Parag Milk Foods Limited (539889) Earnings Call Transcripts

Parag Milk Foods Limited's Latest Earnings Call - Q4 FY2026

In Q4 FY '26, Parag Milk Foods Limited reported annual revenue of INR 3,800 crores, achieving double-digit growth with a 5% volume increase. The company successfully expanded its gross margins to 28% in Q4, up from 26.7% YoY, despite facing inflationary pressures on milk prices. Management expressed confidence in the growth trajectory of their New Age business, which now contributes 10% to overall revenue and is expected to reach 20-25% in the next 3-5 years. No changes to guidance were provided for FY '27, but management emphasized a focus on sustainable growth and profitability.

Reported metrics

Guidance from management

Management maintained a focus on sustainable growth and profitability but did not provide specific guidance for FY '27. They expressed confidence in the New Age business reaching 20-25% of total revenue in the next 3-5 years.

What management said

Yes, in the quick com and the marketplaces. Yes. But of course, a large portion of the business is also coming from our own websites and the retail outlets. So that's not anywhere this thing, but I'm just give you overall on the quick com piece.

In the next 3 to 5 years, we see this business contributing to around 20% to 25% of the overall revenues. And of course this will be backed by newer formats that we launch in protein and newer categories in Pride of Cows that we launch in the next coming couple of years.

What analysts pressed on

Analysts expressed concerns over the decline in core category volume growth and the significant increase in employee expenses. There were questions about the sustainability of margins and the impact of pricing strategies on market share amid rising competition.

Main topics on the call

• Revenue Growth and Profitability — Parag Milk Foods achieved annual revenue of INR 3,800 crores, with a core category volume growth of 8%. Management noted, "this growth was accompanied by stronger profitability, improved margins and a healthier balance s...
• New Age Business Expansion — The New Age business, including Avvatar and Pride of Cows, grew by 91% YoY and now accounts for 10% of total revenue. Management stated, "we see this business contributing to around 20% to 25% of the overall revenues" in...
• Gross Margin Improvement — The company improved its gross margins to 28% in Q4 FY '26 from 26.7% YoY, despite a 15% increase in milk prices. Management attributed this to "better product portfolio mix, more disciplined pricing, tighter cost contro...
• Core Category Volume Decline — Core category volume growth declined by 3% in Q4, attributed to reduced institutional and export sales. Management acknowledged, "the decline is mainly due to the institutional and export sales in the base year," indicat...

Read the full Parag Milk Foods Limited transcript (Q4 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 6 Parag Milk Foods Limited earnings call transcripts on record, spanning January 31, 2020 to August 7, 2026. Based on this history, Parag Milk Foods Limited reports annually. The most recent call on file is dated August 7, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

539889

Exchange

BSE

Country

IN

Sector

Consumer Staples

Industry

Food Products

Calls on record

6

First call

January 31, 2020

Most recent

August 7, 2026

Reporting cadence

annually