Parag milk foods posts record Rs 1,013 cr revenue despite cost surge

MUMBAI: Parag milk foods limited has clocked its highest-ever quarterly revenue at Rs 1,013 cr in Q3 FY26, rising 14 per cent year-on-year, driven by robust demand across core dairy categories and a sharp surge in its new-age businesses.

Volume growth stood at 8 per cent, with ghee, cheese and paneer posting a combined 12 per cent rise, while value growth touched 21 per cent. The company’s premium verticals Pride of Cows and Avvatar delivered a striking 123 per cent jump in revenues, crossing Rs 100 cr in a quarter for the first time.

Gross profit increased 9 per cent to Rs 262 cr, though margins softened to 25.9 per cent as milk prices climbed nearly 20 per cent year-on-year. EBITDA slipped 3 per cent to Rs 77 cr, while adjusted profit after tax stood at Rs 35 cr.

For the nine months ended December FY26, revenue rose 14 per cent to Rs 2,872 cr, with adjusted PAT up 17 per cent to Rs 109 cr.

The company continued aggressive brand-building, expanding Gowardhan and Go through television and digital campaigns on Kaun Banega Crorepati season 25 and Super Dancer, targeting mass family audiences. To deepen household penetration, the company introduced Gowardhan cow ghee in a 20 ml sachet priced at Rs 20, aimed at first-time and value-conscious consumers across urban and rural markets.

Premium brand Pride of Cows strengthened its positioning through multi-platform campaigns focused on purity, traceability and quality. Meanwhile, Avvatar reinforced its sports nutrition credentials by onboarding Janhvi Kapoor as the face of its marketing initiatives to connect with younger, health-conscious consumers.

Parag milk foods executive director Akshali Shah, said the milestone quarter reflected strong consumer trust and the company’s ability to navigate inflation through pricing, portfolio mix and premiumisation.

Shah noted that commodity inflation is likely to persist in the near term, but said the company is well positioned to navigate the pressure through strong brands, superior offerings and a disciplined focus on innovation and distribution expansion to deliver long-term profitable growth.

Founded in 1992, Parag milk foods limited operates manufacturing facilities at Manchar in Maharashtra and Palamaner in Andhra Pradesh, with an integrated dairy farm, Bhagyalaxmi Dairy Farm Limited, housing over 5,000 cows. The company markets cow milk-based products under Gowardhan and Go brands, runs the premium farm-to-home brand Pride of Cows, and operates in sports nutrition through Avvatar, India’s first 100 per cent vegetarian whey protein brand.