Key Quantitative Figures

Consolidated Financials (₹ Crore)

| Particulars | Q1 FY26 | Q1 FY27 | Growth % YoY |

| Revenue | 852 | 945 | 11% |

| Gross Margin | 233 | 258 | 11% |

| Gross Margin % | 27.4% | 27.3% | |

| EBITDA | 66 | 70 | 6% |

| EBITDA % | 7.7% | 7.4% | |

| PBT | 29 | 29 | 0.4% |

| PAT | 28 | 22 | -20% |

| PAT % | 3.2% | 2.3% | |

Standalone Financials (₹ Crore)

| Particulars | Q1 FY26 | Q1 FY27 | Growth % YoY |

| Revenue | 831 | 920 | 11% |

| Gross Margin | 218 | 237 | 9% |

| Gross Margin % | 26.3% | 25.7% | |

| EBITDA | 64 | 68 | 6% |

| EBITDA % | 7.8% | 7.4% | |

| PBT | 33 | 32 | -0.6% |

| PAT | 32 | 25 | -21% |

| PAT % | 3.9% | 2.8% | |

Operational and Business Metrics

  • Overall volume growth for Q1 FY27 was 3% YoY.
  • New Age business (Pride of Cows & Avvatar) grew by 59% YoY and contributed 13% to overall turnover.
  • Milk prices increased by 13% YoY but were flat quarter-on-quarter (QoQ).
  • The company reported a direct consumer base of over 1 Lakh for its New Age business.

Strategic and Operational Updates

  • The Board approved the doubling of cheese production capacity from 60 metric tons (MT) to 120 MT per day.
  • Mr. Rakesh Kothari was elevated to the position of Chief Financial Officer and Key Managerial Personnel (KMP).
  • The company's strategic priorities were outlined as: Strengthening & Accelerating Flagship Categories, Brand Building & Innovation, Strengthening New Age Business, Evolve Route to Market, and Driving Financial Growth.
  • Marketing initiatives included a partnership for Avvatar with 'India's Got Latent Season 2', region-specific POSM deployment, influencer campaigns, and HoReCa-focused activities like authenticity certificates and insulated bags.

Business Composition and Performance

  • Flagship Categories (Ghee, Cheese, Paneer, Dahi) held significant market shares: 22% in branded cow ghee and 35% in cheese (source: IMARC).
  • The company's route to market includes 29 depots, ~500 distributors, ~4,500 direct retailers, and a reach of 4.6 Lakh outlets.
  • 65% of total business is B2C (General Trade, Modern Trade, Website, Quick Commerce, E-Commerce, Mobile Application) and 35% is B2B (HoReCa, Institutional).

Historical Context and Accolades

  • Consolidated Revenue crossed ₹3,000 Cr in 2024.
  • In FY25, the company achieved its highest-ever quarterly revenue milestone of ₹1,000+ Cr.
  • FY22 to FY26 CAGR: New Age business 51%, Flagship categories 18%, Ingredients & SMP 1%, Overall Revenue 17%.
  • FY26 Performance (Company Internal Metrics): Cashflow from operations ₹149 Cr, Gross Margin 27%, EBITDA ₹310 Cr (8.1% of sales), PAT ₹141 Cr (3.7% of sales), Net Debt ₹484 Cr, Net Debt/Equity 0.4x, ROCE 13.9%, ROE 11.8%.
  • Akshali Shah, Executive Director, was recognised in Fortune India's Most Powerful Women in Business 2026.
  • The company received numerous awards including Grocery Brand of the Year (Gowardhan), D2C Company of the Year (Pride of Cows), and Fitness & Sports Brand of the Year (Avvatar).

Forward-Looking Statements

The document contains standard Safe Harbor language, noting that forward-looking statements regarding market opportunity and business prospects are subject to risks and uncertainties. The company assumes no obligation to update any forward-looking information.