Parag Milk Foods Limited is a dairy FMCG company with a portfolio of more than 15 consumer-centric product categories. The company manufactures a wide range of products including fresh milk, ghee, yoghurt, curd, milk powder, whey protein and dairy-based beverages. The company’s manufacturing facilities are located in
Maharashtra's Manchar, Andhra Pradesh's Palamaner and Haryana's Sonipat.
It was incorporated as Parag Milk and Milk Products Private Limited, a private limited firm in 1992. The company was renamed Parag Milk Foods Private Limited in 2008 and subsequently to Parag Milk Foods Limited after it was converted into a public company in 2015.
Parag Milk Foods market capitalisation stood at over ₹3,100 crore as of February 17, 2024. Parag Milk Foods Ltd's share price has surged over 150% in the last three years.
Parag Milk Foods business operation
Parag Milk Foods Limited sells its traditional dairy products such as ghee, curd and paneer under the brand Gowardhan. The company sells products like cheese, UHT milk, buttermilk, lassi and yoghurt under the brand name Go and premium quality milk, under the name Pride of Milk. The company sells flavoured milk under the brand Topp Up.
The company was founded by Devendra Shah and his family in the milk belts of Manchar, Maharashtra and Palaner, Andhra Pradesh. It began with an initial milk procurement of 20 thousand litres per day. Parag Milk Foods Limited introduced cow milk to its portfolio in 1994.
The company commissioned the Manchar VAP plant and also began production of ghee and butter under the Gowardhan brand in 1998. It added toned milk and skim milk to its product portfolio in the following years.
The company began production of cheese and launched gulab jamun mix in 2000. In the same year, it began exports to Southeast Asia, the Middle East and Africa.
Para Milk Foods added whole milk powder and butter to its product portfolio in 2004. The company became the largest exporter of dairy commodities from India with nearly 95% of products manufactured and exported in 2005.
It also launched a 35-acre dairy farm Bhagyalakshmi, housing 3,000 cows making the average yield 25 litres per day.
In 2008, the company received investment from Motilal Oswal PE. It introduced yoghurt and cheese products to its catalogue in 2010. The same year, the firm launched a plan for its Palamaner Plant.
Parag Milk Foods launched its RTB brand Topp Up in 2013. A year later, the company added whey products to its portfolio. It's the only vegetarian Whey protein manufacturer
The company has a robust network comprising over 4500 distributors, more than 500 super stockists, 4.6 lakh retail touchpoints and more than 5 lakh farmers across India. The company is a dominant player in the cheese category in India, with over 35% market share. Parag Milk Foods has a milk processing capacity of 3.4 million litres per day.
Outside India, the company has a presence in countries like UAE, Singapore, Oman, Kuwait, Mauritius, Philippines, Sri Lanka, New Zealand, Australia, Congo, Seychelles, Iraq, the United States, Hong Kong, the United Arab Emirates and Bangladesh.
Parag Milk Foods Financial Highlights
- Revenue: Parag Milk Foods reported revenue of ₹3,870.96 crore in FY26 vs ₹3,472.46 crore in FY25. It showed an increase of 11.48% on a yearly basis.
- Operating Profit: Parag Milk Foods reported an operating profit of ₹152.39 crore in FY26 vs ₹132.59 crore in FY25. It showed an increase of 14.93% on a year-on-year basis.
- Net Profit: Parag Milk Foods reported a net profit of ₹135.05 crore in FY26 vs ₹118.79 crore in FY25. It showed an increase of 13.69% on a yearly basis.
Parag Milk Foods Quarterly Result Highlights
- Parag Milk Foods reported revenue of ₹945.98 crore in Jun 2026, compared with ₹964.20 crore in Mar 2026, representing a decrease of 1.89% on a quarter-on-quarter (QoQ) basis.
- Parag Milk Foods reported an operating profit of ₹29.29 crore in Jun 2026, compared with ₹40.14 crore in Mar 2026, representing a decrease of 27.03% on a quarter-on-quarter (QoQ) basis.
- Parag Milk Foods reported a profit of ₹22.05 crore in Jun 2026, compared with ₹32.24 crore in Mar 2026, reflecting a decrease of 31.61% on a QoQ basis.
- The earnings per share (EPS) of Parag Milk Foods stood at ₹11.06 during Jun 2026.
Data Source: BSE, Company announcements
Securities shown are illustrative, not recommendations. Past performance does not guarantee future results.
