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22-Jul-2025

Parag Milk Foods

Core categories deliver healthy growth, while EBITDA margin disappoints


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Parag Milk Foods hosted a conference call on July 22, 2025. In the conference call, the company was represented by Mr. Ankit jain- Chief Strategy Officer (CSO), and Mr Rahul Kumar Srivastava-Chief Operating Officer.

Key takeaways of the call

In Q1 FY26, the company reported 12% YoY value growth and 5% YoY volume growth aided by healthy volume growth in its core categories. The core categories of mainly Ghee, Cheese and Paneer have witnessed a volume growth of 9% YoY.

The flagship brand Gowardhan Ghee commanded a 22% market share in the branded cow ghee segment, while the brand “Go Cheese” commanded 35% market share in the Cheese category.

The company delivered highest-ever first-quarter revenue.

In Q1 FY26, core categories contributed 57% to revenue, Liquid milk 10%, Ingredients & SMP 14%, new age business 9%, and others 10%.

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