{"id":182534,"date":"2026-05-08T07:43:47","date_gmt":"2026-05-08T11:43:47","guid":{"rendered":"https:\/\/alphastreet.com\/india\/parag-milk-foods-ltd-paragmilk-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-08T07:43:47","modified_gmt":"2026-05-08T11:43:47","slug":"parag-milk-foods-ltd-paragmilk-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/parag-milk-foods-ltd-paragmilk-q4-2026-earnings-call-transcript\/","title":{"rendered":"Parag Milk Foods Ltd (PARAGMILK) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Parag Milk Foods Ltd (NSE: PARAGMILK) Q4 2026 Earnings Call dated May. 08, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Bryan De Pena<\/strong> \u2014 Head of Investor Relations<\/em><\/p>\n

Akshali Devendra Shah<\/strong> \u2014 Executive Director<\/em><\/p>\n

Rahul Kumar Srivastava<\/strong> \u2014 Chief Operating Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Kiran D<\/strong> \u2014 Analyst<\/em><\/p>\n

Rahul Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q4FY26 earnings conference call of Parag Milford Foods Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing start and zero on your touch tone phone. I now hand the conference over to Mr. Brian Diparna, head Investor Relations. Thank you and over to you sir.<\/p>\n

Bryan De Pena<\/strong> \u2014 Head of Investor Relations<\/em><\/p>\n

Good day, Good evening everyone and a warm welcome to the Q4FY26 and full year FY26 earnings call of Farag Mansource Limited. We are pleased to have you all join us for this virtual meeting. For the meeting today we have with us Our Executive Director Ms. Akshali Shah, our Chief Operating Officer Mr. Rahul Kumar Srivastava, our Chief Strategy Officer Prashankit Jain and myself Head of Congratulations Brian De Penna. After the presentation concludes we will commence with the Q and A session. Just a couple of points to remember While asking a question we request you to announce your name and organization.<\/p>\n

We request that you limit your participation to one question at a time and rejoin the queue if you have additional questions. For the purpose of completeness, I do want to read out our safe harbor statement. Certain statements in this meeting with regard to our future growth prospects are forward looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward looking statements. I now hand over to Mr. For open remarks.<\/p>\n

Over to you.<\/p>\n

Akshali Devendra Shah<\/strong> \u2014 Executive Director<\/em><\/p>\n

Good evening everyone and thank you for joining us. I hope you and your families are doing well and we truly appreciate your continued interest in paragnil foods. If I were to describe FY26 in one line I would call it a pivotal year. Where our strategy started to translate into visible and measurable outcome. Where the business began to scale with greater clarity and confidence. Over the past few years we have been consciously reshaping Parag into more focused Future Ready dairy and nutrition company.<\/p>\n

In FY26 that direction became far more evident not just in what we delivered but how we delivered it. We crossed 3,800 crores in annual revenue growing in double digits with volume growth of 5%. Overall the core categories volumes grew by 8% and the new age business I.e. Avatar inside of cows grew up 91%. More importantly, this growth was accompanied by stronger profitability, improved margins and a healthier balance sheet which tells us that business is becoming structurally Stronger. What stands out even more is the quality of this growth.<\/p>\n

Despite elevated milk prices and inflationary pressure, we were able to expand our gross margins to 28% in Q4. This was not driven by external factors but by sharper execution. That is with better product portfolio mix, more disciplined pricing, tighter cost controls and a clear focus on profitability at every level. Our new age business has emerged as a strong growth engine, crossing 100 crores in quarterly revenue for the second consecutive quarter and growing over 100% year on year. In Q4. Its contribution to our overall business has moved to a meaningful double digit at 10%.<\/p>\n

The commodity witnessed inflation of 15% year on year and 4% sequentially during Q4FY26 with average milk prices at 42 rupees a litre on quarter on quarter basis. While the milk prices inched up 4% sequentially, the company has been able to improve the percentage gross margins to 28% for Q4 versus 25.6 or 25.9% for Q3. The company has been able to navigate the cost push with pricing and promotion strategy portfolio mix year on year basis. While the milk price is inched up by 15% year on year, the company has managed to pass on the cost push in a calibrated manner in an inflationary environment.<\/p>\n

The percentage of gross margin last year was 26.7% which is now 28% for Q4FY26. This moment entailed a combination of portfolio myths and inflation. Today’s consumers are making more conscious choices. They are seeking for quality, routine and more differentiated experience. Our portfolio is increasingly aligned to the needs and this is where we see long term sustainable growth coming from. If there is one theme that cuts across everything we are building, it’s protein and nutrition. We believe protein is no longer a niche, it’s becoming a very integral part of everyday consumption.<\/p>\n

Our effort has been to make it more accessible, more relevant and more integrated into daily lifestyle. At the same time, we have been very deliberate about expanding into newer formats and occasions. Whether it is through high protein offerings or convenient snacking or like a premium dairy experience. Innovation for us is not about launching more products, but building relevance in the moment that matter the most to the consumers. Equally important has been how we are building our brands in a more contemporary way.<\/p>\n

During the year, we have strengthened our presence across modern trade, quick commerce and digital platforms while driving deeper consumer engagement through on ground activation and partnership like. From mass visibility platforms like Kon Banega Karupati to a very, very targeted, focused youth and lifestyle ecosystem. Our approach has been to meet consumers where they are and build stronger and more meaningful connection. We will continue to build on this momentum with a sharper focus on scaling our consumer portfolio, strengthening our brand relevance and driving consistent and profitable growth.<\/p>\n

At the same time, we will remain disciplined in our execution, ensuring that growth is sustainable and backed by stronger fundamentals. With a strong portfolio, improving financial quality and a clear strategic direction, we believe we are well positioned for the next phase of growth. To conclude, thank you for your continued support. We will now be happy to take your questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Rehan Sayed from 3Netra Asset Managers. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

My first question, My first question is around your avatar business that you have now become a. Hi,<\/p>\n

Akshali Devendra Shah<\/strong><\/p>\n

Your voice is coming a little muffled. Can you.<\/p>\n

Operator<\/strong><\/p>\n

Yes Mr. Syed, we are unable to hear you clearly. Our voice is sounding very.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Now it’s clear. Hello.<\/p>\n

Operator<\/strong><\/p>\n

Yes, please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So yeah, I want to ask regarding your avatar segment that avatar has some now become a meaningful growth driver with strong traction in E commerce and quick commerce. So can management share the current market in the sports nutrition category and how the brand is differentiating itself versus international whey protein KR center in India?<\/p>\n

Akshali Devendra Shah<\/strong><\/p>\n

Hi. So Steve, as you see the protein industry overall is going into you know, different, different segments. You know you have dairy protein, plant protein and we have you know, which is now east protein as well.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

But there<\/p>\n

Akshali Devendra Shah<\/strong><\/p>\n

Is no one such data which actually says that how is the protein category. It’s still very unorganized and it’s still a very import driven catego. So there is no data. We have not subscribed to a data as such. But overall when we see the Fitcom and the you know, the marketplace numbers we are somewhere around somewhere between 14 to 15% market share in the protein segment. But of course a large quantum of our sale also happens through our own website. So we would be very difficult to say overall how much the business is in the market share per se over<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Just correcting myself. You have said 14% of market share, right?<\/p>\n

Akshali Devendra Shah<\/strong><\/p>\n

Yeah. In the Quickcom and. Quickcom and the marketplaces.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, because<\/p>\n

Akshali Devendra Shah<\/strong><\/p>\n

That. Yeah, but. But of course a large portion of the business is also coming from Our own websites and the retail outlets. So that’s not anywhere this thing. But I’m just giving you overall on the Quickcom case.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it, Got it. And my second question is around your new age business contribution has increased from around 4% in FY23. We have seen to nearly 10% at FY26. So over the next three to five years what is the long term revenue expiration for this segment and can it structurally deliver better EBITDA margin than the traditional daily business?<\/p>\n

Akshali Devendra Shah<\/strong><\/p>\n

In the next three to five years we see this business contributing to our around 20 to 25% of the overall revenues.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And<\/p>\n

Akshali Devendra Shah<\/strong><\/p>\n

Of course this will this will be backed by newer formats that we launch in protein and newer categories in pride of cows that we launch in the next coming couple of years.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And my last question of on your piece like our teas remains one of the strongest categories with leadership positioning. So can you tell me some comment on capacity utilization in the cheese plant currently and whether any fresh capex may be required if demand continues to grow at current levels.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

See overall G manufacturing and cheese manufacturing capacity is around 110 metric tons of you would have seen in our investor presentation<\/p>\n

Unidentified Participant<\/strong><\/p>\n

We<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Are looking at adjacency in the capital in the capacity increase which you will see very soon from my side. So what the overall plan is that we increase our capacity of cheese from 60 metric tons to 80 metrics ton and then we take it ahead. We may not need a greenfield expansion when we have to increase the capacity from say or 60 to overall 120 can be done with the adjacent adjacency in the capex with the. The plan is already work in progress. I think we will update as soon as the capacity is installed and ready.<\/p>\n

Operator<\/strong><\/p>\n

Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. That’s the format and good luck for your coming quarter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen. In order to ensure that the management is able to address questions from all participants we request you to please limit your question to one per participant. The next question is from the line of Harshit Khadka from Robo Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, thank you for the opportunity. I’m audible.<\/p>\n

Operator<\/strong><\/p>\n

Yes you are. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, thank you ma’. Am. So ma’, am, you mentioned that you know the contribution from the new age business would be around 25% in the next three years which you know roughly translates to around 950 crores of revenue. So is it safe to assume that we can hit the thousand crores mark in the new age business including Avatar and pride of cowl in FY29<\/p>\n

Unidentified Participant<\/strong><\/p>\n

We are looking at, we are working on a strategy for 10,000 crore roadmap. But FY29 saying precise 10,000 crores. We are not commenting on that. What we are saying is as the newer formats we add into this basket of new age business, the way we have added say protein wafer bar or the way we have added Greek yogurt in pride of cows. So there will be newer formats of the product which will be added to these categories which will also improve the overall mix of new age business. Besides the significant growth, what we see in the core business itself of say a whey protein powder or even a pride of cows milk and other products.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, and what is a combined margin in this business, the new age business in EBITDA terms?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

See, in EBITDA terms I would like to maybe I. We do not give a product wise category wise margins and this is always a blended margin which everybody looks at whether it is a gross margin or EBITDA margin. However, I am referring to the my previous calls where we have commented specifically that the new age business has almost double the company average margins.<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt. Maybe request Mr. Khadka to please rejoin the queue. Thank you. The next question is from the line of Debashish Neogi from Aban Dubai. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. My question is that this new age business, whether we do will definitely hit 1000 crores. It’s a matter of time whether 28, 29 or 30. My question is typically it is a specifically avatar is like a D2C brand and D2C brand has huge multiple in terms of valuation. Is there a thought of actually separating this vertical and get more value created? Not from a only valuation perspective, but strategically also. The way this bank should run is very different than the traditional bank. Any thoughts on that?<\/p>\n

Akshali Devendra Shah<\/strong><\/p>\n

Hi. Hi. So I know how you know the D2C businesses nowadays are getting valuation. But if you see our long term objective and we created these four wonderful brands is to have a sustainable and a profitable business and, and sustain it and you know, grow the business in a certain way. Of course. And to of course create value for all the stakeholders. That’s the overall objective. But of course we’ve never, and we never, we’ve never really thought of separating one little piece of it and doing a separate valuation piece.<\/p>\n

Not at all. You also need to see that Padang is a completely integrated business model. You know, from the farm that we have, you know, with 5,000 plus cows to, you know, the milk you’re procuring, the cheese and the byproduct is whey protein. And then we’ve created this brand Avdar from there. So it’s a very integrated business model. It’d be very difficult to carve out something particularly and you know to just for the valuation.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Any reason why the new age business is stagnant quarter on quarter? Because the E Commerce channel is growing 2x the traditional channel. We are doing very well. Avkar is doing very well. So why on a sequential basis with such high growth category and where we are doing very well the sales is stagnant around 100 crores for two quarters.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So HI. During quarter four of FY26 we withdrew certain promotions specifically from Pride of Cows. We had price transition in Avatar. So there are a couple of transitional impacts which happens because it was already a year that we have been there on quick comp for Pride of Cows as a business. So whatever the annual contracts were over, we wanted to stabilize and focus more on profitability. So there were certain pricing promotion calibrated strategy which was deployed for quarter four and that’s where we see some transitionary gap.<\/p>\n

Having said that, we are happy with the 100 crore milestone put together with these businesses have achieved and we’re sure going forward taking it ahead from where we are as a 100 crore base.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you Ankit. Thank you. All the best.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Dhuanil Desai from Total Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, good afternoon everyone. So my first question is, you know we’ve been doing very good volume growth till Q3 in Q4 in our core categories. You know, volume growth has come down significantly and sharply. You talked about Q4 of last year having some institutional sales built up. But so you know, going into FY27, how should we look at this core category volume growth and since we have taken steep price increases, does it having some impact on that and should we recalibrate the pricing strategy?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Hi. As you rightly pointed out, there is a volume decline of 5% almost for the quarter four as an overall branded business. In core categories itself, there is a volume decline of 3%. We have explained in our investor presentation that the decline is mainly due to the institutional and export sales in the base year. Specifically in the core categories itself which has led to basic decline in the overall. Having said that, we understand that we have to grow year on year. However, the exports have been relatively on a lower side.<\/p>\n

I’m not getting into the global economics but there have been decline in the export sales Q1 yoy for quarter four and hence we see the decline in the code categories. That is one. Secondly you wanted to understand the guidance for FY27. See we don’t typically give a yearly guidance and hence I would not like to comment on specific guidance for core categories etc. But we have demonstrated well enough in the past that four categories have tremendous potential and we all are working upon the distribution and improving the health of the business with more distribution so that we have a growth in core categories.<\/p>\n

Core categories remain fundamental to our business because comprising almost 60% of our business. So there’s a strong focus we have. So as you, as you question on the pricing strategy, see while we have increased of course prices in G during quarter four but we have also done certain pack level strategy, pack promotion strategy with different SKUs for different markets etc. But those are all nitty gritties of the business. Overall we are looking at double digit volume growth for four categories.<\/p>\n

That’s what we aspire to.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ankit Gupta from Bamboo Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thanks for the opportunity. Ankit, you know you have earlier alluded to, you know about sharing the incentive number for the full year. If you can, you know, share about the number and its impact on our Overall margin for FY26.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I’ll give you the number of the incentive because it will be soon out together with the schedule of the revenue from operations.<\/p>\n

Bryan De Pena<\/strong><\/p>\n

Yeah<\/p>\n

Unidentified Participant<\/strong><\/p>\n

But for the year ended for this year the incentive numbers has reduced drastically. So overall incentive number for current year is almost 46 crores as against 88 crores last year. Mainly on account of two reasons. One, last year I think we have clarified that for last year we had accounted for almost two years of incentive because there was additional scheme under MEGA which we had applied for and we got the sanctions. So that’s where we had to account for a larger base. But that was one off. Secondly what has happened is from H2 this financial year post changes in the gst reduction from 12% to 5% for our core categories like the incentives are typically based on the reimbursement of the SGST which is the sale in the state of Maharashtra.<\/p>\n

So while the sale has not reduced but overall output GST is reduced because from of reduction from 12% to 5%. So this has led to a significant reduction in the overall number as well.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And this number will remain at this level going forward also around 40, 45 crore is what we can expect.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, it may, it may. It will reduce Marginally further because in the base year number half one is a full year number. The 4445 crores is a full year number. So the first half was having higher GST.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Viraj Mehta from Enigma. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, my first question is on employee expenses. If I look at our sales growth and vis a vis our employee expenses, there’s the six loaded at north of 20% growth for like couple of quarters now on a yoy number whereas growth has tapered down significantly. So where is this mismatch? Like did we hire too many people assuming a lot of sales but which did not transpire. Can you, can you talk about this anomaly? Please<\/p>\n

Unidentified Participant<\/strong><\/p>\n

See employee cost. I will give you a couple of reasons. Last quarter we have had 2 impacts in the last sequential quarter for quarter 3 as we mentioned. Typically the appraisal gets subsumed in quarter three. Even so is all the previous year trend. Also if you look at so quarter T3 is typically higher than the first half of the year. So that is one reason on the cycle of appraisal. The second reason is the change in the director’s remuneration. I think the resolution was approved on 29th September post CAGM and there was an impact corresponding to the same.<\/p>\n

The third is with respect to the esop. I think there has been increase in the overall ESOP program to our CXO and the business heads and accordingly again see this is again more of a long term strategy for more skin in the game. So from that perspective there is an additional impact on account of esop. So when you look at the employee cost schedule you will be able to figure out the impact. And the fourth one is of course the change in the talent. Of course we have strengthened the overall talent base.<\/p>\n

We have strengthened various areas and more so specifically in the business we have separate business heads for each of the verticals. We have strengthened specifically business for the consumer product business which is GT Horeca and modern trade. So all in all this is where you see the impact.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, my only question is I understand there were some impacts in Q3 which were one off but the changes in remuneration and if we are hiring more team, we are now at a 54 crore run rate on a quarterly basis. So so A as an investor do have to assume that these are. There is no one off in this number and on ongoing basis this is more or less a number we should look at and the number of people that we have hired now to what sales. I’m sure you will see into future growth. So till what sales you will not like not be a substantial jump.<\/p>\n

Because in last one year we have seen a jump from 40 crores six quarters back to 53 crores a quarter. So without really a large change in sales, which is where the whole dichotomy I’m trying to understand.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, see there are of course one offs even in the current quarter. I understand your question that how should you presume for the year going ahead? See, quarter four has one biggest change is with respect to the ESOP expenditure because certain ESOPs which were issued granted the last of the quarter three. So they have got really impacted more as a cost during quarter four. So that is one of the biggest impact. The second impact is on account of the director’s remuneration. I think which I explained to you that after the shareholder approval during quarter three, the approval was taken from the board and accordingly the change in the director’s remuneration was implemented from quarter four.<\/p>\n

And if you look at the change in the diminution of the executive directors the see the remuneration has been fairly stable stagnant for the last seven, eight years and there was no change in the remuneration. So it was actually a need of the hour or more important that we had to change it. But and finally we took that step of changing the same and we implemented this from quarter four. So the entire impact for the year comes under a quarter four number. That’s why you see a quarter four relatively again on a higher side.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. And my last question is on volume growth. I. I understand what you explained to the earlier speaker. But from a very high growth of in Q2 of north of like 25% revenue growth in core categories, the volume growth seems to be plummeted now like again your industry. So if you can throw a little bit more light. Have we lost out the competition due to a little bit of more aggressive pricing to improve our margin? Or would you say the whole industry has not grown if you can just show a little bit of color on this.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. See when we look at the core categories again there are three businesses which is ghee, cheese and paneer. Now looking at ghee, there’s definitely a no brainer that we are number one despite premium. And the premium index is almost maintained versus what it has been there. Right. Premium has marginally increased over last year. But over the sequential quarters there is no impact in the pricing premium. So having said that, he remains clearly outlier with a strong volume growth There were certain export orders which I explained in the previous question.<\/p>\n

There were certain export orders and the institutional supplies which we had done in the base year quarter. In this year quarter we had almost very minimal amount of exports. So that has led to a reduction in the overall number for the current quarter. Paneer is broadly again based on the pricing strategy. The pricing strategy is more like. So it is about a pricing and promotion strategy which we have little tweaked and that’s how we’ll see. But Paneer as compared to GNG is relatively small. So overall I would say we don’t see an impact on account in the market share.<\/p>\n

Certainly not. And we believe the potential is there, the immense potential is there in the core categories itself to grow in a double digit volume growth which you would have seen that in the last three quarters. Q1, Q2, Q3, we had almost invited December itself we had a 12% volume growth.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So sure,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

We will continue with that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right. And just last understanding from Aksali is, you know we have always mentioned that, you know, we’ll, we’ll improve gross margins with product mix and higher core categories going faster than the rest of the business, which will lead to at some point in Future, you know, 28, 30% gross margin taking us to double digit EBITDA. And you guys have done a fabulous job this quarter. In an inflationary environment your gross margins are improved but the translation to EBITDA doesn’t seem to be happening.<\/p>\n

How confident are you that in a couple of years or whenever the time frame is that translation or improvement in gross margins will actually flow down to EBITDA as well?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, see your observation is correct that with respect to gross margin, definitely you will see improved gross margin in quarter four. On our overall basis it is around 28% for the quarter versus last year number of maybe close to 27%, 26.7% to be precise, on a like to like basis. So Y O Y, of course there is an improvement, but we look at sequential. See sequential is something we should definitely look at. When the milk prices was 40, we were at almost 26% margin. Now even with increased milk prices at 42 average 42, we are at quarterly gross margin of 28.<\/p>\n

So this shift in gross margin is again one because of the favorable product mix. The second is again in a hyperinflationary environment, the percentage gross margin dips down. So even though the gross margin has improved with the favorable mix, it has been offsetted by a price change impact. Having said that, we have also taken a Price correction in quarter four, specifically in ghee and cheese. But the percentage margin is always impacted because of inflation because we tend to pass on only the cost push and not the profit on the revised pricing.<\/p>\n

If you look at on the and I’m just coming on to the ebitda, your question on ebitda. See overall you would look at while the EBITDA has dropped sequentially or yoy mainly because again Y O Y we have dipped from 8.5 to almost 8.1 mainly on account of the inflationary environment during the year. Having said that, there are other levers as well. You would notice the increase is there in even employee costs as a percentage to sales or the other expenses as well. See, we are confident that with the strategy which we have put in for improving with the new product portfolio, increasing the new age business focusing on core categories with distribution expansion and giving a backbone to the business for the profit margins, we will definitely, we are confident, we are fairly confident that we will inch up to double digit margins.<\/p>\n

That’s what we aim for, we aspire for. Yes, we have to move to double digit. I’m not talking even a journey way ahead after double digit. But yes, the idea or the business strategy is to enter into double digit EBITDA margins.<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt. May we request participants to please rejoin the queue? The next question is from the line of Vinod Krishna from Windows Wealth. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, you are audible.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

My question is also on code categories. See we have 22% market share in Ghee. So and I’m assuming because you’re saying that you are constant, you’re expanding the distribution. So I’m assuming that this market share is coming from presence in mostly north and western market. So can we assume that double digit growth in Ghee should not be a problem and cheese also mostly is in western north. So can you explain what are the drivers of the growth? Is it just distribution and not having presence across India or penetration?<\/p>\n

So how should we think about long term core category growth? Because I think even though your market shares are 22 and 35, it is not evenly distributed across India. Right? Or I may be wrong, so please correct me.<\/p>\n

Rahul Kumar Srivastava<\/strong><\/p>\n

Yeah, I’m Rahul, you’re right because you know your India is very vast country and we are concentrated our market share also in a certain biggest states and we don’t have that strength in in northern India as well as south India. So we have deliberately working very hard and to get the inloads into the lot of markets in north India as well as south India. So obviously these are the big states like UP has a population of 21 crore and south, all the four states have population of 28 crores. And we are very, very strong in Maharashtra.<\/p>\n

But you know we are have a lot of investment as an effort from the sales team to get market share in those states. So obviously it will be very big growth in those states for all the core categories and all the required investments have been, have been already in place in terms of getting our cold chain established, warehouse established, supply chain established as well as you know, the awareness of the brand through, you know, in a Hindi bed through KBC and all. So it will be a fantastic years to you know, get the very good growth in those states.<\/p>\n

You’re right that this will be a game changer as as far as volume growths are concerned in four category in these states which are roughly 30 of the Indian population.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, I agree. But there should be somebody already present there, right? So what are we not having any challenges? So that was my question. Like you go into UP but there should already be some people already there. So how do you get the market share? Yeah,<\/p>\n

Rahul Kumar Srivastava<\/strong><\/p>\n

Yeah, no, basically the, the main, main thing which is changing we all must know is about the change of the consumer preference from unorganized players to organized players. So if you, if you talk about, if you talk about G then because of the lot of, you know, you know, bad publicity of the deltated ghee and also a lot of people are changing from you know, unorganized gi to organization organized. Same. Same is the case with paneer. Also you see the big change in the consumer preference of the consumer preference from unmodeled to paneer market.<\/p>\n

In fact lot of adulterated paneer or paneer analog now have been, will be classified as a, as a, we cannot call it as a paneer. So these are the government laws are going to come. So these things will certainly give us a big impetus to. To make lot of invoice to those markets.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So can I assume that you are more confident of growing in the states and that most of the terms of distribution is distribution and logistics has been placed.<\/p>\n

Rahul Kumar Srivastava<\/strong><\/p>\n

Yeah, yeah, sure.<\/p>\n

Operator<\/strong><\/p>\n

Thank you sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you very much and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Avnish Tiwari from Baikariya. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. Given the past cycles you would have seen in terms of the inflation shocks currently what we are experiencing in terms of fuel cost increase which may lead to feed stock price increase and eventually the milk price increase. And then there is some also concerns around El Nino So if you were to pick a scenarios, what kind of price increases which we might experience and how you plan to sort of like how much lag typically you have before you are able to pass on these in your let’s say liquid milk price.<\/p>\n

I know that in the value added you would have more, more pricing strategy but just want to understand the raw material cycle from your perspective on the historical context here.<\/p>\n

Rahul Kumar Srivastava<\/strong><\/p>\n

Yeah, I got your question. We always take the, you know, cognizance of what is happening in terms of the energy prices across the world as well as the effect in Indian prices. So because of the, because of the, you know, war and all these things, they were inflammatory, inflated pressure on the polymer prices and plastic raw material that has already increased the packing material prices. So this, this has changed our, our you know, pricing in the fresh milk in, in terms of the milk pouches. And also we have increased, we have taken the price increase in that.<\/p>\n

As far as diesel and petrol prices, if the prices are increased certainly we will be able to take the price increase because this will create a lot of cost pressure on the supply chain and logistics. So we will be taking as and when prices are increasing the petrol and diesel which is not the case as we speak today.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And do you have a perspective how much the milk procurement price is today is around 42 rupees. How much? What are the probable scenarios there which can go up? Given the farmer feed cost will go up<\/p>\n

Rahul Kumar Srivastava<\/strong><\/p>\n

As compared to last year we have about 15% more prices in milk which is presently at the rate of 42 rupees per liter. What I think this prices should be stable for next two, three months until something big happens in energy prices. Because that has impact on the logistics and collection of milk and all these things including cattle feed prices. So if things are stable from the, from the war front and all and the prices are stable then we see the milk prices also stable. Then after monsoons are there and grass comes and all these things, there might be some softening in the prices.<\/p>\n

Otherwise I think same prices next 3, 4 months.<\/p>\n

Operator<\/strong><\/p>\n

Sorry Tenchalam, may we request Mr. Tiwari to please rejoin the queue? Thank you. The next question is from the line of Parish Gupta from Fair Value Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you very much for the opportunity. My first question is on the inventory levels at 730crores. I just wanted to understand how much is bulk fat versus cheese. Now I do understand that in order to produce whey protein we produce cheese and paneer as well. But from a strategic perspective is this a conscious working capital Investment considering the higher milk prices or stocking demand or is it a sign of channel inventory buildup?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

See, there is no channel inventory as such the entire inventory whether depot stock or the factory stock even the SFG stock is our inventory Having said that if you look at overall variance in inventory the inventory has increased by almost 150 odd crores and purely on account of rate variance at the overall level there will be mix which would have changed but overall the quantitative variance at the overall inventory level is almost nil and the entire inventory is because of the inflation Having said that the inventory composition has also changed over period of time considered with the change in the mix of the business Accordingly the entire rate variance is flowing in form of inventory increase<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I understand my second question is on the CapEx I know we did around 100 crores in FY26 what is the guidance for FY27 and where is it exactly going? Capacity expansion, cold chain or the new edge business build out?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Yeah so see this CAPEX has been with respect to the commitments which we have already given with respect to the. When we initiate a project there is overall capital investment Everything may not be incurred on day one hence. Hence you see a resultant I think just few minutes ago or maybe in this call itself we spoke about expansion in cheese so that is one of the investment area where we have invested into the second is of course improving in lactose plant to weigh etc. So there are multiple areas where this capex has been spent but for as a guidance for the next year we will definitely give a guidance of 60 to 70 crores of capex dairy being capital intensive There are some of the other capital projects which are again for a relatively a longer gestation or a time which needs to be finished so from that perspective we can fairly assume 60 to 70 crores of capital expenditure<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much may we request Mr. Gupta to please rejoin the queue the next question is from the line of Kirandee from Table 3 please go ahead<\/p>\n

Kiran D<\/strong><\/p>\n

Thank you for the opportunity Good set of results considering this hyperinflationary environment and great growth on new age I have a couple of questions the first question is. I mean gross margin improvement is evident Question is because of institutional sales reducing and export sales reducing do you think it’s a mathematical impact on gross margin improvement? I mean once institutional sales comes back I’m hoping they come back institutionally export sales do we come back to 26, 27% gross margin like the last quarter?<\/p>\n

I mean this is only mathematical, right? Because institutional sales at lower margin didn’t get sold, our gross margin automatically improved.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

See, while you are looking at only the institutional sales, if you look at in quarter four actually we have increased prices across the board. We have increased prices in ghee, we have increased prices in liquid milk, we have increased prices in bread of cows from 120 rupees per liter to 135 rupees. A literal similarly in Avatar also there are pricing changes and plus there is a pricing promotion mix which we keep on tweaking for our overall operating effectiveness. Having said that. So of course it has of course brought in a good amount of margin change from where we were in Q3 because Q3 was more of a price reduction because of on account of gst despite inflationary environment, we had to pass on the benefits, etc.<\/p>\n

So on a sequential basis if you look at there is a almost improvement of around 2 odd percent which is in fact sequentially if you look at there’s a change in the mix as well whereby the core categories have relatively gone down. Because again why it has gone down is as you rightly pointed out, one of the institutional sales as a core quarter four mix. So put together. So all in put together we see that we should be able to maintain our gross margins to wherever we are around 27, 28%. And the endeavor will be of course to pass on.<\/p>\n

But if there is a further inflation, if there is a further inflation, whether in any of the commodities, not only just the milk, but for example we do buy fat. So all in all the inflationary environment in commodity cycle will determine how our percentage margin moves in the coming quarters. But if you look at it is clearly evident that our gross profit growth have surpassed volume growth which establishes that yes, we have the pricing power, we can command pricing and we will be able to navigate the cost push if there is any<\/p>\n

Operator<\/strong><\/p>\n

Solitary. May we request participants to please rejoin the queue. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, we request you to please limit your question to one per participant. The next question is from the line of Rahul Jain from Credence. Well, please go ahead.<\/p>\n

Rahul Jain<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, you are. Please go ahead.<\/p>\n

Rahul Jain<\/strong><\/p>\n

Sure. Thanks. Thanks for the opportunity and congratulations to the management for the gross margin expansion during a difficult year and also absolutely wonderful growth on our new age businesses. So couple of questions straight away on the new age businesses. Akshali, if you could share your thoughts. You know from growing from this base of roughly about 360 crores, can we look for further 50, 60% growth going ahead in the current year. And the second question, Ankit, you mentioned about one off in the employee expenses to one of the previous participants with regards to ESOP and director admission.<\/p>\n

If you could just give out that number, what that number was and so we can understand, you know, typically what is the sustainable kind of quarterly employee expenses going ahead and of course taking some inflation for the next year. And lastly this inventory number which Is roughly at 730 crores has seen a sharp jump. If you could explain the reason for that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. So before I request Akshali to answer you on the question number one, let me answer you on the employee cost front. So one, you would have seen the shareholders approval on September 29th. So overall the change in the remuneration for executive directors is roughly around 9 odd crores. That is for the full year from a base year of 6 crores to almost a 15 crore number. That is one. Secondly the overall impact on account of ESOP is almost around 5 crores. Both of this has been subsumed during quarter three and quarter four and largely in quarter four.<\/p>\n

That’s. These are the numbers. Now coming on to the inventory variance. You look at inventory overall, the absolute inventory has increased by almost 150 crores mainly due to the rate variance. While we look at the composition of the inventory, there will be change in the mix basis. The recent business cycle, for example, just sharing that our inventory in powders will significantly come down versus because the overall business of powders has come down, has reduced. But all in all, all put together at a quantitative rate, variance for the inventory as a whole is almost nil.<\/p>\n

And the entire increase attributes to the increase in the rates. Now I may request Akshali to answer on the.<\/p>\n

Rahul Jain<\/strong><\/p>\n

Sorry Ankit, you missed the sustainable employee cost number. Now that means would be on a quarterly basis. I think it should be around 45 crores. 45, 46 crores. Is that correct?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

See I will not be able to share offhand but roughly you can eliminate almost. Almost what? I gave you the numbers around 7 and a half crores, 8 crores as exceptional items. Balance will be the regular number. Yeah,<\/p>\n

Rahul Jain<\/strong><\/p>\n

Okay. Yeah, fair enough. Sorry. Hi.<\/p>\n

Akshali Devendra Shah<\/strong><\/p>\n

So. Hi Rahul. So of course exciting times for Afsar and you know, Premium dairy which is pride of cows. We’ve been. If you see the Runway for the two consecutive quarters we’ve done 100 crore plus. Right. And as I mentioned earlier we see this portfolio becoming somewhere around 25 to 20% in the next three to five years. Then you know when we aim to become 1000 crores, 10,000 crore company, this will be somewhere around 1000 crores. And of course gradually to move there. We’re seeing, you know, expansion growth in the next two to three years plus in newer formats as well.<\/p>\n

Because we have a lot of new offerings which are coming every quarter. In the next next, you know, two to three quarters, you’ll see something new coming up in this portfolio in various formats. So yeah, this is where the new age business stands as of now. Will be very difficult to comment on something as short term as this year. But of course it’s going to be a gradual move towards becoming a thousand dollar portfolio. So there’ll be something for every year.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Mahima from shb. Please go ahead. Yes, Mahima, please go ahead with a question. Mahima, there is some distance here. Unable to hear you as the line of the participant is not clear. We’ll move to the next question which is from the line of Mohit Patel from Niveshay. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, you heard you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

There was a slight degrowth in your new age business around close to 2%. And this was due to your. You increase your voice around three times in last one year and in Jan to clear your inventory, you decrease the price by 10% to clear the inventory. Otherwise your waste segment will have degrowth. So can you please throw some light on that?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

See new age business. As I think I explained in the previous answer that we have, there are a couple of changes in new age business. One, in Q4 we have tweaked on the pricing promotion strategy for bread of cows. They have of course increased the prices, reduced promotional mix. Because we have had one year of being present in Quickcom. So we have. We have reduced certain promotion items for improving and sustaining the profitability. That is one item. Secondly, we of course increase certain prices and of course change the distribution channel for Avatar.<\/p>\n

But having said that these are all normal transitionary part. If you look at growth you are looking at sequential from 100 to 200 number. But we are happy that we have been able to deliver with 100 crore quarterly revenue mark. The idea will be that from here on we are at 100 crore base. How do we inch up again? I am not giving a number for the next year what we are looking at. But the idea is to grow from here what we are where we are.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

But other players in the market like muscle is old to. They have observed the increase in the way price. But you have Passed the cost to customer. Isn’t it due to the new marketing team?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

There’s no new marketing team. The marketing team. Marketing team number one and number two, see if you look at the overall global protein prices, the protein prices have seen a very northward movement and very very high movement. So again could be one. One reason is also on the effects side. There is a change in the effects rate. So whosoever is importing protein into the country<\/p>\n

Akshali Devendra Shah<\/strong><\/p>\n

Is extremely high. For us the commodity prices of wheat protein is just very secondary and is just a marker for us. But for us the whey protein price is mainly driven by the volatility in the milk prices. It’s not because of the commodity prices.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir. Thank you.<\/p>\n

Akshali Devendra Shah<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Parikshit Gupta from Fair Value Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So just one question. In terms of the distribution network, I see that it remains the same for many quarters now. Is that a strategic decision for us to focus on growth through the E commerce or commerce channel? Because In Avatar around 65% of the business comes for E commerce and we know that they take a lot of margin for putting products on their portals. So just wanted to understand your strategy on this please.<\/p>\n

Rahul Kumar Srivastava<\/strong><\/p>\n

Yeah, see we, we are improving our distribution in all the channels whether it’s a D2C or modern trade or E commerce or GT or quick commerce. So let me tell you something about GT that that is also very big in India. So we are adding Every quarter about 30,000 outlets as far as GT is concerned in terms of, you know, all the, all across India. Apart from that, you know, we are getting more and more aggressive in other other channels also. So this is a continuous job, continuous job to increase our distribution and outlets<\/p>\n

Akshali Devendra Shah<\/strong><\/p>\n

That that we are in, you know, is growing very, very rapidly on quickcom and E Com. That’s why you know, and hence we’re growing with the category on these. Of course in GT we make sure that we’re doing increasing our outlet reach and increasing our depth. So if we’ve been selling X number of lines, how do we reach 2x? So that’s the work that we’re doing. So increasing our depth in the existing and growing our network. But especially categories like Paneer and cheese whey protein do really well on Quick.<\/p>\n

Com and Ecom, especially high protein categories. They work really well on these platforms and hence we’re seeing much better growth on these platforms over GT<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Which is not a measured in terms of only the outlet number.<\/p>\n

Akshali Devendra Shah<\/strong><\/p>\n

Yeah,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I understand. And if I could just please Squeeze in one last question. You also had set up a subsidiary in Dubai. And I know that, you know whatever is happening in the Middle east puts uncertainty all across. But how does plans for that subsidiary look like at this moment?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

See, setting up the subsidiary and having the operations we have, we have got even the bank account opened in quarter four. But having said that, the first ODI has not gone into it. But the idea is not. See this is just a similar,<\/p>\n

Akshali Devendra Shah<\/strong><\/p>\n

I tell you, it’s very similar, just an extension of what we are really doing in India. So we already have distributors that we are directly supplying from India. But of course we want to increase our reach in Middle East. We said that, okay, we will have a company owned depot there and we make more and more distributors and increase our distribution rates there. But of course for the last two months or last three months everything has been pretty much on hold and we’ve been working selling directly to the distributors now and, and not being able to open the depot.<\/p>\n

Hopefully, you know, the plans will remain the same in the next coming time when, when Middle east opens up and it’s a little more easy moment, we’ll still continue with opening the depot and increasing and adding more distributors and increasing our reach there.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, these are very helpful. Thank you very much for your answers.<\/p>\n

Akshali Devendra Shah<\/strong><\/p>\n

Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to Mr. Brian de Penna for closing comments.<\/p>\n

Bryan De Pena<\/strong><\/p>\n

On behalf of the management of Paragonal Foods Limited, thank you all for joining us today. Have a wonderful evening.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of Parag Milk Foods Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Parag Milk Foods Ltd (NSE: PARAGMILK) Q4 2026 Earnings Call dated May. 08, 2026 Corporate Participants: Bryan De Pena \u2014 Head of Investor Relations Akshali Devendra Shah \u2014 Executive Director Rahul Kumar Srivastava \u2014 Chief […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":176849,"url":"https:\/\/alphastreet.com\/india\/oriental-aromatics-ltd-oal-q1-2026-earnings-call-transcript\/","url_meta":{"origin":182534,"position":0},"title":"Oriental 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