# Parag Milk Foods share price today (Parag Milk Foods Ltd, NSE: PARAGMILK)

> Parag Milk Foods share price today: ₹249.52 at the NSE close on 3 November 2026, down 19.9% in a year. Parag Milk Foods (NSE: PARAGMILK) is worth ₹3,137 crore, trades at a P/E of 23.2 and has closed between ₹190.21 and ₹353.65 over the past 52 weeks. > Parag Milk Foods Ltd's earnings have grown faster than its share price. Earnings per share grew +8.4% in a year while the price moved −19.9%. PARAGMILK · FMCG - Dairy Products · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/parag-milk-foods-ltd

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## Key numbers

- Business trend: Slowing from a peak, from the last 12 quarters
- Price: ₹249.52 (−19.9% in a year)
- P/E: 23.2× (lower than 52% of the last 10 years)
- Revenue (Jun 2026): ₹945 Cr (+10.9% on a year ago)
- Profit (Jun 2026): ₹22.0 Cr (−21.4% on a year ago)
- Operating margin: 7.0% (flat on a year ago)
- ROCE: 13%, FY26
- ROIC: 8.4%, against a 12.0% cost of capital: −3.6 points

The main question: yearly earnings per share moved +8.4% while the share price moved −19.9%. ## What is the Parag Milk Foods share price today? Parag Milk Foods Ltd's share price was ₹249.52 at the close on 3 November 2026. It has been rising for 6 weeks. That is 2.2% 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 36% of the way up from that low. 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 +2% 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. ## What changed at Parag Milk Foods this quarter? 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. ## What are Parag Milk Foods' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Parag Milk Foods reported revenue of ₹945 crore, up 10.9% from ₹852 crore a year earlier, and a profit of ₹22.0 crore, down 21.4% from ₹28.0 crore. ### Parag Milk Foods results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹945 crore | ₹852 crore | +10.9% |
| Profit | ₹22.0 crore | ₹28.0 crore | −21.4% |
| Earnings per share | ₹1.76 | ₹2.31 | −23.8% |
| Operating margin | 7.0% | 7.0% | 0.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Parag Milk Foods' management discussed these results on a call held on 28 September 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Parag Milk Foods share price history? Parag Milk Foods closed at ₹249.52 on 3 November 2026, down 19.9% from ₹311.55 a year earlier (31 October 2025) and up 82.2% 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

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹241.80 | +3.2% |
| 1 month ago · 1 Oct 2026 | ₹264.00 | −5.5% |
| 6 months ago · 30 Apr 2026 | ₹224.24 | +11.3% |
| 1 year ago · 31 Oct 2025 | ₹311.55 | −19.9% |
| 3 years ago · 3 Nov 2023 | ₹219.60 | +13.6% |
| 5 years ago · 4 Nov 2021 | ₹136.95 | +82.2% |
| 10 years ago · 4 Nov 2016 | ₹298.55 | −16.4% |
| Earliest weekly close in our records · 20 May 2016 | ₹245.15 | +1.8% |
| Highest weekly close since May 2016, also the 52-week high · 14 Nov 2025 | ₹353.65 | −29.4% |
| Lowest weekly close since May 2016 · 20 Mar 2020 | ₹58.50 | +326.5% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹190.21 | +31.2% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (550 weekly closes from 20 May 2016 to 3 November 2026.)

## What is the latest news on Parag Milk Foods? 3 Nov 2026: Parag Milk Foods closed at ₹249.52, up 3.2% on the week and down 5.5% on the month. 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%. ### Earlier

- 22 Sep 2026: ex-date for a dividend of ₹1.10 a share. - Results for April to June 2026: Revenue up 10.9% and profit down 21.4% on a year earlier. ## What dividend does Parag Milk Foods pay? Parag Milk Foods paid ₹1.10 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.44% at the ₹249.52 close on 3 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

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 22 Sep 2026 | ₹1.10 | Dividend | same day |
| 22 Sep 2025 | ₹1 | Dividend | same day |
| 4 Sep 2024 | ₹0.50 | Dividend | same day |
| 7 Sep 2021 | ₹0.50 | Dividend | 8 Sep 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 3 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What did Parag Milk Foods management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/6898-28-Sep-2026.pdf). (From the call for April to June 2026, 28 September 2026.)

## What is the future of Parag Milk Foods? What is changing in the business? The changes showing up in Parag Milk Foods' own numbers are new products. It is too early to say whether they last. New products too early to call

Management reported growth of 79% (Sep 2025 quarter), 123% (Dec 2025 quarter, first time above ₹100 crore in a quarter), 100% year-on-year but flat on the quarter before (Mar 2026 quarter), and nearly 59% (Jun 2026 quarter), taking them to nearly 13% of sales. Management says these products earn roughly double the company's average gross margin. Why it may last: Growth is slowing (123% to 100% to nearly 59%) and international protein brands are competing; management refuses to give the new products' profit or a dated goal. What would decide it: segment or product-level profit disclosure, and company operating margin rising as the new-age share climbs past 13%. Next check: 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%. Quarter by quarter, 4 quarters

July to September 2025

New-age sales grew 79% year-on-year to 9% of revenue; a protein wafer bar was launched. Company revenue reached ₹1,008 crore. ✓ fact

From our notes of the call for July to September 2025: Avtar protein grew 6-fold over past 1.5 years with 79% on a year earlier growth in new age business. October to December 2025

New-age sales crossed ₹100 crore in a quarter for the first time, up 123%; protein bars already 8% of the Avvatar brand's sales. Company revenue ₹1,013 crore. ✓ fact

From our notes of the call for October to December 2025: Combined new age business (Avatar + Pride of Cow) crossed ₹100 crore quarterly milestone with 123% on a year earlier growth. January to March 2026

Still about ₹100 crore and up 100% year-on-year, but flat against the quarter before because the company cut promotions on Pride of Cows and changed Avvatar pricing to protect profit. This flatness only came out under analyst questioning. Gross margin rose to 27.98%. ✓ fact

From our notes of the call for January to March 2026: Q4 sequential revenue flat despite 100% on a year earlier growth due to company withdrawal of promotional spending on Pride of Cows and pricing transition in Avvatar. April to June 2026

Growth slowed to nearly 59% but the business kept growing and is now nearly 13% of turnover; newer formats (bars, chips, ready-to-drink) are expected to reach about 40% of Avvatar sales. Company revenue ₹945 crore. ✓ fact

From our notes of the call for April to June 2026: New-age business grew 90% last year and nearly 59% in Q1; mix rose from 3-4% four years ago to nearly 13% of turnover. 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.)

## What could change the Parag Milk Foods story? What are the risks? 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.)

## What to watch in Parag Milk Foods' next results? When Parag Milk Foods reports July to September 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%. | What to check | Why |
| --- | --- |
| 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%. | New products |
| Paneer commissioning status and initial utilization at the next results - test whether absorption matches management's confidence. | From the call |
| Cheese commissioning and parallel whey ramp - check delivery against the stated timetable and customer uptake. | From the call |
| Q2 flagship volume and blended gross margin after seasonal milk inflation - test pricing pass-through without demand erosion. | From the call |
| Avvatar newer-format traction across quick commerce and general trade - check repeat purchases and product-level sales disclosure. | From the call |

## Which stock lists is Parag Milk Foods on? Parag Milk Foods is on 2 of our India lists: Multibagger study list and Breakout stocks. - [Multibagger study list Study stage: middle](https://www.sectoralpha.in/multibagger-stocks-india)
- [Breakout stocks Breakout date: 9 October 2026](https://www.sectoralpha.in/breakout-stocks-india)

## Is Parag Milk Foods profitable? Parag Milk Foods Ltd earned ₹22.0 Cr of net profit in the Jun 2026 quarter, −21.4% 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 2.3% of the quarter's revenue. The same quarter a year earlier earned ₹28.0 Cr. For the full year, FY26 profit was ₹135 Cr (+13.4% on the year before). Why profit moved: revenue changed +10.9% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +10.9% and revenue +11.0%. Profit and revenue are moving at about the same pace. ## How much revenue does Parag Milk Foods make, and is it growing? Parag Milk Foods Ltd reported ₹945 Cr of revenue in the Jun 2026 quarter, +10.9% on the same quarter a year earlier. That is the 9th 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. The last four reported quarters add to ₹3,911 Cr. FY26 revenue was ₹3,818 Cr, +11.2% on the year before. Recent pace: the last four quarters grew +11.0% 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 +10.9%, against +11.5% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +9.2%, against +16.4% a year (rolling over). ## How much of every ₹100 of sales does Parag Milk Foods keep? Parag Milk Foods Ltd's operating margin was 7.0% in the Jun 2026 quarter, about the same as 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. 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. In the latest quarter it moved +0.0 percentage points on the same quarter a year ago. Why the margin moved: operating margin changed +0.4 percentage points on the year while gross margin changed +0.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. ## Is Parag Milk Foods' profit turning into cash? 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. 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. ## Where does Parag Milk Foods' cash go? 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. 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. ## What is Parag Milk Foods' P/E ratio, and how does it compare with its own history? Parag Milk Foods Ltd's P/E is 23.2×, in the middle of its own history: higher than 48% of past readings. Its usual P/E (the middle reading) is 23.7×, over 10 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. 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 Jun 2026 add up to ₹10.35. Why the multiple is where it is: over the past year earnings per share moved +8.4% while the price moved −19.9%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +12.7% a year; about +24.0% a year came from earnings growth and about −11.3 percentage points from the multiple (the market paying less); over 10 years the price moved −1.8% a year; about +5.5% a year came from earnings growth and about −7.3 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Parag Milk Foods share price assume? Worked out from its price on 11 October 2026, Parag Milk Foods Ltd's share price assumed profit growth of about 19.0% a year. Over the past 10 years its profit actually grew 11.1% a year. Today its P/E is 23.2×, lower than 52% of its own last 10 years. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Parag Milk Foods business getting better or worse? Parag Milk Foods Ltd's business is slowing from a peak. Profit and EPS growth have slowed sharply (profit growth from +73.1% at its peak to +9.2% now), while ROCE is still 16.7%. This is based on 12 quarters of 4 measures. Why it matters: slowing from a peak is where good stories often end quietly. ## What is the Parag Milk Foods story, and has it been checked? Parag Milk Foods Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: CONTRACTION. Our read, 10 October 2026. From the numbers. From the price. Price stage 2, week 6, below its 200-day line, relative strength flat. From the research. Where they disagree. The price curve is separately in stage 2 for three weeks; that price classification does not establish an operating earnings turn. The longer 4.21x price advance also prevents an unqualified early-stage claim. What is proven. What is not proven yet. 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. What would change our mind. 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. The test written in advance. 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. Measured by: the thesis as written as stated by the next result. The test written in advance. Input-cost recovery fails to reach earnings. Measured by: Input-cost recovery fails to reach earnings Flagship volume remains negative while operating-profit growth continues to lag revenue growth. by the next result. The test written in advance. Expansion consumes cash before earnings arrive. Measured by: Expansion consumes cash before earnings arrive Warrant proceeds are delayed, debt increases before commissioning, or inventory days exceed the latest annual level. by the next result. What the company does. New-age products are gaining revenue share, while paneer and cheese expansion provide dated operating milestones. Milk inflation, commercial spending and non-core income prevent revenue growth from being treated as an earnings turn. What the surface reading misses. The surface reading is: Higher revenue should have produced higher net profit. The research reads it further: Operating profit increased against the comparable quarter, but tax increased substantially and interest and depreciation also rose. The net-profit decline does not imply an equal decline in operating demand. What the surface reading misses. The surface reading is: Higher net profit suggests improving profitability. The research reads it further: Operating profit fell against the comparable quarter even as reported net profit rose. Non-core income contributes to the difference. Lever 2 · Value-added mix: building. New-age products broaden consumption occasions and offer a higher gross-margin mix. What proves it keeps working: Premium nutrition mix. It stops working if New-age revenue share stalls or promotional spending absorbs the incremental gross profit. Sources: our stock research file (10 October 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Parag Milk Foods management deliver what it promised? What Parag Milk Foods Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Routine Capex Guidance Increased · 28 September 2026. In the May 2026 call, management guided to INR60 crores to INR70 crores of capex for the next year. In the September 2026 call, it raised the stated routine annual run-rate to approximately INR80 crores to INR90 crores for the current year and next financial year without reconciling the increase, which is material for free-cash-flow and leverage assumptions. Milk Availability and Price Outlook Reversed · 28 September 2026. In the August 2026 call, management expected the monsoon to improve milk availability and described a milk flush, with prices stable. In the September 2026 call, it said the monsoon had instead caused scarcity and a price increase, with stabilization expected only after Diwali; this changes the near-term cost and margin outlook and was not reconciled. Milk Price Outlook Reversed · 7 August 2026. In the May 2026 call, management expected milk prices to soften after the monsoon, whereas in the August 2026 call it indicated that prices could increase slightly because of monsoon-related production factors. Although the latest call cites humidity and festive demand, it does not reconcile the change from an expected post-monsoon softening to a potential increase, which is relevant to margin assumptions. Distribution Goal Materially Lower Than Prior Stated Ambition · 7 August 2026. The August 2026 call set a goal of more than 1.5 million outlets over the next three years, compared with the February 2026 call's stated ambition of reaching close to 10 million outlets across all states. Management did not explain whether the latest figure is a narrower goal for new-age products or a material reduction in the broader company-wide distribution ambition, creating uncertainty for the distribution-led growth thesis. Every quote above is taken word for word from the company’s own earnings calls. ## What is Parag Milk Foods management's track record? Funding through warrants and converted foreign-currency bonds is disclosed; a fully documented last-downturn capital-allocation history is still absent, so strong is not earned. ### Regulatory and governance record

The exchange notice names a marginal reporting delay; the Andhra Pradesh proceedings were disposed of, and the older Madras tax excerpt does not establish a live material conduct case. No regulator-backed fraud, material management lie or huge unowned central miss is proven, so pass. 0% Promoter shares pledged

Sources:

- [alphastreet.com](https://alphastreet.com/india/parag-milk-foods-ltd-paragmilk-q4-2026-earnings-call-transcript/)
- [nsearchives.nseindia.com](https://nsearchives.nseindia.com/corporate/PARAGMILK_04022026235641_Intimation_on_non_complaince_23_9_.pdf)
- [trendlyne.com](https://trendlyne.com/equity/share-holding/2016/PARAGMILK/30-06-2025/parag-milk-foods-ltd)

(Checked 14 October 2026.)

## How much does Parag Milk Foods earn on its capital? Parag Milk Foods Ltd earned a ROCE of 13% in FY26. That is up from a low of −39% in FY22. Its return on capital used (ROIC) is 3.6 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 3.5% net margin and 1.67× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 3.5% net margin × 1.67× asset turnover × 1.81× leverage (assets divided by equity) ≈ 10.6% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 8.4% − 12.0% = −3.6 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 8.4% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 9.8%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Parag Milk Foods have too much debt? Parag Milk Foods Ltd has total debt of ₹607 Cr against shareholder equity of ₹1,259 Cr as of Jun 2026, so its debt is 0.48× its equity. Year by year, that ratio went from 0.96 in FY22 to 0.48 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Parag Milk Foods shareholding pattern? Domestic institutions cut their stake in Parag Milk Foods Ltd by 4.2 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 2.9% of the company. Foreign institutions moved −2.5 points over the same period, to 7.6%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: −4.2 points over 8 quarters, to 2.9%; Foreign institutions: −2.5 points over 8 quarters, to 7.6%; Promoters: −2.1 points over 8 quarters, to 40.5%. Why the owners changed: domestic institutions drove it (−4.2 points), together with foreign institutions (−2.5 points). They reduced their stake. ## How far is Parag Milk Foods from balance-sheet trouble? For Parag Milk Foods Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Parag Milk Foods rank in its industry? 45.2 out of 100, rank 6 of 8 in FMCG - Dairy Products, with 81% of the evidence available. Parag Milk Foods Ltd scores 45.2 out of 100 against the 8 companies it is compared with in FMCG - Dairy Products, ranking 6. The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. The four parts add up to the total exactly: 13.5 + 6.5 + 15.3 + 9.9 = 45.2. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Parag Milk Foods compared with? Parag Milk Foods ranks 6 of 8 FMCG - Dairy Products companies on the 4-Factor Sector Score, with 45.2 out of 100. 1. [Vadilal Industries Ltd](https://www.sectoralpha.in/stocks/vadilal-industries-ltd) VADILALIND · leader · Most evidence points up · 85% evidence 76.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.4/35 · Revenue 35.5% · Profit 79.8% · Operating margin change 3 points · 100% evidence Capital efficiency 18.7/25 · ROCE 22% · Operating margin 18% · 100% evidence Valuation 14.5/20 · P/E 22.4× · PEG 0.43 · 100% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 38% · 1 year 41% · 25% evidence · 12 of 12 weeks ahead Exact sum: 30.4 + 18.7 + 14.5 + 12.5 = 76.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Nestle India Ltd](https://www.sectoralpha.in/stocks/nestle-india-ltd) NESTLEIND · quiet · Evidence leans up · 100% evidence 60.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.5/35 · Revenue 21.7% · Profit 38.1% · Operating margin change 2 points · 100% evidence Capital efficiency 24.4/25 · ROCE 84.1% · Operating margin 24% · 100% evidence Valuation 8.4/20 · P/E 55.8× · PEG 2.82 · 100% evidence Relative strength 0.0/20 · Lead over its industry -14.5% · Lead over NIFTY 500 -8.5% · 1 year -8.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 27.5 + 24.4 + 8.4 + 0 = 60.3 · What this means: Earnings are strong; relative strength in its sector is -14.5% and the one-year return is -8.2%. 3. [Vadilal Enterprises Ltd](https://www.sectoralpha.in/stocks/vadilal-enterprises-ltd) VADILENT · turning · Evidence leans up · 78% evidence 59.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.6/35 · Revenue 32.8% · Profit 100% · Operating margin change -2 points · 100% evidence Capital efficiency 15.0/25 · ROCE 24.8% · Operating margin 6% · 100% evidence Valuation 8.1/20 · P/E 54× · PEG 1.94 · 65% evidence Relative strength 10.7/20 · Lead over its industry n/a · Lead over NIFTY 500 0.7% · 1 year -7.9% · 25% evidence · 3 of 5 weeks ahead Exact sum: 25.6 + 15 + 8.1 + 10.7 = 59.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Hatsun Agro Product Ltd](https://www.sectoralpha.in/stocks/hatsun-agro-product-ltd) HATSUN · breaking out · Evidence leans down · 100% evidence 49.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.4/35 · Revenue 18.6% · Profit 5.8% · Operating margin change -2 points · 100% evidence Capital efficiency 14.2/25 · ROCE 15.2% · Operating margin 11% · 100% evidence Valuation 5.7/20 · P/E 61.4× · PEG 3.5 · 100% evidence Relative strength 14.8/20 · Lead over its industry -0.2% · Lead over NIFTY 500 6.3% · 1 year -9.9% · 100% evidence · 10 of 12 weeks ahead Exact sum: 14.4 + 14.2 + 5.7 + 14.8 = 49.1 · What this means: Relative strength against the index is 6.3%, and revenue and profit growth are weak. 5. [Dodla Dairy Ltd](https://www.sectoralpha.in/stocks/dodla-dairy-ltd) DODLA · turning · Evidence leans down · 85% evidence 47.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.7/35 · Revenue 17.1% · Profit -16.9% · Operating margin change -4 points · 100% evidence Capital efficiency 11.9/25 · ROCE 16.7% · Operating margin 5% · 100% evidence Valuation 11.6/20 · P/E 27.1× · PEG 1.75 · 100% evidence Relative strength 8.0/20 · Lead over its industry n/a · Lead over NIFTY 500 -7.4% · 1 year -24.2% · 25% evidence · 0 of 12 weeks ahead Exact sum: 15.7 + 11.9 + 11.6 + 8 = 47.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. Parag Milk Foods Ltd this page PARAGMILK · breaking out · Evidence leans down · 81% evidence 45.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.5/35 · Revenue 10.9% · Profit 9.2% · Operating margin change 0 points · 88% evidence Capital efficiency 6.5/25 · ROCE 13.4% · Operating margin 7% · 100% evidence Valuation 15.3/20 · P/E 21.7× · PEG 0.65 · 100% evidence Relative strength 9.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -0.7% · 1 year -25.2% · 25% evidence · 8 of 12 weeks ahead Exact sum: 13.5 + 6.5 + 15.3 + 9.9 = 45.2 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 7. [Heritage Foods Ltd](https://www.sectoralpha.in/stocks/heritage-foods-ltd) HERITGFOOD · breaking out · Evidence leans down · 100% evidence 35.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.3/35 · Revenue 13.9% · Profit -33.5% · Operating margin change -1 points · 100% evidence Capital efficiency 9.8/25 · ROCE 14.8% · Operating margin 6% · 100% evidence Valuation 9.1/20 · P/E 29× · PEG 1.33 · 100% evidence Relative strength 7.8/20 · Lead over its industry -7.1% · Lead over NIFTY 500 -1% · 1 year -26.6% · 100% evidence · 11 of 12 weeks ahead Exact sum: 8.3 + 9.8 + 9.1 + 7.8 = 35 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Kwality Ltd](https://www.sectoralpha.in/stocks/kwality-ltd) KWALITY · Too little evidence to rank firmly · 17% evidence 41.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.2/43.75 · Revenue -27.3% · Profit -80% · Operating margin change n/a · 16% evidence Capital efficiency 8.5/31.25 · ROCE -190% · Operating margin -2.3% · 46% evidence Valuation 12.5/25 · P/E n/a · PEG n/a · 0% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 20.2 + 8.5 + 12.5 = 41.2 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [FMCG - Dairy Products](https://www.sectoralpha.in/sectors/fmcg-dairy-products), all 8 compared on one page. ## Which companies are close to Parag Milk Foods in size? Parag Milk Foods is the 6th largest of 8 FMCG - Dairy Products companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Hatsun Agro Product, Dodla Dairy, Vadilal Industries and Heritage Foods. Just below it: Vadilal Enterprises and Kwality. ### FMCG - Dairy Products companies close in size

1. [Hatsun Agro Product Ltd](https://www.sectoralpha.in/stocks/hatsun-agro-product-ltd) ₹22,175 crore
2. [Dodla Dairy Ltd](https://www.sectoralpha.in/stocks/dodla-dairy-ltd) ₹5,909 crore
3. [Vadilal Industries Ltd](https://www.sectoralpha.in/stocks/vadilal-industries-ltd) ₹5,387 crore
4. [Heritage Foods Ltd](https://www.sectoralpha.in/stocks/heritage-foods-ltd) ₹3,298 crore
5. Parag Milk Foods Ltd ₹2,929 crore
6. [Vadilal Enterprises Ltd](https://www.sectoralpha.in/stocks/vadilal-enterprises-ltd) ₹823 crore
7. [Kwality Ltd](https://www.sectoralpha.in/stocks/kwality-ltd) ₹53 crore

[All 8 FMCG - Dairy Products companies, largest first](https://www.sectoralpha.in/sectors/fmcg-dairy-products#all-companies)

### Companies close in size in other industries

1. [Jaykay Enterprises Ltd](https://www.sectoralpha.in/stocks/jaykay-enterprises-ltd) ₹2,947 crore · Aerospace & Defence - Equipments
2. [Bondada Engineering Ltd](https://www.sectoralpha.in/stocks/bondada-engineering-ltd) ₹2,943 crore · Infra - Engineering - General
3. Parag Milk Foods Ltd ₹2,929 crore
4. [Anand Rathi Share & Stock Brokers Ltd](https://www.sectoralpha.in/stocks/anand-rathi-share-stock-brokers-ltd) ₹2,927 crore · Finance - Capital Markets - Brokers
5. [Jindal Poly Films Ltd](https://www.sectoralpha.in/stocks/jindal-poly-films-ltd) ₹2,924 crore · Packaging - BOPP

## What else do people ask about Parag Milk Foods? ### What is Parag Milk Foods's share price today? Parag Milk Foods Ltd's share price is ₹249.52, −19.9% over the past year. The whole company is worth ₹3,137 Cr on the market. In the last 52 weeks it traded between ₹190 to ₹354; today it is 36% of the way up from the low, 2.2% above its 200-day average (as of 3 November 2026). ### What were Parag Milk Foods's latest quarterly results? Parag Milk Foods Ltd reported revenue of ₹945 Cr and net profit of ₹22.0 Cr for the Jun 2026 quarter. Revenue rose 10.9% and profit fell 21.4% compared with a year earlier. Earnings per share were ₹1.76. The operating margin was 7.0%, 0.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Parag Milk Foods's market cap? Parag Milk Foods Ltd's market capitalisation is ₹3,137 Cr at a share price of ₹249.52. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Parag Milk Foods performing? Parag Milk Foods Ltd's share price has been rising for 6 weeks. In its latest quarter, revenue rose 10.9% and profit fell 21.4% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 11 weeks running (as of 3 November 2026). ### Will Parag Milk Foods's share price go up? This page does not forecast Parag Milk Foods Ltd's share price. What it shows instead: the share price is ₹249.52, and it has been rising for 6 weeks. Its P/E of 23.2× is higher than 48% of its own last 10 years (as of 3 November 2026). ### Who owns Parag Milk Foods? Promoters own 40.5% of Parag Milk Foods Ltd, foreign institutions 7.6%, domestic institutions 2.9% and the public 48.7% (latest quarter). The biggest change over the last two years: Domestic institutions cut their stake by 4.2 percentage points over 8 quarters (as of 3 November 2026). ### Where is Parag Milk Foods in its business cycle? Parag Milk Foods Ltd's FY26 operating margin was 7.0%, against a 13-year range of −21.0% to 10.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 7.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Parag Milk Foods story? The main question: yearly earnings per share moved +8.4% while the share price moved −19.9%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Parag Milk Foods a stock worth studying right now? What the numbers show: Parag Milk Foods Ltd's earnings have grown faster than its share price. Earnings per share grew +8.4% in a year while the price moved −19.9%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Parag Milk Foods share price forecast for 2026? What management itself guided: Paneer capacity to expand from 20 to 80 metric tons and be commissioned by June 2027; immediate utilization expected at 60-70%. The changes showing up in Parag Milk Foods' own numbers are new products. It is too early to say whether they last. What would change the story: 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. ### Where does this page get Parag Milk Foods' management information? From Parag Milk Foods' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

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