20-quarter listed-company comparison

FMCG - Dairy Products Stocks in India

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

The 8 FMCG - Dairy Products companies listed in India are Nestle India Ltd (₹2.7 L Cr, the largest), Hatsun Agro Product Ltd, Dodla Dairy Ltd and 5 more. 6 of 8 covered companies beat NIFTY 500 on relative strength. Readings are as of 17 Sep 2026.

All 8 FMCG - Dairy Products Stocks in India (Sep 2026) — ranked by 4-Factor score

1Vadilal Enterprises Ltd₹894 Cr63.0/100Mixed-positive evidence · strongest on ROCE and profit growth
2Hatsun Agro Product Ltd₹27.3K Cr62.8/100Mixed-positive evidence · strongest on relative strength versus sector and own-history P/E
3Vadilal Industries Ltd₹5.0K Cr55.7/100Mixed-positive evidence · strongest on ROCE and profit growth
4Nestle India Ltd₹2.7 L Cr55.3/100Mixed-positive evidence · strongest on ROCE and ROCE improvement
5Parag Milk Foods Ltd₹3.4K Cr47.6/100Mixed-negative evidence · strongest on PEG and relative strength versus the benchmark
6Dodla Dairy Ltd₹6.6K Cr47.4/100Mixed-negative evidence · strongest on ROCE improvement and own-history P/E
7Heritage Foods Ltd₹3.9K Cr41.2/100Mixed-negative evidence · strongest on 13-week relative-strength change and PEG
8Kwality Ltd₹53 Cr35.6/100Thin evidence · provisional · strongest on margin improvement

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 11 Sep 2026. Not investment advice.

01 · the index people search for

Nifty FMCG - Dairy Products Index — Constituents & Performance

All 8 listed Indian FMCG - Dairy Products companies are named here, largest first — the same constituent set people search for as the Nifty FMCG - Dairy Products index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.

02 · the sector itself · before any single company

How has FMCG - Dairy Products moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 33% ahead of NIFTY 500. Earnings across its companies grew 9% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 7 weeks running.

BREAKING OUT · ahead 7w✓Price and the fundamentals both up5 of the 7 companies with a long enough price record ahead of NIFTY 500 by 5% or more over three months

RS ↑7w · 6/7 >200d (+2) · 5/7 lead (+4) · EPS 5/7↑

FMCG - Dairy Products, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of 7 of its 8 companies — the 1 with too short a price record are ranked in the scorecard but cannot sit in this line. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

03 · sector relative strength, before individual stocks

Is FMCG - Dairy Products outperforming NIFTY 500?

FMCG - Dairy Products has outperformed NIFTY 500 by 10.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 17.1%. 6 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Hatsun Agro Product Ltd is the strongest against the sector itself at +12.1%.

+17.1%Sector vs NIFTY 500 · 13 weeks

+10.7%Sector vs NIFTY 500 · 52 weeks

6/8Stocks leading NIFTY 500

2/8Stocks leading sector

Sector metric: 68.6 as of 2026-08-22 · NARROWING · rising.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

FMCG - Dairy Products has outperformed NIFTY 500 by 10.7% over 52 weeks and 17.1% over 13 weeks. 6 of 8 covered companies beat NIFTY on Mansfield relative strength, while 2 of 8 beat the sector itself. Nestle India Ltd leads with revenue of ₹24,437 crore, based on 8 of 8 comparable companies through Jun 2026.

Companies

complete canonical membership

Combined market value

₹3.1 L Cr

Nestle India Ltd

Revenue growing

7/8

positive TTM year-on-year growth

Beating NIFTY 500

6/8

positive Mansfield relative strength

Comparing 5 of 8

04 · research priority, made explicit

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.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Vadilal Enterprises Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 69.3% evidence confidence.

Parag Milk Foods Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.

Heritage Foods Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Vadilal Enterprises LtdVADILENT	63.0/100Mixed-positive evidence69% evidence		26.0/35 Revenue 25% · PAT 100% · OPM change -1 pp 95% evidence	14.8/25 ROCE 24.8% · OPM 5% 76% evidence	9.5/20 P/E 65.5× · PEG — 15% evidence	12.7/20 RS sector 1.7% · RS bench 4.4% · 1Y -0.5%2 of 12 weeks ahead 70% evidence
Exact sum: 26 + 14.8 + 9.5 + 12.7 = 63 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Hatsun Agro Product LtdHATSUN	62.8/100Mixed-positive evidence100% evidence	BREAKING OUT	17.7/35 Revenue 17.5% · PAT 23.6% · OPM change -4 pp 100% evidence	12.7/25 ROCE 15.2% · OPM 11% 100% evidence	12.9/20 P/E 74.6× · PEG 1.49 100% evidence	19.5/20 RS sector 12.1% · RS bench 29.2% · 1Y 34.1%3 of 12 weeks ahead 100% evidence
Exact sum: 17.7 + 12.7 + 12.9 + 19.5 = 62.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Vadilal Industries LtdVADILALIND	55.7/100Mixed-positive evidence94% evidence	BREAKING OUT	23.5/35 Revenue 30.7% · PAT 56.4% · OPM change 4 pp 100% evidence	16.6/25 ROCE 22% · OPM 24% 100% evidence	4.3/20 P/E 22.8× · PEG 3.52 100% evidence	11.3/20 RS sector -5.4% · RS bench 29.6% · 1Y 33.2%10 of 10 weeks ahead 70% evidence
Exact sum: 23.5 + 16.6 + 4.3 + 11.3 = 55.7 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
4Nestle India LtdNESTLEIND	55.3/100Mixed-positive evidence93% evidence	TURNING	25.9/35 Revenue 19.3% · PAT 22.7% · OPM change 3 pp 100% evidence	20.6/25 ROCE 85.3% · OPM 24% 100% evidence	4.0/20 P/E 72× · PEG 7.31 65% evidence	4.8/20 RS sector -8.9% · RS bench 5.3% · 1Y 14.5%4 of 12 weeks ahead 100% evidence
Exact sum: 25.9 + 20.6 + 4 + 4.8 = 55.3 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -8.9% and the one-year return is 14.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
5Parag Milk Foods LtdPARAGMILK	47.6/100Mixed-negative evidence94% evidence	TURNING	12.9/35 Revenue 10.9% · PAT 9.2% · OPM change 0 pp 100% evidence	10.4/25 ROCE 13.5% · OPM 7% 100% evidence	16.4/20 P/E 25× · PEG 0.64 100% evidence	7.9/20 RS sector -9.6% · RS bench 9.1% · 1Y 7.2%2 of 10 weeks ahead 70% evidence
Exact sum: 12.9 + 10.4 + 16.4 + 7.9 = 47.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
6Dodla Dairy LtdDODLA	47.4/100Mixed-negative evidence94% evidence	TURNING	16.8/35 Revenue 13.1% · PAT -4.7% · OPM change -3 pp 100% evidence	12.8/25 ROCE 16.7% · OPM 5% 100% evidence	11.7/20 P/E 26.6× · PEG 1.75 100% evidence	6.1/20 RS sector -6.3% · RS bench -4.1% · 1Y -25.4%0 of 10 weeks ahead 70% evidence
Exact sum: 16.8 + 12.8 + 11.7 + 6.1 = 47.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Heritage Foods LtdHERITGFOOD	41.2/100Mixed-negative evidence100% evidence	BREAKING OUT	6.9/35 Revenue 11.5% · PAT -21.1% · OPM change -1.4 pp 100% evidence	9.4/25 ROCE 14.8% · OPM 4.6% 100% evidence	11.1/20 P/E 30.5× · PEG 1.33 100% evidence	13.8/20 RS sector -5.3% · RS bench 8.8% · 1Y -11.5%4 of 12 weeks ahead 100% evidence
Exact sum: 6.9 + 9.4 + 11.1 + 13.8 = 41.2 · Decision use: Price leads the evidence: RS versus the benchmark is 8.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8Kwality LtdKWALITY	35.6/100Thin evidence · provisional38% evidence		17.2/35 Revenue -27.3% · PAT -80% · OPM change 11.8 pp 27% evidence	5.4/25 ROCE -190% · OPM -2.3% 57% evidence	10.0/20 P/E — · PEG — 0% evidence	3.0/20 RS sector -32.2% · RS bench -39.6% · 1Y —2 of 11 weeks ahead to 2021-02-24 70% evidence
Exact sum: 17.2 + 5.4 + 10 + 3 = 35.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

05 · what price has already done

Market action

Hatsun Agro Product Ltd has the strongest one-year price move in FMCG - Dairy Products at +34.1%. Vadilal Industries Ltd leads on Mansfield relative strength against NIFTY at +29.6%. 6 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-09-11.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

06 · the story behind the numbers

FMCG - Dairy Products — the story behind the numbers

This is the written read behind the FMCG - Dairy Products figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 29 Jul 2026. 5 themes are live here, 2 of them rated high severity.

The Dairy Products sector shows divergent performance trajectories in Q4 FY26. NESTLEIND reported revenue of ₹6,747.79 crore, up 22.6% YoY, with PAT rising 27% to ₹1,110.9 crore. VADILALIND posted sharper growth rates, with revenue up 51% YoY to ₹416 crore and PAT jumping 150% to ₹55 crore.

How old this read is: This read comes from our FMCG - Dairy Products sector brief dated 29 Jul 2026 — 50 days old. The numbers above it are newer than the words here.

What is live in this sector right now

Live theme	Severity	Evidence on file
FSSAI notices over alleged insect detection in Maggi; alleged violations under Minimum Wages Act 1948 and Code of Wages 2019.Named for NESTLEIND, VADILALIND	high	Company rejected allegations and submitted test reports; Board constituted dedicated sub-committee.
Independent Director resigned citing minimum wage non-payment; company recognized ₹4.18 crore incremental employee benefit expense.Named for VADILALIND	high	Company initiated compliance review and formed sub-committee with independent advisors.
Management flagged Middle East political situation as a 'yellow flag' for inflation and costs.Named for NESTLEIND	medium	97% materials sourced locally.
EBITDA margin impacted by elevated edible oil, milk, SMP, cream, nuts, and palm oil prices.Named for NESTLEIND, VADILALIND	medium	“Nestle posted a 22.6% rise to Rs 6,748 crore in standalone revenue, versus an estimate of Rs 6,186 crore, and an EBITDA of Rs 1,772 crore.” Focus on operating cost efficiency and premium segments; inventory procurement during November-January.
Three-decade family feud returned to Bombay High Court in June 2026.Named for VADILALIND	medium	Justice reserved order after hearing all parties; matter subjudice.

Sources: our FMCG - Dairy Products sector brief, 29 Jul 2026 · company earnings-call transcripts.

07 · compare level, then change

Revenue Scale & Growth Durability

Nestle India Ltd has the highest Revenue among the 8 FMCG - Dairy Products companies compared here, at ₹24,437 crore. Hatsun Agro Product Ltd is next at ₹10,413 crore. Vadilal Industries Ltd has the highest Revenue growth at 30.7%, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Nestle India Ltd is the scale leader at ₹24,437 crore, 134.7% ahead of Hatsun Agro Product Ltd. Vadilal Industries Ltd's growth is 30.7% from a ₹1,676 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderNestle India Ltd · ₹24,437 crore

Gap134.7% versus #2 · Hatsun Agro Product Ltd

Persistence8/8 recent comparable periods

Coverage8/8 companies · 135 observations

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.

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

Revenuelargest

1Nestle India Ltd NESTLEIND₹24.4K Cr

2Hatsun Agro Product Ltd HATSUN₹10.4K Cr

3Heritage Foods Ltd HERITGFOOD₹4.7K Cr

4Dodla Dairy Ltd DODLA₹4.3K Cr

5Parag Milk Foods Ltd PARAGMILK₹3.9K Cr

Revenue growthfastest growers

1Vadilal Industries Ltd VADILALIND31%

2Vadilal Enterprises Ltd VADILENT25%

3Nestle India Ltd NESTLEIND19%

4Hatsun Agro Product Ltd HATSUN18%

5Dodla Dairy Ltd DODLA13%

Revenue · company comparison

8/8 level · 8/8 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
Nestle India Ltd NESTLEIND	₹6.4K Cr	25%	Jun 2026
Hatsun Agro Product Ltd HATSUN	₹3.1K Cr	22%	Jun 2026
Heritage Foods Ltd HERITGFOOD	₹1.3K Cr	18%	Jun 2026
Dodla Dairy Ltd DODLA	₹1.2K Cr	19%	Jun 2026
Parag Milk Foods Ltd PARAGMILK	₹945 Cr	11%	Jun 2026
Vadilal Enterprises Ltd VADILENT	₹704 Cr	36%	Jun 2026
Vadilal Industries Ltd VADILALIND	₹680 Cr	34%	Jun 2026
Kwality Ltd KWALITY	₹18 Cr	-28%	Sep 2021

Full 20-quarter history · every available company

Revenue · reported quarter history

Dodla Dairy Ltd · 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

Hatsun Agro Product Ltd · 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₹2.5K Cr

Sep 2025₹2.4K Cr

Dec 2025₹2.4K Cr

Mar 2026₹2.6K Cr

Jun 2026₹3.1K Cr

Heritage Foods Ltd · 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

Kwality Ltd · 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—

Nestle India Ltd · 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

Parag Milk Foods Ltd · 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₹945 Cr

Vadilal Enterprises Ltd · 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₹291 Cr

Jun 2026₹704 Cr

Vadilal Industries Ltd · 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₹507 Cr

Sep 2025₹341 Cr

Dec 2025₹239 Cr

Mar 2026₹416 Cr

Jun 2026₹680 Cr

Revenue growth · reported quarter history

Dodla Dairy Ltd · DODLA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202240%

Sep 202223%

Dec 202217%

Mar 202323%

Jun 202315%

Sep 202311%

Dec 202311%

Mar 20248.7%

Jun 202411%

Sep 202430%

Dec 202421%

Mar 202516%

Jun 202510%

Sep 20252.1%

Dec 202514%

Mar 202618%

Jun 202619%

Hatsun Agro Product Ltd · HATSUN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20226.9%

Dec 20226.9%

Mar 2023—

Jun 20236.8%

Sep 20239.0%

Dec 202311%

Mar 202414%

Jun 202410%

Sep 20248.8%

Dec 20246.5%

Mar 20259.6%

Jun 20256.7%

Sep 202515%

Dec 202518%

Mar 202615%

Jun 202622%

Heritage Foods Ltd · HERITGFOOD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202222%

Dec 202218%

Mar 202318%

Jun 202313%

Sep 202320%

Dec 202320%

Mar 202416%

Jun 202412%

Sep 20244.2%

Dec 20249.9%

Mar 202510%

Jun 202510%

Sep 20259.1%

Dec 20258.2%

Mar 202611%

Jun 202618%

Kwality Ltd · 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—

Nestle India Ltd · NESTLEIND

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202218%

Dec 202214%

Mar 202321%

Jun 202315%

Sep 20239.7%

Dec 20238.3%

Mar 20247.9%

Jun 20243.3%

Sep 20241.3%

Dec 20243.9%

Mar 20255.6%

Jun 20255.9%

Sep 202511%

Dec 202519%

Mar 202623%

Jun 202625%

Parag Milk Foods Ltd · PARAGMILK

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202258%

Sep 202225%

Dec 202237%

Mar 202343%

Jun 20238.5%

Sep 202320%

Dec 20238.8%

Mar 2024-1.4%

Jun 20241.1%

Sep 20249.2%

Dec 202410%

Mar 202516%

Jun 202512%

Sep 202516%

Dec 202514%

Mar 20262.9%

Jun 202611%

Vadilal Enterprises Ltd · VADILENT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202320%

Mar 2024-1.1%

Jun 202418%

Sep 20240.8%

Dec 20243.0%

Mar 202519%

Jun 20250.8%

Sep 20257.3%

Dec 20256.6%

Mar 202630%

Jun 202636%

Vadilal Industries Ltd · VADILALIND

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022137%

Sep 202241%

Dec 20227.8%

Mar 202319%

Jun 20234.1%

Sep 20236.6%

Dec 202321%

Mar 2024-2.0%

Jun 202413%

Sep 20242.4%

Dec 202417%

Mar 20259.6%

Jun 20259.3%

Sep 202515%

Dec 202517%

Mar 202651%

Jun 202634%

08 · compare level, then change

Operating Economics & Margin Trend

Nestle India Ltd has the highest OPM among the 8 FMCG - Dairy Products companies compared here, at 24%. Kwality Ltd has the highest Margin change at +11.8 percentage points, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Jun 2026.

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

LeaderNestle India Ltd · 24%

Gap0% versus #2 · Vadilal Industries Ltd

Persistence3/8 recent comparable periods

Coverage8/8 companies · 141 observations

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.

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

OPMhighest

1Nestle India Ltd NESTLEIND24%

2Vadilal Industries Ltd VADILALIND24%

3Hatsun Agro Product Ltd HATSUN11%

4Parag Milk Foods Ltd PARAGMILK7.0%

5Dodla Dairy Ltd DODLA5.0%

Margin changefastest expanders

1Kwality Ltd KWALITY · older report+11.8 pp

2Vadilal Industries Ltd VADILALIND+4.0 pp

3Nestle India Ltd NESTLEIND+3.0 pp

4Parag Milk Foods Ltd PARAGMILK0.0 pp

5Vadilal Enterprises Ltd VADILENT−1.0 pp

Operating margin · company comparison

8/8 level · 8/8 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
Nestle India Ltd NESTLEIND	24%	+3.0 pp	Jun 2026
Vadilal Industries Ltd VADILALIND	24%	+4.0 pp	Jun 2026
Hatsun Agro Product Ltd HATSUN	11%	−4.0 pp	Jun 2026
Parag Milk Foods Ltd PARAGMILK	7.0%	0.0 pp	Jun 2026
Dodla Dairy Ltd DODLA	5.0%	−3.0 pp	Jun 2026
Vadilal Enterprises Ltd VADILENT	5.0%	−1.0 pp	Jun 2026
Heritage Foods Ltd HERITGFOOD	4.6%	−1.4 pp	Jun 2026
Kwality Ltd KWALITY	-2.3%	+11.8 pp	Sep 2021

Full 20-quarter history · every available company

OPM · reported quarter history

Dodla Dairy Ltd · DODLA

Sep 202111%

Dec 20219.0%

Mar 20228.0%

Jun 20226.3%

Sep 20228.5%

Dec 20228.0%

Mar 20235.0%

Jun 20237.0%

Sep 20239.0%

Dec 202311%

Mar 202410%

Jun 202412%

Sep 202410%

Dec 202411%

Mar 20259.0%

Jun 20258.0%

Sep 20259.0%

Dec 20258.0%

Mar 20265.0%

Jun 20265.0%

Hatsun Agro Product Ltd · HATSUN

Sep 202113%

Dec 202111%

Mar 20229.8%

Jun 20228.8%

Sep 202210%

Dec 202211%

Mar 20238.7%

Jun 202311%

Sep 202311%

Dec 202311%

Mar 202411%

Jun 202414%

Sep 202412%

Dec 202411%

Mar 202510%

Jun 202515%

Sep 202514%

Dec 202511%

Mar 20269.0%

Jun 202611%

Heritage Foods Ltd · HERITGFOOD

Sep 20219.5%

Dec 20215.9%

Mar 20224.3%

Jun 20222.7%

Sep 20224.6%

Dec 20224.0%

Mar 20235.0%

Jun 20234.2%

Sep 20234.6%

Dec 20235.0%

Mar 20247.0%

Jun 20249.0%

Sep 20248.0%

Dec 20247.0%

Mar 20257.0%

Jun 20256.0%

Sep 20257.0%

Dec 20256.0%

Mar 20264.5%

Jun 20264.6%

Kwality Ltd · 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—

Nestle India Ltd · NESTLEIND

Sep 202124%

Dec 202123%

Mar 202223%

Jun 202220%

Sep 202222%

Dec 202223%

Mar 202323%

Jun 202323%

Sep 202324%

Dec 202324%

Mar 202422%

Jun 202423%

Sep 202423%

Dec 202423%

Mar 202525%

Jun 202521%

Sep 202522%

Dec 202521%

Mar 202626%

Jun 202624%

Parag Milk Foods Ltd · PARAGMILK

Sep 202110.0%

Dec 20219.1%

Mar 2022-104%

Jun 20221.4%

Sep 20225.7%

Dec 20225.0%

Mar 20234.7%

Jun 20235.0%

Sep 20237.0%

Dec 20238.0%

Mar 20244.7%

Jun 20247.0%

Sep 20248.0%

Dec 20248.0%

Mar 20257.0%

Jun 20257.0%

Sep 20257.0%

Dec 20257.0%

Mar 20266.0%

Jun 20267.0%

Vadilal Enterprises Ltd · VADILENT

Sep 202111%

Dec 2021-3.5%

Mar 2022-2.9%

Jun 20225.5%

Sep 2022-0.8%

Dec 2022-3.0%

Mar 2023-5.0%

Jun 20233.8%

Sep 20233.1%

Dec 2023-1.6%

Mar 2024-4.1%

Jun 20248.0%

Sep 20243.5%

Dec 2024-14%

Mar 2025-3.5%

Jun 20256.0%

Sep 20258.0%

Dec 2025-11%

Mar 20260.1%

Jun 20265.0%

Vadilal Industries Ltd · VADILALIND

Sep 202113%

Dec 20214.5%

Mar 202219%

Jun 202219%

Sep 202217%

Dec 2022-3.9%

Mar 202319%

Jun 202325%

Sep 202320%

Dec 20236.0%

Mar 202418%

Jun 202424%

Sep 202420%

Dec 202413%

Mar 202514%

Jun 202520%

Sep 202515%

Dec 20254.7%

Mar 202620%

Jun 202624%

Margin change · reported quarter history

Dodla Dairy Ltd · 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 20240.0 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

Hatsun Agro Product Ltd · 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+0.9 pp

Dec 2023−0.2 pp

Mar 2024+2.3 pp

Jun 2024+3.0 pp

Sep 2024+1.0 pp

Dec 20240.0 pp

Mar 2025−1.0 pp

Jun 2025+1.0 pp

Sep 2025+2.0 pp

Dec 20250.0 pp

Mar 2026−1.0 pp

Jun 2026−4.0 pp

Heritage Foods Ltd · 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+1.5 pp

Sep 2023−0.0 pp

Dec 2023+1.0 pp

Mar 2024+2.0 pp

Jun 2024+4.8 pp

Sep 2024+3.4 pp

Dec 2024+2.0 pp

Mar 20250.0 pp

Jun 2025−3.0 pp

Sep 2025−1.0 pp

Dec 2025−1.0 pp

Mar 2026−2.5 pp

Jun 2026−1.4 pp

Kwality Ltd · 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—

Nestle India Ltd · 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

Parag Milk Foods Ltd · 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+108.8 pp

Jun 2023+3.6 pp

Sep 2023+1.3 pp

Dec 2023+3.0 pp

Mar 20240.0 pp

Jun 2024+2.0 pp

Sep 2024+1.0 pp

Dec 20240.0 pp

Mar 2025+2.3 pp

Jun 20250.0 pp

Sep 2025−1.0 pp

Dec 2025−1.0 pp

Mar 2026−1.0 pp

Jun 20260.0 pp

Vadilal Enterprises Ltd · 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 2023−1.7 pp

Sep 2023+3.9 pp

Dec 2023+1.4 pp

Mar 2024+0.9 pp

Jun 2024+4.2 pp

Sep 2024+0.4 pp

Dec 2024−12.4 pp

Mar 2025+0.6 pp

Jun 2025−2.0 pp

Sep 2025+4.5 pp

Dec 2025+3.0 pp

Mar 2026+3.6 pp

Jun 2026−1.0 pp

Vadilal Industries Ltd · 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 20240.0 pp

Dec 2024+7.0 pp

Mar 2025−4.0 pp

Jun 2025−4.0 pp

Sep 2025−5.0 pp

Dec 2025−8.3 pp

Mar 2026+6.0 pp

Jun 2026+4.0 pp

09 · compare level, then change

Profit Scale & Acceleration

Nestle India Ltd has the highest Net profit among the 8 FMCG - Dairy Products companies compared here, at ₹3,811 crore. Hatsun Agro Product Ltd is next at ₹366 crore. Vadilal Enterprises Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Nestle India Ltd leads with ₹3,811 crore of TTM profit, 10.4× the profit of Hatsun Agro Product Ltd. Vadilal Enterprises Ltd shows ≥100% on the scoring scale growth from a ₹14 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderNestle India Ltd · ₹3,811 crore

Gap10.4× versus #2 · Hatsun Agro Product Ltd

Persistence4/8 recent comparable periods

Coverage8/8 companies · 135 observations

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.

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 profitlargest

1Nestle India Ltd NESTLEIND₹3.8K Cr

2Hatsun Agro Product Ltd HATSUN₹366 Cr

3Dodla Dairy Ltd DODLA₹246 Cr

4Vadilal Industries Ltd VADILALIND₹219 Cr

5Heritage Foods Ltd HERITGFOOD₹135 Cr

Profit growthfastest growers

1Vadilal Enterprises Ltd VADILENT100%

2Vadilal Industries Ltd VADILALIND56%

3Hatsun Agro Product Ltd HATSUN24%

4Nestle India Ltd NESTLEIND23%

5Parag Milk Foods Ltd PARAGMILK9.2%

Net profit · company comparison

8/8 level · 7/8 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Nestle India Ltd NESTLEIND	₹959 Cr	48%	Jun 2026
Hatsun Agro Product Ltd HATSUN	₹134 Cr	-9.5%	Jun 2026
Vadilal Industries Ltd VADILALIND	₹131 Cr	96%	Jun 2026
Dodla Dairy Ltd DODLA	₹41 Cr	-35%	Jun 2026
Heritage Foods Ltd HERITGFOOD	₹25 Cr	-39%	Jun 2026
Vadilal Enterprises Ltd VADILENT	₹23 Cr	15%	Jun 2026
Parag Milk Foods Ltd PARAGMILK	₹22 Cr	-21%	Jun 2026
Kwality Ltd KWALITY	₹-7 Cr	—	Sep 2021

Full 20-quarter history · every available company

Net profit · reported quarter history

Dodla Dairy Ltd · 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

Hatsun Agro Product Ltd · 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₹148 Cr

Sep 2025₹120 Cr

Dec 2025₹61 Cr

Mar 2026₹51 Cr

Jun 2026₹134 Cr

Heritage Foods Ltd · 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

Kwality Ltd · 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—

Nestle India Ltd · 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

Parag Milk Foods Ltd · 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₹22 Cr

Vadilal Enterprises Ltd · 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₹-4 Cr

Jun 2026₹23 Cr

Vadilal Industries Ltd · 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₹131 Cr

Profit growth · reported quarter history

Dodla Dairy Ltd · DODLA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-31%

Sep 202234%

Dec 202230%

Mar 2023-43%

Jun 202340%

Sep 202313%

Dec 202317%

Mar 2024104%

Jun 202486%

Sep 202443%

Dec 202456%

Mar 202545%

Jun 2025-3.1%

Sep 20254.8%

Dec 20257.8%

Mar 20262.9%

Jun 2026-35%

Hatsun Agro Product Ltd · HATSUN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-49%

Dec 2022-4.2%

Mar 2023—

Jun 202354%

Sep 202386%

Dec 202324%

Mar 2024108%

Jun 202464%

Sep 2024-18%

Dec 2024-28%

Mar 2025-17%

Jun 202513%

Sep 202588%

Dec 202549%

Mar 202619%

Jun 2026-9.5%

Heritage Foods Ltd · HERITGFOOD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-42%

Dec 2022-33%

Mar 202338%

Jun 2023143%

Sep 202316%

Dec 202393%

Mar 2024122%

Jun 2024241%

Sep 2024123%

Dec 202459%

Mar 2025-5.0%

Jun 2025-29%

Sep 20254.1%

Dec 2025-19%

Mar 2026-37%

Jun 2026-39%

Nestle India Ltd · NESTLEIND

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20228.3%

Dec 202270%

Mar 202324%

Jun 202336%

Sep 202336%

Dec 20237.2%

Mar 202427%

Jun 20247.0%

Sep 2024-1.0%

Dec 20244.9%

Mar 2025-6.5%

Jun 2025-13%

Sep 2025-17%

Dec 202545%

Mar 202627%

Jun 202648%

Parag Milk Foods Ltd · PARAGMILK

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-44%

Sep 2022-52%

Dec 2022-53%

Mar 2023—

Jun 2023110%

Sep 2023127%

Dec 2023278%

Mar 2024-55%

Jun 202429%

Sep 202416%

Dec 20245.9%

Mar 2025160%

Jun 20253.7%

Sep 202559%

Dec 2025-17%

Mar 202623%

Jun 2026-21%

Vadilal Enterprises Ltd · VADILENT

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20230.0%

Mar 2024—

Jun 2024190%

Sep 20240.0%

Dec 2024-1,000%

Mar 2025—

Jun 2025-31%

Sep 2025175%

Dec 2025—

Mar 2026—

Jun 202615%

Vadilal Industries Ltd · VADILALIND

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022277%

Sep 2022108%

Dec 2022—

Mar 202332%

Jun 202345%

Sep 202341%

Dec 2023—

Mar 2024-3.5%

Jun 20248.5%

Sep 20242.6%

Dec 202433%

Mar 2025-21%

Jun 2025-13%

Sep 2025-15%

Dec 2025-100%

Mar 2026150%

Jun 202696%

10 · compare level, then change

Return On Capital Employed

Nestle India Ltd has the highest ROCE among the 8 FMCG - Dairy Products companies compared here, at 85.3%. Vadilal Enterprises Ltd is next at 24.8%. Dodla Dairy Ltd has the highest ROCE change at +12.1 percentage points, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Nestle India Ltd leads ROCE at 85.3%, 60.5 percentage points above Vadilal Enterprises 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.

LeaderNestle India Ltd · 85.3%

Gap244% versus #2 · Vadilal Enterprises Ltd

Persistence2/5 recent comparable periods

Coverage8/8 companies · 86 observations

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.

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.

ROCEhighest

1Nestle India Ltd NESTLEIND85%

2Vadilal Enterprises Ltd VADILENT25%

3Vadilal Industries Ltd VADILALIND22%

4Dodla Dairy Ltd DODLA17%

5Hatsun Agro Product Ltd HATSUN15%

ROCE changefastest improvers

1Dodla Dairy Ltd DODLA+12.1 pp

2Vadilal Enterprises Ltd VADILENT+5.0 pp

3Nestle India Ltd NESTLEIND+2.7 pp

4Kwality Ltd KWALITY · older report+1.0 pp

5Hatsun Agro Product Ltd HATSUN+0.2 pp

Return on capital · company comparison

8/8 level · 8/8 change

All-company data · latest reported quarter

Company	ROCE	ROCE change	Reported
Nestle India Ltd NESTLEIND	65%	+2.7 pp	Jun 2026
Hatsun Agro Product Ltd HATSUN	20%	+0.2 pp	Jun 2026
Vadilal Industries Ltd VADILALIND	19%	−3.6 pp	Jun 2026
Parag Milk Foods Ltd PARAGMILK	15%	−0.8 pp	Jun 2026
Heritage Foods Ltd HERITGFOOD	15%	−8.1 pp	Jun 2026
Dodla Dairy Ltd DODLA	13%	+12.1 pp	Jun 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Dodla Dairy Ltd · DODLA

Sep 202120%

Dec 2021—

Mar 202218%

Jun 2022—

Sep 202215%

Dec 2022—

Mar 202313%

Jun 2023—

Sep 202314%

Dec 202320%

Mar 202418%

Jun 202426%

Sep 202421%

Dec 202427%

Mar 20250.6%

Jun 202526%

Sep 2025-1.2%

Dec 202521%

Mar 202613%

Jun 2026—

Hatsun Agro Product Ltd · HATSUN

Sep 202118%

Dec 2021—

Mar 2022—

Jun 2022—

Sep 202212%

Dec 2022—

Mar 202313%

Jun 2023—

Sep 202316%

Dec 2023—

Mar 202417%

Jun 202422%

Sep 202421%

Dec 202421%

Mar 202518%

Jun 202520%

Sep 202519%

Dec 202522%

Mar 202620%

Jun 202620%

Heritage Foods Ltd · HERITGFOOD

Sep 202128%

Dec 2021—

Mar 202220%

Jun 2022—

Sep 202212%

Dec 2022—

Mar 202311%

Jun 2023—

Sep 202313%

Dec 202316%

Mar 202416%

Jun 202424%

Sep 202422%

Dec 202429%

Mar 202523%

Jun 202523%

Sep 202518%

Dec 202520%

Mar 202613%

Jun 202615%

Nestle India Ltd · NESTLEIND

Sep 2021—

Dec 202155%

Mar 2022—

Jun 202251%

Sep 2022—

Dec 202256%

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 202464%

Jun 2024—

Sep 202458%

Dec 2024—

Mar 202556%

Jun 202562%

Sep 202552%

Dec 202558%

Mar 202654%

Jun 202665%

Parag Milk Foods Ltd · PARAGMILK

Sep 20217.5%

Dec 2021—

Mar 2022-58%

Jun 2022—

Sep 2022-52%

Dec 2022—

Mar 20238.5%

Jun 2023—

Sep 202310%

Dec 202315%

Mar 202411%

Jun 202416%

Sep 202413%

Dec 202417%

Mar 202516%

Jun 202518%

Sep 202516%

Dec 202517%

Mar 202615%

Jun 2026—

Vadilal Industries Ltd · VADILALIND

Sep 202119%

Dec 2021—

Mar 202220%

Jun 2022—

Sep 202232%

Dec 2022—

Mar 202326%

Jun 2023—

Sep 202328%

Dec 202335%

Mar 202428%

Jun 202433%

Sep 202425%

Dec 202430%

Mar 202523%

Jun 202525%

Sep 202518%

Dec 202520%

Mar 202619%

Jun 2026—

ROCE change · reported quarter history

Dodla Dairy Ltd · 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 20250.0 pp

Sep 2025−22.2 pp

Dec 2025−5.3 pp

Mar 2026+12.1 pp

Jun 2026—

Hatsun Agro Product Ltd · 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 2025−2.1 pp

Sep 2025−1.3 pp

Dec 2025+0.8 pp

Mar 2026+1.9 pp

Jun 2026+0.2 pp

Heritage Foods Ltd · 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

Nestle India Ltd · 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

Parag Milk Foods Ltd · 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—

Vadilal Industries Ltd · 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—

11 · compare level, then change

Valuation Against Growth & Quality

Parag Milk Foods Ltd has the lowest PEG among the 8 FMCG - Dairy Products companies compared here, at 0.64×. Heritage Foods Ltd is next at 1.33×. Vadilal Industries Ltd has the lowest P/E at 22.8×, so level and change sit with different companies. 6 of 8 companies report a comparable reading, the latest through Jun 2026.

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

LeaderParag Milk Foods Ltd · 0.64×

Gap51.9% versus #2 · Heritage Foods Ltd

Persistence0/8 recent comparable periods

Coverage6/8 companies · 34 observations

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.

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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

PEGlowest PEG

1Parag Milk Foods Ltd PARAGMILK0.6

2Heritage Foods Ltd HERITGFOOD1.3

3Hatsun Agro Product Ltd HATSUN1.5

4Dodla Dairy Ltd DODLA1.8

5Vadilal Industries Ltd VADILALIND3.5

P/Elowest P/E

1Vadilal Industries Ltd VADILALIND22.8

2Parag Milk Foods Ltd PARAGMILK25.0

3Dodla Dairy Ltd DODLA26.6

4Heritage Foods Ltd HERITGFOOD30.5

5Vadilal Enterprises Ltd VADILENT65.5

Valuation · company comparison

6/8 level · 7/8 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Nestle India Ltd NESTLEIND	7.3	79.5	Jun 2026
Vadilal Industries Ltd VADILALIND	3.5	29.6	Jun 2026
Dodla Dairy Ltd DODLA	1.8	26.4	Jun 2026
Hatsun Agro Product Ltd HATSUN	1.5	53.8	Jun 2026
Heritage Foods Ltd HERITGFOOD	1.3	21.9	Jun 2026
Parag Milk Foods Ltd PARAGMILK	0.6	20.9	Jun 2026
Vadilal Enterprises Ltd VADILENT	—	80.9	Jun 2026

Full 20-quarter history · every available company

PEG · reported quarter history

Dodla Dairy Ltd · DODLA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 20220.7

Mar 20230.5

Jun 2023—

Sep 20233.0

Dec 2023—

Mar 2024—

Jun 20241.1

Sep 20240.8

Dec 20240.6

Mar 2025—

Jun 20250.7

Sep 20251.1

Dec 20251.5

Mar 20261.8

Jun 2026—

Hatsun Agro Product Ltd · HATSUN

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 20235.3

Mar 20242.9

Jun 2024—

Sep 2024—

Dec 20242.3

Mar 20253.7

Jun 2025—

Sep 2025—

Dec 20253.9

Mar 20261.9

Jun 20261.5

Heritage Foods Ltd · HERITGFOOD

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20221.0

Dec 2022—

Mar 2023—

Jun 20232.3

Sep 2023—

Dec 20232.3

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 20251.3

Dec 2025—

Mar 2026—

Jun 2026—

Nestle India Ltd · NESTLEIND

Sep 2021—

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 20267.3

Parag Milk Foods Ltd · PARAGMILK

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 20240.8

Sep 20240.5

Dec 2024—

Mar 2025—

Jun 2025—

Sep 20251.2

Dec 20250.8

Mar 20260.6

Jun 2026—

Vadilal Industries Ltd · VADILALIND

Sep 2021—

Dec 2021—

Mar 20220.8

Jun 2022—

Sep 2022—

Dec 2022—

Mar 20230.5

Jun 2023—

Sep 20230.4

Dec 2023—

Mar 2024—

Jun 20240.4

Sep 20240.6

Dec 20240.7

Mar 20253.5

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

P/E · reported quarter history

Dodla Dairy Ltd · DODLA

Sep 202127.6

Dec 202127.4

Mar 202228.4

Jun 202221.8

Sep 202225.1

Dec 202222.8

Mar 202319.7

Jun 202328.9

Sep 202331.0

Dec 202338.3

Mar 202433.5

Jun 202437.0

Sep 202435.8

Dec 202433.3

Mar 202529.0

Jun 202534.7

Sep 202530.8

Dec 202528.4

Mar 202622.3

Jun 202626.4

Hatsun Agro Product Ltd · HATSUN

Sep 2021122.8

Dec 2021102.1

Mar 202295.4

Jun 202281.0

Sep 202297.5

Dec 2022106.9

Mar 2023103.1

Jun 2023123.7

Sep 2023131.7

Dec 2023110.7

Mar 202493.8

Jun 202485.5

Sep 202481.7

Dec 202475.1

Mar 202574.6

Jun 202575.5

Sep 202567.3

Dec 202561.4

Mar 202655.3

Jun 202653.8

Heritage Foods Ltd · HERITGFOOD

Sep 202126.1

Dec 202116.0

Mar 202213.5

Jun 202212.5

Sep 202219.6

Dec 202228.0

Mar 202325.2

Jun 202333.6

Sep 202331.8

Dec 202339.8

Mar 202437.3

Jun 202448.9

Sep 202439.6

Dec 202425.3

Mar 202518.8

Jun 202523.0

Sep 202525.5

Dec 202524.4

Mar 202617.3

Jun 202621.9

Nestle India Ltd · NESTLEIND

Sep 202183.7

Dec 202189.7

Mar 202279.4

Jun 202280.8

Sep 202286.2

Dec 202279.1

Mar 202375.0

Jun 202381.3

Sep 202373.4

Dec 202385.5

Mar 202484.2

Jun 202481.9

Sep 202483.4

Dec 202464.0

Mar 202567.7

Jun 202577.2

Sep 202575.4

Dec 202583.2

Mar 202673.6

Jun 202679.5

Parag Milk Foods Ltd · PARAGMILK

Sep 202131.7

Dec 202125.4

Mar 202219.7

Jun 202213.9

Sep 2022-2.2

Dec 2022-2.2

Mar 202316.0

Jun 202330.4

Sep 202338.3

Dec 202334.9

Mar 202423.7

Jun 202422.8

Sep 202423.5

Dec 202421.9

Mar 202517.4

Jun 202522.4

Sep 202527.1

Dec 202525.9

Mar 202617.4

Jun 202620.9

Vadilal Enterprises Ltd · VADILENT

Sep 2021171.6

Dec 202136.1

Mar 202232.9

Jun 202269.1

Sep 202213.6

Dec 202272.8

Mar 202330.6

Jun 202350.3

Sep 2023306.8

Dec 202340.2

Mar 202441.4

Jun 202442.9

Sep 202415.5

Dec 202427.0

Mar 2025150.5

Jun 2025160.4

Sep 2025152.1

Dec 2025231.9

Mar 2026143.8

Jun 202680.9

Vadilal Industries Ltd · VADILALIND

Sep 202126.7

Dec 202116.1

Mar 202224.8

Jun 202231.6

Sep 202222.2

Dec 202219.7

Mar 202317.7

Jun 202321.4

Sep 202315.7

Dec 202314.1

Mar 202421.2

Jun 202420.9

Sep 202418.8

Dec 202419.1

Mar 202521.2

Jun 202526.6

Sep 202527.9

Dec 202526.7

Mar 202625.2

Jun 202629.6

12 · before the conclusion, check the blind spots

What can make this comparison misleading?

This FMCG - Dairy Products comparison names 5 specific ways its own evidence can mislead, all listed below. 1 of the 8 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. A high growth rate can still be a low-base artefact.

Keep these limits visible

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.
1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.

13 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 8 FMCG - Dairy Products companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-09-11. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-09-11 · weekly price and relative-strength history

Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Source standing6 cross-checked · 2 unverified · 0 withheld, of 8 graded companies.

How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

14 · questions investors ask, short speakable answers

FMCG - Dairy Products company comparison FAQs

These 24 answers restate the FMCG - Dairy Products comparison above in question form. Every one is computed from the same 8 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-09-11. Nothing here is estimated, and none of it is a recommendation.

Is the FMCG - Dairy Products sector outperforming 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 30.7%, across 8 of 8 comparable companies.

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

Vadilal Enterprises Ltd ranks first at 63/100 with 69.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Parag Milk Foods Ltd has the lowest comparable PEG at 0.64, among 6 of 8 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

Is there a Nifty FMCG - Dairy Products index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers FMCG - Dairy Products, this page builds its own equal-weight basket of 8 listed FMCG - Dairy Products companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.

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

Ranked by this page's four-factor score, Vadilal Enterprises Ltd places first among 8 listed FMCG - Dairy Products companies, followed by Hatsun Agro Product 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 ₹10,413 crore. That covers 8 of 8 companies with comparable reporting through Jun 2026.

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. Vadilal Enterprises Ltd has the fastest profit growth at the ≥100% scoring cap, 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 PEG — where a LOWER number is cheaper — Parag Milk Foods Ltd screens cheapest at 0.64×. Only 6 of 8 companies have earnings and growth steady enough for the ratio to mean anything, 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.

Is the FMCG - Dairy Products sector beating the market?

FMCG - Dairy Products has outperformed NIFTY 500 by 10.7% over the last 52 weeks and 17.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 of 8 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

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?

Vadilal Enterprises Ltd scores 63 out of 100 with 69.3% evidence confidence, from 26 points on growth and earnings, 14.8 on capital efficiency, 9.5 on valuation and 12.7 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, 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 ₹3,13,796 crore of combined market value. Nestle India Ltd is the largest at ₹2,66,744 crore, about 85% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-17.

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 30.5×, 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 2026-09-17.

How is the FMCG - Dairy Products sector performing?

6 of the 8 covered FMCG - Dairy Products companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 10.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-17.

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.

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