Financial Performance Summary

Consolidated Financial Highlights (₹ in Crore)

| Metric | Q1 FY27 | Q1 FY26 | YoY Change | Q4 FY26 | QoQ Change |

| Revenues | 1,197.9 | 1,006.9 | +19.0% | 1,074.5 | +11.5% |

| EBITDA | 64.9 | 82.5 | -21.3% | 53.8 | +20.6% |

| EBITDA Margin | 5.4% | 8.2% | -35.4% | 5.0% | - |

| PAT | 40.6 | 62.9 | -35.4% | 69.8 | -41.7% |

| PAT Margin | 3.4% | 6.2% | - | 6.5% | - |

| EPS (INR) | 6.7 | 10.4 | - | 11.6 | - |

Operational Highlights

Volume Metrics

  • Milk Procurement: 21.1 LLPD (Lakh Liters Per Day) - highest ever, up 13.0% YoY
  • Milk Sales Volume: 13.6 LLPD, up 14.5% YoY

Value Added Products (VAP) Performance

  • Total VAP Sales: ₹414.7 crore (34.6% of total sales)
  • Q1 FY26 VAP Sales: ₹352.8 crore (35.0% of revenue)
  • Bulk sales for SMP and butter was not present in Q1 FY27 (compared to ₹57.7 crore in Q1 FY26)
  • VAP contribution excluding bulk sale: ₹414.7 crore (34.6% of total sales) vs ₹295.1 crore (29.3% of revenue) in previous year
  • Curd sales volume: 642.6 MTPD (Metric Tonnes Per Day) - highest ever, with 41.4% growth
  • High margin summer products (Ice cream, buttermilk, flavoured milk, lassi, paneer) performed well due to extended summer

Milk Price Impact

| Price Metric (₹/Liter) | Q1 FY27 | Q1 FY26 | YoY Change | Q4 FY26 | QoQ Change |

| Realization Price | 59.4 | 57.2 | +3.9% | 58.4 | +1.8% |

| Procurement Price | 41.3 | 37.4 | +10.4% | 41.0 | +0.8% |

Segment Performance

India Dairy Business

  • Milk procurement prices rose faster than realization prices, keeping gross margins under pressure
  • Uptick in expenses impacting profitability:
  • Increase in employee cost due to minimum wages criteria for off-roll employees as per new labour laws
  • Increased transport, overhead & fuel cost due to product mix shift from bulk sale to liquid milk and VAP
  • Packing material costs increased by 48% during the quarter, driven by geopolitical tensions and changes in product mix

OSAM Business

  • Higher procurement prices continued pressure on gross profit margins
  • Disciplined improvement in operational efficiency led to better Q1 FY27 operating margins compared to full year FY26

Africa Business

  • Revenue growth: 45.6% YoY
  • Milk sales growth: 52.3% YoY
  • Achieved highest ever EBITDA: ₹24.2 crore
  • Targeted efforts on gaining market share in Kenya with strategic pricing

Orgafeed Business

  • Revenue growth: 25.9% YoY
  • EBITDA margin: 10.5%
  • Raw material price grew faster than selling price, leading to margin compression
  • Performance showed recovery compared to previous quarter

Strategic Investment

The Board of Directors approved a ₹11.6 crore primary investment for a 2% stake in Sids Farm Private Limited at a pre-money valuation of ₹500 crore.

  • Sids Farm is a premium, antibiotic- and hormone-free dairy brand with strong multi-region direct-to-consumer (D2C) and e-commerce presence
  • Investment is within the Company's line of business (dairy) and complements established market dairy operations
  • Provides exposure to fast-growing premium and direct-to-consumer dairy segment
  • Opportunity to associate with and support growth of a differentiated, high-quality dairy brand

Management Commentary

Mr. Dodla Sunil Reddy, Managing Director, commented:

  • Q1 FY27 marked by highest-ever quarterly revenue of ₹1,197.9 crore and record milk procurement of 21.1 LLPD
  • Company leveraged strong procurement cycle to build inventory for upcoming quarters while maintaining market share
  • Procurement prices remained elevated despite healthy milk supply, in line with overall industry trends
  • Expect prices to start normalizing Q2 onwards
  • VAP portfolio delivered record sales, reaching about a third of total sales
  • EBITDA of ₹64.9 crore during the quarter
  • Operating level improvement in Africa, OSAM and Orgafeed businesses
  • Standalone business performance impacted primarily due to pricing pressure
  • Progressing well towards expansion plan focused on:
  • Capacity increase
  • Expanding geographic footprint to deepen market presence
  • Widening distribution reach
  • Increasing VAP mix to enhance margins and diversify product portfolio

Company Background

Dodla Dairy Ltd (DODLA) is one of India's leading integrated dairy companies incorporated in 1995. The company procures, processes, and sells milk and milk products including Milk, Butter Milk, Ghee, Curd, Paneer, Flavoured Milk, Doodh Peda, Lassi, Ice Cream and Milk Based Sweets.

Operations:

  • Procurement centered in 8 states
  • Products available in 15 states
  • 270+ milk chilling centers/plants
  • 110 sales offices
  • 3,210+ agents
  • 2,880+ milk and milk product distributors
  • 218 modern trades across India
  • 1,106 'Dodla Retail Parlours' across Andhra Pradesh, Telangana, Tamil Nadu and Karnataka
  • International presence in Uganda and Kenya through OSAM Dairy subsidiary