MarketFriction

Parag Milk Foods Ltd

NSE PARAGMILK · BSE 539889 · Dairy Products
₹264.00 -2.82%
NSE close2026-10-01
52 week range177.84 - 376.95
Market cap₹3,373 Cr.
P/E25.0
IPO 2016 · +23% since Price band 20% Delivery 43.1%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales7988017907588718859188521,0081,013945945
Expenses743736753702802811856794937944886876
Operating Profit566537566974625871685968
OPM %7%8%4.7%7%8%8%7%7%7%7%6%7%
Other Income668675138183191
Interest212216192326252020212122
Depreciation151515161816171619181818
Profit before tax243314273638332950334029
Tax %-3%-4%27%-2%18%4%19%5%10%9%20%25%
Net Profit253410272936262846303222
EPS in Rs2.152.910.822.292.453.022.202.313.652.362.581.76
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,6451,7311,9552,3962,4381,8422,0722,8933,1393,4323,8183,911
Expenses1,4941,6391,7582,1712,2251,7152,5082,7732,9363,1793,5593,643
Operating Profit15192197225213126-436120202254258267
OPM %9%5%10%9%9%7%-21%4.2%6%7%7%7%
Other Income-2-1199612204523394642
Interest503336363846525779938183
Depreciation334951505452545760677173
Profit before tax67-111914812741-5225186133152152
Tax %29%-524%27%18%26%49%2%-4%-6%10%11%
Net Profit475871219421-5325391119135130
EPS in Rs6.720.5710.3514.3511.142.46-55.834.547.599.9510.7910.35
Dividend Payout %0%88%7%7%4%20%0%0%7%10%10%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth9%16%10%11%
Compounded Profit Growth11%45%37%13%
Stock Price CAGR-1%16%8%2%
Return on Equity2%-3%12%12%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1670848484848495117119119125
Reserves1082915416287438278444596917939041,134
Borrowings545389261291240400381523606616654607
Other Liabilities255241401378375379373318253358355415
Total Liabilities9249911,2871,3821,4421,6901,6831,3951,6681,8872,0332,281
Fixed Assets291345334397406466473459436466578643
CWIP2828212029731045691937
Investments000111105555
Other Assets6046189339641,0071,2171,2059261,1821,3481,4311,596
Total Assets9249911,2871,3821,4421,6901,6831,3951,6681,8872,0332,281
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity8859-1719140-66100-149-190102212149
Cash from Investing Activity-29-32-87-16-73-30-47-26-88-53-132-98
Cash from Financing Activity-58-26140-12-91111-69248212-53-78-60
Net Cash Flow1136-10-2415-1573-66-31-9
Free Cash Flow5831-111-4552-9856-185-190418758
CFO/OP80%48%0%16%75%-15%96%31%-155%56%88%64%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days435237474245322221282823
Inventory Days73831361311131271869110010390104
Days Payable665199917359814327424038
Cash Conversion Cycle50847487831141367095897889
Working Capital Days-182633495565914466674951
ROCE %13%17%7%17%18%14%7%-39%9%11%14%13%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters41.63%41.63%42.61%42.61%42.61%42.61%42.61%42.61%42.61%40.65%40.65%40.49%
FIIs8.75%8.83%8.95%8.51%10.08%8.20%8.46%9.24%9.92%9.26%8.77%7.46%
DIIs8.12%8.58%8.64%8.60%7.11%7.06%6.91%6.87%6.62%6.16%5.25%5.80%
Public41.37%40.80%39.66%40.12%40.05%41.97%41.88%41.16%40.72%43.84%45.25%45.76%
Others0.15%0.15%0.15%0.15%0.15%0.15%0.14%0.14%0.14%0.09%0.08%0.47%
No. of Shareholders62,70867,46499,7841,08,9411,09,4311,11,2461,10,4271,02,55288,01286,56988,58888,951

Fundamentals

Market Cap₹ 3,373 Cr.
Current Price₹ 269
Stock P/E25.0
Book Value₹ 101
ROCE13.4 %
ROE12.1 %
Dividend Yield0.41 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)11%
Compounded Profit Growth (TTM)13%
Consolidated figures.
Valuation
Market capRs 3,300 Cr
Enterprise valueRs 3,889 Cr
P/E (TTM)25.48x
Price to book2.62x
Price to sales0.84x
EV / EBITDA12.60x
EV / EBIT16.50x
EV / sales0.99x
Price to cash flow22.08x
Earnings yield3.92%
Dividend yield0.42%
P/E, 3-year average19.67x
P/B, 3-year average2.08x
P/E, 5-year average18.75x
P/B, 5-year average1.79x
Profitability
Operating margin (excl. other income)6.77%
Operating margin (incl. other income)7.98%
EBITDA margin7.89%
Pre-tax margin3.90%
Net profit margin3.31%
Net margin, latest quarter2.33%
ROE11.84%
ROCE13.19%
ROA6.26%
ROE, 3-year average11.55%
ROCE, 3-year average12.84%
ROA, 3-year average5.81%
ROE, 5-year average-5.88%
ROCE, 5-year average1.55%
ROA, 5-year average-2.74%
ROIC (approx.)11.31%
Tax rate11.38%
Other income / net worth3.67%
Growth
Sales growth (latest year)11.23%
Profit growth (latest year)13.69%
Sales CAGR, 3 years9.69%
Sales CAGR, 5 years15.69%
Profit CAGR, 3 years36.37%
Profit CAGR, 5 years45.50%
Sales growth QoQ-0.08%
Profit growth QoQ-31.61%
Sales growth YoY (latest quarter)10.93%
Profit growth YoY (latest quarter)-20.05%
Per share
EPS (TTM)Rs 10.36
EPS (latest year)Rs 10.80
EPS (latest quarter)Rs 1.76
EPS, 3-year averageRs 9.46
EPS, 5-year averageRs -4.60
Book value per shareRs 100.68
Sales per shareRs 312.82
Cash flow per shareRs 11.96
Free cash flow per shareRs 4.64
Dividend per share (latest year)Rs 1.10
Dividend per share, 3-year averageRs 0.87
Dividend per share, 5-year averageRs 0.87
Dividends
Dividend payout10.18%
Dividend payout, 3-year average8.93%
Dividend payout, 5-year average8.93%
Efficiency
Asset turnover1.67x
Fixed asset turnover5.94x
Inventory turnover4.31x
Inventory days85 days
Debtor days23 days
Debtors turnover15.61x
Creditor days38 days
Cash conversion cycle89 days
Working capital days51 days
Leverage
Total debtRs 607 Cr
Cash and bankRs 18 Cr
Net debtRs 589 Cr
Debt to equity0.48x
Net debt / EBITDA1.91x
Interest coverage2.83x
Current ratio (filing 2026-03-31)1.71x
Quick ratio (filing 2026-03-31)0.77x
Trade payables (filing 2026-03-31)Rs 267 Cr
Owners' fund to total sources55.18%
Debt to assets26.63%
Cash flow
Cash from Operating Activity (latest year)Rs 149 Cr
Cash from Investing Activity (latest year)Rs -98 Cr
Cash from Financing Activity (latest year)Rs -60 Cr
Net Cash Flow (latest year)Rs -9 Cr
Free cash flow (latest year)Rs 58 Cr
FCFE (approx.: FCF + change in debt)Rs 11 Cr
Sales to cash flow25.54x
Statement figures
Net sales (TTM)Rs 3,911 Cr
Net sales (latest year)Rs 3,818 Cr
Sales (latest quarter)Rs 945 Cr
Operating profit excl. other income (latest year)Rs 258 Cr
Operating profit (latest quarter)Rs 68 Cr
Other income (TTM)Rs 42 Cr
EBITDA (TTM)Rs 309 Cr
PBDT (TTM)Rs 225 Cr
Profit before tax (TTM)Rs 152 Cr
Tax (latest year)Rs 17 Cr
Net profit (TTM)Rs 130 Cr
Net profit (latest year)Rs 135 Cr
Net profit (latest quarter)Rs 22 Cr
Depreciation (TTM)Rs 73 Cr
Depreciation (latest quarter)Rs 18 Cr
Interest (TTM)Rs 83 Cr
Cost of goods sold (latest year)Rs 3,148 Cr
Total expenditure (latest year)Rs 3,559 Cr
Total income (latest year)Rs 3,864 Cr
Share capitalRs 125 Cr
ReservesRs 1,134 Cr
Shareholders' fundsRs 1,259 Cr
Total assetsRs 2,281 Cr
Net blockRs 643 Cr
Capital work in progressRs 37 Cr
InvestmentsRs 5 Cr
ReceivablesRs 245 Cr
InventoryRs 730 Cr
Other liabilitiesRs 415 Cr
Shares outstanding (crore)12.50
Ownership
Promoter holding40.49% (-2.12 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 25.5 is at the 44th percentile of its own 7.4-year range (median 26.5, low 6.6, high 83.6).
P/B 2.62 is at the 52th percentile (median 2.53).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodPARAGMILKNifty 50Difference
1 week+2.2%-2.8% +4.9 pts
1 month+1.9%-6.8% +8.7 pts
3 months+10.9%-7.6% +18.5 pts
6 months+46.8%+0.4% +46.4 pts
1 year-3.8%-9.9% +6.1 pts
2 years+48.4%-13.6% +62.0 pts
3 years+23.4%+14.2% +9.2 pts
5 years+109.4%+27.9% +81.5 pts
1 mutual fund schemes hold about ₹0 Cr. Over three months 0 bought more and 1 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Motilal Oswal BSE 1000 Index Fund0.01%0 -10%

Red flags

F-score 5 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-09-23Sixth Sense India Opportunities IIAcquirersell2,954,115SAST Open Market
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹945 Cr +10.9% vs Jun 2025. Net profit ₹22 Cr -21.4%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-22Dividend - Rs 1.10 Per Share
2025-09-22Dividend - Re 1 Per Share
2024-09-04Dividend - Re 0.50 Per Share
2024-09-04Annual General Meeting
2023-09-20Annual General Meeting
2022-09-22Annual General Meeting
2021-09-07 Dividend - Rs 0.50 Per Share
2020-09-21 Annual General Meeting/Dividend - Rs 0.50 Per Share
2019-09-20 Annual General Meeting/Dividend - Re 1 Per Share
2018-09-11 Annual General Meeting/Dividend Re 0.75 Per Share
2017-08-01 Dividend - Re 0.50 Per Share
DateTypeWhat it says
2026-10-01Shareholder meetingVoting Results and Scrutinizers Report of the 34th Annual General Meeting held on September 29, 2026
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Trade dateShares sold short
2026-09-291
2026-09-281
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Parag Milk Foods Ltd?

Parag Milk Foods Ltd (PARAGMILK) has a market capitalisation of Rs 3,373 Cr. at the 2026-10-01 close.

What is the P/E ratio of Parag Milk Foods Ltd?

Parag Milk Foods Ltd trades at a P/E of 25.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were Parag Milk Foods Ltd's latest quarterly results?

In the Jun 2026 quarter, Parag Milk Foods Ltd sales was Rs 945 Cr (+10.9% vs Jun 2025) and net profit was Rs 22 Cr.

What is the 52-week high and low of Parag Milk Foods Ltd?

The 52-week high is Rs 376.95 and the 52-week low is Rs 177.84.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03