Parag Milk Foods Ltd. · NSE:PARAGMILK

Parag Milk Foods — Q4 FY26 Earnings Presentation

49 slides from Parag Milk Foods's earnings presentation, May 8, 2026

Slide 1: Cover letter to stock exchanges: Investor Presentation on Audited Results
May 7, 2026 Compliance Department, Compliance Department, BSE Limited, National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Tower, Exchange Plaza, Dalal Street, Fort, Plot No. C/1, G-Block, Mumbai - 400 001 Bandra Kurla Complex, Bandra (E), Mumbai - 400 051 Scrip Code:- 539889 NSE Symbol:- PARAG
Slide 3: 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
Slide 6: Key Highlights Q4FY26
KEY HIGHLIGHTS Q4FY26 Q4 FY26 revenue ₹945 crore; Volume decline 5%, value growth 3% YoY Volume decline mainly in core categories due to base year institutional and exports sales. Volume decline in ingredient business mainly due to lower institutional sales and planned reduction in SMP Core categori
Slide 7: Key Highlights FY26
KEY HIGHLIGHTS FY26 FY26 revenue ₹3818 crore; Volume growth 5%, value growth 11% YoY Volume growth backed by 8% growth in core categories, strong growth in New age business and offset by lower institutional sales and planned reduction in SMP Core categories vol growth 8% value growth 16% New Age bus
Slide 8: Business Highlights Q4 FY26
BUSINESS HIGHLIGHTS Q4 FY26 EBITDA % of sales 78CR -5% 8.3% 945 CR 32 PAT CR Volume Growth vs 8.2% LY Revenue EBITDA up 3% YoY up 4% YoY up 23% YoY 3% PBT Growth Value Growth 23% up YoY PAT % of sales 3.4% vs 2.9% LY 7 © 2026 All Rights Reserved | Parag Milk Foods
Slide 9: Business Highlights FY26
BUSINESS HIGHLIGHTS FY26 EBITDA % of sales 5% 8.1% 3,818 CR 310CR 141CR 149 CR Volume Growth vs 8.5% LY Revenue EBITDA PAT bei Cash Flow from up 11% YoY up 6% YoY up 19% YoY Operations vs 212 CR LY 11% PBT Growth Value Growth 15% up YoY PAT bei % of sales 3.7% vs 3.5% LY Note: One-time Impact of Rs.
Slide 11: Strong Revenue Momentum
STRONG REVENUE MOMENTUM Revenue Growth Snapshot - ₹ Cr 15% 14% 3% 16% 1013 1008 945 918 12% 885 918 874 852 790 758 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 PY CY 10 Over the past 5 quarters revenue growth has been robust; reflecting strong performance quarter on quarter. © 2026 All Rights Reserved | Para
Slide 12: Q4FY26 Business Snapshot
Q4FY26 BUSINESS SNAPSHOT YoY Growths Revenue 13% Decrease Revenue 109% 143 CR 100 CR Growth Revenue 7% 535 CR Growth Ingredients & SMP New age business Revenue Revenue 32% 88 CR 1% Decrease Decrease 80 CR Core categories NOTE: • Core Categories includes Ghee, Cheese and Paneer Liquid milk • New Age
Slide 13: Highest Ever Q4
HIGHEST EVER Q4 Q4 Revenue mix over the past 4 years 945 918 8% 801 13% 790 15% 7% 9% 18% 9% 24% 23% New Age business 8% 10% 5% 11% grew 109% YoY 9% 4% 6% 54% 57% 57% 53% Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Amount in ₹ Cr Core Categories New Age Business Liquid Milk Ingredient Business Others Rev. Compo
Slide 14: FY26 Business Snapshot
FY26 BUSINESS SNAPSHOT YoY Growths Revenue 17% Revenue 489 CR Decrease 91% 366 CR Growth Revenue 16% 2283 CR Growth Ingredients & SMP New age business Revenue 4% 358 CR Growth Revenue 7% 321 CR Decrease Core categories NOTE: • Core Categories includes Ghee, Cheese and Paneer Liquid milk • New Age Bu
Slide 15: Highest Ever Revenue
HIGHEST EVER REVENUE Annual Revenue mix over the past 5 years 3818 3432 8% 3139 10% 13% 2893 8% 6% 17% 9% New Age business 2072 23% 23% 10% 10% grew 91% YoY 7% 9% 6% 10% 4% 5% 23% 10% 3% 60% 57% 58% 55% 57% FY22 FY23 FY24 FY25 FY26 Amount in ₹ Cr Rev. Composition in % Core Categories New Age Busines
Slide 16: Financial Update: Consolidated Financials
FINANCIAL UPDATE Consolidated Financials ₹ Cr Q4 FY25 Q4 FY26 Growth % YOY Particulars FY25 FY26 Growth % 918 945 3% Revenue 3,432 3,818 11% 246 265 8% Gross Profit 943 1,020 8% 26.7% 28.0% Gross Margin % 27.5% 26.7% 75 78 4% EBITDA 293 310 6% 8.2% 8.3% EBITDA % 8.5% 8.1% © 2026 All Rig
Slide 17: Financial Update: Standalone Financials
FINANCIAL UPDATE Standalone Financials ₹ Cr Q4 FY25 Q4 FY26 Growth % YOY Particulars FY25 FY26 Growth % 899 946 5% Revenue 3,367 3,742 11% 231 241 4% Gross Profit 888 949 7% 25.7% 25.4% Gross Margin % 26.4% 25.4% 75 66 -12% EBITDA 280 297 6% 8.4% 7.0% EBITDA % 8.3% 7.9% © 2026 All Right
Slide 20: CAGR FY22 to FY26
FY22 to FY26 CAGR 51% CAGR 1% CAGR Ingredients New Age Business 18% CAGR Core Categories 16% CAGR Liquid Milk 22% CAGR Others Overall Revenue 17% CAGR 19 © 2026 All Rights Reserved | Parag Milk Foods
Slide 21: Milk Price Movement
MILK PRICE For Q4 FY26, MOVEMENT milk prices For FY26, milk have moved prices have moved 15% up YoY; 16% up YoY 42 4% up QoQ 40 38 37 37 34 33 33 31 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 20 © 2026 All Rights Reserved | Parag Milk Foods
Slide 22: Milk Price Impact
MILK PRICE IMPACT Milk prices volatility and impact on gross margins • Volatility in raw material prices - The commodity witnessed inflation of 15% YOY and 4% sequentially during Q4FY26 with the average milk prices inching up to INR 42/ litre. • QoQ Impact - While the milk prices inched up 4% sequen
Slide 24: 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 © 2026 All Rights Reserved | Parag Milk Foods 23
Slide 25: Strengthening & Accelerating the Core Categories
STRENGTHENING & ACCELERATING THE CORE CATEGORIES VOLUME GROWTH VALUE GROWTH Q4 FY26 FY26 -3% 8% 7% 16% 60%BUSINESS OF OVERALL 24 © 2026 All Rights Reserved | Parag Milk Foods
Slide 26: Strengthening & Accelerating the Core Categories: Market Share
STRENGTHENING & 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) 25 © 2026 All Rights Reserved | Parag Milk Foods
Slide 27: Brand Building & Innovation
BRAND BUILDING & INNOVATION Impact Marketing Influencer Campaign E-Commerce Festive Gulf Food Festival KBC Alliance with TV + Digital Banners Jio Mart Banners 26 © 2026 All Rights Reserved | Parag Milk Foods
Slide 28: 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
Slide 29: Brand Building & Innovation
BRAND BUILDING & INNOVATION Amazon Store Influencer Campaigns Offline Activities Consumer Gifting Ideas Revamp Product focused Republic Day Neck Tag & App Icon Change © 2026 All Rights Reserved | Parag Milk Foods Ghee Curd and Paneer 28
Slide 30: Brand Building & Innovation
BRAND BUILDING & INNOVATION Impact Marketing New Product Launch Avvatar E-Com & Quick Com Gym & Store Branding Flavoured Creatine Partnered with Indigo & Akasa Air 29 © 2026 All Rights Reserved | Parag Milk Foods
Slide 31: Strengthening New Age Business
STRENGTHENING Grew by NEW AGE BUSINESS 91% YoY during FY26 Contributes To 10% 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 different
Slide 32: New Age Business Quarterly Revenue 100 Cr Mark
QUATERLY REVENUE 100 Cr MARK NEW AGE BUSINESS ₹ Cr revenue 102 100 100 91 80 75 60 52 49 48 47 43 40 37 33 29 28 20 0 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 New age business emerging as a strong growth pillar increasing its portfolio share from 4%
Slide 33: Strengthening New Age Business: Route to Market
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 STRATEGY © 2026 All Rights
Slide 34: Strengthening New Age Business: Avvatar
STRENGTHENING NEW AGE BUSINESS Revenue 11x First “Made in India” whey protein brand—offering unadulterated, More than 65% revenue fresh, 100% vegetarian whey is from E-commerce FY26 4x ROUTE TO MARKET Direct to Consumers Quick & E-Commerce | Website | Organized FY24 X Trade Channels INCREASING FY22
Slide 35: 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 34 © 2026 All Rights Reserved | Parag Milk Foods
Slide 36: Driving Financial Growth
DRIVING FINANCIAL GROWTH Gross Margin EBITDA 1200 27% 27% 30% 350 8.5% 8.1% 9.0% 24% 300 7.2% 8.0% 1000 25% 7.0% 250 800 20% 6.0% 20% 200 5.7% 5.0% 600 15% 943 1020 150 293 310 4.0% 400 10% 3.0% 749 100 226 569 163 2.0% 200 5% 50 1.0% 0 0% 0 0.0% FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Gross Margin
Slide 37: Driving Financial Growth: Net Debt and Returns
DRIVING FINANCIAL GROWTH Net Debt and Net Worth Net Debt/Equity Ratio & Net Debt to EBITDA(Multiple) 3.3 2.4 1,023 1,259 808 912 1.9 912 1.6 539 540 561 484 0.7 0.6 0.5 561 0.4 539 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Net Debt (₹ Cr) Networth (₹ Cr) Net Debt / Equity Net Debt / EBITDA Return on C
Slide 40: 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
Slide 41: 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
Slide 43: Four Power Brands
FOUR POWER BRANDS Everyday dairy A wide range of processed A premium, farm-to-home, India’s first Made essentials including ghee, and natural cheese products, single-origin brand offering in India whey protein brand, paneer, curd and fresh milk UHT milk and dairy-based ghee, paneer, low-fat high- of
Slide 44: Milk Procurement
MILK PROCUREMENT 5+ Farmer Services • Never Say No for Milk Lacs Farmers • Transparent Milk Pricing 2,400+ • • Free Vaccinations for Cattle Farmer workshops on Soil and cattle health Village Level Collection points (VLC) 300+ Bulk Milk Coolers & Milk Chillers Maharashtra 2 Areas near Manchar Plant,
Slide 46: Driving Financial Growth: Revenue Snapshot
DRIVING FINANCIAL GROWTH Revenue Snapshot 3818 3432 8% 3139 10% 13% 2893 8% 6% 17% 9% 23% 10% 23% 10% 2072 1842 7% 9% 6% 10% 10% 4% 5% 23% 22% 10% 10% 3% 60% 3% 57% 58% 55% 55% 57% FY21 FY22 FY23 FY24 FY25 FY26 Amount in ₹ Cr Rev. Composition in % Core Categories New Age Business Liquid Milk Ingredi
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
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 ©
Slide 49: Thank You
THANK YOU 48

Parag Milk Foods — Q4 FY26 Earnings Presentation on 6ix

Parag Milk Foods — Q4 FY26 Earnings Presentation

Slide 1: Cover letter to stock exchanges: Investor Presentation on Audited Results

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

Slide 3: Safe Harbor

Slide 4: Content Table

Slide 5: Business Highlights

Slide 6: Key Highlights Q4FY26

Slide 7: Key Highlights FY26

Slide 8: Business Highlights Q4 FY26

Slide 9: Business Highlights FY26

Slide 10: Financial Update

Slide 11: Strong Revenue Momentum

Slide 12: Q4FY26 Business Snapshot

Slide 13: Highest Ever Q4

Slide 14: FY26 Business Snapshot

Slide 15: Highest Ever Revenue

Slide 16: Financial Update: Consolidated Financials

Slide 17: Financial Update: Standalone Financials

Slide 18: Business Update

Slide 19: Business Composition

Slide 20: CAGR FY22 to FY26

Slide 21: Milk Price Movement

Slide 22: Milk Price Impact

Slide 23: Strategic Priorities

Slide 24: Our Strategic Priorities

Slide 25: Strengthening & Accelerating the Core Categories

Slide 26: Strengthening & Accelerating the Core Categories: Market Share

Slide 27: Brand Building & Innovation

Slide 28: Brand Building & Innovation

Slide 29: Brand Building & Innovation

Slide 30: Brand Building & Innovation

Slide 31: Strengthening New Age Business

Slide 32: New Age Business Quarterly Revenue 100 Cr Mark

Slide 33: Strengthening New Age Business: Route to Market

Slide 34: Strengthening New Age Business: Avvatar

Slide 35: Evolve Route to Market

Slide 36: Driving Financial Growth

Slide 37: Driving Financial Growth: Net Debt and Returns

Slide 38: Awards & Accolades

Slide 39: About the Company

Slide 40: Chairman's Message

Slide 41: Parag's Journey

Slide 42: Business Model

Slide 43: Four Power Brands

Slide 44: Milk Procurement

Slide 45: Brand Building & Innovation

Slide 46: Driving Financial Growth: Revenue Snapshot

Slide 47: Board of Directors

Slide 48: Awards & Accolades

Slide 49: Thank You