Parag Milk Foods Ltd. · NSE:PARAGMILK

Parag Milk Foods — Q1 FY27 Earnings Presentation

47 slides from Parag Milk Foods's earnings presentation, Aug 7, 2026

  1. Slide 1: Investor Presentation Intimation to Stock Exchanges

    August 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: PARA

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

    © 2026 All Rights Reserved | Parag Milk Foods 1

  3. 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

  4. Slide 4: Content Table

    CONTENT TABLE 01 PERFORMANCE HIGHLIGHTS 02 FINANCIAL UPDATE 03 BUSINESS UPDATE 04 STRATEGIC PRIORITIES 05 ABOUT THE COMPANY © 2026 All Rights Reserved | Parag Milk Foods 3

  5. Slide 5: Performance Highlights

    PERFORMANCE HIGHLIGHTS © 2026 All Rights Reserved | Parag Milk Foods 4 3

  6. Slide 6: Key Highlights Q1FY27

    KEY HIGHLIGHTS Q1FY27 Highest-Ever Q1 Revenue of ₹945 Crore in Q1 FY27; 11% YoY Value growth, 3% YoY Vol growth EBITDA at ₹70 crore increased by 6% YoY; 7.4% vs 7.7% LY. PBT flat YoY; PAT declined by 20% mainly due to current tax impact New Age business comprising Pride of Cows & Avvatar grew by 59%

  7. Slide 7: Business Highlights Q1 FY27

    BUSINESS HIGHLIGHTS Q1 FY27 EBITDA % of sales 70CR 3% 7.4% 945 CR 22 PAT CR Volume Growth vs 7.7% LY Revenue EBITDA up 11% YoY up 6% YoY down 20% YoY 11% PBT Growth Value Growth 0.4% up YoY PAT % of sales 2.3% vs 3.2% LY 6 © 2026 All Rights Reserved | Parag Milk Foods

  8. Slide 8: Financial Update

    FINANCIAL UPDATE © 2026 All Rights Reserved | Parag Milk Foods 7 3

  9. Slide 9: Strong Revenue Momentum

    STRONG REVENUE MOMENTUM Revenue Growth Snapshot - ₹ Cr 15% 14% 3% 11% 12% 1008 1013 918 945 945 885 874 852 852 758 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 PY CY Consistent revenue growth across the last five quarters, demonstrating sustained execution and stable business momentum. 8 © 2026 All Rights Re

  10. Slide 10: Q1FY27 Business Snapshot

    Q1FY27 BUSINESS SNAPSHOT YoY Growths 59% 10% 22% Revenue Growth Growth Revenue Growth Revenue 118 CR 580 CR 141 CR New age business Flagship categories Ingredients & SMP Revenue 81 CR Revenue NOTE: 25 CR 8% 46% • Flagship Categories includes Ghee, Cheese, Paneer & Dahi • New Age Business includes Pr

  11. Slide 11: Highest Ever Q1

    HIGHEST EVER Q1 Q1 Revenue mix over the past 4 years 945 3% 852 5% 15% 750 758 3% 14% 9% 7% New Age business 24% 20% 10% 13% grew 59% YoY 10% 9% 9% 6% 4% 61% 62% 56% 61% Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 Amount in ₹ Cr Flagship Categories New Age Business Liquid Milk Ingredient Business Others Rev. Co

  12. Slide 12: Financial Update: Consolidated Financials

    FINANCIAL UPDATE Consolidated Financials​ ₹ Cr Particulars Q1 ​FY26​ Q1 ​FY27 Growth​ % YOY​ Revenue 852 945 11% Gross Margin 233 258 11% Gross Margin % 27.4% 27.3% EBITDA 66 70 6% EBITDA % 7.7% 7.4% PBT 29 29 0.4% PAT 28 22 -20% PAT % 3.2% 2.3% Parag milk foods delivered 11% YoY revenue growth in Q

  13. Slide 13: Financial Update: Standalone Financials

    FINANCIAL UPDATE Standalone Financials​ ₹ Cr Particulars Q1 ​FY26​ Q1 ​FY27​ Growth​ % YOY​ Revenue 831 920 11% Gross Margin 218 237 9% Gross Margin % 26.3% 25.7% EBITDA 64 68 6% EBITDA % 7.8% 7.4% PBT 33 32 -0.6% PAT 32 25 -21% PAT % 3.9% 2.8% Standalone revenue grew by 11%, reaching a turnover of

  14. Slide 14: Business Update

    BUSINESS UPDATE © 2026 All Rights Reserved | Parag Milk Foods 13 3

  15. Slide 15: Q1FY27 Business Composition

    Q1FY27 BUSINESS COMPOSITION New age business 13% Flagship categories 61% Ingredients & SMP 15% Liquid milk 9% Others 2% 14 © 2026 All Rights Reserved | Parag Milk Foods

  16. Slide 16: Milk Price Movement

    MILK PRICE For Q1 FY27, milk prices MOVEMENT have moved 13% up YoY; 42 flat QoQ 42 40 38 37 37 34 33 31 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 15 © 2026 All Rights Reserved | Parag Milk Foods

  17. Slide 17: Milk Price Effect

    MILK PRICE EFFECT Milk price inflation managed through pricing & mix actions COMMODITY PRICE ACTION OUTCOME • Milk price at 42 / Ltr • Calibrated Price Increase • Revenue inflationary growth 10% • 13% YoY increase • Better Product Mix • Gross Profit 258 Cr; Up 11% • Flat QoQ • Targeted Promotional •

  18. Slide 18: Strategic Priorities

    STRATEGIC PRIORITIES © 2026 All Rights Reserved | Parag Milk Foods 17 3

  19. Slide 19: Our Strategic Priorities

    OUR STRATEGIC PRIORITIES Strengthening & Brand Strengthening Evolve Driving Accelerating the Building & New Age Route Financial Flagship Innovation Business to Market Growth Categories 18 © 2026 All Rights Reserved | Parag Milk Foods

  20. Slide 20: Strengthening & Accelerating the Flagship Categories

    STRENGTHENING &ACCELERATING THE FLAGSHIP CATEGORIES 61% BUSINESS VOLUME GROWTH VALUE GROWTH OF OVERALL Q1FY27 -2% YoY 10% YoY 19 © 2026 All Rights Reserved | Parag Milk Foods

  21. Slide 21: Flagship Categories: Ghee and Cheese

    STRENGTHENING &ACCELERATING THE FLAGSHIP CATEGORIES Ghee Cheese Leaders and pioneers in cow ghee category Dominant in cheese category # 1 position # 2 position 22% Market share in branded cow ghee segment 35% Market share (source IMARC) (source IMARC) 20 © 2026 All Rights Reserved | Parag Milk Foods

  22. Slide 22: Brand Building & Innovation

    BRAND BUILDING & INNOVATION Amazon Region-Specific Partnership Across TV & Video ad on Zepto A+ Content POSM Deployment Youtube across Rajasthan, UP, Haryana, with ABP Majha & Jai Maharastra Channels Jharkhand and Bihar Flanges Poster Dangler 21 © 2026 All Rights Reserved | Parag Milk Foods

  23. Slide 23: Brand Building & Innovation

    BRAND BUILDING & INNOVATION Quick Commerce Building Mindshare HoReCa Authenticity Visibility Campaign Certificate In line with the latest government regulations Moment Marketing Moment Marketing on Brother’s Day mandating the declaration of Real Cheese and on Father’s Day Analogue Cheese by food est

  24. Slide 24: Brand Building & Innovation

    BRAND BUILDING & INNOVATION Amazon Store Influencer Campaigns Offline Activities Milk day special Revamp Product focused © 2026 All Rights Reserved | Parag Milk Foods Ghee Curd and Paneer 23

  25. Slide 25: Brand Building & Innovation

    BRAND BUILDING & INNOVATION Influencer Activity New Product Launch Disruptive Mktg E-Com & Quick Com RTD Protein Cold Coffee Activity Protein Cold Coffee Campaign – PR Box 40+ Influencers; 3.1 Mn Impressions 24 © 2026 All Rights Reserved | Parag Milk Foods

  26. Slide 26: Strengthening New Age Business

    STRENGTHENING Grew by NEW AGE BUSINESS 59% YoY during Q1 FY27 Contributes to 13% 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 differ

  27. Slide 27: New Age Business Quarterly Revenue

    QUARTERLY REVENUE NEW AGE BUSINESS ₹ Cr revenue 120 118 102 100 100 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 Q1FY27 New age business emerging as a strong growth pillar increasing its portfolio share from

  28. Slide 28: 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

  29. Slide 29: New Age Business: Avvatar

    STRENGTHENING NEW AGE BUSINESS First “Made in India” whey protein Revenue More than ~75% revenue brand—offering unadulterated, is from E-com, Q-Com & website 37x fresh, 100% vegetarian whey 15x ROUTE TO MARKET Q1FY27 Direct to Consumers Quick & E-Commerce | Website | Organized X Trade Channels Q1FY2

  30. Slide 30: 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 29 © 2026 All Rights Reserved | Parag Milk Foods

  31. Slide 31: Driving Financial Growth

    DRIVING FINANCIAL GROWTH Revenue Gross Margin 1,000 945 300 27.5% 27.4% 27.3% 30.0% 900 852 250 25.0% 800 750 758 700 200 20.0% 21.4% 600 150 15.0% 500 233 258 100 209 10.0% 400 160 300 50 5.0% 200 0 0.0% 100 - Q1FY24 Q1FY25 Q1FY26 Q1FY27 Q1FY24 Q1FY25 Q1FY26 Q1FY27 Amount in ₹ Cr Gross Margin Gross

  32. Slide 32: Awards & Accolades

    AWARDS & ACCOLADES Akshali Shah, Executive Director, has been recognised in Fortune India’s Most Powerful Women in Business 2026. The honour reflects her transformative leadership in evolving Parag Milk Foods into a modern nutrition-led FMCG company, driving innovation, premiumisation, and growth ac

  33. Slide 33: About the Company

    ABOUT THE COMPANY © 2026 All Rights Reserved | Parag Milk Foods 32 3

  34. Slide 34: 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

  35. Slide 35: 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

  36. Slide 36: Business Model

    BUSINESS MODEL 03 3.4mn 100% 10 lakh 110 ~5000+ 29 4,500+ 5 lakh+ 20 500+ 4.6 Lakh Brands 35 © 2026 All Rights Reserved | Parag Milk Foods

  37. Slide 37: 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

  38. Slide 38: FY26 Business Composition

    FY26 BUSINESS COMPOSITION 10% New age business 64% Flagship categories 13% Ingredients & SMP 16% Liquid milk 4% Others 37 © 2026 All Rights Reserved | Parag Milk Foods © 2026 All Rights Reserved | Parag Milk Foods

  39. Slide 39: CAGR FY22 to FY26

    FY22 to FY26 CAGR Ingredients & SMP New age business Flagship categories 51%CAGR 18%CAGR 1%CAGR Liquid milk Others 16%CAGR 26%CAGR © 2026 All Rights Reserved | Parag Milk Foods Overall Revenue 17% CAGR 38

  40. Slide 40: Brand Building & Innovation

    BRAND BUILDING & INNOVATION Views 37 Mn Impressions 92 Mn Add to Cart 39 © 2026 All Rights Reserved | Parag Milk Foods

  41. Slide 41: Driving Financial Growth: Revenue Snapshot

    DRIVING FINANCIAL GROWTH Revenue Snapshot Amount in INR crs 3818 4% 3432 3139 13% 6% 2893 5% 9% 2% 17% 23% 10% 23% 10% 2072 9% 6% 3% 10% 4% 5% 23% 10% 3% 64% 61% 61% 58% 61% FY22 FY23 FY24 FY25 FY26 Amount in ₹ Cr Rev. Composition in % Flagship Categories New Age Business Liquid Milk Ingredient Busi

  42. Slide 42: Driving Financial Growth: Margins, PAT, Cashflow

    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

  43. Slide 43: 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

  44. 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

  45. Slide 45: Core Leadership Team

    CORE LEADERSHIP TEAM Subhodeep Roy, Chief Business Officer Over 20 years of experience in FMCG with Dabur, GCPL, Britannia, TCPL and Cadbury. Spearheads sales and Rahul Kumar Srivastava, business operations across channels, st5rengthening Chief Operating Officer market reach, accelerating distributi

  46. Slide 46: Awards & Accolades

    AWARDS & ACCOLADES Pride of Cows has been awarded Best Certificate of Appreciation by the Customer Bureau of Indian Standards (BIS) for Retention Best Use of Traditional excellence in Whole Milk Powder Initiative standards. Platform – Gowardhan BW of the Year Retail Reboot Awards 2024 2025 Grocery B

  47. Slide 47: Thank You

    THANK YOU 46

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