Dodla Dairy Ltd. · NSE:DODLA
Dodla Dairy — Q3 FY26 Earnings Presentation
50 slides from Dodla Dairy's earnings presentation, Jan 27, 2026
Slide 1: Cover letter to stock exchanges
An ISO 22000-2005 & 50001 EnMS Certified Company CIN: L15209TG1995PLC020324 Date: 27 January 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 Str
Slide 2: Dodla Dairy Limited Investor Presentation Q3 FY26
Dodla Dairy Limited Investor Presentation Q3 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 Q3 & 9M FY26 Performance
Q3FY26 9MFY26 Q3FY26 9MFY26 Q3FY26 9MFY26 ₹ 793 Mn ₹ 2,546 Mn ₹ 687 Mn ₹ 1,972 Mn ₹ 10,250 Mn ₹ 30,507 Mn 7.7% Margin 8.3% Margin 6.7% Margin 6.5% Margin Revenue EBITDA PAT Highest EverQ3 & 9M FY26 Performance Annual (on a consolidated basis) Performance (on a consolidated basis) 3
Slide 5: Management commentary
Management commentary “In Q3 FY26, Dodla Dairy continued its revenue growth momentum, delivering a topline of ₹10,250 million, reflecting a healthy YoY growth of 13.7%. While volume growth remained robust, margins were under pressure during the quarter. Multiple factors like higher procurement cost,
Slide 6: Executive Summary for Q3FY26 (consolidated)
Executive Summary for Q3FY26 (consolidated) 1. Volume Highlights India Dairy Business Highlights Milk Procurement volume of 18.3 LLPD up 7.5% YoY Milk Procurement prices grew faster as compared to the realization prices Milk Sales volume stood at 13.9 LLPD, an increase of 19.6% on a YoY basis
Slide 7: Financial Highlights Consolidated (Q3 & 9M FY26)
Financial Highlights Consolidated (Q3 & 9M FY26) Operating Revenue (in ₹ Mn) Gross Profit (in ₹ Mn & Margin %) EBITDA (in ₹ Mn & Margin %) PAT (in ₹ Mn & Margin %) % 28.2 27.7 26.0 % 10.6 9.1 7.7 % 7.1 6.4 6.7 10,188 10,250 9,012 Q3FY26 2,820 2,665 2,543 959 928 793 636 657 687 Q3FY25 Q2FY26 Q3FY26
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) % 32.3 32.4 36.2 29.7 25.2 Sales Contribution 19.5 452.3 18.7 3,516 0.7 18.3 17.1 1.0 13.9 383.2 16.3 13.1 360.2 354.6 1.2 2,812 2
Slide 9: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Common Size Particulars (INR in Millions) Q3FY26 Q3FY25 YoY Q2FY26 QoQ 9MFY26 9MFY25 YoY Q3FY26 Q3FY25 Q2FY26 9MFY26 9MFY25 Revenues 10,250 9,012 13.7% 10,188 0.6% 30,507 28,104 8.5% 100.0% 100.0% 100% 100% 100% Cost of Goods Sold 7,585 6,469 7,368 22,426 20,365
Slide 10: Dairy Product Sales Mix
Dairy Product Sales Mix 7% 0% 8% 6% 19% 18% Q3 FY26 Q3 FY25 68% 74% 3% 9% 7% 6% 20% 9M FY26 9M FY25 20% Milk sales 65% 70% Curd sales Other VAP Bulk Sale Note: Sales Mix does not include revenue from Orgafeed business. 9
Slide 11: New Product Launch During the Quarter
New Product Launch During the Quarter
Slide 12: Key Updates During the Quarter
Key Updates During the Quarter First Dodla Retail Parlour at Patna CMC Expansion Awards BIS Certificate for Skimmed NSCI Safety Awards-2025 SEEM National Energy Opening of 1st Dodla Dairy Retail Parlour at CMC expansion in Telangana Milk Powder on occasion of Certificate of Merit for 2 plants manage
Slide 13: 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) 12
Slide 14: 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 15: Dodla Dairy Limited: Snapshot
Dodla Dairy Limited: Snapshot Consolidated Standalone 100 2,890+ 3,170+ 40+ 1,860+ 2,910+ Sales offices Milk and milk product Agents Sales offices Milk and milk product Agents distributors distributors 26+ 18 1,074 20+ 14 1,004 LLPD aggregate Processing Dodla Retail LLPD aggregate Processing Dodla R
Slide 16: Financial Performance: Snapshot
Financial Performance: Snapshot Consolidated (in ₹ Mn & Margin %) Standalone (in ₹ Mn & Margin %) % 10.6 9.2 8.2 9.1 7.7 % 10.3 8.3 6.8 9.0 6.9 10,069 10,188 10,250 9,012 9,096 9,007 8,546 8,215 8,026 8,079 959 835 825 928 793 826 671 615 768 570 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q1FY
Slide 17: 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 18: Orgafeed: Snapshot
Orgafeed: Snapshot Financial Performance (in ₹ Mn & Margin %) 480 MTPD ₹ 1,228 Mn ₹ 176 Mn % 14.1 18.5 17.6 13.7 11.6 Cattle feed plants Operating revenue in EBITDA in capacity 9M FY26 9M FY26 411 414 404 Orgafeed is primarily engaged in the business of seed crushers, manufacturing and 348 338 deali
Slide 19: 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 20: 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 21: Robust Infrastructure – Farms to Families
Robust Infrastructure – Farms to Families Pan-Regional Manufacturing Presence Integrated Procurement and Processing Model Presence Across Dairy Value Chain (Including OSAM Acquisition) Dairy Farm Chilling Centres Processing Plants Procurement of Raw Milk from Transportation from Villages 18 Mi
Slide 22: Key Highlights Enabling Competitive Advantage
.. Enabling Dodla to Deliver Competitive Advantage Milk Procurement 17.1 All dairy processors have access to the same raw FY25 24.3 material and equipment; what distinguishes us is 15.8 our dedicated employees and our strong relationship with farmers 16.8 FY24 24.1 14.6 Key Highlights Processing c
Slide 23: 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 24: 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 17.6 17.5 15.9 16.9 17.2 16.7 16.3 11.6 13.1 13.9 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 10.9 452 10.4 10.5 10.8 426 324 360 307 355 360 383 309 292 318 292 2
Slide 25: 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 26: 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 Employe
Slide 27: Competitive Advantages
es itive Advantag Competitive A (<3 y | — ss “win sit
Slide 28: 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 29: 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 30: 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 31: 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 32: 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 33: Way Forward
Way Forward
Slide 34: Strategic Priorities
Strategic Priorities Deepening Our Expanding Our Strengthening the Brand and Focusing on VAP Direct Procurement Production Capacity Expanding Reach Products Model 33
Slide 35: Value-added Products (VAP) Trajectory
Value-added Products (VAP) Trajectory VAP Sales (in ₹ Mn)* Strong distribution network FY25 9,735 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 FY24 8,181 FY23 6,957 Vas
Slide 36: 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 37: 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 36
Slide 38: 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 37
Slide 39: 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 38
Slide 40: 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 39
Slide 41: Historical Financials
FLA A PAVOURED MIL | i Historical Finmanctals cious as WK
Slide 42: 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) % 27.2 25.2 26.6 28.3 35.0 Sales Contribution 16.8 17.1 11.6 370.0 12,572 10.7 10.9 349.9 323.8 13.8 9.3 12.5 8.5 269.8 8,619 10.8 223.8 7,408 5,878
Slide 43: 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 ▲18% ▲12% ▲20% ▲13% CAGR (FY21-25) CAGR (FY21-25) CAGR (FY21-25) CAGR (FY21-25) 37,201 % 12.5 10.2 % 6.5 7.0 3,808 0.18 2,599 19,440 2,425 1,260 0.03 FY21 FY25 FY21 FY25 FY21
Slide 44: Financial Highlights
Financial Highlights Average Milk Contributing Average Milk Sales Curd Sales Value Added Products 35% to the Procurement Topline FY25 17.1 LLPD 11.6 LLPD 370.0 MTPD ₹ 12,572 Mn ▲ 1.7% YoY ▲ 6.7% YoY ▲ 5.7% YoY ▲ 45.9%YoY Operating Revenue (in ₹ Mn) Gross Profit (in ₹ Mn & Margin %) EBITDA (in ₹ Mn &
Slide 45: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Common Size Particulars (in ₹ Mn) FY25 FY24 FY23 FY22 FY21 FY25 FY24 FY23 FY22 FY21 Revenues 37,201 31,255 28,120 22,434 19,440 100.0 100.0 100.0 100.0 100.0 Cost of Goods Sold 26,990 22,821 21,409 16,262 13,509 72.6 73.0 76.1 72.5 69.5 Gross Profit* 10,211 8,433
Slide 46: Consolidated Balance Sheet
Consolidated Balance Sheet Equity & Liabilities (in ₹ Mn) FY25 FY24 FY23 FY22 FY21 Assets (in ₹ Mn) FY25 FY24 FY23 FY22 FY21 Equity 14,060 11,389 9,722 8,432 6,580 Non-current Assets 8,063 7,693 7,775 6,869 5,703 Non-current Liabilities 757 767 636 576 1,197 Current Liabilities 2,491 2,621 2,156 1,8
Slide 47: 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 % 24.7 19.2 14.9 20.4 24.4 % 23.1 17.6 13.5 15.8 20.4 0.18 0.02 0.04 0.04 0.03 4 5 0 40 2 Payable Days Receivable Days NWC 14,060 Days
Slide 48: Capital Market Information
Capital Market Information Key Investors as on 31st December 2025 (% of Total Equity) SBI Mutual Funds 7.91 DSP Small Cap Fund 6.60 HDFC Small Cap Fund 6.21 35,000+ Bharat Biotech International Ltd 3.36 B V K Reddy 1.63 Ashoka Whiteoak India Opportunities Fund 1.54 Total Shareholders Steinberg India
Slide 49: 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 48
Slide 50: 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: shikha.puri@sgapl.net