Parag Milk Food Ltd (BOM:539889)

Q2 2026 Parag Milk Foods Ltd Earnings Call Transcript

Nov 12, 2025 / 08:30 AM GMT

Release Date Price: ₹356.4 (+13.45%)

Transcript

Key Points

Positve

Parag Milk Food Ltd (BOM:539889) achieved a milestone by crossing the 1,000 crore quarterly revenue mark for the first time, with a 16% year-on-year growth.
The company reported a 14% increase in revenue for the first half of the year, reflecting strong business fundamentals and consumer trust.
Core categories such as ghee, cheese, and paneer grew by 14% in volume, contributing to 59% of total revenue.
The new age business, including Pride of Cows and Avtar, grew by 79% year-on-year, now contributing 9% to total turnover.
The company successfully maintained EBITDA margins despite a 16% year-on-year increase in milk prices, demonstrating effective cost management and operational efficiency.

Negative

The company faces challenges in maintaining stable procurement and increasing procurement scale from 15 lakh liters to 40 lakh liters.
There is a need to expand distribution networks, particularly in the southern and northern regions, which poses execution risks.
The protein market is highly competitive, with the company needing to establish a strong brand presence against established international brands.
Despite achieving revenue growth, the company has not provided specific guidance on achieving double-digit EBITDA margins in the near term.
The company has a history of corporate governance issues, which may affect investor confidence and market perception.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PAMF.NS - Parag Milk Foods Ltd
Q2 2026 Parag Milk Foods Ltd Earnings Call
Nov 12, 2025 / 08:30AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to the Q2 FY26 earnings conference call of Parag Milk Foods Limited.

As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing, then 0 on your touchstone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Brian De Penna, Head of Investor relations.

Thank you, and over to you.

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Unidentified_2 [2]
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