Board Meeting Details
The Board of Directors meeting was held on November 3, 2026, commencing at 7:00 PM IST and concluding at 8:25 PM IST.
Key Approvals
1. Unaudited Financial Results: Approved standalone and consolidated financial results for quarter and half year ended September 30, 2026, along with limited review reports from statutory auditors.
2. Scheme of Amalgamation: Approved amalgamation of Bhagyalaxmi Dairy Farms Private Limited (wholly-owned subsidiary) with Parag Milk Foods Limited under Sections 230-232 of Companies Act, 2013. The scheme is subject to NCLT approval and necessary shareholder/creditor approvals.
Standalone Financial Results (₹ in Crores)
Quarterly Performance (Q2 FY27 vs Q2 FY26)
- Revenue from operations: ₹1,215.42 (vs ₹981.15 in Q2 FY26)
- Other income: ₹2.71 (vs ₹18.89 in Q2 FY26)
- Total income: ₹1,218.13 (vs ₹1,000.04 in Q2 FY26)
- Profit before tax: ₹60.99 (vs ₹58.52 in Q2 FY26)
- Tax expense: ₹11.73 (₹15.56 current tax, ₹(3.83) deferred tax credit)
- Profit after tax: ₹49.26 (vs ₹55.70 in Q2 FY26)
- EPS (basic): ₹3.94 (vs ₹4.67 in Q2 FY26)
- EPS (diluted): ₹3.85 (vs ₹4.36 in Q2 FY26)
Half-Year Performance (H1 FY27 vs H1 FY26)
- Revenue from operations: ₹2,135.89 (vs ₹1,811.67 in H1 FY26)
- Profit before tax: ₹93.39 (vs ₹91.12 in H1 FY26)
- Profit after tax: ₹74.69 (vs ₹88.05 in H1 FY26)
- EPS (basic): ₹5.97 (vs ₹7.38 in H1 FY26)
- EPS (diluted): ₹5.85 (vs ₹6.95 in H1 FY26)
Standalone Balance Sheet (as of September 30, 2026)
- Total assets: ₹2,421.53 crore (vs ₹2,186.83 crore as of March 31, 2026)
- Equity share capital: ₹125.14 crore
- Other equity: ₹1,227.11 crore
- Total borrowings: ₹659.83 crore (non-current ₹219.34 crore, current ₹440.49 crore)
- Inventories: ₹872.81 crore
- Trade receivables: ₹274.85 crore
Consolidated Financial Results (₹ in Crores)
Quarterly Performance (Q2 FY27)
- Revenue from operations: ₹1,240.89
- Profit before tax: ₹55.17
- Profit after tax: ₹42.00
- EPS (basic): ₹3.36
- EPS (diluted): ₹3.29
Half-Year Performance (H1 FY27)
- Revenue from operations: ₹2,185.46
- Profit before tax: ₹84.46
- Profit after tax: ₹64.05
- EPS (basic): ₹5.12
- EPS (diluted): ₹5.02
Amalgamation Scheme Details
Entity Details
Bhagyalaxmi Dairy Farms Private Limited (Transferor Company)
- Total assets: ₹315.21 crore (as of September 30, 2026)
- Net worth: ₹61.38 crore
- Turnover: ₹107.25 crore (for H1 FY27)
- Business: Breeding milch animals, dairy farming, manufacturing milk products under 'Pride of Cows' brand
Parag Milk Foods Limited (Transferee Company)
- Total assets: ₹2,421.53 crore (as of September 30, 2026)
- Net worth: ₹1,352.25 crore
- Turnover: ₹2,135.89 crore (for H1 FY27)
- Business: Processing milk and manufacturing value-added products under brands 'Gowardhan', 'Go', 'Avvatar'
Transaction Structure
- Related party transaction (wholly-owned subsidiary)
- Exempt from Regulation 23 requirements under Listing Regulations
- No consideration to be issued (shares will stand cancelled)
- No change in shareholding pattern of Parag Milk Foods
Rationale for Amalgamation
- Simplify group structure and consolidate business
- Operational synergies and sustainable growth
- Direct access to capital for expanded entity
- Pooling of knowledge and expertise
- Optimal utilization of capital and operational efficiencies
- Reduction in legal entities and compliance costs
Auditor Review
Sharp & Tannan, Chartered Accountants issued unmodified review conclusions on both standalone and consolidated financial results. The review was conducted under SRE 2410 and provides moderate assurance.
Notes to Financial Results
- Prepared in accordance with Ind AS
- Single operating segment: 'Milk and Milk Related Products'
- Amalgamation scheme not given effect in financial results pending approvals
- Previous period figures regrouped where necessary