Parag Milk Foods Ltd

AGM Details

• Date and time: 29 Sep 2026, 16:30 IST; mode: VC/OAVM.
• AGM concluded at 18:51 IST.
• Held without physical attendance per MCA/SEBI circulars; electronic dividend payments mandated.

Resolutions

• Adoption of audited standalone and consolidated financial statements for FY ended 31 Mar 2026. Ordinary Resolution.
• Dividend of 11% (₹1.10 per share) approved for FY ended 31 Mar 2026. Ordinary Resolution.
• Re-appointment of Devendra Shah as director liable to retire by rotation. Ordinary Resolution.
• Ratification of remuneration to Cost Auditors for FY 2026-27. Ordinary Resolution.
• Approval of remuneration for Poojan Shah (GM - Business Operations) appointed to office of profit. Ordinary Resolution.
• Approval of remuneration for Stavan Shah (GM - International & Ingredient) appointed to office of profit. Ordinary Resolution.

Dividend

• Dividend of 11% (₹1.10 per share) approved for FY ended March 31, 2026.

Voting/Results

• Combined voting results to be disseminated to exchanges and company website.

Transaction details

• Target Company: Parag Milk Foods Limited.
• Disclosing Party: SSIO-III with PACs Nikhil Vora and IYA Ventures; not promoters.
• Transaction Type: Disposal of equity shares.
• Pre-Transaction Holding: 63,30,358 shares (5.06%).
• Transaction Details: 29,54,115 shares sold; open market; 2.35% of total share/voting capital.
• Post-Transaction Holding: 33,76,243 shares (2.69%).
• Date(s) of Transaction: Nov 19, 2025 to Sep 23, 2026.
• Share Capital Context: Before INR 1,25,10,95,540; After INR 1,25,60,95,540; Diluted INR 1,34,68,85,390.

Parag Milk Foods Limited – Trading Window Closure from Oct 1, 2026 till 48 hours after the declaration of Unaudited Financial Results for the quarter and half year ending September 30, 2026, as may be approved at the concerned Board Meeting.

Meeting Details

• Date: September 28, 2026; Time: not disclosed.
• Event: Arihant Conference; Meeting type: group; Mode: virtual.
• Location: Mumbai (virtual meeting).
• Key participants: not specified.
• Purpose: general investor interaction.

Paneer capacity expansion

• Parag plans to add 60 MT/day capacity, raising total to 80 MT/day.
• Investment of ₹100 crore to be funded via internal accruals, borrowings, or lease.
• Expansion to be commissioned by June 2027 at Manchar (Maharashtra) and Palamaner (Andhra Pradesh).
• Existing capacity is 20 MT/day, with near-full utilisation.
• Paneer variants will include regular and high-protein, with pan-India distribution.

Appointment

• Parag Milk Foods appoints Phalgun Trivedi as Chief - R&D, Quality Control and Food Safety Officer.
• Phalgun Trivedi has over three decades in global food, beverage, and dairy sectors.
• He will lead R&D, quality systems, food safety, and drive quality excellence across brands.
• Appointment supports expanding into nutrition categories and strengthening consumer trust.
• Announcement dated September 18, 2026.

Brand identity refresh

• Unveils refreshed Pride of Cows brand identity to emphasize aspirational lifestyle positioning.
• Brand refresh introduces a younger, dynamic expression; shifts focus from product-led to lifestyle storytelling.
• Egret visual motif foregrounds the farm ecosystem and single-origin storytelling.
• Developed with Pollinate; creative scope spans typography, illustration, motion, and sonic identity.
• Key contributors named: Marta Cerdà Alimbau (typography), Daria Lada (illustration), Emanuele Colombo (motion), Naren Chandavarkar (sonic).
• Foundation remains: one farm, one herd, one origin; no change to single-origin proposition.
• Announcement date: September 17, 2026; no financial metrics disclosed; no governance changes reported.

New product launch: Avvatar Popped Chips

• Parag Milk Foods launches Avvatar Popped Chips, expanding its nutrition portfolio into snacking.
• Each 30g pack contains 10g of protein and is priced at INR 60.
• The chips are non-fried with no added sugar, no palm oil, and no preservatives.
• Available via Avvatar website, Quick Commerce, vending machines, and General/Modern Trade.
• The launch supports the strategy to extend protein across formats and everyday consumption.
• Disclosure notes the product launch does not meet materiality criteria under SEBI rules.

Parag Milk Foods AGM update

• 34th AGM scheduled for 29 September 2026 via VC/OAVM.
• Notice and Integrated Annual Report sent to registered emails; available on company and stock exchanges.
• Remote e-voting period from 26 Sep 2026, 09:00 IST to 28 Sep 2026, 17:00 IST.
• Record date for dividend entitlement fixed at 22 September 2026.
• Dividend, if approved, to be paid within 30 days of AGM.

Financial Performance

• Q1 FY27 revenue: INR945 crores; 11% YoY value growth; 3% volume growth.
• EBITDA: INR70 crores; YoY +6%; EBITDA margin 7.4% vs 7.7% last year.
• PAT declined 20% due to current tax impact; PBT broadly flat.
• Milk price: INR42 per litre; +13% YoY; flat sequential.
• Gross profit: INR258 crores; +11%; gross margins remain stable.
• Flagship categories (ghee, cheese, paneer, dahi) contribute 61% of Q1 revenue.
• Go Cheese market share: 35%; ranked #2 in cheese category in India.
• New age brands Pride of Cows and Avvatar grew 59% YoY; ~13% of revenue.
• Cheese capacity to double from 60 to 120 MT/day in 1.5 years.

Operating Update

• Flagship volume declined 2% YoY; B2C growth offset by B2B decline.
• New age Avvatar growth driven by volume; includes whey, bars, ready-to-drink.
• Avvatar coffee launched with 15 grams protein per serving; positive response.
• Distribution expansion: aim to be available in more than 1.5 million outlets in 3 years.
• India's Got Latent campaign generated over 80 million unique reaches across YouTube and Netflix.

Projects and Capex

• Cheese capacity expansion: 60 MT/day to 120 MT/day; targeted by Mar-2028.
• Expansion supports whey protein generation; broader health-nutrition portfolio.
• Renewable energy: Tata Solar Power collaboration; last reported investment INR4.6 crores.
• Farm energy: biogas from 5,000 cattle used for on-site power.

Guidance and Outlook

• Full-year revenue growth expected to be more than 10% YoY.
• Milk prices expected to be stable; mild uptick possible with monsoon; pricing calibrated.
• Demand supportive from monsoon and festive period for value-added categories.
• Distribution target: >1.5 million outlets over the next 3 years.

Q&A Highlights

• Management expects FY27 revenue growth to exceed 10% despite muted Q1.
• Avvatar growth is volume-led; price increases are moderate, not 100% everywhere.
• Distribution expansion and outlet reach remains a priority; 1.5 million outlets goal.
• Cheese capacity expansion to 120 MT/day by Mar-2028; milk procurement ramp planned.
• Blended margins driven by cost-push pass-through; ongoing calibrated price increases.