Dodla Dairy Ltd. · NSE:DODLA
Dodla Dairy — Q2 FY26 Earnings Presentation
51 slides from Dodla Dairy's earnings presentation, Nov 3, 2025
Slide 1: Exchange filing cover letter
Date: 03 November 2025 The General Manager The Manager Department of Corporate Services Listing Department BSE Limited National Stock Exchanges of India Limited Phiroze Jeejeebhoy Towers "Exchange Plaza", 5th Floor, Dalai Street, Fort Plot No.C/1, G Block Mumbai-400 001 Bandra-Kurla Complex Bandra (
Slide 2: Dodla Dairy Limited Investor Presentation Q2 FY26
Dodla Dairy Limited Investor Presentation Q2 FY26
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Dodla Dairy Ltd (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, a
Slide 4: Highest Ever Q2 & H1 FY26 Performance
Q2FY26 H1FY26 Q2FY26 H1FY26 Q2FY26 H1FY26 ₹ 928 Mn ₹ 1,753 Mn ₹ 657 Mn ₹ 1,285 Mn ₹ 10,188 Mn ₹ 20,257 Mn 9.1% Margin 8.7% Margin 6.4% Margin 6.3% Margin Revenue EBITDA PAT Highest Ever Q2 & H1 FY26 Performance Annual (on a consolidated basis) Performance (on a consolidated basis) 3
Slide 5: Management commentary
Management commentary “In Q2FY26, Dodla Dairy achieved a revenue of ₹10,188 million, reflecting a 2.1% year-on-year growth with a gross margin expansion of over 200 bps, reaching 27.7%. Our EBITDA and PAT margins stood at healthy levels of 9.1% and 6.4%, respectively. This quarter’s performance incl
Slide 6: Executive Summary for Q2FY26 (consolidated)
Executive Summary for Q2FY26 (consolidated) 1. Volume Highlights India Dairy Business Highlights Milk Procurement volume of 19.5 LLPD up 13.4% YoY Overall milk supply remained under pressure due to lean season and erratic rainfalls, Average Milk Sales volume stood at 13.1 LLPD, an increase of
Slide 7: Financial Highlights Consolidated (Q2 & H1 FY26)
Financial Highlights Consolidated (Q2 & H1 FY26) Operating Revenue (in ₹ Mn) Gross Profit (in ₹ Mn & Margin %) EBITDA (in ₹ Mn & Margin %) PAT (in ₹ Mn & Margin %) % 25.5 25.8 27.7 % 9.6 8.2 9.1 % 6.4 6.2 6.4 9,976 10,069 10,188 Q2FY26 2,820 2,540 2,595 963 928 825 634 629 657 Q2FY25 Q1FY26 Q2FY26 Q
Slide 8: Quarter-wise Historical Operational Highlights
Quarter-wise Historical Operational Highlights OSAM Contribution Average Milk Procurement Average Milk Sales Curd Sales (in MTPD) VAP Sales (in ₹ Mn) (in LLPD) (in LLPD) % 39.2 32.3 32.4 36.2 29.7 Sales Contribution 19.5 452.3 18.7 3,780 0.7 3,516 17.2 17.1 13.1 16.3 383.2 11.9 0.7 360.2 11.6 11.6 1
Slide 9: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (in ₹ Mn) Q2 FY26 Q2 FY25 YoY Q1 FY26 QoQ H1 FY26 H1 FY25 YoY Sales Contribution Revenue 10,188 9,976 2.1% 10,069 1.2% 20,257 19,092 6.1% Cost of Goods Sold 7,368 7,436 7,473 14,841 13,896 Gross Profit 2,820 2,540 11.0% 2,595 8.7% 5,416 5,196 4.2% 7%
Slide 10: Consolidated Balance Sheet
Consolidated Balance Sheet Assets (in ₹ Mn) Sep’25 Mar’25 Equity & Liabilities (in ₹ Mn) Sep’25 Mar’25 Non - Current Assets 11,731 8,063 Total Equity 15,311 14,060 Property Plant & Equipments 7,451 6,713 Share Capital 603 603 CWIP 292 119 Other Equity 14,708 13,456 Goodwill 1,832 516 Equity attribut
Slide 11: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Cash flows statement (in ₹ Mn) H1FY26 H1FY25 Net Profit Before Tax 1,637 1,791 Adjustments for: Non -Cash Items / Other Investment or Financial Items 155 262 Operating profit before working capital changes 1,792 2,053 Changes in working capital 291 1,775 Cash generat
Slide 12: Acquisition of HR Food Processing Private Limited (Osam)
Acquisition of HR Food Processing Private Limited (Osam)
Slide 13: About HR Food Processing Private Limited (Osam)
About HR Food Processing Private Limited (Osam) HR Food Processing Private Limited operates under the premium brand 'Osam' and has established a strong presence in Bihar, Jharkhand, and other eastern dairy markets of India. The company operates a vertically integrated supply chain that ensures full
Slide 14: Strategic fit to Dodla
Strategic fit to Dodla The Acquisition represents a compelling opportunity to expand our market position in Dairy Sector by expanding our geographical footprint in East India and to achieve Significant operational Synergies Growth Distribution Acquisition is well-aligned with Robust distribution
Slide 15: Annual Performance
₹ 9,096 Mn ₹ 835 Mn | 9.2% ₹ 835 Mn | 9.2% 15.5 % YoY 10.7% YoY 10.7% YoY Revenue About Us EBITDA PAT Highest Ever Annual Healthy Annual Performance Performance (on a consolidated basis) (on a consolidated basis) 14
Slide 16: Dodla Dairy Ltd.: At a glance
Dodla Dairy Ltd.: At a glance Unique positioning in the dairy segment with presence in the Indian and the African markets along with Orgafeed India Business Africa Business Orgafeed Founded in 1995, Dodla Dairy is an integrated (Uganda & Kenya) Orgafeed is primarily engaged in the business dairy com
Slide 17: Dodla Dairy Limited: Snapshot
Dodla Dairy Limited: Snapshot Consolidated Standalone 80+ 2,600+ 3,360+ 40+ 1,800+ 2,750+ Sales offices Milk and milk product Agents Sales offices Milk and milk product Agents distributors distributors 26+ 18 968 20+ 14 907 LLPD aggregate Processing Dodla Retail LLPD aggregate Processing Dodla Retai
Slide 18: Africa Business: Snapshot
Africa Business: Snapshot Presence in Africa (Kenya & Uganda) Salient Features Operates in Uganda through its subsidiary Lakeside Dairy Ltd Dairy player margins are higher due to limited competition and constrained supply of Operates in Kenya through its subsidiaries, Dodla processed milk Dairy
Slide 19: Financial Performance: Snapshot
Financial Performance: Snapshot Consolidated (in ₹ Mn & Margin %) Standalone (in ₹ Mn & Margin %) % 9.6 10.6 9.2 8.2 9.1% % 9.6 10.3 8.3 6.8 9.0% 9,976 10,069 10,188 9,012 9,096 9,032 9,007 8,546 8,026 8,079 963 959 835 825 928 866 826 671 615 768 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4F
Slide 20: Orgafeed: Snapshot
Orgafeed: Snapshot Financial Performance (in ₹ Mn & Margin %) 480 MTPD ₹ 414 Mn ₹ 57 Mn % 13.7 14.1 18.5 17.6 13.7 Cattle feed plants Operating revenue in EBITDA in capacity Q2FY26 Q2FY26 411 414 Orgafeed is primarily engaged in the business of seed crushers, manufacturing and 348 338 dealing of gro
Slide 21: Processing Plants: India and Africa
Processing Plants: India and Africa Manufacturing Plants Across India Location Nellore Installed Capacity(LPD) 2,22,300 International Plants Andhra Settenapalle 46,700 Pradesh (AP) Rajahmundry 1,43,600 Palamaner 3,81,780 Penumur 1,00,000 Badvel 50,000 Uganda Location Installed Capacity (LPD) Karnata
Slide 22: Journey So Far: 30 years of dairy operations
Journey So Far: 30 years of dairy operations • Investment by The Rise Fund (TGP) as it acquired stake of • IFC invested • Commissioned New • Acquisition of HR Black River * ~INR1,000Mn Orgafeed Plant Food Processing Incorporation of Dodla Badvel and Sattenapally Investment by Black • Gundrampally, H
Slide 23: Robust Infrastructure – Farms to Families
Robust Infrastructure – Farms to Families Pan-Regional Manufacturing Presence Integrated Procurement and Processing Model Presence Across Dairy Value Chain (Including OSAM Acquisition) Dairy Farm Chilling Centres Processing Plants Procurement of Raw Milk from Transportation from Villages 18 Mi
Slide 24: Key Highlights Enabling Competitive Advantage
.. Enabling Dodla to Deliver Competitive Advantage Milk Procurement 17.1 All dairy processors have access to the same raw FY25 24.3 material and equipment; what distinguishes us is 15.8 our dedicated employees and our strong relationship with farmers 16.8 FY24 24.1 14.6 Key Highlights Processing c
Slide 25: Comprehensive Product Portfolio
Comprehensive Product Portfolio Pasteurized Pouch Milk Curd UHT Milk Flavored Milk Milk-Based Sweets Full cream, Standardized Milk, Sachet Curd, Bucket Curd, Cup Toned, Double Toned Badam, Strawberry, Pista, Chocolate Doodhpeda, Gulab Jamun, Sona Toned Curd Papidi, Milk Cake and Basundhi Paneer & Ch
Slide 26: Seasonality Factor
Seasonality Factor FY23 FY24 FY25 FY26 Milk Procurement LLPD Milk Sales LLPD Curd Sales MTPD 19.5 18.7 17.6 17.5 17.1 15.9 16.9 17.2 16.7 16.3 11.3 13.1 14.8 14.3 11.9 10.9 11.6 10.8 11.7 467 13.5 11.1 10.7 11.6 440 12.8 10.4 10.9 10.5 10.8 452 426 324 360 360 383 309 292 307 318 292 260 Q1 Q2 Q3 Q4
Slide 27: Board of Directors
Board of Directors Akshay Tanna Dodla Sesha Reddy Dodla Sunil Reddy Madhusudhana Reddy Ambavaram Non-Executive Non-Independent Chairman & Non-Executive Director Managing Director Whole-time Director Director He has more than 60 He has been leading the He has over 30 years of He is currently Partner
Slide 28: Strong Management Team
Strong Management Team A MA 29+ Years Average Management Experience in Diversified MADHUDHUSUDHANA SURESH SUBRAMANIAN RAJANI KUMAR K V V S RAKESH RAMNANI Industries REDDY Head HR & Legal Head Procurement Head Production Head Sales & Marketing BVK REDDY 5 Years Chief Executive Officer Average Employe
Slide 29: Competitive Advantages
es itive Advantag Competitive A (<3 y | — ss “win sit
Slide 30: Key Strengths
Key Strengths Strong Presence End to end integrated dairy company in South India International Presence Consistent product quality Operations in Uganda and An extensive Product Portfolio Kenya (Milk-Based value-added Products) Branding Production Capacity Higher B2C Sales through strong branding 18
Slide 31: Stringent Quality Control Procedures
Stringent Quality Control Procedures Well Defined Quality and Food Safety Procedures at Various Stages from Procurement to Distribution Procurement Stage Processing Stage VLCCs equipped with GPRS enabled electronic milk analyzers At chilling centers and processing plants, the raw milk undergoes
Slide 32: Focused Engagement and Long-Term Relationship with Dairy Farmers
Focused Engagement and Long-Term Relationship with Dairy Farmers Regular direct payment Tie up with veterinarians Money paid directly to farmers in Organize training camps to educate their bank accounts once every 10 about ways to prevent common to 15 days ailments for cattle ~96% of total far
Slide 33: Investment Rationale
Investment Rationale 01 Integrated 02 Automated 03 Backward 04 Proven track 05 Robust 06 Multiple supply chain Plants integration record balance sheet growth levers Strong Direct Fully automated Presence in cattle Proven track record Strong cashflows led Strong growth procurement model, plants leadi
Slide 34: Dodla's ESG Commitment
Dodla’s ESG Commitment Water Stewardship Waste Management Energy and Emissions Management Water plays a crucial role in every aspect of our dairy We’ve made significant strides in integrating renewable energy into operations, from equipment cleaning to processing and our operations. Solar panels
Slide 35: Way Forward
Way Forward
Slide 36: Strategic Priorities
Strategic Priorities Deepening Our Expanding Our Strengthening the Brand and Focusing on VAP Direct Procurement Production Capacity Expanding Reach Products Model 35
Slide 37: Value-added Products (VAP) Trajectory
Value-added Products (VAP) Trajectory VAP Sales (in ₹ Mn)* Strong distribution network FY25 9,735 The company already has a strong distribution network in southern states for milk as well as value added products through which it can roll out existing and upcoming products FY24 8,181 FY23 6,957 Vas
Slide 38: Raising the Visibility Quotient – TV and other mediums
Raising the Visibility Quotient – TV and other mediums Brand Building Initiatives Aired television commercials (TVC) on leading regional TV channels and popular digital platforms for the first time, capturing the celebratory spirit of consumers Penetrate deeper in the market through the go-to-ma
Slide 39: Raising the Visibility Quotient – TV and other mediums
Raising the Visibility Quotient – TV and other mediums TV Show Q- Com Promo Promotional NOTE: The Brand Names and Logos mentioned are the property of their respective owners and are used here for identification purposes only 38
Slide 40: Enhancing brand presence on Social Media
Enhancing brand presence on Social Media 39
Slide 41: Expanding footprint across E–commerce and Modern trade
Expanding footprint across E–commerce and Modern trade NOTE: The Brand Names and Logos mentioned are the property of their respective owners and are used here for identification purposes only 40
Slide 42: Historical Financials
FLA A PAVOURED MIL | i Historical Finmanctals cious as WK
Slide 43: Year-wise Historical Operational Highlights
Year-wise Historical Operational Highlights Average Milk Procurement Average Milk Sales Curd Sales (in MTPD) (in LLPD) (in LLPD) VAP Sales (in INR Mn) % 27.2 25.2 26.6 28.3 35.0 Sales Contribution 16.8 17.1 11.6 370.0 12,572 10.7 10.9 349.9 323.8 13.8 9.3 12.5 8.5 269.8 8,619 10.8 223.8 7,408 5,878
Slide 44: Margin Accretive Growth Over The Years
Margin Accretive Growth Over The Years Revenue (in ₹ Mn) EBITDA (in ₹ Mn & Margin %) PAT (in ₹ Mn & Margin %) Debt to Equity ▲18% ▲12% ▲20% ▲13% CAGR (FY21-25) CAGR (FY21-25) CAGR (FY21-25) CAGR (FY21-25) 37,201 % 12.5 10.2 % 6.5 7.0 3,808 0.18 2,599 19,440 2,425 1,260 0.03 FY21 FY25 FY21 FY25 FY21
Slide 45: Financial Highlights
Financial Highlights Average Milk Contributing Average Milk Sales Curd Sales Value Added Products 35% to the Procurement Topline FY25 17.1 LLPD 11.6 LLPD 370.0 MTPD ₹ 12,572 Mn ▲ 1.7% YoY ▲ 6.7% YoY ▲ 5.7% YoY ▲ 45.9%YoY Operating Revenue (in ₹ Mn) Gross Profit (in ₹ Mn & Margin %) EBITDA (in ₹ Mn &
Slide 46: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Common Size Particulars (in ₹ Mn) FY25 FY24 FY23 FY22 FY21 FY25 FY24 FY23 FY22 FY21 Revenues 37,201 31,255 28,120 22,434 19,440 100.0 100.0 100.0 100.0 100.0 Cost of Goods Sold 26,990 22,821 21,409 16,262 13,509 72.6 73.0 76.1 72.5 69.5 Gross Profit* 10,211 8,433
Slide 47: Consolidated Balance Sheet
Consolidated Balance Sheet Equity & Liabilities (in ₹ Mn) FY25 FY24 FY23 FY22 FY21 Assets (in ₹ Mn) FY25 FY24 FY23 FY22 FY21 Equity 14,060 11,389 9,722 8,432 6,580 Non-current Assets 8,063 7,693 7,775 6,869 5,703 Non-current Liabilities 757 767 636 576 1,197 Current Liabilities 2,491 2,621 2,156 1,8
Slide 48: Key Ratios – Full Year
Key Ratios – Full Year Cash & Cash Equivalent (in ₹ Mn) & Receivable Days / Payable Days Networth (in ₹ Mn) & ROCE (%) Debt (in ₹ Mn) & Debt / Equity ROE % /NWC Days % 24.7 19.2 14.9 20.4 24.4 % 23.1 17.6 13.5 15.8 20.4 0.18 0.02 0.04 0.04 0.03 4 5 0 40 2 Payable Days Receivable Days NWC 14,060 Days
Slide 49: Capital Market Information
Capital Market Information Key Investors as on 30th September 2025 (% of Total Equity) SBI Mutual Funds 7.91 DSP Small Cap Fund 6.60 Bharat Biotech International Ltd 3.36 Steinberg India Emerging Opportunities Fund 1.49 37,000+ Ashoka Whiteoak India Opportunities Fund 1.47 HDFC Small Cap Fund 3.72 P
Slide 50: Glossary
Glossary LLPD Lakhs Liter per day LPA Liters Per Annum MTPD Metric Tonnage Per Day MT Metric Ton UHT Ultrahigh Temperature Processed Milk Value- added Product VAP milk VLCC Village Level Collection Centers FII Foreign Institutional Investor DRP Dodla Retail Parlours 49
Slide 51: For More Details Contact us
For More Details Contact us: Company: Investor Relations Advisor: Dodla Dairy Limited Strategic Growth Advisors Pvt Ltd. CIN: L1509TG1995PLC020324 CIN: U74140MH2010PTC204285 Surya Prakash Mungelkar Shikha Puri / Dharmik Kansara Email id: investorqueries@dodladairy.com Email id: shikha.puri@sgapl.net