Sector Alpha Week of 2026-08-05
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.

01 · the index people search for

Nifty FMCG - Dairy Products Index — Constituents & Performance

The FMCG - Dairy Products companies below are the listed Indian FMCG - Dairy Products universe this page tracks — the same constituent set people search for as the Nifty FMCG - Dairy Products index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

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 18% ahead of NIFTY 500. Earnings across its companies grew 2% on average over the last four reported quarters — close to flat. It has been ahead of NIFTY 500 on a rolling three-month view for 11 weeks running.

FADING · −2 in 4w✓Price up, without the fundamentals confirming1 of 7 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑11w · 2/7 >200d (+0) · 1/7 lead (−2) · EPS 5/7↑

20050020262025202420232022 569333 TRAILING 12-MONTH EPS · 100 AT THE START0100180Dec 22Jun 23Dec 23Jun 24Dec 24Jun 25Dec 25Jun 26Sep 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 4 reportingDec 2022 · trailing 12-month earnings per share at 106, against 100 at the start · no comparable year yet · 4 reportingMar 2023 · trailing 12-month earnings per share at 97, against 100 at the start · no comparable year yet · 5 reportingJun 2023 · trailing 12-month earnings per share at 111, against 100 at the start · up 26.8% on a year ago · 5 reportingSep 2023 · trailing 12-month earnings per share at 119, against 100 at the start · up 18.7% on a year ago · 6 reportingDec 2023 · trailing 12-month earnings per share at 124, against 100 at the start · up 13.5% on a year ago · 6 reportingMar 2024 · trailing 12-month earnings per share at 132, against 100 at the start · up 51.6% on a year ago · 5 reportingJun 2024 · trailing 12-month earnings per share at 180, against 100 at the start · up 48.7% on a year ago · 5 reportingSep 2024 · trailing 12-month earnings per share at 172, against 100 at the start · up 45.2% on a year ago · 5 reportingDec 2024 · trailing 12-month earnings per share at 163, against 100 at the start · up 13.0% on a year ago · 5 reportingMar 2025 · trailing 12-month earnings per share at 155, against 100 at the start · up 16.8% on a year ago · 6 reportingJun 2025 · trailing 12-month earnings per share at 150, against 100 at the start · up 3.4% on a year ago · 6 reportingSep 2025 · trailing 12-month earnings per share at 149, against 100 at the start · up 3.5% on a year ago · 6 reportingDec 2025 · trailing 12-month earnings per share at 145, against 100 at the start · up 6.3% on a year ago · 6 reportingMar 2026 · trailing 12-month earnings per share at 170, against 100 at the start · up 3.2% on a year ago · 4 reportingJun 2026 · trailing 12-month earnings per share at 171, against 100 at the start · down 5.1% on a year ago · 3 reportingNot reported yet — earnings trail price by a quarter or two171No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
20050020262025202420232022 569333 TRAILING 12-MONTH EPS · 100 AT THE START0100180Jun 23Jun 24Jun 25Jun 26Sep 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 4 reportingDec 2022 · trailing 12-month earnings per share at 106, against 100 at the start · no comparable year yet · 4 reportingMar 2023 · trailing 12-month earnings per share at 97, against 100 at the start · no comparable year yet · 5 reportingJun 2023 · trailing 12-month earnings per share at 111, against 100 at the start · up 26.8% on a year ago · 5 reportingSep 2023 · trailing 12-month earnings per share at 119, against 100 at the start · up 18.7% on a year ago · 6 reportingDec 2023 · trailing 12-month earnings per share at 124, against 100 at the start · up 13.5% on a year ago · 6 reportingMar 2024 · trailing 12-month earnings per share at 132, against 100 at the start · up 51.6% on a year ago · 5 reportingJun 2024 · trailing 12-month earnings per share at 180, against 100 at the start · up 48.7% on a year ago · 5 reportingSep 2024 · trailing 12-month earnings per share at 172, against 100 at the start · up 45.2% on a year ago · 5 reportingDec 2024 · trailing 12-month earnings per share at 163, against 100 at the start · up 13.0% on a year ago · 5 reportingMar 2025 · trailing 12-month earnings per share at 155, against 100 at the start · up 16.8% on a year ago · 6 reportingJun 2025 · trailing 12-month earnings per share at 150, against 100 at the start · up 3.4% on a year ago · 6 reportingSep 2025 · trailing 12-month earnings per share at 149, against 100 at the start · up 3.5% on a year ago · 6 reportingDec 2025 · trailing 12-month earnings per share at 145, against 100 at the start · up 6.3% on a year ago · 6 reportingMar 2026 · trailing 12-month earnings per share at 170, against 100 at the start · up 3.2% on a year ago · 4 reportingJun 2026 · trailing 12-month earnings per share at 171, against 100 at the start · down 5.1% on a year ago · 3 reportingNot reported yet — earnings trail price by a quarter or twoNo earnings on file this far back — the price series reaches further than the filings do
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 its 7 companies. 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 underperformed NIFTY 500 by 4.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 2.5%. 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 +16.2%.

+2.5%Sector vs NIFTY 500 · 13 weeks
-4.2%Sector vs NIFTY 500 · 52 weeks
2/8Stocks leading NIFTY 500
2/8Stocks leading sector

Sector metric: 26.7 as of 2026-07-19 · 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 underperformed NIFTY 500 by 4.2% over 52 weeks and 2.5% over 13 weeks. 2 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
8
complete canonical membership
Combined market value
₹3.3 L Cr
Nestle India Ltd
Revenue growing
7/8
positive TTM year-on-year growth
Beating NIFTY 500
2/8
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%
Nestle India Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 93% evidence confidence.
Heritage Foods Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.
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.

CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Nestle India LtdNESTLEIND 67.9/100Favorable setup93% evidence FADING 30.0/35 Revenue 19.3% · PAT 22.7% · OPM change 3 pp 100% evidence 20.4/25 ROCE 85.3% · OPM 24% 100% evidence 4.0/20 P/E 78.6× · PEG 7.31 65% evidence 13.5/20 RS sector 16.2% · RS bench 14.8% · 1Y 32.7%10 of 12 weeks ahead 100% evidence
Exact sum: 30 + 20.4 + 4 + 13.5 = 67.9 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Vadilal Industries LtdVADILALIND 54.3/100Mixed-positive evidence90% evidence TURNING 18.8/35 Revenue 21.2% · PAT 3.3% · OPM change 6 pp 88% evidence 19.5/25 ROCE 22.2% · OPM 20% 100% evidence 3.8/20 P/E 33.4× · PEG 3.52 100% evidence 12.2/20 RS sector -5.4% · RS bench 37.5% · 1Y 31.4%7 of 10 weeks ahead 70% evidence
Exact sum: 18.8 + 19.5 + 3.8 + 12.2 = 54.3 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3Parag Milk Foods LtdPARAGMILK 51.7/100Mixed-positive evidence90% evidence ASLEEP 15.8/35 Revenue 11.3% · PAT 15.3% · OPM change -1 pp 88% evidence 12.5/25 ROCE 13.5% · OPM 6% 100% evidence 17.8/20 P/E 19.2× · PEG 0.64 100% evidence 5.6/20 RS sector -9.6% · RS bench -15.4% · 1Y -14.6%6 of 10 weeks ahead 70% evidence
Exact sum: 15.8 + 12.5 + 17.8 + 5.6 = 51.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4Dodla Dairy LtdDODLA 49.7/100Mixed-negative evidence94% evidence ASLEEP 17.6/35 Revenue 13.1% · PAT -4.7% · OPM change -3 pp 100% evidence 12.6/25 ROCE 16.7% · OPM 5% 100% evidence 12.6/20 P/E 25.4× · PEG 1.75 100% evidence 6.9/20 RS sector -6.3% · RS bench -13.5% · 1Y -20%0 of 10 weeks ahead 70% evidence
Exact sum: 17.6 + 12.6 + 12.6 + 6.9 = 49.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Hatsun Agro Product LtdHATSUN 43.2/100Mixed-negative evidence93% evidence ASLEEP 20.7/35 Revenue 13.2% · PAT 21.2% · OPM change -7.5 pp 100% evidence 9.0/25 ROCE 12.9% · OPM 6.5% 100% evidence 8.3/20 P/E 56.6× · PEG 1.95 65% evidence 5.2/20 RS sector -5.7% · RS bench -7.1% · 1Y -4%1 of 12 weeks ahead 100% evidence
Exact sum: 20.7 + 9 + 8.3 + 5.2 = 43.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Heritage Foods LtdHERITGFOOD 36.7/100Mixed-negative evidence94% evidence ASLEEP 8.4/35 Revenue 11.5% · PAT -21.1% · OPM change -1.4 pp 100% evidence 10.6/25 ROCE 14.8% · OPM 4.6% 100% evidence 13.4/20 P/E 24.1× · PEG 1.33 100% evidence 4.3/20 RS sector -18.3% · RS bench -18.5% · 1Y -28.2%0 of 10 weeks ahead 70% evidence
Exact sum: 8.4 + 10.6 + 13.4 + 4.3 = 36.7 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7Vadilal Enterprises LtdVADILENT 47.8/100Thin evidence · provisional45% evidence 14.5/35 Revenue 6.2% · PAT 0% · OPM change 3 pp 40% evidence 12.4/25 ROCE 20% · OPM -11% 57% evidence 8.5/20 P/E 143× · PEG — 15% evidence 12.4/20 RS sector 1.7% · RS bench -5.8% · 1Y -4.3%2 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 14.5 + 12.4 + 8.5 + 12.4 = 47.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8Kwality LtdKWALITY 35.9/100Thin evidence · provisional38% evidence 17.2/35 Revenue -27.3% · PAT -80% · OPM change 11.8 pp 27% evidence 5.7/25 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 12 weeks ahead to 2021-02-24 70% evidence
Exact sum: 17.2 + 5.7 + 10 + 3 = 35.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
05 · what price has already done

Market action

Nestle India Ltd has the strongest one-year price move in FMCG - Dairy Products at +32.7%. Vadilal Industries Ltd leads on Mansfield relative strength against NIFTY at +37.5%. 2 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

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 · 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 ₹9,625 crore. Vadilal Industries Ltd has the highest Revenue growth at 21.2%, 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, 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.

LeaderNestle India Ltd · ₹24,437 crore
Gap153.9% versus #2 · Hatsun Agro Product Ltd
Persistence8/8 recent comparable periods
Coverage8/8 companies · 131 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₹9.6K Cr
3Heritage Foods Ltd HERITGFOOD₹4.7K Cr
4Dodla Dairy Ltd DODLA₹4.3K Cr
5Parag Milk Foods Ltd PARAGMILK₹3.8K Cr
Revenue growthfastest growers
1Vadilal Industries Ltd VADILALIND21%
2Nestle India Ltd NESTLEIND19%
3Hatsun Agro Product Ltd HATSUN13%
4Dodla Dairy Ltd DODLA13%
5Heritage Foods Ltd HERITGFOOD12%
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.

CompanyRevenueRevenue growthReported
Nestle India Ltd NESTLEIND₹6.4K Cr25%Jun 2026
Hatsun Agro Product Ltd HATSUN₹3.1K Cr19%Jun 2026
Heritage Foods Ltd HERITGFOOD₹1.3K Cr18%Jun 2026
Dodla Dairy Ltd DODLA₹1.2K Cr19%Jun 2026
Parag Milk Foods Ltd PARAGMILK₹945 Cr2.9%Mar 2026
Vadilal Industries Ltd VADILALIND₹416 Cr51%Mar 2026
Vadilal Enterprises Ltd VADILENT₹145 Cr6.6%Dec 2025
Kwality Ltd KWALITY₹18 Cr-28%Sep 2021
Full 20-quarter history · every available company

Revenue · reported quarter history

Dodla Dairy Ltd · DODLA

₹566 Cr
₹575 Cr
₹590 Cr
₹717 Cr
₹695 Cr
₹675 Cr
₹724 Cr
₹823 Cr
₹768 Cr
₹747 Cr
₹787 Cr
₹912 Cr
₹998 Cr
₹901 Cr
₹910 Cr
₹1.0K Cr
₹1.0K Cr
₹1.0K Cr
₹1.1K Cr
₹1.2K Cr

Hatsun Agro Product Ltd · HATSUN

₹1.6K Cr
₹1.6K Cr
—
₹2.0K Cr
₹1.7K Cr
₹1.7K Cr
₹1.8K Cr
₹2.2K Cr
₹1.9K Cr
₹1.9K Cr
₹2.0K Cr
₹2.4K Cr
₹2.1K Cr
₹2.0K Cr
₹2.2K Cr
₹2.6K Cr
₹2.4K Cr
₹2.4K Cr
₹2.6K Cr
₹3.1K Cr

Heritage Foods Ltd · HERITGFOOD

₹670 Cr
₹667 Cr
₹696 Cr
₹821 Cr
₹816 Cr
₹786 Cr
₹818 Cr
₹924 Cr
₹979 Cr
₹941 Cr
₹951 Cr
₹1.0K Cr
₹1.0K Cr
₹1.0K Cr
₹1.0K Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
₹1.2K Cr
₹1.3K Cr

Kwality Ltd · KWALITY

₹18 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Nestle India Ltd · NESTLEIND

₹3.9K Cr
₹3.7K Cr
₹4.0K Cr
₹4.0K Cr
₹4.6K Cr
₹4.2K Cr
₹4.8K Cr
₹4.7K Cr
₹5.0K Cr
₹4.6K Cr
₹5.2K Cr
₹4.8K Cr
₹5.1K Cr
₹4.8K Cr
₹5.5K Cr
₹5.1K Cr
₹5.6K Cr
₹5.7K Cr
₹6.7K Cr
₹6.4K Cr

Parag Milk Foods Ltd · PARAGMILK

₹532 Cr
₹539 Cr
₹562 Cr
₹691 Cr
₹665 Cr
₹736 Cr
₹801 Cr
₹750 Cr
₹798 Cr
₹801 Cr
₹790 Cr
₹758 Cr
₹871 Cr
₹885 Cr
₹918 Cr
₹852 Cr
₹1.0K Cr
₹1.0K Cr
₹945 Cr
—

Vadilal Enterprises Ltd · VADILENT

—
—
—
—
—
₹110 Cr
₹190 Cr
₹435 Cr
₹244 Cr
₹132 Cr
₹188 Cr
₹513 Cr
₹246 Cr
₹136 Cr
₹224 Cr
₹517 Cr
₹264 Cr
₹145 Cr
—
—

Vadilal Industries Ltd · VADILALIND

₹192 Cr
₹133 Cr
₹215 Cr
₹395 Cr
₹271 Cr
₹143 Cr
₹256 Cr
₹411 Cr
₹289 Cr
₹174 Cr
₹251 Cr
₹464 Cr
₹296 Cr
₹204 Cr
₹275 Cr
₹506 Cr
₹341 Cr
₹239 Cr
₹416 Cr
—

Revenue growth · reported quarter history

Dodla Dairy Ltd · DODLA

—
—
—
40%
23%
17%
23%
15%
11%
11%
8.7%
11%
30%
21%
16%
10%
2.1%
14%
18%
19%

Hatsun Agro Product Ltd · HATSUN

—
—
—
—
6.9%
6.9%
—
6.8%
9.0%
11%
14%
10%
8.8%
6.5%
9.6%
9.1%
17%
18%
15%
19%

Heritage Foods Ltd · HERITGFOOD

—
—
—
—
22%
18%
18%
13%
20%
20%
16%
12%
4.2%
9.9%
10%
10%
9.1%
8.2%
11%
18%

Kwality Ltd · KWALITY

-28%
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Nestle India Ltd · NESTLEIND

—
—
—
—
18%
14%
21%
15%
9.7%
8.3%
7.9%
3.3%
1.3%
3.9%
5.6%
5.9%
11%
19%
23%
25%

Parag Milk Foods Ltd · PARAGMILK

—
—
—
58%
25%
37%
43%
8.5%
20%
8.8%
-1.4%
1.1%
9.2%
10%
16%
12%
16%
14%
2.9%
—

Vadilal Enterprises Ltd · VADILENT

—
—
—
—
—
—
—
—
—
20%
-1.1%
18%
0.8%
3.0%
19%
0.8%
7.3%
6.6%
—
—

Vadilal Industries Ltd · VADILALIND

—
—
—
137%
41%
7.8%
19%
4.1%
6.6%
21%
-2.0%
13%
2.4%
17%
9.6%
9.1%
15%
17%
51%
—
07 · 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%. Vadilal Industries Ltd is next at 20%. 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%
Gap20% versus #2 · Vadilal Industries Ltd
Persistence3/8 recent comparable periods
Coverage8/8 companies · 137 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 VADILALIND20%
3Hatsun Agro Product Ltd HATSUN6.5%
4Parag Milk Foods Ltd PARAGMILK6.0%
5Dodla Dairy Ltd DODLA5.0%
Margin changefastest expanders
1Kwality Ltd KWALITY · older report+11.8 pp
2Vadilal Industries Ltd VADILALIND+6.0 pp
3Nestle India Ltd NESTLEIND+3.0 pp
4Vadilal Enterprises Ltd VADILENT · older report+3.0 pp
5Parag Milk Foods Ltd PARAGMILK−1.0 pp
Operating margin · company comparison
8/8 level · 8/8 change
All-company data · latest reported quarter
CompanyOPMMargin changeReported
Nestle India Ltd NESTLEIND24%+3.0 ppJun 2026
Vadilal Industries Ltd VADILALIND20%+6.0 ppMar 2026
Hatsun Agro Product Ltd HATSUN6.5%−7.5 ppJun 2026
Parag Milk Foods Ltd PARAGMILK6.0%−1.0 ppMar 2026
Dodla Dairy Ltd DODLA5.0%−3.0 ppJun 2026
Heritage Foods Ltd HERITGFOOD4.6%−1.4 ppJun 2026
Kwality Ltd KWALITY-2.3%+11.8 ppSep 2021
Vadilal Enterprises Ltd VADILENT-11%+3.0 ppDec 2025
Full 20-quarter history · every available company

OPM · reported quarter history

Dodla Dairy Ltd · DODLA

11%
9.0%
8.0%
6.3%
8.5%
8.0%
5.0%
7.0%
9.0%
11%
10%
12%
10%
11%
9.0%
8.0%
9.0%
8.0%
5.0%
5.0%

Hatsun Agro Product Ltd · HATSUN

13%
11%
9.8%
8.8%
10%
11%
8.7%
11%
11%
11%
11%
14%
12%
11%
10%
14%
13%
11%
3.5%
6.5%

Heritage Foods Ltd · HERITGFOOD

9.5%
5.9%
4.3%
2.7%
4.6%
4.0%
5.0%
4.2%
4.6%
5.0%
7.0%
9.0%
8.0%
7.0%
7.0%
6.0%
7.0%
6.0%
4.5%
4.6%

Kwality Ltd · KWALITY

-2.3%
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Nestle India Ltd · NESTLEIND

24%
23%
23%
20%
22%
23%
23%
23%
24%
24%
22%
23%
23%
23%
25%
21%
22%
21%
26%
24%

Parag Milk Foods Ltd · PARAGMILK

10.0%
9.1%
-104%
1.4%
5.7%
5.0%
4.7%
5.0%
7.0%
8.0%
4.7%
7.0%
8.0%
8.0%
7.0%
7.0%
7.0%
7.0%
6.0%
—

Vadilal Enterprises Ltd · VADILENT

11%
-3.5%
-2.9%
5.5%
-0.8%
-3.0%
-5.0%
4.0%
3.0%
-2.0%
-4.0%
8.0%
3.0%
-14%
-4.0%
6.0%
8.0%
-11%
—
—

Vadilal Industries Ltd · VADILALIND

13%
4.5%
19%
19%
17%
-3.9%
19%
25%
20%
6.0%
18%
24%
20%
13%
14%
20%
15%
4.7%
20%
—

Margin change · reported quarter history

Dodla Dairy Ltd · DODLA

−5.5 pp
−5.1 pp
+1.2 pp
−3.7 pp
−2.4 pp
−1.0 pp
−3.0 pp
+0.7 pp
+0.5 pp
+3.0 pp
+5.0 pp
+5.0 pp
+1.0 pp
0.0 pp
−1.0 pp
−4.0 pp
−1.0 pp
−3.0 pp
−4.0 pp
−3.0 pp

Hatsun Agro Product Ltd · HATSUN

−1.4 pp
−4.3 pp
−2.3 pp
−2.6 pp
−3.1 pp
+0.6 pp
−1.1 pp
+2.2 pp
+1.4 pp
+0.1 pp
+2.3 pp
+2.9 pp
+0.5 pp
−0.3 pp
−1.0 pp
0.0 pp
+1.0 pp
0.0 pp
−6.5 pp
−7.5 pp

Heritage Foods Ltd · HERITGFOOD

+3.6 pp
−3.5 pp
−2.9 pp
−5.3 pp
−4.9 pp
−1.9 pp
+0.7 pp
+1.5 pp
−0.0 pp
+1.0 pp
+2.0 pp
+4.8 pp
+3.4 pp
+2.0 pp
0.0 pp
−3.0 pp
−1.0 pp
−1.0 pp
−2.5 pp
−1.4 pp

Kwality Ltd · KWALITY

+11.8 pp
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Nestle India Ltd · NESTLEIND

−0.5 pp
+0.3 pp
−2.7 pp
−4.3 pp
−2.6 pp
−0.1 pp
−0.4 pp
+2.5 pp
+2.5 pp
+1.1 pp
−0.7 pp
+0.3 pp
−1.3 pp
−1.0 pp
+3.0 pp
−2.0 pp
−1.0 pp
−2.0 pp
+1.0 pp
+3.0 pp

Parag Milk Foods Ltd · PARAGMILK

+1.6 pp
+1.7 pp
−108.4 pp
−8.9 pp
−4.3 pp
−4.1 pp
+108.8 pp
+3.6 pp
+1.3 pp
+3.0 pp
0.0 pp
+2.0 pp
+1.0 pp
0.0 pp
+2.3 pp
0.0 pp
−1.0 pp
−1.0 pp
−1.0 pp
—

Vadilal Enterprises Ltd · VADILENT

−3.7 pp
+1.9 pp
−3.1 pp
+3.5 pp
−11.7 pp
+0.5 pp
−2.1 pp
−1.5 pp
+3.8 pp
+1.0 pp
+1.0 pp
+4.0 pp
0.0 pp
−12.0 pp
0.0 pp
−2.0 pp
+5.0 pp
+3.0 pp
—
—

Vadilal Industries Ltd · VADILALIND

+7.2 pp
−0.9 pp
+2.2 pp
+2.2 pp
+3.3 pp
−8.4 pp
+0.3 pp
+5.8 pp
+3.5 pp
+9.9 pp
−1.0 pp
−1.0 pp
0.0 pp
+7.0 pp
−4.0 pp
−4.0 pp
−5.0 pp
−8.3 pp
+6.0 pp
—
08 · 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 ₹349 crore. The same company also holds the highest Profit growth, at 22.7%. 8 of 8 companies report a comparable reading, the latest through Jun 2026.

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.

LeaderNestle India Ltd · ₹3,811 crore
Gap10.9× versus #2 · Hatsun Agro Product Ltd
Persistence4/8 recent comparable periods
Coverage8/8 companies · 131 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₹349 Cr
3Dodla Dairy Ltd DODLA₹246 Cr
4Vadilal Industries Ltd VADILALIND₹155 Cr
5Parag Milk Foods Ltd PARAGMILK₹136 Cr
Profit growthfastest growers
1Nestle India Ltd NESTLEIND23%
2Hatsun Agro Product Ltd HATSUN21%
3Parag Milk Foods Ltd PARAGMILK15%
4Vadilal Industries Ltd VADILALIND3.3%
5Dodla Dairy Ltd DODLA-4.7%
Net profit · company comparison
8/8 level · 6/8 change
All-company data · latest reported quarter
CompanyNet profitProfit growthReported
Nestle India Ltd NESTLEIND₹959 Cr48%Jun 2026
Hatsun Agro Product Ltd HATSUN₹134 Cr-0.7%Jun 2026
Vadilal Industries Ltd VADILALIND₹55 Cr150%Mar 2026
Dodla Dairy Ltd DODLA₹41 Cr-35%Jun 2026
Parag Milk Foods Ltd PARAGMILK₹32 Cr23%Mar 2026
Heritage Foods Ltd HERITGFOOD₹25 Cr-39%Jun 2026
Kwality Ltd KWALITY₹-7 Cr—Sep 2021
Vadilal Enterprises Ltd VADILENT₹-16 Cr175%Dec 2025
Full 20-quarter history · every available company

Net profit · reported quarter history

Dodla Dairy Ltd · DODLA

₹29 Cr
₹27 Cr
₹40 Cr
₹25 Cr
₹39 Cr
₹35 Cr
₹23 Cr
₹35 Cr
₹44 Cr
₹41 Cr
₹47 Cr
₹65 Cr
₹63 Cr
₹64 Cr
₹68 Cr
₹63 Cr
₹66 Cr
₹69 Cr
₹70 Cr
₹41 Cr

Hatsun Agro Product Ltd · HATSUN

₹82 Cr
₹48 Cr
—
₹52 Cr
₹42 Cr
₹46 Cr
₹25 Cr
₹80 Cr
₹78 Cr
₹57 Cr
₹52 Cr
₹131 Cr
₹64 Cr
₹41 Cr
₹43 Cr
₹135 Cr
₹110 Cr
₹61 Cr
₹51 Cr
₹134 Cr

Heritage Foods Ltd · HERITGFOOD

₹33 Cr
₹21 Cr
₹13 Cr
₹7 Cr
₹19 Cr
₹14 Cr
₹18 Cr
₹17 Cr
₹22 Cr
₹27 Cr
₹40 Cr
₹58 Cr
₹49 Cr
₹43 Cr
₹38 Cr
₹41 Cr
₹51 Cr
₹35 Cr
₹24 Cr
₹25 Cr

Kwality Ltd · KWALITY

₹-7 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Nestle India Ltd · NESTLEIND

₹617 Cr
₹360 Cr
₹595 Cr
₹515 Cr
₹668 Cr
₹612 Cr
₹737 Cr
₹698 Cr
₹908 Cr
₹656 Cr
₹934 Cr
₹747 Cr
₹899 Cr
₹688 Cr
₹873 Cr
₹647 Cr
₹743 Cr
₹998 Cr
₹1.1K Cr
₹959 Cr

Parag Milk Foods Ltd · PARAGMILK

₹23 Cr
₹19 Cr
₹-592 Cr
₹10 Cr
₹11 Cr
₹9 Cr
₹22 Cr
₹21 Cr
₹25 Cr
₹34 Cr
₹10 Cr
₹27 Cr
₹29 Cr
₹36 Cr
₹26 Cr
₹28 Cr
₹46 Cr
₹30 Cr
₹32 Cr
—

Vadilal Enterprises Ltd · VADILENT

—
—
—
—
—
₹2 Cr
₹-8 Cr
₹10 Cr
₹4 Cr
₹2 Cr
₹-9 Cr
₹29 Cr
₹4 Cr
₹-18 Cr
₹-9 Cr
₹20 Cr
₹11 Cr
₹-16 Cr
—
—

Vadilal Industries Ltd · VADILALIND

₹13 Cr
₹-2 Cr
₹22 Cr
₹49 Cr
₹27 Cr
₹-9 Cr
₹29 Cr
₹71 Cr
₹38 Cr
₹9 Cr
₹28 Cr
₹77 Cr
₹39 Cr
₹12 Cr
₹22 Cr
₹67 Cr
₹33 Cr
₹0 Cr
₹55 Cr
—

Profit growth · reported quarter history

Dodla Dairy Ltd · DODLA

—
—
—
-31%
34%
30%
-43%
40%
13%
17%
104%
86%
43%
56%
45%
-3.1%
4.8%
7.8%
2.9%
-35%

Hatsun Agro Product Ltd · HATSUN

—
—
—
—
-49%
-4.2%
—
54%
86%
24%
108%
64%
-18%
-28%
-17%
3.1%
72%
49%
19%
-0.7%

Heritage Foods Ltd · HERITGFOOD

—
—
—
—
-42%
-33%
38%
143%
16%
93%
122%
241%
123%
59%
-5.0%
-29%
4.1%
-19%
-37%
-39%

Nestle India Ltd · NESTLEIND

—
—
—
—
8.3%
70%
24%
36%
36%
7.2%
27%
7.0%
-1.0%
4.9%
-6.5%
-13%
-17%
45%
27%
48%

Parag Milk Foods Ltd · PARAGMILK

—
—
—
-44%
-52%
-53%
—
110%
127%
278%
-55%
29%
16%
5.9%
160%
3.7%
59%
-17%
23%
—

Vadilal Enterprises Ltd · VADILENT

—
—
—
—
—
—
—
—
—
0.0%
—
190%
0.0%
-1,000%
—
-31%
175%
—
—
—

Vadilal Industries Ltd · VADILALIND

—
—
—
277%
108%
—
32%
45%
41%
—
-3.5%
8.5%
2.6%
33%
-21%
-13%
-15%
-100%
150%
—
09 · 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 Industries Ltd is next at 22.2%. 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%, 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.

LeaderNestle India Ltd · 85.3%
Gap284.2% versus #2 · Vadilal Industries Ltd
Persistence2/5 recent comparable periods
Coverage8/8 companies · 84 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 Industries Ltd VADILALIND22%
3Vadilal Enterprises Ltd VADILENT · older report20%
4Dodla Dairy Ltd DODLA17%
5Heritage Foods Ltd HERITGFOOD15%
ROCE changefastest improvers
1Dodla Dairy Ltd DODLA+12.1 pp
2Nestle India Ltd NESTLEIND+2.7 pp
3Hatsun Agro Product Ltd HATSUN+1.9 pp
4Kwality Ltd KWALITY · older report+1.0 pp
5Parag Milk Foods Ltd PARAGMILK−0.8 pp
Return on capital · company comparison
8/8 level · 8/8 change
All-company data · latest reported quarter
CompanyROCEROCE changeReported
Nestle India Ltd NESTLEIND65%+2.7 ppJun 2026
Hatsun Agro Product Ltd HATSUN20%+1.9 ppJun 2026
Vadilal Industries Ltd VADILALIND19%−3.6 ppMar 2026
Parag Milk Foods Ltd PARAGMILK15%−0.8 ppMar 2026
Heritage Foods Ltd HERITGFOOD15%−8.1 ppJun 2026
Dodla Dairy Ltd DODLA13%+12.1 ppJun 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Dodla Dairy Ltd · DODLA

20%
—
18%
—
15%
—
13%
—
14%
20%
18%
26%
21%
27%
0.6%
26%
-1.2%
21%
13%
—

Hatsun Agro Product Ltd · HATSUN

18%
—
—
—
12%
—
13%
—
16%
—
17%
—
21%
21%
18%
19%
19%
21%
20%
—

Heritage Foods Ltd · HERITGFOOD

28%
—
20%
—
12%
—
11%
—
13%
16%
16%
24%
22%
29%
23%
23%
18%
20%
13%
15%

Nestle India Ltd · NESTLEIND

—
55%
—
51%
—
56%
—
—
—
—
64%
—
58%
—
56%
62%
52%
58%
54%
65%

Parag Milk Foods Ltd · PARAGMILK

7.5%
—
-58%
—
-52%
—
8.5%
—
10%
15%
11%
16%
13%
17%
16%
18%
16%
17%
15%
—

Vadilal Industries Ltd · VADILALIND

19%
—
20%
—
32%
—
26%
—
28%
35%
28%
33%
25%
30%
23%
25%
18%
20%
19%
—

ROCE change · reported quarter history

Dodla Dairy Ltd · DODLA

—
—
—
—
−4.9 pp
—
−4.8 pp
—
−1.2 pp
—
+5.1 pp
—
+7.0 pp
+7.0 pp
−17.5 pp
0.0 pp
−22.2 pp
−5.3 pp
+12.1 pp
—

Hatsun Agro Product Ltd · HATSUN

—
—
—
—
−6.0 pp
—
—
—
+4.2 pp
—
+3.8 pp
—
+4.1 pp
—
+0.7 pp
—
−1.3 pp
−0.2 pp
+1.9 pp
—

Heritage Foods Ltd · HERITGFOOD

—
—
—
—
−16.2 pp
—
−9.4 pp
—
+0.8 pp
—
+5.0 pp
—
+9.5 pp
+12.5 pp
+6.9 pp
−0.2 pp
−4.1 pp
−8.3 pp
−9.4 pp
−8.1 pp

Nestle India Ltd · NESTLEIND

—
—
—
—
—
+1.0 pp
—
—
—
—
—
—
—
—
−8.2 pp
—
−5.9 pp
—
−1.6 pp
+2.7 pp

Parag Milk Foods Ltd · PARAGMILK

—
—
—
—
−59.2 pp
—
+66.1 pp
—
+61.9 pp
—
+2.8 pp
—
+2.7 pp
+1.6 pp
+4.9 pp
+2.8 pp
+3.1 pp
+0.5 pp
−0.8 pp
—

Vadilal Industries Ltd · VADILALIND

—
—
—
—
+13.2 pp
—
+5.7 pp
—
−4.1 pp
—
+1.4 pp
—
−2.5 pp
−5.5 pp
−4.6 pp
−7.7 pp
−7.2 pp
−10.3 pp
−3.6 pp
—
10 · 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×. The same company also holds the lowest P/E, at 19.2×. 6 of 8 companies report a comparable reading, the latest through Mar 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 · 43 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
3Dodla Dairy Ltd DODLA1.8
4Hatsun Agro Product Ltd HATSUN2.0
5Vadilal Industries Ltd VADILALIND3.5
P/Elowest P/E
1Parag Milk Foods Ltd PARAGMILK19.2
2Heritage Foods Ltd HERITGFOOD24.1
3Dodla Dairy Ltd DODLA25.4
4Vadilal Industries Ltd VADILALIND33.4
5Hatsun Agro Product Ltd HATSUN56.6
Valuation · company comparison
6/8 level · 7/8 change
All-company data · latest reported quarter
CompanyPEGP/EReported
Nestle India Ltd NESTLEIND7.379.5Jun 2026
Vadilal Industries Ltd VADILALIND3.525.2Mar 2026
Hatsun Agro Product Ltd HATSUN2.058.7Jun 2026
Dodla Dairy Ltd DODLA1.826.4Jun 2026
Heritage Foods Ltd HERITGFOOD1.321.9Jun 2026
Parag Milk Foods Ltd PARAGMILK0.617.4Mar 2026
Vadilal Enterprises Ltd VADILENT—231.9Dec 2025
Full 20-quarter history · every available company

PEG · reported quarter history

Dodla Dairy Ltd · DODLA

—
—
—
—
—
0.7
0.5
—
3.0
—
—
1.1
0.8
0.6
—
0.7
1.1
1.5
1.8
—

Hatsun Agro Product Ltd · HATSUN

6.0
—
—
—
—
—
—
2.1
—
4.9
—
—
—
—
—
—
—
2.9
2.0
—

Heritage Foods Ltd · HERITGFOOD

—
—
—
—
1.0
—
—
2.3
—
2.3
—
—
—
—
—
—
1.3
—
—
—

Nestle India Ltd · NESTLEIND

16.1
—
—
—
10.5
—
3.1
2.3
2.0
12.0
3.1
11.9
—
12.8
—
—
—
1.9
2.7
7.3

Parag Milk Foods Ltd · PARAGMILK

—
—
—
—
—
—
—
—
—
—
—
0.8
0.5
—
—
—
1.2
0.8
0.6
—

Vadilal Industries Ltd · VADILALIND

—
—
0.8
—
—
—
0.5
—
0.4
—
—
0.4
0.6
0.7
3.5
—
—
—
—
—

P/E · reported quarter history

Dodla Dairy Ltd · DODLA

27.6
27.4
28.4
21.8
25.1
22.8
19.7
28.9
31.0
38.3
33.5
37.0
35.8
33.3
29.0
34.7
30.8
28.4
22.3
26.4

Hatsun Agro Product Ltd · HATSUN

146.1
144.4
—
104.5
158.8
140.0
113.9
105.5
111.4
105.6
84.0
85.5
97.1
85.6
80.3
75.5
70.3
65.8
59.0
58.7

Heritage Foods Ltd · HERITGFOOD

26.1
16.0
13.5
12.5
19.6
28.0
25.2
33.6
31.8
39.8
37.3
48.9
39.6
25.3
18.8
23.0
25.5
24.4
17.3
21.9

Nestle India Ltd · NESTLEIND

83.7
89.7
79.4
80.8
86.2
79.1
75.0
81.3
73.4
85.5
84.2
81.9
83.4
64.0
67.7
77.2
75.4
83.2
73.6
79.5

Parag Milk Foods Ltd · PARAGMILK

31.7
25.4
19.7
13.9
-2.2
-2.2
16.0
30.4
38.3
34.9
23.7
22.8
23.5
21.9
17.4
22.4
27.1
25.9
17.4
—

Vadilal Enterprises Ltd · VADILENT

171.6
36.1
32.9
69.1
13.6
72.8
30.6
50.3
306.8
40.2
41.4
42.9
15.5
27.0
150.5
160.4
152.1
231.9
—
—

Vadilal Industries Ltd · VADILALIND

26.7
16.1
24.8
31.6
22.2
19.7
17.7
21.4
15.7
14.1
21.2
20.9
18.8
19.1
21.2
26.6
27.9
26.7
25.2
—
11 · 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. 2 of the 8 companies report on an older date than the sector's freshest reporters, so their ranks are 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.
  • 2 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.
12 · 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 2026-07-31. 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 2026-07-31 · 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.

13 · 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 2026-07-31. Nothing here is estimated, and none of it is a recommendation.

Is the FMCG - Dairy Products sector outperforming NIFTY 500?

FMCG - Dairy Products has underperformed NIFTY 500 by 4.2% over 52 weeks and 2.5% over 13 weeks. 2 of 8 covered companies beat NIFTY on Mansfield relative strength, while 2 of 8 beat the sector itself.

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 67.9/100 with 93% 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.

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 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 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 underperformed NIFTY 500 by 4.2% over the last 52 weeks and 2.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 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?

Nestle India Ltd scores 67.9 out of 100 with 93% evidence confidence, from 30 points on growth and earnings, 20.4 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, 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 ₹3,28,942 crore of combined market value. Nestle India Ltd is the largest at ₹2,91,098 crore, about 88% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

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 33.4×, 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 2026-08-05.

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. The sector itself is 4.2% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

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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