Parag Milk Foods share price today

Parag Milk Foods Ltd's share price was ₹323.75 at the close on 5 November 2026. It has been rising for 6 weeks. That is 31.9% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹190 and ₹354, and at that close it sat 82% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Parag Milk Foods Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 11 weeks in a row.

Over the last 11 years the share price moved +32% while the NIFTY 500 moved +230%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

One change stood out: revenue up on a year earlier for 9 quarters in a row.

1. Revenue up on a year earlier for 9 quarters in a row

   In the June 2026 quarter revenue was ₹945 crore, +10.9% on a year earlier.

For July to September 2026 (the quarter ended 30 September 2026), Parag Milk Foods reported revenue of ₹1,241 crore, up 23.1% from ₹1,008 crore a year earlier, and a profit of ₹42.0 crore, down 8.7% from ₹46.0 crore.

Parag Milk Foods results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

The newest call in our records is from 28 September 2026, about April to June 2026; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Parag Milk Foods closed at ₹323.75 on 5 November 2026, up 2.0% from ₹317.40 a year earlier (7 November 2025) and up 136.4% over five years. Its highest weekly close since May 2016 was ₹353.65 on 14 November 2025.

Parag Milk Foods share price: then and now

Weekly closing prices. Each change is the move from that price to the 5 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

550 weekly closes from 20 May 2016 to 5 November 2026.

5 Nov 2026: Parag Milk Foods closed at ₹323.75, up 38.9% on the week and up 5.7% on the month. Results for July to September 2026: Revenue up 23.1% and profit down 8.7% on a year earlier.

Earlier

• 28 Sep 2026: Parag Milk Foods held its results call for April to June 2026. Management guided: Paneer capacity to expand from 20 to 80 metric tons and be commissioned by June 2027; immediate utilization expected at 60-70%.
• 22 Sep 2026: ex-date for a dividend of ₹1.10 a share.

Parag Milk Foods paid ₹1.10 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.34% at the ₹323.75 close on 5 November 2026. The last was a dividend of ₹1.10 a share, ex-date 22 September 2026.

Parag Milk Foods dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Parag Milk Foods Ltd paid out 10% of its profit as dividends in FY26, and it paid a dividend in 8 of its last 13 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 28 September 2026, Parag Milk Foods' management guided: Paneer capacity to expand from 20 to 80 metric tons and be commissioned by June 2027; immediate utilization expected at 60-70%.

“I am quite sure that by the time the plant is commissioned and operating, it will be utilized at 60-70% immediately, and then we will undertake another capacity expansion.”Rahul Kumar, Chief Operating Officer, on the call for April to June 2026

What management guided

• Cheese capacity to increase from 60 to 120 metric tons by March 2028, potentially earlier.
• Newer formats to contribute approximately 40% of Avvatar revenue in the near future.
• Revenue aspiration of approximately ₹10,000 crore over the next 3 years, with operating margin moving to double digits medium term and teens at scale.
• Combined paneer and cheese projects require ₹205 crore; routine capital spending of ₹80-90 crore annually brings planned spend to approximately ₹500 crore over the same period.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 28 September 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

The changes showing up in Parag Milk Foods' own numbers are new products. It is too early to say whether they last.

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Checked against results and calls up to April to June 2026, 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

Paneer commissioning followed by weak paid demand, persistent flagship volume declines and further inventory accumulation would break the claim that the expansion converts customer demand into cash-generating growth.

Each change stops working if

• Premium nutrition mix: New-age revenue share stalls or promotional spending absorbs the incremental gross profit.
• Paneer capacity and customer conversion: Commissioning slips or initial paid utilization falls below management's indicated floor.
• Linked cheese and whey expansion: Additional milk procurement or customer demand fails to support the expanded line.
• Pricing and portfolio discipline: Further price increases cause volume losses that outweigh the recovered input cost.

The main risks

• Input-cost recovery fails to reach earnings: Gross-margin protection has not established an operating-profit inflection. ⚠ estimate
• Profit growth includes non-core income: Non-core income and tax movements complicate the apparent earnings trend. ⚠ estimate
• Capacity absorption and competitive response: The capacity program requires customer conversion rather than construction alone. ⚠ estimate
• Guidance changes without scope reconciliation: Budget, distribution and seasonal assumptions have changed without a complete explanation. ⚠ estimate

Our read after the April to June 2026 results, written 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

When Parag Milk Foods reports October to December 2026, these are the 5 checks that show whether the story is still on course. First: New-age sales grow on the quarter before (above roughly ₹100+ crore) AND company operating margin stays above the year-earlier quarter's 7.07%.

Parag Milk Foods is on 2 of our India lists: Multibagger study list and Breakout stocks.

Parag Milk Foods Ltd earned ₹42.0 Cr of net profit in the Sep 2026 quarter, −8.7% on the same quarter a year earlier. Full-year FY26 profit was ₹135 Cr. Over 10 years profit has grown 11.1% a year on average. That is 3.4% of the quarter's revenue. The same quarter a year earlier earned ₹46.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹135 Cr (+13.4% on the year before).

Why profit moved: revenue changed +23.1% on a year earlier and the margin moved +1.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed −5.9% and revenue +12.8%. Profit is growing slower than sales: rising costs are taking part of the growth.

Parag Milk Foods Ltd reported ₹1,241 Cr of revenue in the Sep 2026 quarter, +23.1% on the same quarter a year earlier. That is the 10th quarter in a row with growth on the year before. Over 10 years it has grown 8.8% a year on average. The last full year, FY26, came in at ₹3,818 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹4,144 Cr.

FY26 revenue was ₹3,818 Cr, +11.2% on the year before.

Recent pace: the last four quarters grew +12.8% on average, against 8.8% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +13.1%, against +13.4% a year over the last 8 quarters (stabilising); profit over the last 12 months grew −7.4%, against +12.2% a year (rolling over).

Parag Milk Foods Ltd's operating margin was 8.0% in the Sep 2026 quarter, 1.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between −21.0% and 10.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The Value Chain Climb and Margin Expansion via Premiumization apply because nutrition formats are gaining revenue share. The benefit reaches shareholders only if repeat purchases cover acquisition costs and incremental commercial spending. Product-level earnings are undisclosed, so the demonstrated benefit is revenue mix rather than a quantified contribution to operating profit. Competitor pricing and customer retention are unknown.

Why the margin moved: operating margin changed +0.9 percentage points on the year while gross margin changed +0.2 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

Over the last 3 years, 134% of Parag Milk Foods Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹149 Cr of operating cash against ₹135 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹154 Cr of spending on assets, free cash was −₹5.0 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 134% of profit came in as cash: the cash cycle got 47 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 2.0× depreciation over three years. The next section checks what that spending is building.

Parag Milk Foods Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 89 days in FY26, down from 136 days in FY21. It spent ₹397 Cr on assets over the last 3 years. Customers take 23 days to pay, and stock sits for 104 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. Management describes existing capacity as almost fully utilized and expects rapid absorption of the new plant. The mechanism requires commissioning, customer conversion and paid throughput. Analog-product restrictions are an external demand hypothesis reported by management, not independently verified regulation in this bundle. Competitors may add compliant supply or compete on price; the remaining benefit cannot be quantified until utilization and contribution margins are disclosed.

At FY26 sales of ₹3,818 Cr, each day of that cycle ties up about ₹10.5 Cr, so roughly ₹931 Cr is tied up in the business at any time.

FY26: customers took 23 days to pay and stock sat for 104 days, about 3.4 months of sales sitting as stock, for a full cycle of 89 days, shorter than FY21's 136.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 104 days. Customers pay about 23 days after that. Suppliers are paid at 38 days. Together that makes the 89-day cycle.

Spending on assets: ₹397 Cr over the last 3 years, against ₹198 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹37.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Parag Milk Foods Ltd's P/E is 31.0×, near the high end of its own history: higher than 71% of past readings. Its usual P/E (the middle reading) is 23.7×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹10.04.