Dodla Dairy Ltd. · NSE:DODLA
Dodla Dairy — Q4 FY26 Earnings Presentation
52 slides from Dodla Dairy's earnings presentation, May 16, 2026
Slide 1: Investor Presentation cover letter to exchanges
An ISO 22000-2005 & 50001 EnMS Certified Company CIN: L15209TG1995PLC020324 Date: 16 May 2026 The General Manager The Manager Department of Corporate Services Listing Department BSE Limited National Stock Exchanges of India Limited Phiroze Jeejeebhoy Towers "Exchange Plaza", 5th Floor, Dalai Street,
Slide 2: Dodla Dairy Limited Investor Presentation Q4 FY26
Dodla Dairy Limited Investor Presentation Q4 FY26
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Dodla Dairy Ltd (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, a
Slide 4: Highest Ever Q4 & FY26 Performance
Q4FY26 FY26 Q4FY26 FY26 Q4FY26 FY26 ₹ 538 Mn ₹ 3,085 Mn ₹ 698 Mn ₹ 2,670 Mn ₹ 10,745 Mn ₹ 41,252 Mn 5.0% Margin 7.5% Margin 6.5% Margin 6.5% Margin Highest Ever Revenue EBITDA PAT Exceeded 10,000 Mn for all 4 quarters in FY26 Highest Ever Q4 & FY26 Performance Annual (on a consolidated basis) Perfor
Slide 5: Management commentary
Management commentary “I am pleased to share that Dodla Dairy delivered a resilient performance in FY26 despite a challenging operating environment. Milk supply remained constrained for most of the year, while erratic rainfall affected demand for certain value-added products in select markets. For F
Slide 6: Executive Summary for Q4FY26 (consolidated)
Executive Summary for Q4FY26 (consolidated) 1. Volume Highlights India Dairy Business Highlights Milk Procurement volume of 18.5 LLPD up 13.4% YoY Milk procurement prices continued to rise faster than realization prices, keeping gross margins under pressure Milk Sales volume stood at highest e
Slide 7: Financial Highlights Consolidated (Q4 & FY26)
Financial Highlights Consolidated (Q4 & FY26) Operating Revenue (in ₹ Mn) Gross Profit (in ₹ Mn & Margin %) EBITDA (in ₹ Mn & Margin %) PAT (in ₹ Mn & Margin %) % 27.2 26.0 23.0 % 9.2 7.7 5.0 % 7.5 6.7 6.5 10,250 10,745 9,096 Q4FY26 2,472 2,665 2,467 835 793 538 680 687 698 Q4FY25 Q3FY26 Q4FY26 Q4FY
Slide 8: Quarter-wise Historical Operational Highlights
Quarter-wise Historical Operational Highlights OSAM Contribution Average Milk Procurement Average Milk Sales Curd Sales (in MTPD)* VAP Sales (in ₹ Mn)* (in LLPD) (in LLPD) % 31.2 34.9 28.5 25.4 27.6 Sales Contribution 19.5 452.3 442.4 18.7 18.5 3,516 0.7 18.3 24.5 0.9 1.2 13.9 14.0 383.2 16.3 13.1 3
Slide 9: Ongoing Expansion Plan
Ongoing Expansion Plan Maharashtra OSAM Dairy Africa Business Total Capex Plan Greenfield Expansion under process: Acquisition of a regional Dairy brand Greenfield Expansion FY26 to FY28* Planed Total capex of Rs. 2,800 Acquired OSAM Dairy in Jul’26 for Acquired ~70 acres of Land in Rs. 5,900
Slide 10: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Common Size Particulars (INR in Millions) Q4FY26 Q4FY25 YoY Q3FY26 QoQ FY26 FY25 YoY Q4FY26 Q4FY25 Q3Y26 FY26 FY25 Revenues 10,745 9,096 18.1% 10,250 4.8% 41,252 37,201 10.9% 100.0% 100.0% 100.0% 100.0% 100.0% Cost of Goods Sold 8,278 6,625 7,585 30,704 26,990 77
Slide 11: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (in ₹ Mn) Mar’26 Mar’25 Equity & Liabilities (in ₹ Mn) Mar’26 Mar’25 Non - Current Assets 13,286 8,063 Total Equity 16,741 14,060 Property Plant & Equipments 7,612 6,713 Share Capital 603 603 CWIP 1,089 119 Other Equity 16,138 13,456 Goodwill 1,832 516 Equity attrib
Slide 12: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Cash flows statement (in ₹ Mn) FY26 FY25 Net Profit Before Tax 2,807 3,558 Adjustments for: Non -Cash Items / Other Investment or Financial Items 299 330 Operating profit before working capital changes 3,106 3,887 Changes in working capital 400 2,410 Cash generated f
Slide 13: Dairy Product Sales Mix
Dairy Product Sales Mix Milk sales Curd sales Other VAP Bulk Sale 6% 4% 0% 10% 22% Q4 FY26 Q4 FY25 21% 65% 71% 2% 9% 7% 5% 21% FY26 FY25 21% 65% 70% Note: Sales Mix does not include revenue from Orgafeed business. 12
Slide 14: Recent Key Updates
Recent Key Updates First Dodla Retail Parlour at Patna CMC Expansion Awards Bureau of Indian Standards BIS Certificate for NSCI Safety Awards- SEEM National Opening of 1st Dodla Dairy Retail Parlour at CMC expansion in Telangana Certificate of Appreciation- Skimmed Milk Powder Energy 2025 Certificat
Slide 15: About Us
₹ 9,096 Mn ₹ 835 Mn | 9.2% ₹ 835 Mn | 9.2% 15.5 % YoY 10.7% YoY 10.7% YoY Revenue About Us EBITDA PAT Highest Ever Annual Healthy Annual Performance Performance (on a consolidated basis) (on a consolidated basis) 14
Slide 16: Dodla Dairy Ltd.: At a glance
Dodla Dairy Ltd.: At a glance Unique positioning in the dairy segment with presence in the Indian and the African markets along with Orgafeed India Business Africa Business Orgafeed Founded in 1995, Dodla Dairy is an integrated (Uganda & Kenya) Orgafeed is primarily engaged in the business dairy com
Slide 17: Dodla Dairy Limited: Snapshot
Dodla Dairy Limited: Snapshot Consolidated Standalone 110 2,880+ 3,210+ 45+ 1,850+ 2,950+ Sales offices Milk and milk product Agents Sales offices Milk and milk product Agents distributors distributors 28+ 18 1,106 21+ 14 1,024 LLPD aggregate Processing Dodla Retail LLPD aggregate Processing Dodla R
Slide 18: Financial Performance: Snapshot
Financial Performance: Snapshot Consolidated (in ₹ Mn & Margin %) Standalone (in ₹ Mn & Margin %) % 9.2 8.2 9.1 7.7 5.0% % 8.3 6.8 9.0 6.9 3.4 10,745 10,069 10,188 10,250 9,096 9,007 8,546 8,215 8,449 8,079 835 825 928 793 538 671 615 768 570 290 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY
Slide 19: Africa Business: Snapshot
Africa Business: Snapshot Presence in Africa (Kenya & Uganda) Salient Features Operates in Uganda through its subsidiary Lakeside Dairy Ltd Dairy player margins are higher due to limited competition and constrained supply of Operates in Kenya through its subsidiaries, Dodla processed milk Dairy
Slide 20: Orgafeed: Snapshot
Orgafeed: Snapshot Financial Performance (in ₹ Mn & Margin %) 480 MTPD ₹ 1,644 Mn ₹ 215 Mn % 18.5 17.6 13.7 11.6 9.5 Cattle feed plants Operating revenue in EBITDA in FY26 capacity FY26 411 414 416 404 Orgafeed is primarily engaged in the business of seed crushers, manufacturing and 338 dealing of g
Slide 21: Processing Plants: India and Africa
Processing Plants: India and Africa Manufacturing Plants Across India Location Nellore Installed Capacity(LPD) 2,22,300 International Plants Andhra Settenapalle 46,700 Pradesh (AP) Rajahmundry 1,43,600 Palamaner 3,81,780 Penumur 1,00,000 Badvel 50,000 Uganda Location Installed Capacity (LPD) Karnata
Slide 22: Journey So Far: 30 years of dairy operations
Journey So Far: 30 years of dairy operations • Investment by The Rise Fund (TGP) as it acquired stake of • IFC invested • Commissioned New • Acquisition of HR Black River * ~INR1,000Mn Orgafeed Plant Food Processing Incorporation of Dodla Badvel and Sattenapally Investment by Black • Gundrampally, H
Slide 23: Robust Infrastructure – Farms to Families
Robust Infrastructure – Farms to Families Pan-Regional Manufacturing Presence Integrated Procurement and Processing Model 20 22 24 24 29 7,837 7,602 7,879 7,895 8,059 110 118 150 190 273 2021-22 2022-23 2023-24 2024-25 2025-26 2021-22 2022-23 2023-24 2024-25 2025-26 2021-22 2022-23 2023-24 2024-25 2
Slide 24: Key Highlights: Enabling Dodla to Deliver Competitive Advantage
.. Enabling Dodla to Deliver Competitive Advantage Milk Procurement 18.8 All dairy processors have access to the same raw 28.7 material and equipment; what distinguishes us is FY26 17.6 our dedicated employees and our strong 17.1 relationship with farmers FY25 24.3 15.8 Key Highlights 16.8 FY24 24
Slide 25: Comprehensive Product Portfolio
Comprehensive Product Portfolio Pasteurized Pouch Milk Curd UHT Milk Flavored Milk Milk-Based Sweets Full cream, Standardized Milk, Sachet Curd, Bucket Curd, Cup Toned, Double Toned Badam, Strawberry, Pista, Chocolate Doodhpeda, Gulab Jamun, Sona Toned Curd Papidi, Milk Cake and Basundhi Paneer & Ch
Slide 26: Seasonality Factor
Seasonality Factor FY23 FY24 FY25 FY26 Milk Procurement LLPD Milk Sales LLPD Curd Sales MTPD 19.5 17.1 18.3 18.7 18.5 17.6 17.5 15.9 16.9 17.2 16.7 16.3 11.6 13.1 13.9 14.0 14.8 14.3 11.3 467 13.5 11.1 11.9 10.9 10.7 11.6 10.8 11.7 440 12.8 452 10.4 10.9 10.5 10.8 426 383 442 324 360 307 346 360 309
Slide 27: Board of Directors
Board of Directors Akshay Tanna Dodla Sesha Reddy Dodla Sunil Reddy Madhusudhana Reddy Ambavaram Non-Executive Non-Independent Chairman & Non-Executive Director Managing Director Whole-time Director Director He has more than 60 He has been leading the He has over 30 years of He is currently Partner
Slide 28: Strong Management Team
Strong Management Team A MA 29+ Years Average Management Experience in Diversified MADHUDHUSUDHANA SURESH SUBRAMANIAN RAJANI KUMAR K V V S RAKESH RAMNANI Industries REDDY Head HR & Legal Head Procurement Head Production Head Sales & Marketing BVK REDDY 5+ Years Chief Executive Officer Average Employ
Slide 29: Competitive Advantages
es itive Advantag Competitive A (<3 y | — ss “win sit
Slide 30: Key Strengths
Key Strengths Strong Presence End to end integrated dairy company in South India with a growing presence across Eastern India International Presence Consistent product quality Operations in Uganda and An extensive Product Portfolio Kenya (Milk-Based value-added Products) Branding Production Capacity
Slide 31: Stringent Quality Control Procedures
Stringent Quality Control Procedures Well Defined Quality and Food Safety Procedures at Various Stages from Procurement to Distribution Procurement Stage Processing Stage VLCCs equipped with GPRS enabled electronic milk analyzers At chilling centers and processing plants, the raw milk undergoes
Slide 32: Focused Engagement and Long-Term Relationship with Dairy Farmers
Focused Engagement and Long-Term Relationship with Dairy Farmers Regular direct payment Tie up with veterinarians Money paid directly to farmers in Organize training camps to educate their bank accounts once every 10 about ways to prevent common to 15 days ailments for cattle ~93% of total far
Slide 33: Investment Rationale
Investment Rationale 01 Integrated 02 Automated 03 Backward 04 Proven track 05 Robust 06 Multiple supply chain Plants integration record balance sheet growth levers Strong Direct Fully automated Presence in cattle Proven track record Strong cashflows led Strong growth procurement model, plants leadi
Slide 34: Dodla's ESG Commitment
Dodla’s ESG Commitment Water Stewardship Waste Management Energy and Emissions Management Water plays a crucial role in every aspect of our dairy We’ve made significant strides in integrating renewable energy into operations, from equipment cleaning to processing and our operations. Solar panels
Slide 35: Way Forward
Way Forward
Slide 36: Strategic Priorities
Strategic Priorities Deepening Our Expanding Our Strengthening the Brand and Focusing on VAP Direct Procurement Production Capacity Expanding Reach Products Model 35
Slide 37: Value-added Products (VAP) Trajectory
Value-added Products (VAP) Trajectory VAP Sales (in ₹ Mn)* Strong distribution network FY26 10,528 The company already has a strong distribution network in southern states for milk as well as value added products through which it can roll out existing and upcoming products FY25 9,735 FY24 8,181 Va
Slide 38: Raising the Visibility Quotient – TV and other mediums
Raising the Visibility Quotient – TV and other mediums Brand Building Initiatives Aired television commercials (TVC) on leading regional TV channels and popular digital platforms for the first time, capturing the celebratory spirit of consumers Penetrate deeper in the market through the go-to-ma
Slide 39: Raising the Visibility Quotient – TV and other mediums
Raising the Visibility Quotient – TV and other mediums TV Show Q- Com Promo Promotional Product Integration on Jio-Hotstar NOTE: The Brand Names and Logos mentioned are the property of their respective owners and are used here for identification purposes only 38
Slide 40: Raising the Visibility Quotient – TV and other mediums
Raising the Visibility Quotient – TV and other mediums Events Barricades TV5- Shiva Parvati Kalyanam event at Nellore At Kodanda Rama swamy Temple, Bangalore NOTE: The Brand Names and Logos mentioned are the property of their respective owners and are used here for identification purposes only 39
Slide 41: Enhancing brand presence on Social Media
Enhancing brand presence on Social Media Social Media Marketing Promoted the new paneer launch by social media Tapped into festive moments with social media advertisement 40
Slide 42: Expanding footprint across E–commerce and Modern trade
Expanding footprint across E–commerce and Modern trade NOTE: The Brand Names and Logos mentioned are the property of their respective owners and are used here for identification purposes only 41
Slide 43: Historical Financials
FLA A PAVOURED MIL | i Historical Finmanctals cious as WK
Slide 44: Year-wise Historical Operational Highlights
Year-wise Historical Operational Highlights Average Milk Procurement Average Milk Sales Curd Sales (in MTPD) (in LLPD) (in LLPD) VAP Sales (in INR Mn) % 25.2 26.8 28.3 35.0 29.1 Sales Contribution 18.8 13.2 400.9 12,572 370.0 11,996 16.8 17.1 11.6 349.9 10.7 10.9 323.8 13.8 9.3 12.5 269.8 8,619 7,40
Slide 45: Margin Accretive Growth Over The Years
Margin Accretive Growth Over The Years Revenue (in ₹ Mn) EBITDA (in ₹ Mn & Margin %) PAT (in ₹ Mn & Margin %) Debt to Equity ▲16% ▲10% ▲19% ▲13% CAGR (FY22-26) CAGR (FY21-25) CAGR (FY22-26) CAGR (FY22-26) 41,252 % 9.4 7.5 % 5.9 6.5 3,085 0.03 22,434 2,670 2,107 0.02 1,328 FY22 FY26 FY22 FY26 FY22 FY
Slide 46: Financial Highlights
Financial Highlights Average Milk Contributing Average Milk Sales Curd Sales 29% to the Procurement Value Added Products Topline FY26 18.8 LLPD 13.2 LLPD 400.9 MTPD ₹ 11,996.0 Mn ▲ 9.9% YoY ▲ 12.8% YoY ▲ 8.3% YoY Operating Revenue (in ₹ Mn) Gross Profit (in ₹ Mn & Margin %) EBITDA (in ₹ Mn & Margin
Slide 47: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Common Size % Particulars (in ₹ Mn) FY26 FY25 FY24 FY23 FY22 FY26 FY25 FY24 FY23 FY22 Revenues 41,252 37,201 31,255 28,120 22,434 100.0 100.0 100.0 100.0 100.0 Cost of Goods Sold 30,704 26,990 22,821 21,409 16,262 74.4 72.6 73.0 76.1 72.5 Gross Profit* 10,548 10,
Slide 48: Consolidated Balance Sheet
Consolidated Balance Sheet Equity & Liabilities (in ₹ Mn) FY26 FY25 FY24 FY23 FY22 Assets (in ₹ Mn) FY26 FY25 FY24 FY23 FY22 Equity 16,741 14,060 11,389 9,722 8,432 Non-current Assets 13,286 8,063 7,693 7,775 6,854 Non-current Liabilities 1,082 757 767 636 576 Current Liabilities 3,141 2,491 2,621 2
Slide 49: Key Ratios – Full Year
Key Ratios – Full Year Cash & Cash Equivalent (in ₹ Mn) & Receivable Days / Payable Days Networth (in ₹ Mn) & ROCE (%) Debt (in ₹ Mn) & Debt / Equity ROE % /NWC Days % 19.2 14.9 20.4 24.4 16.0 % 17.6 13.5 15.8 20.4 17.3 0.02 0.04 0.04 0.03 0.03 5 0 40 2 - 0.5 Payable Days Receivable Days NWC 16,741
Slide 50: Capital Market Information
Capital Market Information Key Investors as on 31st March 2026 (% of Total Equity) SBI Mutual Funds 8.54 HDFC Small Cap Fund 7.27 32,700+ DSP Small Cap Fund 6.60 Bharat Biotech International Ltd 3.36 B V K Reddy 1.63 Total Shareholders Steinberg India Emerging Opportunities Fund 1.33 Shareholding Pa
Slide 51: Glossary
Glossary LLPD Lakhs Liter per day LPA Liters Per Annum MTPD Metric Tonnage Per Day MT Metric Ton UHT Ultrahigh Temperature Processed Milk Value- added Product VAP milk VLCC Village Level Collection Centers FII Foreign Institutional Investor DRP Dodla Retail Parlours 50
Slide 52: For More Details Contact us
For More Details Contact us: Company: Investor Relations Advisor: Dodla Dairy Limited Strategic Growth Advisors Pvt Ltd. CIN: L1509TG1995PLC020324 CIN: U74140MH2010PTC204285 Surya Prakash Mungelkar Shikha Puri / Dharmik Kansara Email id: investorqueries@dodladairy.com Email id: dharmik.k@sgapl.net /