Parag Milk Foods Ltd. · NSE:PARAGMILK
Parag Milk Foods — Q1 FY26 Earnings Presentation
45 slides from Parag Milk Foods's earnings presentation, Jul 21, 2025
Slide 1: Exchange cover letter for investor presentation
July 21, 2025 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:- PAR
Slide 2: Parag Milk Foods
1 © 2025 All Rights Reserved | Parag Milk Foods
Slide 3: Content Table
CONTENT TABLE 1. Business Highlights 2. Financial Update 3. Business Composition 4. Milk Price Movement 5. Strategic Priorities 6. About The Company 2
Slide 4: Business Highlights
PARAG BUSINESS HIGHLIGHTS _ @:<
Slide 5: Key Highlights Q1FY26
KEY HIGHLIGHTS Q1FY26 Leadership in Value-Added Premiumization & Brand Key Message from Strong Growth Momentum Dairy FMCG Strength Chairman • Highest ever Q1 Revenue • Core category • New Age biz (Pride of “Q1FY26 has set a at INR 852 Cr, up 12% YoY contributed to Cows and Avvatar) promising tone fo
Slide 6: Business Highlights Q1 FY26
BUSINESS HIGHLIGHTS Q1 FY26 EBITDA % of sales 5% 7.7% 852 66 28 vs CR CR CR Volume Growth 8.1% LY Revenue EBITDA PAT up 12% YoY up 6% YoY up 1% YoY 12% PBT Growth Value Growth 9% up YoY PAT % of sales 3.2% vs 3.6% LY 5 © 2025 All Rights Reserved | Parag Milk Foods
Slide 7: Financial Update
PARAG FINANCIAL UPDATE
Slide 8: Quarterly Revenue Trend
QUARTERLY REVENUE TREND Robust revenue growth over the past 4 quarters 16% 10% 9% 918 885 12% 871 1% 801 852 798 790 750 758 758 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 PY CY Over the past 4 quarters revenue growth has been robust; reflecting strong performance across business verticals and brand trust.
Slide 9: Highest Ever Q1
HIGHEST EVER Q1 Q1 Revenue mix over the past 4 years 852 758 10% 750 7% 691 11% 14% 13% 20% 10% 24% New Age business 31% 10% 9% grew 57% YoY 8% 6% 4% 8% 2% 57% 52% 56% 46% Amount in ₹ Cr Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Rev. Composition in % Core Categories New Age Business Liquid Milk Ingredient Bus
Slide 10: Q1FY26 Revenue Mix
Q1FY26 REVENUE MIX YoY Growths Revenue 57% Revenue 59% 75 CR Growth 86 CR Growth Revenue 14% 487 CR Growth Others New age business Revenue 23% Revenue 12% 116 CR Decrease 88 CR Growth Core categories Liquid milk Ingredients & SMP 9 © 2025 All Rights Reserved | Parag Milk Foods
Slide 11: Financial Update: Consolidated Financials
FINANCIAL UPDATE Consolidated Financials Particulars Q1 FY25 Q1 FY26 Growth % YOY Revenue 758 852 12% Gross Margin 209 233 12% Gross Margin % 27.5% 27.4% EBITDA 62 66 6% EBITDA % 8.1% 7.7% PBT 27 29 9% PAT 27 28 1% PAT % 3.6% 3.2% Parag milk foods delivered a 12% YoY revenue growth in Q1FY26,
Slide 12: Financial Update: Standalone Financials
FINANCIAL UPDATE Standalone Financials Particulars Q1 FY25 Q1 FY26 Growth % YOY Revenue 744 831 12% Gross Margin 195 218 12% Gross Margin % 26.2% 26.3% EBITDA 57 64 13% EBITDA % 7.7% 7.8% PBT 26 33 26% PAT 27 32 20% PAT % 3.6% 3.9% Standalone revenue grew by 12%, reaching a turnover of ₹831 C
Slide 13: Business Composition
PARAG BUSINESS COMPOSITION,
Slide 14: Q1FY26 Business Composition
Q1FY26 BUSINESS COMPOSITION 9% 14% New age Ingredients business & SMP 57% Core categories 10% Liquid milk 10% Others 13 © 2025 All Rights Reserved | Parag Milk Foods
Slide 15: Milk Price Movement
PARAG MILK PRICE MOVEMENT
Slide 16: Milk Price Movement
MILK PRICE MOVEMENT For Q1 FY26, milk prices have moved 18% up YoY; 1% up QoQ 18 45 16 40 37 37 37 14 36 35 34 32 33 31 33 12 30 10 25 8 20 6 15 16.5 Lakh 4 10 Litres of milk procured 2 5 0 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 0 Daily* Avg. volume handled/day Avg. milk rate
Slide 17: Strategic Priorities
PARAG STRATEGIC PRIORITIES
Slide 18: 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 17
Slide 19: Strengthening & Accelerating the Core Categories
STRENGTHENING & ACCELERATING THE CORE CATEGORIES 57% BUSINESS VOLUME GROWTH VALUE GROWTH OF OVERALL Q1FY26 9% 14% 18 © 2025 All Rights Reserved | Parag Milk Foods
Slide 20: Core Categories: Cheese and Ghee 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) 19 © 2025 All Rights Reserved | Parag Milk Foods
Slide 21: Brand Building & Innovation
BRAND BUILDING & INNOVATION Impact Marketing Market Penetration Zepto Video and e4m Prime Time Maharashtrachi Hasyajatra Awards Banner Campaign 20 © 2025 All Rights Reserved | Parag Milk Foods
Slide 22: Brand Building & Innovation
BRAND BUILDING & INNOVATION Chef Creator Impact Property Four Cheese Awareness Led Digital Campaign Campaign X Zepto Reach - Avg 3,29,683 Zee Cine Awards X Go Cheese E-commerce Visibility Maharashtrachi Hasya Jatra (Sony Marathi) Regional Impact at Scale: Go Cheese Integration with Maharashtrachi Ha
Slide 23: Brand Building & Innovation
BRAND BUILDING & INNOVATION Print Ad Campaigns Digital Campaigns Offline Activities Quick Commerce Creatives & Campaign “What’s The Source” Campaign Performance Media Campaigns 22 © 2025 All Rights Reserved | Parag Milk Foods
Slide 24: Brand Building & Innovation
BRAND BUILDING & INNOVATION Influencer activity Store branding Digital Marketing New product launch 120 + influencers Pan India Offline Consumer Offers Online Consumer Offers Avvatar protein BAR-POSM 5 Sachet Travel Pack 23 © 2025 All Rights Reserved | Parag Milk Foods
Slide 25: Strengthening New Age Business
STRENGTHENING NEW AGE BUSINESS Grew by 57% YoY during Q1FY26 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 26: 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 7 Cities Mumbai, Pune, Delhi GROWTH Ahmedabad, Surat STRATEGY ©
Slide 27: Strengthening New Age Business: Avvatar
STRENGTHENING Revenue 8x First “Made in India” whey protein brand—offering unadulterated, More than 60% revenue fresh, 100% vegetarian whey is from E-commerce Q1FY26 5x ROUTE TO MARKET Direct to Consumers Quick & E-Commerce | Website | Organized Q1FY25 X Trade Channels Q1FY23 © 2025 All Rights Reser
Slide 28: Evolve Route to Market
EVOLVE ROUTE TO MARKET General Trade 29 Depots Modern HoReCa Trade 500 Quick B2C Commerce B2B ~4,500 65% of 35% of Institutional total total Large Format Business Website: Business Corporates 4.6 Lakh E-Commerce Mobile Application 27 © 2025 All Rights Reserved | Parag Milk Foods
Slide 29: Driving Financial Growth
DRIVING FINANCIAL GROWTHRevenue Gross Margin 900 852 250 27.5% 27.4% 30.0% 800 750 758 200 25.0% 691 21.4% 700 20.0% 600 150 15.2% 15.0% 500 233 100 209 160 10.0% 400 50 105 300 569 768 885 163 226 293 5.0% 569 768 885 163 226 293 200 0 0.0% Q1 FY23 Q1 FY24 Q1 FY25 Q1 FY26 Q1FY23 Q1FY24 Q1FY25 Q1FY2
Slide 30: About the Company
PARAG ABOUT THE COMPANY
Slide 31: 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 32: 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 33: Business Model
BUSINESS MODEL 02 3.4mn 100% 10 lakh 110 ~5000+ 29 4,500+ 5 lakh+ 20 500+ 4.6 Lakh Brands 32 © 2025 All Rights Reserved | Parag Milk Foods
Slide 34: 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 35: 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 34 © 2025 All Rights Reserved | Parag Milk Foods
Slide 36: Brand Building & Innovation
BRAND BUILDING & INNOVATION Add to Cart 35 © 2025 All Rights Reserved | Parag Milk Foods
Slide 37: Driving Financial Growth: Revenue Snapshot
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
Slide 38: 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
Slide 39: 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 2.4 808 912 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
Slide 40: Driving Business Transformation
DRIVING BUSINESS TRANSFORMATION 39
Slide 41: 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 42: 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 43: 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 44: 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 45: Thank You
THANK YOU 44