Parag Milk Foods Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025. The company achieved its highest-ever quarterly revenue of ₹1013 Crore, marking a 14% year-on-year (YoY) increase, with an 8% volume growth. Key categories like Ghee, Cheese, and Paneer showed strong performance, contributing 64% to the total revenue with a 21% value growth and 12% volume growth. The 'New Age' business, encompassing brands like Pride of Cows and Avvatar, crossed the ₹100 Crore mark for the first time, growing by 123% YoY and now contributing 9% to the overall business. Despite a 6.5% sequential increase in milk prices (20% YoY), the company managed to maintain stable gross margins at 25.9% (down 130 bps YoY from 27.2%) through calibrated pricing, promotions, and an improved portfolio mix. EBITDA for the quarter stood at ₹77 Crore, with a margin of 7.6%, compared to 9.0% in the previous year, primarily due to a one-time employee benefit provision of ₹5.7 Crore. For the nine-month period ended December 31, 2025, revenue grew by 17% YoY to ₹2872 Crore, with EBITDA at ₹232 Crore (8.1% of sales) and PAT (before exceptional items) at ₹109 Crore (up 7% YoY). The company also highlighted its strategic priorities, including strengthening core categories, brand building, innovation, evolving its route-to-market, and growing its new-age business.
