Dairy Stocks and Companies in India

The largest Dairy stocks in India by market value are Nestle India (₹2.41 lakh crore), Hatsun Agro Product (₹23,304 crore) and Dodla Dairy (₹5,949 crore), at prices of 4 Nov 2026.

• Nestle India: ₹1,248 | market value ₹2.41 lakh crore | P/E 59.7
• Hatsun Agro Product: ₹1,046.20 | market value ₹23,304 crore | P/E 64.5
• Dodla Dairy: ₹985.95 | market value ₹5,949 crore | P/E 27.3
• Vadilal Industries: ₹7,377.50 | market value ₹5,304 crore | P/E 22.1
• Parag Milk Foods: ₹233.15 | market value ₹4,069 crore | P/E 31
• Heritage Foods: ₹370.65 | market value ₹3,440 crore | P/E 30.2
• Vadilal Enterprises: ₹9,400 | market value ₹808 crore | P/E 53.0
• Kwality: ₹2.20 (price from the week of 24 Feb 2021) | market value ₹53.0 crore

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 8 listed Indian FMCG - Dairy Products companies are named here, largest first. This is the set of companies people mean when they search for a Nifty FMCG - Dairy Products index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Nestle India Ltd₹2.3 lakh cr
2. Hatsun Agro Product Ltd₹22,200 cr
3. Dodla Dairy Ltd₹5,910 cr
4. Vadilal Industries Ltd₹5,390 cr
5. Parag Milk Foods Ltd₹4,070 cr
6. Heritage Foods Ltd₹3,300 cr
7. Vadilal Enterprises Ltd₹823 cr
8. Kwality Ltd₹53 cr

8 Dairy companies in the FMCG - Dairy Products industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 8 are listed below, largest first. The largest is Nestle India (₹2.25 lakh crore) and the smallest with a market value is Kwality.

Download all 8 Dairy companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 28% ahead of NIFTY 500. Earnings across its companies grew 11% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 14 weeks running.

Price and the fundamentals both up. 1 of the 7 companies with a long enough price record pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 14 weeks running; 4 of the 7 companies in the industry index above their 200-day average (no change from four weeks earlier); 1 of those 7 pass the momentum test (1 fewer than four weeks earlier); earnings rising at 5 of the 7 that report earnings.

Participation is shrinking, 2 → 1 of 7 over four weeks, after being ahead of NIFTY 500. Price-only fade, 5 of 7 members have higher trailing twelve-month earnings than a year ago, so the fade is in the price, not in the earnings.

Both lines start at 200 in the same week, so the gap between them tells the 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 set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

FMCG - Dairy Products has done better than the NIFTY 500 by 1.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 9.4%. Hatsun Agro Product Ltd is the strongest against the sector itself at −0.2%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 44.4 as of 30 October 2026 (narrowing, rising).

FMCG - Dairy Products has done better than the NIFTY 500 by 1.5% over 52 weeks and by 9.4% over 13 weeks. 1 of 8 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet), and 0 of the 3 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Vadilal Industries Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 85% evidence confidence.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

Vadilal Industries Ltd has the strongest one-year price move in FMCG - Dairy Products at +41.0%. It also leads on relative strength against the NIFTY, at +38.0%. 3 of 8 companies we track are ahead of the index on that measure (1 has no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: 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.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against FMCG - Dairy Products itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

3 of 8 FMCG - Dairy Products companies held a results call for July to September 2026. Milky Mist Dairy Food guided: Sustain H1 pace into next quarter at 40% plus growth.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹1,972 crore in the last 12 months, 46% less than a year before.
• Projects still being built shrank 51% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 8 FMCG - Dairy Products companies, in percentage points.

Ownership and spending as of 10 October 2026.

The next things that show whether the FMCG - Dairy Products story is on course. First: Winter milk availability improves and procurement prices soften; verify delivered margins rather than management expectations.

• Dodla's later-quarter margin recovery and Maharashtra liquid plant commissioning in March.
• Parag receives the expected ₹120 crore warrant equity and commissions expanded paneer capacity by June 2027.
• Prices leave the long range while performance against NIFTY 500 improves over six months.
• Higher-value product growth reaches operating profit at Heritage, Parag and Hatsun.

From our industry review of 10 October 2026.

This is the written read behind the FMCG - Dairy Products figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 29 Jul 2026, so the words are older than the numbers. 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: OLD: this read comes from our FMCG - Dairy Products sector brief dated 29 Jul 2026, about 3 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

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

Nestle India Ltd has the highest Revenue among the 8 FMCG - Dairy Products companies compared here, at ₹25,581 crore. Hatsun Agro Product Ltd is next at ₹10,930 crore. Vadilal Industries Ltd has the highest Revenue growth at 35.5%, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Nestle India Ltd is the largest at ₹25,581 crore, 134% ahead of Hatsun Agro Product Ltd. Vadilal Industries Ltd's growth is 35.5% from a ₹1,798 crore base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Nestle India Ltd is the size to compare against; Vadilal Industries Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

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.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Nestle India Ltd has the highest OPM among the 8 FMCG - Dairy Products companies compared here, at 24%. Vadilal Industries Ltd is next at 18%. Vadilal Industries Ltd has the highest Margin change at +3 percentage points, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Nestle India Ltd leads opm at 24%; Vadilal Industries Ltd leads margin change at +3 percentage points.

What this means: Nestle India Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Nestle India Ltd has the highest Net profit among the 8 FMCG - Dairy Products companies compared here, at ₹4,134 crore. Hatsun Agro Product Ltd is next at ₹362 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 earns the most, ₹4,134 crore of profit over the last 12 months, 11.4× the profit of Hatsun Agro Product Ltd. Vadilal Enterprises Ltd shows at least 100% on the scoring scale (275% in full) growth from a profit base of ₹15 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Nestle India Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Nestle India Ltd has the highest ROCE among the 8 FMCG - Dairy Products companies compared here, at 84.1%. Vadilal Enterprises Ltd is next at 24.8%. Dodla Dairy Ltd has the highest ROCE change at +10.5 percentage points, so level and change sit with different companies. 8 of 8 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Nestle India Ltd leads ROCE at 84.1%, 59.3 percentage points above Vadilal Enterprises Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Nestle India Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on capital · company comparison

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Vadilal Industries Ltd has the lowest PEG among the 8 FMCG - Dairy Products companies compared here, at 0.43×. Heritage Foods Ltd is next at 1.33×. The same company also has the lowest P/E, at 22.4×. 7 of 8 companies report a comparable reading, the latest through Sep 2026. Its PEG series carries 5 reported observations across the 20-quarter window.

What the numbers say: Vadilal Industries Ltd has the lowest comparable PEG at 0.43×, 67.7% below Heritage Foods Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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 worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. 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.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

FMCG - Dairy Products companies show up on 6 of our India lists. The most are on the breakout stocks list (2 companies).

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 come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• 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.

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 Sep 2026 and market data through 30 October 2026.

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

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 Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.