# FMCG - Dairy Products — company-by-company sector analysis

> FMCG - Dairy Products: Nestle India Ltd owns the largest revenue base; Vadilal Industries Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 2 of 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Nestle India Ltd leads with revenue of ₹24,437 crore, based on 8 of 8 comparable companies through Jun 2026. Vadilal Industries Ltd has the fastest current revenue growth at 21.2%, across 8 of 8 comparable companies.

### Is the FMCG - Dairy Products sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 2 of 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which FMCG - Dairy Products company is largest by revenue?

Nestle India Ltd leads with revenue of ₹24,437 crore, based on 8 of 8 comparable companies through Jun 2026.

### Which FMCG - Dairy Products company is growing fastest?

Vadilal Industries Ltd has the fastest current revenue growth at 21.2%, across 8 of 8 comparable companies.

### Which FMCG - Dairy Products company has the strongest 4-Factor Sector Score?

Nestle India Ltd ranks first at 68.2/100 with 93% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which FMCG - Dairy Products company has the least gross debt?

Dodla Dairy Ltd has the lowest comparable gross debt at ₹57 crore. Kwality Ltd has the highest at ₹2,638 crore.

### Which FMCG - Dairy Products company has the lowest comparable PEG?

Parag Milk Foods Ltd has the lowest comparable Guarded PEG at 0.64, among 6 of 8 companies that pass the metric’s comparability rules.

### How much history does this FMCG - Dairy Products comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of FMCG - Dairy Products against NIFTY 500 is not available from the current market series. 2 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Nestle India Ltd is the strongest against the sector itself at +11%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 2/8
Stocks leading sector: 2/8

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 8
Combined market value: ₹3.2 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Nestle India Ltd (NESTLEIND): 68/100 — Favorable setup; evidence 93%
   - Growth & earnings 30.0/35 | Capital efficiency 20.7/25 | Valuation 4.0/20 | Relative strength 13.5/20
   - Exact sum: 30 + 20.7 + 4 + 13.5 = 68.2
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Vadilal Industries Ltd (VADILALIND): 53/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 18.8/35 | Capital efficiency 19.4/25 | Valuation 3.8/20 | Relative strength 11.3/20
   - Exact sum: 18.8 + 19.4 + 3.8 + 11.3 = 53.3
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3. Dodla Dairy Ltd (DODLA): 52/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 17.6/35 | Capital efficiency 15.3/25 | Valuation 12.6/20 | Relative strength 6.9/20
   - Exact sum: 17.6 + 15.3 + 12.6 + 6.9 = 52.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Parag Milk Foods Ltd (PARAGMILK): 52/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 15.5/35 | Capital efficiency 12.8/25 | Valuation 17.7/20 | Relative strength 5.6/20
   - Exact sum: 15.5 + 12.8 + 17.7 + 5.6 = 51.6
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
5. Hatsun Agro Product Ltd (HATSUN): 46/100 — Mixed-negative evidence; evidence 93%
   - Growth & earnings 20.7/35 | Capital efficiency 9.0/25 | Valuation 8.3/20 | Relative strength 8.2/20
   - Exact sum: 20.7 + 9 + 8.3 + 8.2 = 46.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Heritage Foods Ltd (HERITGFOOD): 39/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 8.9/35 | Capital efficiency 12.1/25 | Valuation 13.7/20 | Relative strength 4.3/20
   - Exact sum: 8.9 + 12.1 + 13.7 + 4.3 = 39
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7. Vadilal Enterprises Ltd (VADILENT): 46/100 — Thin evidence · provisional; evidence 46%
   - Growth & earnings 14.5/35 | Capital efficiency 11.4/25 | Valuation 8.5/20 | Relative strength 12.0/20
   - Exact sum: 14.5 + 11.4 + 8.5 + 12 = 46.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Kwality Ltd (KWALITY): 36/100 — Thin evidence · provisional; evidence 38%
   - Growth & earnings 17.2/35 | Capital efficiency 5.6/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 17.2 + 5.6 + 10 + 3 = 35.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Nestle India Ltd is the scale leader at ₹24,437 crore, 153.9% ahead of Hatsun Agro Product Ltd. Vadilal Industries Ltd's growth is 21.2% from a ₹1,502 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Nestle India Ltd is the scale benchmark; Vadilal Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Nestle India Ltd's growth falls below Vadilal Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Nestle India Ltd · ₹24,437 crore | 153.9% versus #2 · Hatsun Agro Product Ltd | 8/8 recent comparable periods | 8/8 companies · 131 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Nestle India Ltd (NESTLEIND): ₹24.4K Cr
2. Hatsun Agro Product Ltd (HATSUN): ₹9.6K Cr
3. Heritage Foods Ltd (HERITGFOOD): ₹4.7K Cr
4. Dodla Dairy Ltd (DODLA): ₹4.3K Cr
5. Parag Milk Foods Ltd (PARAGMILK): ₹3.8K Cr

### Revenue growth — fastest growers
1. Vadilal Industries Ltd (VADILALIND): 21%
2. Nestle India Ltd (NESTLEIND): 19%
3. Hatsun Agro Product Ltd (HATSUN): 13%
4. Dodla Dairy Ltd (DODLA): 13%
5. Heritage Foods Ltd (HERITGFOOD): 12%

### 20-quarter Revenue history
- NESTLEIND: Sep 2021 ₹3.9K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹5.0K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹6.7K Cr | Jun 2026 ₹6.4K Cr
- HATSUN: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 — | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹3.1K Cr
- DODLA: Sep 2021 ₹566 Cr | Dec 2021 ₹575 Cr | Mar 2022 ₹590 Cr | Jun 2022 ₹717 Cr | Sep 2022 ₹695 Cr | Dec 2022 ₹675 Cr | Mar 2023 ₹724 Cr | Jun 2023 ₹823 Cr | Sep 2023 ₹768 Cr | Dec 2023 ₹747 Cr | Mar 2024 ₹787 Cr | Jun 2024 ₹912 Cr | Sep 2024 ₹998 Cr | Dec 2024 ₹901 Cr | Mar 2025 ₹910 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.2K Cr
- VADILALIND: Sep 2021 ₹192 Cr | Dec 2021 ₹133 Cr | Mar 2022 ₹215 Cr | Jun 2022 ₹395 Cr | Sep 2022 ₹271 Cr | Dec 2022 ₹143 Cr | Mar 2023 ₹256 Cr | Jun 2023 ₹411 Cr | Sep 2023 ₹289 Cr | Dec 2023 ₹174 Cr | Mar 2024 ₹251 Cr | Jun 2024 ₹464 Cr | Sep 2024 ₹296 Cr | Dec 2024 ₹204 Cr | Mar 2025 ₹275 Cr | Jun 2025 ₹506 Cr | Sep 2025 ₹341 Cr | Dec 2025 ₹239 Cr | Mar 2026 ₹416 Cr | Jun 2026 —
- HERITGFOOD: Sep 2021 ₹670 Cr | Dec 2021 ₹667 Cr | Mar 2022 ₹696 Cr | Jun 2022 ₹821 Cr | Sep 2022 ₹816 Cr | Dec 2022 ₹786 Cr | Mar 2023 ₹818 Cr | Jun 2023 ₹924 Cr | Sep 2023 ₹979 Cr | Dec 2023 ₹941 Cr | Mar 2024 ₹951 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.3K Cr
- PARAGMILK: Sep 2021 ₹532 Cr | Dec 2021 ₹539 Cr | Mar 2022 ₹562 Cr | Jun 2022 ₹691 Cr | Sep 2022 ₹665 Cr | Dec 2022 ₹736 Cr | Mar 2023 ₹801 Cr | Jun 2023 ₹750 Cr | Sep 2023 ₹798 Cr | Dec 2023 ₹801 Cr | Mar 2024 ₹790 Cr | Jun 2024 ₹758 Cr | Sep 2024 ₹871 Cr | Dec 2024 ₹885 Cr | Mar 2025 ₹918 Cr | Jun 2025 ₹852 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹945 Cr | Jun 2026 —
- VADILENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹110 Cr | Mar 2023 ₹190 Cr | Jun 2023 ₹435 Cr | Sep 2023 ₹244 Cr | Dec 2023 ₹132 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹513 Cr | Sep 2024 ₹246 Cr | Dec 2024 ₹136 Cr | Mar 2025 ₹224 Cr | Jun 2025 ₹517 Cr | Sep 2025 ₹264 Cr | Dec 2025 ₹145 Cr | Mar 2026 — | Jun 2026 —
- KWALITY: Sep 2021 ₹18 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- NESTLEIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18% | Dec 2022 14% | Mar 2023 21% | Jun 2023 15% | Sep 2023 9.7% | Dec 2023 8.3% | Mar 2024 7.9% | Jun 2024 3.3% | Sep 2024 1.3% | Dec 2024 3.9% | Mar 2025 5.6% | Jun 2025 5.9% | Sep 2025 11% | Dec 2025 19% | Mar 2026 23% | Jun 2026 25%
- HATSUN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.9% | Dec 2022 6.9% | Mar 2023 — | Jun 2023 6.8% | Sep 2023 9.0% | Dec 2023 11% | Mar 2024 14% | Jun 2024 10% | Sep 2024 8.8% | Dec 2024 6.5% | Mar 2025 9.6% | Jun 2025 9.1% | Sep 2025 17% | Dec 2025 18% | Mar 2026 15% | Jun 2026 19%
- DODLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 23% | Dec 2022 17% | Mar 2023 23% | Jun 2023 15% | Sep 2023 11% | Dec 2023 11% | Mar 2024 8.7% | Jun 2024 11% | Sep 2024 30% | Dec 2024 21% | Mar 2025 16% | Jun 2025 10% | Sep 2025 2.1% | Dec 2025 14% | Mar 2026 18% | Jun 2026 19%
- VADILALIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 137% | Sep 2022 41% | Dec 2022 7.8% | Mar 2023 19% | Jun 2023 4.1% | Sep 2023 6.6% | Dec 2023 21% | Mar 2024 -2.0% | Jun 2024 13% | Sep 2024 2.4% | Dec 2024 17% | Mar 2025 9.6% | Jun 2025 9.1% | Sep 2025 15% | Dec 2025 17% | Mar 2026 51% | Jun 2026 —
- HERITGFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 22% | Dec 2022 18% | Mar 2023 18% | Jun 2023 13% | Sep 2023 20% | Dec 2023 20% | Mar 2024 16% | Jun 2024 12% | Sep 2024 4.2% | Dec 2024 9.9% | Mar 2025 10% | Jun 2025 10% | Sep 2025 9.1% | Dec 2025 8.2% | Mar 2026 11% | Jun 2026 18%
- PARAGMILK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 58% | Sep 2022 25% | Dec 2022 37% | Mar 2023 43% | Jun 2023 8.5% | Sep 2023 20% | Dec 2023 8.8% | Mar 2024 -1.4% | Jun 2024 1.1% | Sep 2024 9.2% | Dec 2024 10% | Mar 2025 16% | Jun 2025 12% | Sep 2025 16% | Dec 2025 14% | Mar 2026 2.9% | Jun 2026 —
- VADILENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20% | Mar 2024 -1.1% | Jun 2024 18% | Sep 2024 0.8% | Dec 2024 3.0% | Mar 2025 19% | Jun 2025 0.8% | Sep 2025 7.3% | Dec 2025 6.6% | Mar 2026 — | Jun 2026 —
- KWALITY: Sep 2021 -28% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Nestle India Ltd leads opm at 24%; Kwality Ltd leads margin change at +11.8 percentage points.

Investor read: Nestle India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Nestle India Ltd · 24% | 20% versus #2 · Vadilal Industries Ltd | 3/8 recent comparable periods | 8/8 companies · 137 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Nestle India Ltd (NESTLEIND): 24%
2. Vadilal Industries Ltd (VADILALIND): 20%
3. Hatsun Agro Product Ltd (HATSUN): 6.5%
4. Parag Milk Foods Ltd (PARAGMILK): 6.0%
5. Dodla Dairy Ltd (DODLA): 5.0%

### Margin change — fastest expanders
1. Kwality Ltd (KWALITY): +11.8 pp — older report
2. Vadilal Industries Ltd (VADILALIND): +6.0 pp
3. Nestle India Ltd (NESTLEIND): +3.0 pp
4. Vadilal Enterprises Ltd (VADILENT): +3.0 pp — older report
5. Heritage Foods Ltd (HERITGFOOD): −1.0 pp

### 20-quarter OPM history
- NESTLEIND: Sep 2021 24% | Dec 2021 23% | Mar 2022 23% | Jun 2022 20% | Sep 2022 22% | Dec 2022 23% | Mar 2023 23% | Jun 2023 23% | Sep 2023 24% | Dec 2023 24% | Mar 2024 22% | Jun 2024 23% | Sep 2024 23% | Dec 2024 23% | Mar 2025 25% | Jun 2025 21% | Sep 2025 22% | Dec 2025 21% | Mar 2026 26% | Jun 2026 24%
- HATSUN: Sep 2021 13% | Dec 2021 11% | Mar 2022 9.8% | Jun 2022 8.8% | Sep 2022 10% | Dec 2022 11% | Mar 2023 8.7% | Jun 2023 11% | Sep 2023 11% | Dec 2023 11% | Mar 2024 11% | Jun 2024 14% | Sep 2024 12% | Dec 2024 11% | Mar 2025 10% | Jun 2025 14% | Sep 2025 13% | Dec 2025 11% | Mar 2026 3.5% | Jun 2026 6.5%
- DODLA: Sep 2021 11% | Dec 2021 9.0% | Mar 2022 8.0% | Jun 2022 6.3% | Sep 2022 8.5% | Dec 2022 8.0% | Mar 2023 5.0% | Jun 2023 7.0% | Sep 2023 9.0% | Dec 2023 11% | Mar 2024 10% | Jun 2024 12% | Sep 2024 10% | Dec 2024 11% | Mar 2025 9.0% | Jun 2025 8.0% | Sep 2025 9.0% | Dec 2025 8.0% | Mar 2026 5.0% | Jun 2026 5.0%
- VADILALIND: Sep 2021 13% | Dec 2021 4.5% | Mar 2022 19% | Jun 2022 19% | Sep 2022 17% | Dec 2022 -3.9% | Mar 2023 19% | Jun 2023 25% | Sep 2023 20% | Dec 2023 6.0% | Mar 2024 18% | Jun 2024 24% | Sep 2024 20% | Dec 2024 13% | Mar 2025 14% | Jun 2025 20% | Sep 2025 15% | Dec 2025 5.0% | Mar 2026 20% | Jun 2026 —
- HERITGFOOD: Sep 2021 9.5% | Dec 2021 5.9% | Mar 2022 4.3% | Jun 2022 2.7% | Sep 2022 4.6% | Dec 2022 4.0% | Mar 2023 5.0% | Jun 2023 4.0% | Sep 2023 5.0% | Dec 2023 5.0% | Mar 2024 7.0% | Jun 2024 9.0% | Sep 2024 8.0% | Dec 2024 7.0% | Mar 2025 7.0% | Jun 2025 6.0% | Sep 2025 7.0% | Dec 2025 6.0% | Mar 2026 5.0% | Jun 2026 5.0%
- PARAGMILK: Sep 2021 10.0% | Dec 2021 9.1% | Mar 2022 -104% | Jun 2022 1.4% | Sep 2022 5.7% | Dec 2022 5.0% | Mar 2023 5.0% | Jun 2023 5.0% | Sep 2023 7.0% | Dec 2023 8.0% | Mar 2024 5.0% | Jun 2024 7.0% | Sep 2024 8.0% | Dec 2024 8.0% | Mar 2025 7.0% | Jun 2025 7.0% | Sep 2025 7.0% | Dec 2025 7.0% | Mar 2026 6.0% | Jun 2026 —
- VADILENT: Sep 2021 11% | Dec 2021 -3.5% | Mar 2022 -2.9% | Jun 2022 5.5% | Sep 2022 -0.8% | Dec 2022 -3.0% | Mar 2023 -5.0% | Jun 2023 4.0% | Sep 2023 3.0% | Dec 2023 -2.0% | Mar 2024 -4.0% | Jun 2024 8.0% | Sep 2024 3.0% | Dec 2024 -14% | Mar 2025 -4.0% | Jun 2025 6.0% | Sep 2025 8.0% | Dec 2025 -11% | Mar 2026 — | Jun 2026 —
- KWALITY: Sep 2021 -2.3% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Margin change history
- NESTLEIND: Sep 2021 −0.5 pp | Dec 2021 +0.3 pp | Mar 2022 −2.7 pp | Jun 2022 −4.3 pp | Sep 2022 −2.6 pp | Dec 2022 −0.1 pp | Mar 2023 −0.4 pp | Jun 2023 +2.5 pp | Sep 2023 +2.5 pp | Dec 2023 +1.1 pp | Mar 2024 −0.7 pp | Jun 2024 +0.3 pp | Sep 2024 −1.3 pp | Dec 2024 −1.0 pp | Mar 2025 +3.0 pp | Jun 2025 −2.0 pp | Sep 2025 −1.0 pp | Dec 2025 −2.0 pp | Mar 2026 +1.0 pp | Jun 2026 +3.0 pp
- HATSUN: Sep 2021 −1.4 pp | Dec 2021 −4.3 pp | Mar 2022 −2.3 pp | Jun 2022 −2.6 pp | Sep 2022 −3.1 pp | Dec 2022 +0.6 pp | Mar 2023 −1.1 pp | Jun 2023 +2.2 pp | Sep 2023 +1.4 pp | Dec 2023 +0.1 pp | Mar 2024 +2.3 pp | Jun 2024 +2.9 pp | Sep 2024 +0.5 pp | Dec 2024 −0.3 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 −6.5 pp | Jun 2026 −7.5 pp
- DODLA: Sep 2021 −5.5 pp | Dec 2021 −5.1 pp | Mar 2022 +1.2 pp | Jun 2022 −3.7 pp | Sep 2022 −2.4 pp | Dec 2022 −1.0 pp | Mar 2023 −3.0 pp | Jun 2023 +0.7 pp | Sep 2023 +0.5 pp | Dec 2023 +3.0 pp | Mar 2024 +5.0 pp | Jun 2024 +5.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 −4.0 pp | Sep 2025 −1.0 pp | Dec 2025 −3.0 pp | Mar 2026 −4.0 pp | Jun 2026 −3.0 pp
- VADILALIND: Sep 2021 +7.2 pp | Dec 2021 −0.9 pp | Mar 2022 +2.2 pp | Jun 2022 +2.2 pp | Sep 2022 +3.3 pp | Dec 2022 −8.4 pp | Mar 2023 +0.3 pp | Jun 2023 +5.8 pp | Sep 2023 +3.5 pp | Dec 2023 +9.9 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 +7.0 pp | Mar 2025 −4.0 pp | Jun 2025 −4.0 pp | Sep 2025 −5.0 pp | Dec 2025 −8.0 pp | Mar 2026 +6.0 pp | Jun 2026 —
- HERITGFOOD: Sep 2021 +3.6 pp | Dec 2021 −3.5 pp | Mar 2022 −2.9 pp | Jun 2022 −5.3 pp | Sep 2022 −4.9 pp | Dec 2022 −1.9 pp | Mar 2023 +0.7 pp | Jun 2023 +1.3 pp | Sep 2023 +0.4 pp | Dec 2023 +1.0 pp | Mar 2024 +2.0 pp | Jun 2024 +5.0 pp | Sep 2024 +3.0 pp | Dec 2024 +2.0 pp | Mar 2025 0.0 pp | Jun 2025 −3.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −2.0 pp | Jun 2026 −1.0 pp
- PARAGMILK: Sep 2021 +1.6 pp | Dec 2021 +1.7 pp | Mar 2022 −108.4 pp | Jun 2022 −8.9 pp | Sep 2022 −4.3 pp | Dec 2022 −4.1 pp | Mar 2023 +109.1 pp | Jun 2023 +3.6 pp | Sep 2023 +1.3 pp | Dec 2023 +3.0 pp | Mar 2024 0.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- VADILENT: Sep 2021 −3.7 pp | Dec 2021 +1.9 pp | Mar 2022 −3.1 pp | Jun 2022 +3.5 pp | Sep 2022 −11.7 pp | Dec 2022 +0.5 pp | Mar 2023 −2.1 pp | Jun 2023 −1.5 pp | Sep 2023 +3.8 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +4.0 pp | Sep 2024 0.0 pp | Dec 2024 −12.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 +5.0 pp | Dec 2025 +3.0 pp | Mar 2026 — | Jun 2026 —
- KWALITY: Sep 2021 +11.8 pp | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Nestle India Ltd leads with ₹3,811 crore of TTM profit, 10.9× the profit of Hatsun Agro Product Ltd. Nestle India Ltd shows 22.7% growth from a ₹3,811 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Nestle India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Nestle India Ltd · ₹3,811 crore | 10.9× versus #2 · Hatsun Agro Product Ltd | 4/8 recent comparable periods | 8/8 companies · 131 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Nestle India Ltd (NESTLEIND): ₹3.8K Cr
2. Hatsun Agro Product Ltd (HATSUN): ₹349 Cr
3. Dodla Dairy Ltd (DODLA): ₹246 Cr
4. Vadilal Industries Ltd (VADILALIND): ₹155 Cr
5. Parag Milk Foods Ltd (PARAGMILK): ₹136 Cr

### Profit growth — fastest growers
1. Nestle India Ltd (NESTLEIND): 23%
2. Hatsun Agro Product Ltd (HATSUN): 21%
3. Parag Milk Foods Ltd (PARAGMILK): 15%
4. Vadilal Industries Ltd (VADILALIND): 3.3%
5. Dodla Dairy Ltd (DODLA): -4.7%

### 20-quarter Net profit history
- NESTLEIND: Sep 2021 ₹617 Cr | Dec 2021 ₹360 Cr | Mar 2022 ₹595 Cr | Jun 2022 ₹515 Cr | Sep 2022 ₹668 Cr | Dec 2022 ₹612 Cr | Mar 2023 ₹737 Cr | Jun 2023 ₹698 Cr | Sep 2023 ₹908 Cr | Dec 2023 ₹656 Cr | Mar 2024 ₹934 Cr | Jun 2024 ₹747 Cr | Sep 2024 ₹899 Cr | Dec 2024 ₹688 Cr | Mar 2025 ₹873 Cr | Jun 2025 ₹647 Cr | Sep 2025 ₹743 Cr | Dec 2025 ₹998 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹959 Cr
- HATSUN: Sep 2021 ₹82 Cr | Dec 2021 ₹48 Cr | Mar 2022 — | Jun 2022 ₹52 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹131 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹110 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹51 Cr | Jun 2026 ₹134 Cr
- DODLA: Sep 2021 ₹29 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹65 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹70 Cr | Jun 2026 ₹41 Cr
- VADILALIND: Sep 2021 ₹13 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹-9 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹55 Cr | Jun 2026 —
- HERITGFOOD: Sep 2021 ₹33 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹24 Cr | Jun 2026 ₹25 Cr
- PARAGMILK: Sep 2021 ₹23 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹-592 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹32 Cr | Jun 2026 —
- VADILENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹-9 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹-18 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹-16 Cr | Mar 2026 — | Jun 2026 —
- KWALITY: Sep 2021 ₹-7 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- NESTLEIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.3% | Dec 2022 70% | Mar 2023 24% | Jun 2023 36% | Sep 2023 36% | Dec 2023 7.2% | Mar 2024 27% | Jun 2024 7.0% | Sep 2024 -1.0% | Dec 2024 4.9% | Mar 2025 -6.5% | Jun 2025 -13% | Sep 2025 -17% | Dec 2025 45% | Mar 2026 27% | Jun 2026 48%
- HATSUN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -49% | Dec 2022 -4.2% | Mar 2023 — | Jun 2023 54% | Sep 2023 86% | Dec 2023 24% | Mar 2024 108% | Jun 2024 64% | Sep 2024 -18% | Dec 2024 -28% | Mar 2025 -17% | Jun 2025 3.1% | Sep 2025 72% | Dec 2025 49% | Mar 2026 19% | Jun 2026 -0.7%
- DODLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -31% | Sep 2022 34% | Dec 2022 30% | Mar 2023 -43% | Jun 2023 40% | Sep 2023 13% | Dec 2023 17% | Mar 2024 104% | Jun 2024 86% | Sep 2024 43% | Dec 2024 56% | Mar 2025 45% | Jun 2025 -3.1% | Sep 2025 4.8% | Dec 2025 7.8% | Mar 2026 2.9% | Jun 2026 -35%
- VADILALIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 277% | Sep 2022 108% | Dec 2022 — | Mar 2023 32% | Jun 2023 45% | Sep 2023 41% | Dec 2023 — | Mar 2024 -3.5% | Jun 2024 8.5% | Sep 2024 2.6% | Dec 2024 33% | Mar 2025 -21% | Jun 2025 -13% | Sep 2025 -15% | Dec 2025 -100% | Mar 2026 150% | Jun 2026 —
- HERITGFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -42% | Dec 2022 -33% | Mar 2023 38% | Jun 2023 143% | Sep 2023 16% | Dec 2023 93% | Mar 2024 122% | Jun 2024 241% | Sep 2024 123% | Dec 2024 59% | Mar 2025 -5.0% | Jun 2025 -29% | Sep 2025 4.1% | Dec 2025 -19% | Mar 2026 -37% | Jun 2026 -39%
- PARAGMILK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -44% | Sep 2022 -52% | Dec 2022 -53% | Mar 2023 — | Jun 2023 110% | Sep 2023 127% | Dec 2023 278% | Mar 2024 -55% | Jun 2024 29% | Sep 2024 16% | Dec 2024 5.9% | Mar 2025 160% | Jun 2025 3.7% | Sep 2025 59% | Dec 2025 -17% | Mar 2026 23% | Jun 2026 —
- VADILENT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 190% | Sep 2024 0.0% | Dec 2024 -1,000% | Mar 2025 — | Jun 2025 -31% | Sep 2025 175% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/8 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Nestle India Ltd has the clearest covered balance-sheet capacity with ₹876 crore net cash and gross debt of ₹445 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Dodla Dairy Ltd · ₹57 crore | 0% versus #2 · Vadilal Enterprises Ltd | 8/8 recent comparable periods | 8/8 companies · 117 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Dodla Dairy Ltd (DODLA): ₹57 Cr
2. Vadilal Enterprises Ltd (VADILENT): ₹57 Cr — older report
3. Vadilal Industries Ltd (VADILALIND): ₹230 Cr
4. Heritage Foods Ltd (HERITGFOOD): ₹361 Cr
5. Nestle India Ltd (NESTLEIND): ₹445 Cr

### Net debt — lowest net debt
1. Nestle India Ltd (NESTLEIND): ₹-876 Cr
2. Dodla Dairy Ltd (DODLA): ₹-513 Cr
3. Heritage Foods Ltd (HERITGFOOD): ₹100 Cr
4. Vadilal Industries Ltd (VADILALIND): ₹172 Cr
5. Parag Milk Foods Ltd (PARAGMILK): ₹589 Cr

### 20-quarter Gross debt history
- NESTLEIND: Sep 2021 ₹151 Cr | Dec 2021 ₹266 Cr | Mar 2022 ₹266 Cr | Jun 2022 ₹280 Cr | Sep 2022 ₹280 Cr | Dec 2022 ₹273 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹345 Cr | Jun 2024 ₹345 Cr | Sep 2024 ₹370 Cr | Dec 2024 ₹370 Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹477 Cr | Dec 2025 ₹477 Cr | Mar 2026 ₹444 Cr | Jun 2026 ₹445 Cr
- HATSUN: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.8K Cr
- DODLA: Sep 2021 ₹13 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹46 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹57 Cr | Jun 2026 —
- VADILALIND: Sep 2021 ₹148 Cr | Dec 2021 ₹148 Cr | Mar 2022 ₹186 Cr | Jun 2022 ₹186 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹291 Cr | Jun 2023 ₹291 Cr | Sep 2023 ₹185 Cr | Dec 2023 ₹185 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹223 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹155 Cr | Mar 2025 ₹218 Cr | Jun 2025 ₹218 Cr | Sep 2025 ₹204 Cr | Dec 2025 ₹204 Cr | Mar 2026 ₹230 Cr | Jun 2026 —
- HERITGFOOD: Sep 2021 ₹37 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹19 Cr | Dec 2022 — | Mar 2023 ₹168 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹132 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹143 Cr | Dec 2024 ₹143 Cr | Mar 2025 ₹175 Cr | Jun 2025 ₹174 Cr | Sep 2025 ₹220 Cr | Dec 2025 ₹220 Cr | Mar 2026 ₹361 Cr | Jun 2026 ₹361 Cr
- PARAGMILK: Sep 2021 ₹388 Cr | Dec 2021 ₹388 Cr | Mar 2022 ₹523 Cr | Jun 2022 ₹534 Cr | Sep 2022 ₹644 Cr | Dec 2022 ₹644 Cr | Mar 2023 ₹606 Cr | Jun 2023 ₹606 Cr | Sep 2023 ₹626 Cr | Dec 2023 ₹626 Cr | Mar 2024 ₹616 Cr | Jun 2024 ₹645 Cr | Sep 2024 ₹648 Cr | Dec 2024 ₹648 Cr | Mar 2025 ₹654 Cr | Jun 2025 ₹654 Cr | Sep 2025 ₹543 Cr | Dec 2025 ₹543 Cr | Mar 2026 ₹607 Cr | Jun 2026 —
- VADILENT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹6 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹28 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹47 Cr | Jun 2025 — | Sep 2025 ₹57 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter Net debt history
- NESTLEIND: Sep 2021 ₹-2.0K Cr | Dec 2021 ₹-516 Cr | Mar 2022 ₹-516 Cr | Jun 2022 ₹-723 Cr | Sep 2022 ₹-723 Cr | Dec 2022 ₹-871 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-454 Cr | Jun 2024 ₹-454 Cr | Sep 2024 ₹149 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹111 Cr | Dec 2025 ₹111 Cr | Mar 2026 ₹-876 Cr | Jun 2026 ₹-876 Cr
- HATSUN: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.8K Cr
- DODLA: Sep 2021 ₹-294 Cr | Dec 2021 ₹-294 Cr | Mar 2022 ₹-225 Cr | Jun 2022 ₹-244 Cr | Sep 2022 ₹-344 Cr | Dec 2022 ₹-344 Cr | Mar 2023 ₹-233 Cr | Jun 2023 ₹-233 Cr | Sep 2023 ₹-280 Cr | Dec 2023 ₹-280 Cr | Mar 2024 ₹-241 Cr | Jun 2024 ₹-241 Cr | Sep 2024 ₹-573 Cr | Dec 2024 ₹-573 Cr | Mar 2025 ₹-690 Cr | Jun 2025 ₹-690 Cr | Sep 2025 ₹-514 Cr | Dec 2025 ₹-514 Cr | Mar 2026 ₹-513 Cr | Jun 2026 —
- VADILALIND: Sep 2021 ₹103 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹141 Cr | Jun 2022 ₹134 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹259 Cr | Jun 2023 ₹253 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹159 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹-23 Cr | Mar 2025 ₹165 Cr | Jun 2025 ₹161 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹172 Cr | Jun 2026 —
- HERITGFOOD: Sep 2021 ₹-109 Cr | Dec 2021 ₹-109 Cr | Mar 2022 ₹-15 Cr | Jun 2022 ₹-15 Cr | Sep 2022 ₹-138 Cr | Dec 2022 — | Mar 2023 ₹144 Cr | Jun 2023 ₹149 Cr | Sep 2023 ₹-59 Cr | Dec 2023 ₹-59 Cr | Mar 2024 ₹-78 Cr | Jun 2024 ₹-74 Cr | Sep 2024 ₹-222 Cr | Dec 2024 ₹-222 Cr | Mar 2025 ₹-88 Cr | Jun 2025 ₹-85 Cr | Sep 2025 ₹-124 Cr | Dec 2025 ₹-124 Cr | Mar 2026 ₹100 Cr | Jun 2026 ₹100 Cr
- PARAGMILK: Sep 2021 ₹292 Cr | Dec 2021 ₹292 Cr | Mar 2022 ₹450 Cr | Jun 2022 ₹450 Cr | Sep 2022 ₹552 Cr | Dec 2022 ₹552 Cr | Mar 2023 ₹591 Cr | Jun 2023 ₹591 Cr | Sep 2023 ₹609 Cr | Dec 2023 ₹609 Cr | Mar 2024 ₹588 Cr | Jun 2024 ₹617 Cr | Sep 2024 ₹631 Cr | Dec 2024 ₹631 Cr | Mar 2025 ₹629 Cr | Jun 2025 ₹629 Cr | Sep 2025 ₹528 Cr | Dec 2025 ₹528 Cr | Mar 2026 ₹589 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Nestle India Ltd leads ROCE at 85.3%, 63.1 percentage points above Vadilal Industries Ltd. Dodla Dairy Ltd has the strongest latest improvement at +12.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Nestle India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Nestle India Ltd · 85.3% | 284.2% versus #2 · Vadilal Industries Ltd | 2/5 recent comparable periods | 8/8 companies · 84 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Nestle India Ltd (NESTLEIND): 85%
2. Vadilal Industries Ltd (VADILALIND): 22%
3. Vadilal Enterprises Ltd (VADILENT): 20% — older report
4. Dodla Dairy Ltd (DODLA): 17%
5. Heritage Foods Ltd (HERITGFOOD): 15%

### ROCE change — fastest improvers
1. Dodla Dairy Ltd (DODLA): +12.1 pp
2. Nestle India Ltd (NESTLEIND): +2.7 pp
3. Hatsun Agro Product Ltd (HATSUN): +1.9 pp
4. Kwality Ltd (KWALITY): +1.0 pp — older report
5. Parag Milk Foods Ltd (PARAGMILK): −0.8 pp

### 20-quarter ROCE history
- NESTLEIND: Sep 2021 — | Dec 2021 55% | Mar 2022 — | Jun 2022 51% | Sep 2022 — | Dec 2022 56% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 64% | Jun 2024 — | Sep 2024 58% | Dec 2024 — | Mar 2025 56% | Jun 2025 62% | Sep 2025 52% | Dec 2025 58% | Mar 2026 54% | Jun 2026 65%
- HATSUN: Sep 2021 18% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 16% | Dec 2023 — | Mar 2024 17% | Jun 2024 — | Sep 2024 21% | Dec 2024 21% | Mar 2025 18% | Jun 2025 19% | Sep 2025 19% | Dec 2025 21% | Mar 2026 20% | Jun 2026 —
- DODLA: Sep 2021 20% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 14% | Dec 2023 20% | Mar 2024 18% | Jun 2024 26% | Sep 2024 21% | Dec 2024 27% | Mar 2025 0.6% | Jun 2025 26% | Sep 2025 -1.2% | Dec 2025 21% | Mar 2026 13% | Jun 2026 —
- VADILALIND: Sep 2021 19% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 32% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 28% | Dec 2023 35% | Mar 2024 28% | Jun 2024 33% | Sep 2024 25% | Dec 2024 30% | Mar 2025 23% | Jun 2025 25% | Sep 2025 18% | Dec 2025 20% | Mar 2026 19% | Jun 2026 —
- HERITGFOOD: Sep 2021 28% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 13% | Dec 2023 16% | Mar 2024 16% | Jun 2024 24% | Sep 2024 22% | Dec 2024 29% | Mar 2025 23% | Jun 2025 23% | Sep 2025 18% | Dec 2025 20% | Mar 2026 13% | Jun 2026 15%
- PARAGMILK: Sep 2021 7.5% | Dec 2021 — | Mar 2022 -58% | Jun 2022 — | Sep 2022 -52% | Dec 2022 — | Mar 2023 8.5% | Jun 2023 — | Sep 2023 10% | Dec 2023 15% | Mar 2024 11% | Jun 2024 16% | Sep 2024 13% | Dec 2024 17% | Mar 2025 16% | Jun 2025 18% | Sep 2025 16% | Dec 2025 17% | Mar 2026 15% | Jun 2026 —

### 20-quarter ROCE change history
- NESTLEIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.0 pp | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −8.2 pp | Jun 2025 — | Sep 2025 −5.9 pp | Dec 2025 — | Mar 2026 −1.6 pp | Jun 2026 +2.7 pp
- HATSUN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.0 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +4.2 pp | Dec 2023 — | Mar 2024 +3.8 pp | Jun 2024 — | Sep 2024 +4.1 pp | Dec 2024 — | Mar 2025 +0.7 pp | Jun 2025 — | Sep 2025 −1.3 pp | Dec 2025 −0.2 pp | Mar 2026 +1.9 pp | Jun 2026 —
- DODLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.9 pp | Dec 2022 — | Mar 2023 −4.8 pp | Jun 2023 — | Sep 2023 −1.2 pp | Dec 2023 — | Mar 2024 +5.1 pp | Jun 2024 — | Sep 2024 +7.0 pp | Dec 2024 +7.0 pp | Mar 2025 −17.5 pp | Jun 2025 0.0 pp | Sep 2025 −22.2 pp | Dec 2025 −5.3 pp | Mar 2026 +12.1 pp | Jun 2026 —
- VADILALIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +13.2 pp | Dec 2022 — | Mar 2023 +5.7 pp | Jun 2023 — | Sep 2023 −4.1 pp | Dec 2023 — | Mar 2024 +1.4 pp | Jun 2024 — | Sep 2024 −2.5 pp | Dec 2024 −5.5 pp | Mar 2025 −4.6 pp | Jun 2025 −7.7 pp | Sep 2025 −7.2 pp | Dec 2025 −10.3 pp | Mar 2026 −3.6 pp | Jun 2026 —
- HERITGFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −16.2 pp | Dec 2022 — | Mar 2023 −9.4 pp | Jun 2023 — | Sep 2023 +0.8 pp | Dec 2023 — | Mar 2024 +5.0 pp | Jun 2024 — | Sep 2024 +9.5 pp | Dec 2024 +12.5 pp | Mar 2025 +6.9 pp | Jun 2025 −0.2 pp | Sep 2025 −4.1 pp | Dec 2025 −8.3 pp | Mar 2026 −9.4 pp | Jun 2026 −8.1 pp
- PARAGMILK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −59.2 pp | Dec 2022 — | Mar 2023 +66.1 pp | Jun 2023 — | Sep 2023 +61.9 pp | Dec 2023 — | Mar 2024 +2.8 pp | Jun 2024 — | Sep 2024 +2.7 pp | Dec 2024 +1.6 pp | Mar 2025 +4.9 pp | Jun 2025 +2.8 pp | Sep 2025 +3.1 pp | Dec 2025 +0.5 pp | Mar 2026 −0.8 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Parag Milk Foods Ltd has the lowest comparable Guarded PEG at 0.64×, 51.9% below Heritage Foods Ltd. Only 6 of 8 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Parag Milk Foods Ltd · 0.64× | 51.9% versus #2 · Heritage Foods Ltd | 0/8 recent comparable periods | 6/8 companies · 43 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Parag Milk Foods Ltd (PARAGMILK): 0.6
2. Heritage Foods Ltd (HERITGFOOD): 1.3
3. Dodla Dairy Ltd (DODLA): 1.8
4. Hatsun Agro Product Ltd (HATSUN): 2.0
5. Vadilal Industries Ltd (VADILALIND): 3.5

### P/E — lowest P/E
1. Parag Milk Foods Ltd (PARAGMILK): 19.2
2. Heritage Foods Ltd (HERITGFOOD): 24.5
3. Dodla Dairy Ltd (DODLA): 25.9
4. Vadilal Industries Ltd (VADILALIND): 31.1
5. Hatsun Agro Product Ltd (HATSUN): 56.7

### 20-quarter Guarded PEG history
- NESTLEIND: Sep 2021 16.1 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10.5 | Dec 2022 — | Mar 2023 3.1 | Jun 2023 2.3 | Sep 2023 2.0 | Dec 2023 12.0 | Mar 2024 3.1 | Jun 2024 11.9 | Sep 2024 — | Dec 2024 12.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.9 | Mar 2026 2.7 | Jun 2026 7.3
- HATSUN: Sep 2021 6.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2.1 | Sep 2023 — | Dec 2023 4.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.9 | Mar 2026 2.0 | Jun 2026 —
- DODLA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.7 | Mar 2023 0.5 | Jun 2023 — | Sep 2023 3.0 | Dec 2023 — | Mar 2024 — | Jun 2024 1.1 | Sep 2024 0.8 | Dec 2024 0.6 | Mar 2025 — | Jun 2025 0.7 | Sep 2025 1.1 | Dec 2025 1.5 | Mar 2026 1.8 | Jun 2026 —
- VADILALIND: Sep 2021 — | Dec 2021 — | Mar 2022 0.8 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 — | Sep 2023 0.4 | Dec 2023 — | Mar 2024 — | Jun 2024 0.4 | Sep 2024 0.6 | Dec 2024 0.7 | Mar 2025 3.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HERITGFOOD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.0 | Dec 2022 — | Mar 2023 — | Jun 2023 2.3 | Sep 2023 — | Dec 2023 2.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PARAGMILK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.8 | Sep 2024 0.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.2 | Dec 2025 0.8 | Mar 2026 0.6 | Jun 2026 —

### 20-quarter P/E history
- NESTLEIND: Sep 2021 83.7 | Dec 2021 89.7 | Mar 2022 79.4 | Jun 2022 80.8 | Sep 2022 86.2 | Dec 2022 79.1 | Mar 2023 75.0 | Jun 2023 81.3 | Sep 2023 73.4 | Dec 2023 85.5 | Mar 2024 84.2 | Jun 2024 81.9 | Sep 2024 83.4 | Dec 2024 64.0 | Mar 2025 67.7 | Jun 2025 77.2 | Sep 2025 75.4 | Dec 2025 83.2 | Mar 2026 73.6 | Jun 2026 79.5
- HATSUN: Sep 2021 146.1 | Dec 2021 144.4 | Mar 2022 — | Jun 2022 104.5 | Sep 2022 158.8 | Dec 2022 140.0 | Mar 2023 113.9 | Jun 2023 105.5 | Sep 2023 111.4 | Dec 2023 105.6 | Mar 2024 84.0 | Jun 2024 85.5 | Sep 2024 97.1 | Dec 2024 85.6 | Mar 2025 80.3 | Jun 2025 75.5 | Sep 2025 70.3 | Dec 2025 65.8 | Mar 2026 59.0 | Jun 2026 58.7
- DODLA: Sep 2021 27.6 | Dec 2021 27.4 | Mar 2022 28.4 | Jun 2022 21.8 | Sep 2022 25.1 | Dec 2022 22.8 | Mar 2023 19.7 | Jun 2023 28.9 | Sep 2023 31.0 | Dec 2023 38.3 | Mar 2024 33.5 | Jun 2024 37.0 | Sep 2024 35.8 | Dec 2024 33.3 | Mar 2025 29.0 | Jun 2025 34.7 | Sep 2025 30.8 | Dec 2025 28.4 | Mar 2026 22.3 | Jun 2026 26.4
- VADILALIND: Sep 2021 26.7 | Dec 2021 16.1 | Mar 2022 24.8 | Jun 2022 31.6 | Sep 2022 22.2 | Dec 2022 19.7 | Mar 2023 17.7 | Jun 2023 21.4 | Sep 2023 15.7 | Dec 2023 14.1 | Mar 2024 21.2 | Jun 2024 20.9 | Sep 2024 18.8 | Dec 2024 19.1 | Mar 2025 21.2 | Jun 2025 26.6 | Sep 2025 27.9 | Dec 2025 26.7 | Mar 2026 25.2 | Jun 2026 —
- HERITGFOOD: Sep 2021 26.1 | Dec 2021 16.0 | Mar 2022 13.5 | Jun 2022 12.5 | Sep 2022 19.6 | Dec 2022 28.0 | Mar 2023 25.2 | Jun 2023 33.6 | Sep 2023 31.8 | Dec 2023 39.8 | Mar 2024 37.3 | Jun 2024 48.9 | Sep 2024 39.6 | Dec 2024 25.3 | Mar 2025 18.8 | Jun 2025 23.0 | Sep 2025 25.5 | Dec 2025 24.4 | Mar 2026 17.3 | Jun 2026 21.9
- PARAGMILK: Sep 2021 31.7 | Dec 2021 25.4 | Mar 2022 19.7 | Jun 2022 13.9 | Sep 2022 -2.2 | Dec 2022 -2.2 | Mar 2023 16.0 | Jun 2023 30.4 | Sep 2023 38.3 | Dec 2023 34.9 | Mar 2024 23.7 | Jun 2024 22.8 | Sep 2024 23.5 | Dec 2024 21.9 | Mar 2025 17.4 | Jun 2025 22.4 | Sep 2025 27.1 | Dec 2025 25.9 | Mar 2026 17.4 | Jun 2026 —
- VADILENT: Sep 2021 171.6 | Dec 2021 36.1 | Mar 2022 32.9 | Jun 2022 69.1 | Sep 2022 13.6 | Dec 2022 72.8 | Mar 2023 30.6 | Jun 2023 50.3 | Sep 2023 306.8 | Dec 2023 40.2 | Mar 2024 41.4 | Jun 2024 42.9 | Sep 2024 15.5 | Dec 2024 27.0 | Mar 2025 150.5 | Jun 2025 160.4 | Sep 2025 152.1 | Dec 2025 231.9 | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Parag Milk Foods Ltd leads both ev/ebitda at 9.5× and p/bv at 2.12×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Parag Milk Foods Ltd · 9.5× | 15.2% versus #2 · Heritage Foods Ltd | 0/8 recent comparable periods | 7/8 companies · 132 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Parag Milk Foods Ltd (PARAGMILK): 9.5
2. Heritage Foods Ltd (HERITGFOOD): 11.2
3. Vadilal Industries Ltd (VADILALIND): 14.6
4. Dodla Dairy Ltd (DODLA): 18.7
5. Hatsun Agro Product Ltd (HATSUN): 18.9

### P/BV — lowest P/BV
1. Parag Milk Foods Ltd (PARAGMILK): 2.1
2. Heritage Foods Ltd (HERITGFOOD): 2.8
3. Dodla Dairy Ltd (DODLA): 3.8
4. Vadilal Industries Ltd (VADILALIND): 5.7
5. Hatsun Agro Product Ltd (HATSUN): 10.8

### 20-quarter EV/EBITDA history
- NESTLEIND: Sep 2021 56.5 | Dec 2021 56.5 | Mar 2022 50.3 | Jun 2022 50.4 | Sep 2022 54.0 | Dec 2022 51.8 | Mar 2023 49.2 | Jun 2023 54.3 | Sep 2023 50.5 | Dec 2023 56.7 | Mar 2024 54.5 | Jun 2024 52.9 | Sep 2024 56.5 | Dec 2024 46.3 | Mar 2025 47.3 | Jun 2025 49.5 | Sep 2025 47.5 | Dec 2025 51.1 | Mar 2026 47.0 | Jun 2026 50.9
- HATSUN: Sep 2021 55.1 | Dec 2021 54.2 | Mar 2022 — | Jun 2022 39.9 | Sep 2022 49.9 | Dec 2022 41.2 | Mar 2023 31.4 | Jun 2023 30.9 | Sep 2023 35.8 | Dec 2023 35.4 | Mar 2024 29.0 | Jun 2024 27.7 | Sep 2024 31.0 | Dec 2024 27.7 | Mar 2025 26.2 | Jun 2025 22.9 | Sep 2025 21.1 | Dec 2025 20.6 | Mar 2026 19.0 | Jun 2026 18.9
- DODLA: Sep 2021 13.7 | Dec 2021 13.7 | Mar 2022 12.9 | Jun 2022 12.3 | Sep 2022 13.2 | Dec 2022 12.9 | Mar 2023 11.7 | Jun 2023 15.9 | Sep 2023 17.3 | Dec 2023 21.0 | Mar 2024 17.2 | Jun 2024 19.2 | Sep 2024 19.6 | Dec 2024 18.4 | Mar 2025 16.8 | Jun 2025 20.5 | Sep 2025 18.7 | Dec 2025 17.3 | Mar 2026 14.6 | Jun 2026 18.7
- VADILALIND: Sep 2021 10.5 | Dec 2021 7.5 | Mar 2022 10.9 | Jun 2022 14.3 | Sep 2022 12.0 | Dec 2022 11.1 | Mar 2023 10.3 | Jun 2023 12.4 | Sep 2023 10.3 | Dec 2023 8.9 | Mar 2024 13.8 | Jun 2024 14.2 | Sep 2024 12.4 | Dec 2024 12.1 | Mar 2025 12.9 | Jun 2025 16.3 | Sep 2025 16.9 | Dec 2025 15.9 | Mar 2026 14.6 | Jun 2026 —
- HERITGFOOD: Sep 2021 11.2 | Dec 2021 8.3 | Mar 2022 7.2 | Jun 2022 6.8 | Sep 2022 9.2 | Dec 2022 11.7 | Mar 2023 10.1 | Jun 2023 13.7 | Sep 2023 14.5 | Dec 2023 17.1 | Mar 2024 17.0 | Jun 2024 24.9 | Sep 2024 21.8 | Dec 2024 14.3 | Mar 2025 10.7 | Jun 2025 12.9 | Sep 2025 13.8 | Dec 2025 13.3 | Mar 2026 9.4 | Jun 2026 11.2
- PARAGMILK: Sep 2021 10.0 | Dec 2021 8.0 | Mar 2022 6.7 | Jun 2022 5.7 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 13.2 | Sep 2023 18.3 | Dec 2023 17.3 | Mar 2024 13.7 | Jun 2024 12.1 | Sep 2024 12.1 | Dec 2024 11.2 | Mar 2025 9.2 | Jun 2025 11.1 | Sep 2025 13.0 | Dec 2025 13.4 | Mar 2026 9.5 | Jun 2026 —
- VADILENT: Sep 2021 10.2 | Dec 2021 6.9 | Mar 2022 7.7 | Jun 2022 10.1 | Sep 2022 7.0 | Dec 2022 17.2 | Mar 2023 12.4 | Jun 2023 15.3 | Sep 2023 22.9 | Dec 2023 13.7 | Mar 2024 14.0 | Jun 2024 12.9 | Sep 2024 8.4 | Dec 2024 14.1 | Mar 2025 32.6 | Jun 2025 32.8 | Sep 2025 49.8 | Dec 2025 30.8 | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- NESTLEIND: Sep 2021 83.8 | Dec 2021 97.6 | Mar 2022 80.4 | Jun 2022 72.4 | Sep 2022 79.2 | Dec 2022 76.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 75.7 | Jun 2024 73.7 | Sep 2024 66.4 | Dec 2024 53.5 | Mar 2025 55.6 | Jun 2025 59.1 | Sep 2025 55.9 | Dec 2025 55.3 | Mar 2026 51.9 | Jun 2026 52.5
- HATSUN: Sep 2021 29.4 | Dec 2021 26.3 | Mar 2022 20.8 | Jun 2022 17.1 | Sep 2022 21.0 | Dec 2022 18.4 | Mar 2023 13.1 | Jun 2023 14.2 | Sep 2023 17.4 | Dec 2023 17.3 | Mar 2024 14.3 | Jun 2024 14.5 | Sep 2024 16.5 | Dec 2024 14.6 | Mar 2025 13.7 | Jun 2025 12.3 | Sep 2025 11.6 | Dec 2025 11.8 | Mar 2026 11.2 | Jun 2026 11.2
- DODLA: Sep 2021 4.6 | Dec 2021 4.2 | Mar 2022 3.7 | Jun 2022 3.4 | Sep 2022 3.4 | Dec 2022 3.3 | Mar 2023 3.3 | Jun 2023 3.6 | Sep 2023 4.2 | Dec 2023 5.0 | Mar 2024 4.5 | Jun 2024 5.3 | Sep 2024 6.2 | Dec 2024 5.7 | Mar 2025 5.4 | Jun 2025 6.2 | Sep 2025 5.7 | Dec 2025 4.8 | Mar 2026 3.9 | Jun 2026 4.0
- VADILALIND: Sep 2021 3.0 | Dec 2021 2.4 | Mar 2022 3.5 | Jun 2022 5.6 | Sep 2022 4.8 | Dec 2022 5.0 | Mar 2023 5.3 | Jun 2023 6.9 | Sep 2023 4.7 | Dec 2023 3.6 | Mar 2024 6.2 | Jun 2024 7.7 | Sep 2024 5.3 | Dec 2024 4.5 | Mar 2025 5.0 | Jun 2025 7.4 | Sep 2025 5.6 | Dec 2025 4.6 | Mar 2026 3.9 | Jun 2026 —
- HERITGFOOD: Sep 2021 3.7 | Dec 2021 3.0 | Mar 2022 2.4 | Jun 2022 2.2 | Sep 2022 2.4 | Dec 2022 2.5 | Mar 2023 2.0 | Jun 2023 2.9 | Sep 2023 3.0 | Dec 2023 3.8 | Mar 2024 4.2 | Jun 2024 7.2 | Sep 2024 7.3 | Dec 2024 5.0 | Mar 2025 4.0 | Jun 2025 5.5 | Sep 2025 4.6 | Dec 2025 4.0 | Mar 2026 2.7 | Jun 2026 3.2
- PARAGMILK: Sep 2021 1.1 | Dec 2021 0.9 | Mar 2022 0.8 | Jun 2022 0.6 | Sep 2022 1.5 | Dec 2022 1.6 | Mar 2023 1.2 | Jun 2023 2.4 | Sep 2023 3.1 | Dec 2023 3.2 | Mar 2024 2.9 | Jun 2024 2.5 | Sep 2024 2.5 | Dec 2024 2.3 | Mar 2025 1.9 | Jun 2025 2.9 | Sep 2025 3.1 | Dec 2025 3.0 | Mar 2026 2.0 | Jun 2026 —
- VADILENT: Sep 2021 43.0 | Dec 2021 9.3 | Mar 2022 10.4 | Jun 2022 42.5 | Sep 2022 13.8 | Dec 2022 16.6 | Mar 2023 58.8 | Jun 2023 58.7 | Sep 2023 28.9 | Dec 2023 11.8 | Mar 2024 13.2 | Jun 2024 29.2 | Sep 2024 22.3 | Dec 2024 14.0 | Mar 2025 17.2 | Jun 2025 50.9 | Sep 2025 40.7 | Dec 2025 16.6 | Mar 2026 — | Jun 2026 —

## Market action

Vadilal Industries Ltd has the strongest one-year price move in FMCG - Dairy Products at +26.3%. It also leads on Mansfield relative strength against NIFTY at +30.1%. 2 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Vadilal Industries Ltd (VADILALIND): 26%
2. Nestle India Ltd (NESTLEIND): 16%
3. Hatsun Agro Product Ltd (HATSUN): -2.2%
4. Vadilal Enterprises Ltd (VADILENT): -3.3%
5. Parag Milk Foods Ltd (PARAGMILK): -12%

### Strongest relative strength versus NIFTY 500
1. Vadilal Industries Ltd (VADILALIND): 30%
2. Nestle India Ltd (NESTLEIND): 10%
3. Hatsun Agro Product Ltd (HATSUN): -2.3%
4. Vadilal Enterprises Ltd (VADILENT): -5.8%
5. Dodla Dairy Ltd (DODLA): -10%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Nestle India Ltd (NESTLEIND) — market value ₹2.8 L Cr; latest fundamentals Jun 2026
- Hatsun Agro Product Ltd (HATSUN) — market value ₹19.8K Cr; latest fundamentals Jun 2026
- Dodla Dairy Ltd (DODLA) — market value ₹6.4K Cr; latest fundamentals Jun 2026
- Vadilal Industries Ltd (VADILALIND) — market value ₹4.8K Cr; latest fundamentals Mar 2026
- Heritage Foods Ltd (HERITGFOOD) — market value ₹3.1K Cr; latest fundamentals Jun 2026
- Parag Milk Foods Ltd (PARAGMILK) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Vadilal Enterprises Ltd (VADILENT) — market value ₹848 Cr; latest fundamentals Dec 2025
- Kwality Ltd (KWALITY) — market value ₹53 Cr; latest fundamentals Sep 2021

## Source standing of each company

Cross-checked: 6. Unverified: 2. Withheld: 0. Graded companies: 8.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty FMCG - Dairy Products index?

The Nifty FMCG - Dairy Products index tracks India's listed FMCG - Dairy Products companies as a single basket. This page follows the same 8 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the FMCG - Dairy Products sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best FMCG - Dairy Products stocks in India?

Ranked by this page's four-factor score, Nestle India Ltd places first among 8 listed FMCG - Dairy Products companies, followed by Vadilal Industries Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many FMCG - Dairy Products stocks are listed in India?

This comparison covers 8 listed FMCG - Dairy Products companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which FMCG - Dairy Products company is the biggest?

Nestle India Ltd is the largest, with trailing-twelve-month revenue of ₹24,437 crore, ahead of Hatsun Agro Product Ltd at ₹9,625 crore. That covers 8 of 8 companies with comparable reporting through Jun 2026.

### Which FMCG - Dairy Products company is growing fastest?

Vadilal Industries Ltd has the fastest revenue growth at 21.2% year on year, across 8 of 8 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which FMCG - Dairy Products company has the best profit margins?

Nestle India Ltd has the highest operating margin at 24%, from 8 of 8 comparable companies. Kwality Ltd shows the biggest recent improvement, at +11.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which FMCG - Dairy Products company makes the most profit?

Nestle India Ltd earns the most, at ₹3,811 crore of trailing-twelve-month net profit, from 8 of 8 comparable companies. Nestle India Ltd has the fastest profit growth at 22.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which FMCG - Dairy Products company earns the highest return on capital?

Nestle India Ltd leads on return on capital employed at 85.3%, across 8 of 8 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which FMCG - Dairy Products stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Parag Milk Foods Ltd screens cheapest at 0.64×. Only 6 of 8 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which FMCG - Dairy Products company has the strongest balance sheet?

Dodla Dairy Ltd carries the lowest comparable gross debt at ₹57 crore, from 8 of 8 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which FMCG - Dairy Products stock has the strongest price momentum?

Vadilal Industries Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which FMCG - Dairy Products company scores highest for research priority?

Nestle India Ltd scores 68.2 out of 100 with 93% evidence confidence, from 30 points on growth and earnings, 20.7 on capital efficiency, 4 on valuation and 13.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many FMCG - Dairy Products companies does this comparison cover, and over what period?

It compares 8 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the FMCG - Dairy Products sector?

The 8 FMCG - Dairy Products companies on this page carry ₹3,16,036 crore of combined market value. Nestle India Ltd is the largest at ₹2,78,352 crore, about 88% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the FMCG - Dairy Products sector's P/E ratio?

The median price-to-earnings ratio across the 8 FMCG - Dairy Products companies on this page is 31.1×, measured on the 7 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the FMCG - Dairy Products sector performing?

2 of the 8 covered FMCG - Dairy Products companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/fmcg-dairy-products