5% 24% 0% 0% 6% 10% 0%
Compounded Sales Growth
10 Years: 9%
5 Years: 16%
3 Years: 9%
TTM: 11%
Compounded Profit Growth
10 Years: 12%
5 Years: 55%
3 Years: 32%
TTM: 26%
Stock Price CAGR
10 Years: %
5 Years: 9%
3 Years: 27%
1 Year: 8%
Return on Equity
10 Years: 3%
5 Years: -2%
3 Years: 12%
Last Year: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 16 70 84 84 84 84 84 95 117 119 119 125
Reserves 119 307 554 633 741 822 836 454 701 805 921 1,166
537 385 261 291 235 395 366 488 541 526 579 499
254 237 394 360 355 363 352 283 223 317 307 397
Total Liabilities 926 999 1,293 1,368 1,415 1,665 1,638 1,321 1,583 1,766 1,925 2,187
238 295 307 371 379 398 381 350 311 309 340 391
CWIP 28 28 21 16 23 7 1 3 9 10 12 26
Investments 18 58 62 63 63 63 63 62 67 109 109 109
642 618 903 918 950 1,197 1,194 906 1,196 1,339 1,464 1,661
Total Assets 926 999 1,293 1,368 1,415 1,665 1,638 1,321 1,583 1,766 1,925 2,187

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
77 89 -25 17 138 -73 100 -146 -179 73 187 132
-28 -66 -87 -14 -66 -24 -34 -5 -82 -25 -130 -98
-48 -22 148 -13 -96 112 -81 224 196 -51 -56 -43
Net Cash Flow 1 1 36 -10 -23 15 -15 73 -66 -3 2 -9
Free Cash Flow 49 62 -118 -44 58 -99 70 -161 -199 41 85 54
CFO/OP 75% 69% -11% 16% 76% -18% 99% 31% -127% 42% 79% 57%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 43 52 37 47 42 46 32 22 20 28 27 23
Inventory Days 72 83 135 129 110 137 204 89 98 100 85 93
Days Payable 65 49 97 87 71 61 86 40 23 36 34 31
Cash Conversion Cycle 51 86 75 88 82 121 150 71 95 92 78 85
Working Capital Days -5 29 35 50 57 68 96 51 71 74 74 61
ROCE % 12% 17% 5% 15% 17% 14% 7% -41% 10% 11% 14% 14%

Insights

In beta
Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Milk Procurement Volume
Lakh Litres Per Day (LLPD)

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Number of Distributors
Count
Number of Farmers in Network
Lakh
Retail Reach (Points of Sale)
Lakh Outlets
Aggregate Milk Processing Capacity
Million Litres Per Day (MLPD)
Market Share in Branded Cow Ghee
%
Market Share in Cheese
%
Raw Milk Procurement Price
INR per Litre

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
41.63% 41.63% 41.63% 42.61% 42.61% 42.61% 42.61% 42.61% 42.61% 42.61% 40.65% 40.65%
8.75% 8.75% 8.83% 8.95% 8.51% 10.08% 8.20% 8.46% 9.24% 9.92% 9.26% 8.77%
7.36% 8.12% 8.58% 8.64% 8.60% 7.11% 7.06% 6.91% 6.87% 6.62% 6.16% 5.25%
42.11% 41.37% 40.80% 39.66% 40.12% 40.05% 41.97% 41.88% 41.16% 40.72% 43.84% 45.25%
0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.14% 0.14% 0.14% 0.09% 0.08%
No. of Shareholders 58,59962,70867,46499,7841,08,9411,09,4311,11,2461,10,4271,02,55288,01286,56988,588

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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