• The document contains the transcript of an Earnings Conference Call held on Wednesday, November 4, 2026, to discuss the financial and operational performance for the quarter and half year ended September 30, 2026 (Q2 FY27).
  • The event was scheduled after the earnings announcement, as referenced by the company's previous letters dated October 31, 2026 and November 2, 2026.
  • Management participants included:
  • Ms. Akshali Shah – Executive Director
  • Mr. Rahul Kumar Srivastava – Chief Operating Officer
  • Mr. Rakesh Kothari – Chief Financial Officer
  • Mr. Ankit Jain – Chief Strategy Officer
  • Mr. Brian D'Penha – Head of Investor Relations
  • The transcript was made available on the company's website at www.paragmilkfoods.com and filed with stock exchanges as a regulatory compliance requirement.
  • The company included standard forward-looking statement disclaimers, noting that actual results may differ materially from discussed projections.

Financial Highlights Discussed

  • Q2 FY27 Revenue: INR1,241 crores (23% YoY growth)
  • Volume Growth: 12% in Q2 FY27
  • H1 FY27 Revenue: INR2,185 crores (18% YoY growth)
  • Flagship Categories (ghee, cheese, paneer, curd): INR778 crores (63% of revenue, 20% value growth, 7% volume growth)
  • New Age Business (Pride of Cows, Avvatar): INR154 crores (71% growth, 12% of revenue vs 9% last year)
  • Gross Profit: INR323 crores (24% growth)
  • Gross Margin: 26% vs 25.8% last year
  • EBITDA: INR101 crores (37% growth excluding one-time item)
  • EBITDA Margin: 8.1% vs 7.3% last year
  • PAT: INR42 crores (42% growth)
  • Milk Procurement: 21 lakh litres per day (5% growth)
  • Milk Price: INR45 per litre (18% higher YoY)

Strategic Updates

  • Capacity Expansion: Board approved INR205 crores investment
  • Paneer capacity: 20 to 80 metric tons per day (INR100 crores, completion by June 2027)
  • Cheese capacity: 60 to 120 metric tons per day (INR105 crores, completion by Q2 FY28)
  • Corporate Restructuring: Amalgamation of wholly owned subsidiary Bhagyalaxmi Dairy Farms with the company approved
  • Market Position: Gowardhan holds 22% market share in branded cow ghee segment; Go Cheese holds 35% market share

Additional Notes

  • The document explicitly states that it contains the transcript of the earnings conference call without specifying if unpublished price sensitive information was shared.
  • The transcript includes detailed Q&A session with analysts covering topics such as working capital, debt levels (INR678 crores net debt), inventory management, milk price outlook, and competitive landscape.
  • No financial attachments or presentation decks were included in this specific disclosure beyond the transcript itself.