Financial Performance Highlights

Consolidated Q2FY27 Performance:

  • Revenue: ₹1,241 Cr, up 23.1% YoY (Q2FY26: ₹1,008 Cr)
  • Gross Margin: 26.0% (Q2FY26: 25.8%)
  • EBITDA (ex-LY one-off): ₹101 Cr, up 372% YoY (Q2FY26: ₹37 Cr)
  • EBITDA % (ex-LY one-off): 8.1% (Q2FY26: 7.3%)
  • PBT (ex-LY one-off): ₹55 Cr, up 59.8% YoY (Q2FY26: ₹35 Cr)
  • PBT % (ex-LY one-off): 4.4% (Q2FY26: 3.4%)
  • PAT (ex-LY one-off): ₹42 Cr, up 41.5% YoY (Q2FY26: ₹30 Cr)
  • PAT % (ex-LY one-off): 3.4% (Q2FY26: 2.9%)

Consolidated H1FY27 Performance:

  • Revenue: ₹2,185 Cr, up 17.5% YoY (H1FY26: ₹1,859 Cr)
  • Gross Margin: 26.6% (H1FY26: 26.5%)
  • EBITDA (ex-LY one-off): ₹170 Cr, up 22.6% YoY (H1FY26: ₹139 Cr)
  • EBITDA % (ex-LY one-off): 7.8% (H1FY26: 7.5%)
  • PBT (ex-LY one-off): ₹84 Cr, up 32.6% YoY (H1FY26: ₹64 Cr)
  • PBT % (ex-LY one-off): 3.9% (H1FY26: 3.4%)
  • PAT (ex-LY one-off): ₹64 Cr, up 11.9% YoY (H1FY26: ₹57 Cr)
  • PAT % (ex-LY one-off): 2.9% (H1FY26: 3.1%)

Standalone Q2FY27 Performance:

  • Revenue: ₹1,215 Cr, up 23.9% YoY
  • EBITDA (ex-LY one-off): ₹102 Cr, up 33.8% YoY
  • PBT (ex-LY one-off): ₹61 Cr, up 43.3% YoY
  • PAT (ex-LY one-off): ₹49 Cr, up 23.9% YoY

Standalone H1FY27 Performance:

  • Revenue: ₹2,136 Cr, up 17.9% YoY
  • EBITDA (ex-LY one-off): ₹170 Cr, up 21.1% YoY
  • PBT (ex-LY one-off): ₹93 Cr, up 24.3% YoY
  • PAT (ex-LY one-off): ₹75 Cr, up 3.6% YoY

Note: The one-off item in base year (FY26) was ~₹16 Cr on account of reversal of MTM upon conversion of FCCB into Equity. PAT growth lower than PBT due to current tax impact starting FY27.

Business Mix Analysis

Q2FY27 Category Performance:

  • Flagship Categories (Ghee, Cheese, Paneer & Dahi): Revenue ₹197 Cr, up 52% YoY
  • Liquid Milk: Revenue ₹84 Cr, down 11% YoY
  • Ingredients (Lactose, Whey Powder, SMP): Revenue ₹27 Cr, down 41% YoY
  • Others: 2% contribution

H1FY27 Category Performance:

  • Flagship Categories: Revenue ₹338 Cr, up 38% YoY
  • Liquid Milk: Revenue ₹164 Cr, down 10% YoY
  • Ingredients: Revenue ₹52 Cr, down 43% YoY
  • Others: 2% contribution

Strategic Updates

Amalgamation: Board approved scheme of amalgamation of Bhagyalaxmi Dairy Farms Pvt. Ltd. with holding company, subject to requisite approvals. Expected to unlock operational synergies, capital and resource efficiencies, and wider distribution reach.

Capacity Expansion: Board-approved 4x paneer capacity expansion from 20 MT/day to 80 MT/day at Manchar & Palamaner plants to meet rapidly growing demand for branded paneer.

Current Manufacturing Capacity:

  • Milk processing: 34 lakh litres/day
  • Whey processing: 10 lakh litres/day
  • Ghee & Cheese: 110 MT/day
  • Paneer: 20 MT/day (pre-expansion)

Brand and Product Updates

Pride of Cows Brand Relaunch: New egret persona and wider brand world targeting younger, health-conscious consumers. Launch of lactose-free milk variant for digestive wellness.

Avvatar New Product Launches:

  • Protein Popped Chips: Non-fried, 10g protein per 30g pack; Magic Masala and Pudina flavours at ₹60 per pack
  • New Whey Protein Flavors: Triple Chocolate, Tiramisu, Rose Milk and Badam Milk across Performance Whey and Alpha Whey ranges
  • Whey with Natural Sweeteners: Cold Coffee and Strawberry Delight variants
  • Protein RTD: Hazelnut Cold Coffee variant with 15g protein per pack, no added sugar

Regional Performance

Q2FY27 Sales by Region:

  • West: 58% share, +26% YoY growth
  • North: 20% share, +18% YoY growth
  • South: 14% share, +31% YoY growth
  • East: 8% share, +17% YoY growth

H1FY27 Sales by Region:

  • West: +20% YoY
  • North: +21% YoY
  • South: +16% YoY
  • East: +18% YoY

Milk Procurement Economics

Q2FY27 Milk Metrics:

  • Average landed milk price: ₹45/L, up 18% YoY (Q2FY26: ₹38) and up 7% QoQ (Q1FY27: ₹42)
  • Milk and milk equivalent procured: 21 lakh litres/day, up 5% YoY
  • Revenue per litre: ₹65, up 17% YoY
  • Spread (revenue less milk rate): ₹20/L, up 16% YoY
  • EBITDA per litre: ₹5.3, up 31% YoY
  • Gross margin per litre: ₹16.9, up 18% YoY

New Age Business Performance

Pride of Cows and Avvatar Sports Nutrition grew 71% YoY in Q2FY27, contributing 12% to overall business (up from 4% in Q2FY24).

Avvatar Specifics:

  • First "Made in India" whey protein brand
  • More than 75% revenue from E-com, Q-Com & website
  • 10x revenue growth from H1FY22 to H1FY25

Pride of Cows:

  • 1 lakh+ direct consumer base
  • 27x growth in H1FY27

Balance Sheet & Cash Flow

Consolidated Balance Sheet (as of 30 Sep 2026):

  • Net worth: ₹1,310 Cr (Mar 2026: ₹1,259 Cr)
  • Gross debt: ₹741 Cr (Mar 2026: ₹540 Cr)
  • Cash and bank surplus: ₹58 Cr (Mar 2026: ₹57 Cr)
  • Net debt: ₹678 Cr (Mar 2026: ₹484 Cr)
  • Net fixed assets: ₹704 Cr (Mar 2026: ₹680 Cr)

Working Capital Days (30 Sep 2026):

  • Inventory days: 71
  • Receivables days: 25
  • Payable days: 22
  • Net Working Capital days: 73

H1FY27 Operating Cash Flow:

  • Operating cash profit: ₹171 Cr
  • Working capital changes: (₹265) Cr (inventory ₹161 Cr higher than Mar 26)
  • Taxes paid: (₹2) Cr
  • Operating cash flow: (₹95) Cr

Route to Market

Distribution Network:

  • 29 Depots
  • ~500 Distributors
  • ~4,500 Wholesalers
  • 4.6 Lakh Retail outlets

Channel Mix:

  • 70% B2C (Modern Trade, Website, Quick Commerce, General Trade, E-Commerce, Mobile Application)
  • 30% B2B (HoReCa, Institutional)

Management Commentary

Chairman's message stated the company is "geared up to become a health and nutrition company that provides innovative protein solutions across the spectrum."