Date: November 3, 2026

Consolidated Financial Performance – Q2 FY27

  • Revenue: ₹1,241 Crore, representing 23% year-over-year growth
  • Volume Growth: 12% year-over-year
  • Gross Profit: ₹323 Crore, up 24% year-over-year
  • Gross Profit Margin: 26.0% vs 25.8% in the previous year
  • EBITDA: ₹101 Crore with 37% growth year-over-year (excluding prior year one-off)
  • EBITDA Margin: 8.1% vs 7.3% in the previous year (excluding prior year one-off)
  • Profit After Tax (PAT): ₹42 Crore with optical decline of 8% but growth of 42% (excluding prior year one-off)
  • PAT Margin: 3.4% vs 2.9% in the previous year (excluding prior year one-off)

Consolidated Financial Performance – H1 FY27

  • Revenue: ₹2,185 Crore, representing 18% year-over-year growth
  • Volume Growth: 8% year-over-year
  • Gross Profit Margin: 26.6% vs 26.5% in the previous year
  • EBITDA: ₹170 Crore with 23% growth year-over-year (excluding prior year one-off)
  • EBITDA Margin: 7.8% vs 7.5% in the previous year (excluding prior year one-off)
  • Profit After Tax (PAT): ₹64 Crore with optical decline of 13% but growth of 12% (excluding prior year one-off)
  • PAT Margin: 2.9% vs 3.1% in the previous year (excluding prior year one-off)

Key Business Highlights – Q2 & H1 FY27

Flagship Categories Performance

  • Flagship categories (Ghee, Cheese, Paneer, and Curd) contributed 63% to total revenue (₹778 Crore)
  • Value growth of 20% and volume growth of 7% in flagship categories
  • Paneer recorded highest ever quarterly volumes due to shift from unorganized to branded paneer and rising protein consumption
  • Cheese performance improved over previous quarter with HoReCa business recording double-digit growth

New Age Business Performance

  • New Age Business (Pride of Cows and Avvatar) recorded revenue of ₹154 Crore in Q2, up 71% year-over-year
  • Contribution increased to 12% of overall turnover vs 9% a year ago
  • H1 New Age revenue was ₹273 Crore, up 66% year-over-year, contributing 12% of turnover
  • Pride of Cows unveiled new brand identity and launched Lactose-Free Milk
  • All Greek yoghurt flavors now carry no added sugar
  • Avvatar entered protein snacking category with Avvatar Popped Protein Chips (10g protein per 30g pack)
  • Avvatar launched new Performance and Alpha Whey flavors (Triple Chocolate, Tiramisu, Rose Milk, Badam Milk)
  • Avvatar launched naturally sweetened whey variants (Cold Coffee and Strawberry Delight)
  • Avvatar scaled 27x over last 5 years with 75%+ revenue from e-commerce, quick commerce, and website

Brand Building Activities

  • Gowardhan: Fifth consecutive association with KBC, festive television programming, quick-commerce campaigns, influencer activity
  • Go Cheese: Golden Stretch Award for top HoReCa partners, cream cheese menu education, in-store sampling, festive visibility campaigns
  • Pride of Cows: New identity introduced through influencer-led and brand-ambassador communication
  • Avvatar: Official protein partner of India's Got Latent Season 2 (336 million YouTube views), distributed 45,000+ product samples

Capacity Expansion

  • Board approved investment of approximately ₹100 Crore to scale paneer capacity from 20 MT/day to 80 MT/day at Manchar and Palamaner
  • Expansion includes both regular and high-protein paneer capacity
  • Commissioning expected by June 2027
  • Board approved doubling cheese capacity from 60 MT/day to 120 MT/day at investment of ₹105 Crore
  • Completion targeted in FY28

Amalgamation

  • Board approved scheme of amalgamation of Bhagyalaxmi Dairy Farm Pvt. Ltd. (100% subsidiary) with holding company
  • Subject to requisite approvals
  • Expected benefits: operational synergies, distribution network utilization, efficient capital and resource utilization

Management Commentary

Ms. Akshali Shah, Executive Director, commented on evolving consumer preferences toward quality, purity, nutrition and protein in dairy products. The company is focused on anticipating evolving needs through investments in cheese and paneer capabilities, distribution expansion, and product innovation. Q2 FY27 was described as a strong quarter with 23% revenue growth to ₹1,241 crore supported by 12% volume growth. The company remains encouraged by the demand outlook across categories entering the festive season.