Parag Milk Foods Ltd. · NSE:PARAGMILK

Parag Milk Foods — Q3 FY26 Earnings Presentation

50 slides from Parag Milk Foods's earnings presentation, Feb 4, 2026

  1. Slide 1: Intimation letter to stock exchanges

    February 4, 2026 Compliance Department, Compliance Department, BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Tower, Exchange Plaza, Plot No. C/1, G-Block, Dalal Street, Fort, Bandra Kurla Complex Mumbai - 400 001 Bandra - (E), Mumbai - 400 051 Scrip Code:- 539889 NSE Symbol:-

  2. Slide 2: © 2026 All Rights Reserved | Parag Milk Foods

    © 2026 All Rights Reserved | Parag Milk Foods 1

  3. Slide 3: Content Table

    CONTENT TABLE 1. Performance Highlights 2. Financial Update 3. Business Update 4. Strategic Priorities 5. About The Company 2

  4. Slide 4: Parag Business Highlights

    PARAG BUSINESS HIGHLIGHTS CP

  5. Slide 5: Key Highlights Q3FY26

    KEY HIGHLIGHTS Q3FY26 Leadership in Value-Added Premiumization & Brand Margin vs Milk Prices Strong Growth Momentum Dairy FMCG Strength • Highest ever quarterly revenue at INR 1013 Cr, • Core category contributed • New Age biz (Pride of • Despite a 6.5% QoQ up 14% YoY to 64% of total revenue; Cows a

  6. Slide 6: Business Highlights Q3 FY26

    BUSINESS HIGHLIGHTS Q3 FY26 EBITDA % of sales 77CR 8% 7.6% 1,013 CR 35 CR PAT (bei) Volume Growth vs 9.0% LY Revenue EBITDA up 14% YoY down 3% YoY down 2% YoY 14% PBT (bei) Growth Value Growth 2% up YoY PAT % (bei) of sales 3.5% vs 4.1% LY Note: One-time Impact of Rs. 5.7 Cr on consolidated basis pe

  7. Slide 7: Business Highlights 9M FY26

    BUSINESS HIGHLIGHTS 9M FY26 EBITDA % of sales 8% 8.1% 2,872 CR 232 CR 109 CR PAT (bei) Volume Growth 8.7% LY vs Revenue EBITDA up 14% YoY up 7% YoY up 17% YoY 14% PBT (bei) Growth Value Growth 18% up YoY PAT % (bei) of sales 3.8% vs 3.7% LY Note: One-time Impact of Rs. 5.7 Cr on consolidated basis p

  8. Slide 8: Financial Update

    PARAG FINANCIAL UPDATE

  9. Slide 9: Highest Ever Quarterly Revenue

    HIGHEST EVER QUARTERLY REVENUE Revenue Growth Snapshot - ₹ Cr 15% 14% 16% 1008 1013 10% 918 12% 885 885 801 852 874 790 758 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 PY CY 8 Over the past 5 quarters revenue growth has been robust; reflecting strong performance quarter on quarter. © 2026 All Rights Reserved

  10. Slide 10: Q3FY26 Revenue Mix

    Q3FY26 REVENUE MIX YoY Growths Revenue 123% Revenue 12% 102 CR Growth 72 CR Growth Revenue 21% 649 CR Growth Others New age business Revenue 33% Decrease Revenue 1% 102 CR 88 CR Growth Core categories Liquid milk Ingredients & SMP 9 © 2026 All Rights Reserved | Parag Milk Foods

  11. Slide 11: 9MFY26 Revenue Mix

    9MFY26 REVENUE MIX YoY Growths Revenue 86% Revenue 6% 268 CR Growth 239 CR Growth Revenue 20% 1748 CR Growth Others New age business Revenue 19% Revenue 6% 347 CR Decrease 270 CR Growth Core categories Liquid milk © 2026 All Rights Reserved | Parag Milk Foods Ingredients & SMP 10

  12. Slide 12: Highest Ever 9M

    HIGHEST EVER 9M 9M Revenue mix over the past 4 years 2872 9% 2514 2349 12% 9% 2092 10% 9% 9% 17% New Age business 22% 22% 10% 9% grew 86% YoY 8% 6% 8% 4% 3% 61% 56% 58% 58% 9M FY23 9M FY24 9M FY25 9M FY26 Amount in ₹ Cr Rev. Composition in % Core Categories New Age Business Liquid Milk Ingredient Bu

  13. Slide 13: Financial Update

    FINANCIAL UPDATE On a YoY basis in Q3 FY26, gross profit increased by ₹22 Cr, up 9%.However, gross margin % declined by ~130 bps, from 27.2% to 25.9% due to cost inflation offset by favourable portfolio mix. EBITDA declined 5% YoY to ₹76 Cr vs ₹80 Cr, with EBITDA margin contracting by ~150 bps to 7.

  14. Slide 14: Financial Update

    FINANCIAL UPDATE In Q3FY26, gross margin rose 8% YoY to ₹246 Cr vs ₹227 Cr. In In 9M FY26, gross margin increased 15% YoY to ₹708 Cr vs ₹614 Cr, supported by favourable product mix and operational efficiencies. Q3 FY26 EBITDA declined marginally by 1% YoY to ₹74 Cr vs ₹75 Cr, despite higher gross pr

  15. Slide 15: Parag Business Update

    PARAG BUSINESS UPDATE

  16. Slide 16: Business Composition

    9MFY26 BUSINESS COMPOSITION 9% 12% New age Ingredients business & SMP 61% Core categories 9% Liquid milk 9% Others 15 © 2026 All Rights Reserved | Parag Milk Foods

  17. Slide 17: Milk Price Movement

    MILK PRICE For Q3 FY26, MOVEMENT milk prices have moved 20% up YoY; 6.5% up QoQ 40 38 37 37 34 33 33 32 31 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Avg. milk rate /per litre Milk prices increased by 18% YoY during 9MFY26 17 © 2025 All Rights Reserved | Parag Milk Foods

  18. Slide 18: Milk Price Impact

    MILK PRICE IMPACT Milk prices volatility and impact on gross margins • Volatility in raw material prices - The commodity witnessed inflation of 20% YOY and 6.5% sequentially during Q3FY26 with the average milk prices inching up to INR 40/ litre. • QoQ Impact - While the milk prices inched up 6.5% se

  19. Slide 19: Strategic Priorities

    PARAG STRATEGIC PRIORITIES

  20. Slide 20: Our Strategic Priorities

    OUR STRATEGIC PRIORITIES Strengthening & Brand Strengthening Evolve Driving Accelerating the Building & New Age Route Financial Core Categories Innovation Business to Market Growth 19

  21. Slide 21: Strengthening & Accelerating the Core Categories

    STRENGTHENING & ACCELERATING THE CORE CATEGORIES VOLUME GROWTH VALUE GROWTH Q3 FY26 9M FY26 12% 12% 21% 20% 61% BUSINESS OF OVERALL 20 © 2026 All Rights Reserved | Parag Milk Foods

  22. Slide 22: Strengthening & Accelerating the Core Categories

    STRENGTHENING TO BE UPDATED & ACCELERATING THE CORE CATEGORIES Cheese Dominant player in cheese category 35% Market share (source IMARC) Ghee Leaders and pioneers of cow ghee category with 22% Market share in branded cow ghee segment (source IMARC) 21 © 2026 All Rights Reserved | Parag Milk Foods

  23. Slide 23: Brand Building & Innovation

    BRAND BUILDING & INNOVATION Impact Marketing Influencer Campaign Blinkit & Zepto Ganesh Launch of 20 ml KBC Alliance with TV + Digital Sachet Utsav Campaign 20 © 2026 All Rights Reserved | Parag Milk Foods

  24. Slide 24: Brand Building & Innovation

    BRAND BUILDING & INNOVATION Chef Influencer Marquee Impact Integration Building HoReCa Program Capturing the Family Audience with KBC 25 Connect Total views – 10 million Massive Reach Leveraging leading TOM - A TV + DIGITAL exhibitions to build trust and penetration in HoReCa High Impact Family Audi

  25. Slide 25: Brand Building & Innovation

    BRAND BUILDING & INNOVATION Influencer Campaigns Offline Activities Consumer Gifting Ideas Product focused Diwali 30 ML ghee sampling 999 Milk offer © 2026 All Rights Reserved | Parag Milk Foods Ghee Curd and Paneer Christmas Day 22 Hot chocolate activity

  26. Slide 26: Brand Building & Innovation

    BRAND BUILDING & INNOVATION Impact Marketing New Product Launch Offline Activities Influencer Activities Mega-Celebrity Collaboration Tiramisu flavour PAN India with actress Janhvi Kapoor 23 © 2026 All Rights Reserved | Parag Milk Foods

  27. Slide 27: Strengthening New Age Business

    STRENGTHENING Grew by NEW AGE BUSINESS 86% YoY during 9M FY26 Contributes To 9% of overall business Pride of Cows and Avvatar Sports Nutrition represent the New Age Business stream of the company - a strategic pivot towards premium, consumer-centric brands. These ventures are built on strong differe

  28. Slide 28: Quarterly Revenue – 100 Cr Mark

    QUATERLY REVENUE – 100 Cr MARK NEW AGE BUSINESS ₹ Cr revenue 102 100 91 80 75 60 52 43 49 48 47 40 37 33 29 28 20 - Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 New age business quarterly revenue New age business emerging as a strong growth pillar i

  29. Slide 29: Strengthening New Age Business

    STRENGTHENING NEW AGE BUSINESS ROUTE TO MARKET INCREASING Direct to Consumers PRODUCT PORTFOLIO E-Commerce Ghee | Milk | Curd | Paneer | Organized Trade Channels Greek Yogurt | Fresh Cheese DIRECT CONSUMER BASE 1Lakh+ Now present across 8 Cities Mumbai, Pune, Delhi GROWTH Ahmedabad, Surat STRATEGY ©

  30. Slide 30: Strengthening New Age Business

    STRENGTHENING NEW AGE BUSINESS Revenue 6x First “Made in India” whey protein brand—offering unadulterated, More than 65% revenue fresh, 100% vegetarian whey is from E-commerce 9MFY26 3x ROUTE TO MARKET Direct to Consumers Quick & E-Commerce | Website | Organized 9MFY25 X Trade Channels 9MFY23 © 2026

  31. Slide 31: Evolve Route to Market

    EVOLVE ROUTE TO MARKET General Trade 29 Depots Modern HoReCa Trade 500 Quick B2C Commerce B2B ~4,500 70% of 30% of Institutional total total Large Format Business Website: Business Corporates 4.6 Lakh E-Commerce Mobile Application 27 © 2026 All Rights Reserved | Parag Milk Foods

  32. Slide 32: Driving Financial Growth

    DRIVING FINANCIAL GROWTH Revenue Gross Margin 1,200 1013 300 26.3% 27.2% 25.9% 30.0% 1,000 885 250 25.0% 736 801 200 20.0% 800 150 21.1% 15.0% 240 262 600 100 211 10.0% 156 50 5.0% 400 0 0.0% 200 Q3FY23 Q3FY24 Q3FY25 Q3FY26 - Gross Margin Gross Margin % Q3FY23 Q3FY24 Q3FY25 Q3FY26 Amount in ₹ Cr Amo

  33. Slide 33: Driving Financial Growth

    DRIVING FINANCIAL GROWTH Revenue Gross Margin 3500 2872 800 26.0% 26.3% 30.0% 3000 23.6% 25.0% 2349 2514 600 2500 2092 20.0% 2000 400 19.1% 15.0% 755 655 1500 555 10.0% 200 399 5.0% 1000 0 0.0% 500 9MFY23 9MFY24 9MFY25 9MFY26 0 9MFY23 9MFY24 9MFY25 9MFY26 Gross Margin Gross Margin % Amount in ₹ Cr A

  34. Slide 34: Awards & Accolades

    AWARDS & ACCOLADES © 2026 All Rights Reserved | Parag Milk Foods Pride of Cows has been awarded Best Customer Retention Initiative of the Year 2025 45

  35. Slide 35: About the Company

    PARAG ABOUT THE COMPANY

  36. Slide 36: Chairman's Message

    CHAIRMAN’S MESSAGE A journey that began with farmers is now aiming to provide complete nutrition to consumers across the globe. The strength of our developed infrastructure, food technology expertise supported by a strong farmer network, and powerful distribution channels have been our strong pillar

  37. Slide 37: Parag's Journey

    PARAG’S JOURNEY 1992 2021 Investment by International Finance Corporation (IFC) and prominent consumer fund – Sixth Sense Venture Advisors LLP Parag Milk Foods was founded by Mr. Devendra 2010 2016 Shah. It is strategically located Palamaner plant Parag Milk Foods in the milk belt at Manchar was est

  38. Slide 38: Business Model

    BUSINESS MODEL 03 3.4mn 100% 10 lakh 110 ~5000+ 29 4,500+ 5 lakh+ 20 500+ 4.6 Lakh Brands 33 © 2026 All Rights Reserved | Parag Milk Foods

  39. Slide 39: Milk Procurement

    MILK PROCUREMENT Farmer Services 5+ • • Never Say No for Milk Transparent Milk Pricing Lacs Farmers • Free Vaccinations for Cattle • Farmer workshops on 2,400+ Soil and cattle health Village Level Collection points (VLC) 300+ Areas near Maharashtra Bulk Milk Coolers & Manchar Milk Chillers Plant, Pu

  40. Slide 40: Revenue CAGR FY22 to FY25

    FY22 to FY25 REVENUE CAGR 39% CAGR 7% CAGR Ingredients New Age Business 18% CAGR Core Categories 19% CAGR Liquid Milk 37% CAGR Others Overall Revenue 18% CAGR 35 © 2026 All Rights Reserved | Parag Milk Foods

  41. Slide 41: Brand Building & Innovation

    BRAND BUILDING & INNOVATION Add to Cart 36 © 2026 2025 All Rights Reserved | Parag Milk Foods

  42. Slide 42: Driving Financial Growth

    DRIVING FINANCIAL GROWTH Revenue Snapshot 3432 3139 10% 2893 8% 6% 17% 23% 23% 10% 2072 1842 7% 9% 6% 10% 10% 5% 23% 4% 22% 10% 10% 3% 3% 57% 58% 55% 57% 55% FY21 FY22 FY23 FY24 FY25 Core Categories New Age Business Liquid Milk Ingredient Business Others Amount in ₹ Cr Over the last five years, reve

  43. Slide 43: Driving Financial Growth

    DRIVING FINANCIAL GROWTH Gross Margin EBITDA 569 768 885 163 226 293 569 768 885 163 226 293 Amount in ₹ Cr Amount in ₹ Cr PAT Cashflow From Operations 212 102 FY23 FY24 FY25 53 91 119 -190 Amount in ₹ Cr Amount in ₹ Cr In FY25, Parag Milk Foods demonstrated a robust financial performance. Cashflow

  44. Slide 44: Driving Financial Growth

    DRIVING FINANCIAL GROWTH Net Debt and Net Worth Net Debt/Equity Ratio & Net Debt to EBITDA(Multiple) 3.3 2.4 808 912 1,023 1.9 0.7 0.6 539 540 561 0.5 Return on Capital 14.3% Net Working capital (no. of days of sales) 11.1% 12.3% 75 74 62 8.6% 10.5% 72 72 61 7.8% 28 28 21 The company’s financial pos

  45. Slide 45: Driving Business Transformation

    DRIVING BUSINESS TRANSFORMATION 40

  46. Slide 46: ESG Initiative

    ESG INITIATIVE ENVIRONMENTAL Focus centered around reducing the carbon footprint & an optimal waste management SOCIAL Focus on the well- being of our milk farmers, employees, distribution partners GOVERNANCE Framework includes business governance, talent governance, & sustainability governance Conti

  47. Slide 47: Board of Directors

    BOARD OF DIRECTORS Parag has grown consistently under the Mr. Pritam Shah oversees the company’s execution leadership of Mr. Devendra Shah. He brings strategy and market consolidation. His expertise in enthusiasm and innovation to the business and procurement and production has been instrumental has

  48. Slide 48: Awards & Accolades

    AWARDS & ACCOLADES Certificate of Appreciation by the Bureau of Indian Best Use of Traditional Standards (BIS) for Platform – Gowardhan BW excellence in Whole Milk Retail Reboot Awards 2024 Powder standards. Grocery Brand of the Year – Gowardhan BW Retail Reboot Awards 2024 D2C Company of the Year –

  49. Slide 49: Safe Harbor

    Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Parag Milk Foods Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any secu

  50. Slide 50: Thank You

    THANK YOU 45

Parag Milk Foods — Q3 FY26 Earnings Presentation on 6ix