Parag Milk Foods Ltd. · NSE:PARAGMILK
Parag Milk Foods — Q2 FY2026 Earnings Presentation
47 slides from Parag Milk Foods's earnings presentation, Nov 12, 2025
Slide 1: Covering letter to stock exchanges on investor presentation
November 11, 2025 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:-
Slide 2: © 2025 All Rights Reserved | Parag Milk Foods
© 2025 All Rights Reserved | Parag Milk Foods 1
Slide 3: Content Table
CONTENT TABLE 1. Performance Highlights 2. Financial Update 3. Business Update 4. Strategic Priorities 5. About The Company 2
Slide 4: Parag Business Highlights
PARAG BUSINESS HIGHLIGHTS CP
Slide 5: Key Highlights Q2FY26
KEY HIGHLIGHTS Q2FY26 Leadership in Value-Added Premiumization & Brand Optimal Capital Structure Strong Growth Momentum Dairy FMCG Strength • Highest ever quarterly • Core category contributed • New Age biz (Pride of • Conversion of FCCB into revenue at INR 1008 Cr, to 59% of total revenue; Cows and
Slide 6: Business Highlights Q2 FY26
BUSINESS HIGHLIGHTS Q2 FY26 EBITDA % of sales 10% 8.9% 1008 Revenue CR 89 CR EBITDA 46 PAT CR Volume Growth vs 8.8% LY up 16% YoY up 16% YoY up 56% YoY 16% PBT Growth Value Growth 42% up YoY PAT % of sales 4.5% vs 3.4% LY © 2025 All Rights Reserved | Parag Milk Foods 5
Slide 7: Business Highlights H1 FY26
BUSINESS HIGHLIGHTS H1 FY26 EBITDA % of sales 8% 8.3% 1,859 Revenue CR 155 EBITDA CR 73 PAT CR 99 CR Cash Flow from Volume Growth vs 8.5% LY up 14% YoY up 12% YoY up 30% YoY Operations 14% PBT Growth Value Growth 28% up YoY PAT % of sales 3.9% vs 3.5% LY © 2025 All Rights Reserved | Parag Milk Foods
Slide 8: Parag Financial Update
PARAG FINANCIAL UPDATE
Slide 9: Highest Ever Quarterly Revenue
HIGHEST EVER QUARTERLY REVENUE Revenue Growth Snapshot - ₹ Cr 16% 10% 16% 1008 9% 918 12% 885 871 871 801 852 798 790 758 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 PY CY 8 Over the past 4 quarters revenue growth has been robust; reflecting strong performance across business verticals and brand trust. © 202
Slide 10: Highest Ever Q2: Revenue Mix
HIGHEST EVER Q2 Q2 Revenue mix over the past 4 years 1008 8% 871 798 13% 13% 10% 665 14% 9% New Age business 9% 22% 10% 9% grew 79% YoY 17% 8% 6% 8% 4% 3% 61% 57% 63% 56% Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 Amount in ₹ Cr Core Categories New Age Business Liquid Milk Ingredient Business Others Rev. Compo
Slide 11: Highest Ever H1: Revenue Mix
HIGHEST EVER H1 H1 Revenue mix over the past 4 years 1859 9% 1629 1548 10% 13% 1356 11% 17% 10% 10% New Age business 23% 10% 9% grew 68% YoY 24% 8% 6% 8% 4% 3% 59% 57% 54% 55% H1 FY23 H1 FY24 H1 FY25 H1 FY26 Amount in ₹ Cr Rev. Composition in % Core Categories New Age Business Liquid Milk Ingredient
Slide 12: Q2FY26 Revenue Mix
Q2FY26 REVENUE MIX YoY Growths Revenue 79% Revenue 24% 91 CR Growth 81 CR Decrease Revenue 23% 612 CR Growth Others New age business Revenue 3% Growth Revenue 5% 130 CR 94 CR Growth Core categories Liquid milk Ingredients & SMP 11 © 2025 All Rights Reserved | Parag Milk Foods
Slide 13: H1FY26 Revenue Mix
H1FY26 REVENUE MIX YoY Growths Revenue 68% Revenue 4% 166 CR Growth 167 CR Growth Revenue 19% 1099 CR Growth Others New age business Revenue 11% Revenue 8% 245 CR Decrease 182 CR Growth Core categories Liquid milk Ingredients & SMP 12 © 2025 All Rights Reserved | Parag Milk Foods
Slide 14: Financial Update: Consolidated Financials
FINANCIAL UPDATE Consolidated Financials ₹ Cr Q2 FY25 Q2 FY26 Growth % YOY Particulars HIFY25 H1FY26 Growth % 871 1,008 16% Revenue 1,629 1,859 14% 206 260 27% Gross Margin 414 493 19% 23.6% 25.8% Gross Margin % 25.4% 26.5% 77 89 16% EBITDA 138 155 12% 8.8% 8.9% EBITDA % 8.5% 8.3% 36 51
Slide 15: Financial Update: Standalone Financials
FINANCIAL UPDATE Standalone Financials ₹ Cr Q2 FY25 Q2 FY26 Growth % YOY Particulars H1FY25 H1FY26 Growth % 856 981 15% Revenue 1,600 1,812 13% 193 245 27% Gross Margin 388 463 19% 22.5% 24.9% Gross Margin % 24.2% 25.5% 72 92 28% EBITDA 129 156 21% 8.4% 9.4% EBITDA % 8.1% 8.6% 34 59 70%
Slide 16: Parag Business Update
PARAG BUSINESS UPDATE
Slide 17: Business Composition H1FY26
H1FY26 BUSINESS COMPOSITION 9% 13% New age Ingredients business & SMP 59% Core categories 10% Liquid milk 9% Others 16 © 2025 All Rights Reserved | Parag Milk Foods
Slide 18: Milk Price Movement
MILK PRICE For Q2 FY26, MOVEMENT milk prices have moved 16% up YoY; 18 45 2% up QoQ 16 38 40 37 37 36 14 34 35 32 33 33 31 12 30 10 25 8 20 6 15 14 Lakh 4 10 Litres of milk 2 5 procured 0 0 Daily* Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Avg. volume handled/day Avg. milk rate /
Slide 19: Parag Strategic Priorities
PARAG STRATEGIC PRIORITIES
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
Slide 21: Strengthening & Accelerating the Core Categories
STRENGTHENING & ACCELERATING THE CORE CATEGORIES VOLUME GROWTH VALUE GROWTH Q2 FY26 H1 FY26 14% 12% 23% 19% 59%BUSINESS OF OVERALL 20 © 2025 All Rights Reserved | Parag Milk Foods
Slide 22: Strengthening & Accelerating the Core Categories: Cheese and Ghee
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) 21 © 2025 All Rights Reserved | Parag Milk Foods
Slide 23: Brand Building & Innovation
BRAND BUILDING & INNOVATION Impact Marketing Influencer Campaign Blinkit & Zepto Ganesh Khushiyan – Special KBC Alliance with TV + Digital Gift Pack Launch Utsav Campaign 22 © 2025 All Rights Reserved | Parag Milk Foods
Slide 24: Brand Building & Innovation
BRAND BUILDING & INNOVATION Chef Influencer Impact Integration Building HoReCa Program Capturing the Family Audience with Super Dancer 5 Connect Total views – 10 million High Impact Massive Reach Family Audience Leveraging leading exhibitions to DURATION & SCALE ENSURING HIGH SOV DIGITAL COLLABORATI
Slide 25: Brand Building & Innovation
BRAND BUILDING & INNOVATION Social Media Festive Influencer Campaigns Outdoor Activities Quick Commerce Content Creatives & Campaign “What’s The Source” Performance Media Campaigns 24 © 2025 All Rights Reserved | Parag Milk Foods
Slide 26: Brand Building & Innovation
BRAND BUILDING & INNOVATION Impact Marketing New Product Launch Offline Activities Influencer Activities Rise and Fall New Accessories Launch 25 © 2025 All Rights Reserved | Parag Milk Foods
Slide 27: Strengthening New Age Business
STRENGTHENING Grew by NEW AGE BUSINESS 79% YoY during Q2FY26 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 differen
Slide 28: Strengthening New Age Business: Pride of Cows
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 ©
Slide 29: Strengthening New Age Business: Avvatar
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 H1FY26 4x ROUTE TO MARKET Direct to Consumers Quick & E-Commerce | Website | Organized H1FY25 X Trade Channels H1FY23 © 2025
Slide 30: 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 29 © 2025 All Rights Reserved | Parag Milk Foods
Slide 31: Driving Financial Growth (Q2)
DRIVING FINANCIAL GROWTH Revenue Gross Margin 1,200 300 30.0% 1008 25.8% 250 23.0% 23.6% 25.0% 1,000 871 798 200 20.0% 800 665 20.7% 150 15.0% 600 260 100 183 206 10.0% 400 138 50 5.0% 200 0 0.0% - Q2FY23 Q2FY24 Q2FY25 Q2FY26 Q2FY23 Q2FY24 Q2FY25 Q2FY26 Amount in ₹ Cr Gross Margin Gross Margin % Amo
Slide 32: Driving Financial Growth (H1)
DRIVING FINANCIAL GROWTH Gross Margin EBITDA 600 26.5% 30.0% 25.4% 200 10.0% 500 22.2% 25.0% 8.5% 8.3%8.0% 400 17.9% 20.0% 150 6.8% 300 15.0% 6.0% 100 5.8% 493 4.0% 200 414 10.0% 138 155 344 50 105 100 243 5.0% 79 2.0% 0 0.0% 0 0.0% H1FY23 H1FY24 H1FY25 H1FY26 H1FY23 H1FY24 H1FY25 H1FY26 Gross Margi
Slide 33: Key Working Capital Metrics
KEY WORKING CAPITAL METRICS Inventory days Debtor days 28 28 28 72 72 72 21 61 163 226 293 163 226 293 FY 23 FY 24 FY 25 H1 26 FY 23 FY 24 FY 25 H1 26 Payable days NWC days 39 74 75 27 25 62 61 19 53 91 119 FY 23 FY 24 FY 25 H1 26 FY 23 FY 24 FY 25 H1 26 The number of days for Inventory, Debtor, Pay
Slide 34: Key Capital Base Ratios
KEY CAPTAL BASE RATIOS Gross Debt & Net Debt Net Debt to EBITDA(Multiple) 615 3.3 589 584 561 539 540 483 2.4 436 1.9 1.4 561 FY 23 FY 24 FY 25 H1 26 Gross debt Net debt Amount in ₹ Cr FY 23 FY 24 FY 25 H1 26 Net Debt to Equity ROCE/ROE (%) 14.3% 14.4% 0.7 13.2% 14.0% 12.3% 0.6 12.0% 11.1% 10.5% 0.5
Slide 35: About the Company
PARAG ABOUT THE COMPANY
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
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 Limited got listed in the milk belt
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 37 © 2025 All Rights Reserved | Parag Milk Foods
Slide 39: Milk Procurement
MILK PROCUREMENT 15 Lakh Litres of milk procured Farmer Services Daily – FY25 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 M
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 39 © 2025 All Rights Reserved | Parag Milk Foods
Slide 41: Brand Building & Innovation
BRAND BUILDING & INNOVATION Add to Cart 40 © 2025 All Rights Reserved | Parag Milk Foods
Slide 42: Driving Business Transformation
DRIVING BUSINESS TRANSFORMATION 41
Slide 43: 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
Slide 44: 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 45: 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 46: 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 47: Thank You
THANK YOU 46