Parag Milk Foods (PARAGMILK) had a P/E of 32.4× on 6 Nov 2026, above the industry P/E of 19.5×, and the shares are 13% below their 52-week high. It earns ROCE of 16% and ROE of 10%, and sales and net profit grew 9.6% and 36% a year over 3 years. Its dividend yield is 0.3%, and debt is 0.62× equity. It is a small-cap company with a market cap of ₹4,099 Cr, ranked 23rd of 127 Packaged Foods companies by market cap; the shares rose 2.7% over the past year.
- ₹317.80
- ₹336.99
- ₹310.84
- ₹323.75
- 67.1 L
Health check
- ReturnsAhead
+2.7% over a year, better than 6 of 7 peers.
- Price tagPricier
P/E 32.4 vs industry 19.5.
- GrowthStrong
Sales +9.6%, profit +36.4% a year over 3 years.
- ProfitabilityAverage
ROCE 15.5% vs peer median 15.3%.
- Balance sheetFair
Debt 0.62× equity, interest covered 3.6×.
- Red flags3 to check
Quarterly profit down 20.1% on a year ago.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹4,099 Cr
- Small cap
- P/E
- 32.4
- Industry 19.5
- Price to book
- 3.13
- Peers 8.88
- Dividend yield
- 0.34%
- ROE
- 10.0%
- Peers 14.8%
- ROCE
- 15.5%
- Peers 15.3%
- Debt to equity
- 0.62
- Debt ₹818 Cr
- EPS (TTM)
- ₹10.11
- Face value ₹10
- OPM (TTM)
- 6.8%
- Net margin 3.1%
- Sales growth
- +10.9%
- Latest quarter vs a year ago
- Profit growth
- −20.1%
- Latest quarter vs a year ago
- Price to sales
- 0.99
- EV/EBITDA 18.8
Strengths and risks
Risks to check
- Quarterly profit down 20.1% on a year ago.
- P/E of 32.4 against an industry P/E of 19.5.
- Promoter stake down from 42.6% to 40.5%.
About Parag Milk Foods
Parag Milk Foods Limited processes, manufactures, and sells milk and milk products in India and internationally. The company offers ghee, milk, paneer, sweets, curd, butter, dairy whitener, milk powder, and gulab jamun mix products. It also offers flavoured cheese wedges, spreads, slices, and angles, as well as flavoured and fruit yoghurt, bocconcini, slim milk, fresh cream, buttermilk, double toned milk, lassi, flavoured milk, milk shakes, beverages, UHT…
- Headquarters
- Pune
- Employees
- 2,073
- Sector
- Consumer Defensive
- ISIN
- INE883N01014
- Website
- paragmilkfoods.com
Price range
- Avg volume (3M)
- 23.4 L
- 1-year return
- plus 2.7%
- From 52-week high
- minus 13.0%
Peers · Packaged Foods
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NESTLEINDNestle India | 1,282.10 | plus 1.89% | 2,47,229 | 60.6 | 42.76 | – | 79.9% | 21.0% | – | – | 0.94% | minus 0.5% |
| BRITANNIABritannia Industries | 4,785.00 | minus 3.92% | 1,15,255 | 43.2 | 27.13 | 61.2% | 66.7% | 18.4% | 5.7% | 3.0% | 1.89% | minus 15.5% |
| TATACONSUMTata Consumer Products | 1,086.30 | plus 0.80% | 1,07,511 | 63.3 | 4.86 | 8.3% | 7.6% | 14.0% | 13.9% | 8.6% | 0.92% | minus 8.6% |
| PATANJALIPatanjali Foods | 411.50 | plus 0.19% | 44,776 | 22.7 | 3.42 | 11.2% | 14.8% | 4.2% | 8.7% | 27.0% | 0.98% | minus 28.6% |
| HATSUNHatsun Agro Product | 1,068.10 | plus 0.33% | 23,792 | 66.0 | 12.07 | 20.2% | 19.0% | 10.7% | 11.2% | 29.0% | 1.87% | plus 2.4% |
| MILKYMISTMilky Mist Dairy Food | 297.20 | plus 0.93% | 22,880 | 91.2 | 8.88 | – | 9.7% | 10.1% | – | – | 0.00% | plus 63.7% |
| AWLAWL Agri Business | 167.00 | minus 0.48% | 21,573 | 18.7 | 1.98 | 15.3% | 11.1% | 2.9% | 8.7% | 21.4% | 0.60% | minus 39.5% |
| PARAGMILKParag Milk Foods | 327.92 | plus 1.29% | 4,099 | 32.4 | 3.13 | – | 10.0% | 6.6% | – | – | 0.34% | plus 2.7% |
| Median of 7 peers | – | 0.33% | 44,776 | 60.6 | 8.88 | 15.3% | 14.8% | 10.7% | 8.7% | 21.4% | 0.94% | −8.6% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 852 | 1,008 | 1,013 | 945 | 945 | |
| 794 | 937 | 944 | 886 | 876 | |
| 57.9 | 71.2 | 68.3 | 59.4 | 68.3 | |
| 6.8% | 7.1% | 6.7% | 6.3% | 7.2% | |
| 7.6 | 18 | 8.9 | 18.9 | 1.4 | |
| 20 | 20 | 20.8 | 20.5 | 21.9 | |
| 16.3 | 18.8 | 18.1 | 17.5 | 18.5 | |
| – | – | −5.7 | – | – | |
| 29.2 | 50.5 | 32.6 | 40.1 | 29.3 | |
| 5.5% | 9.6% | 9.2% | 19.7% | 24.7% | |
| 27.6 | 45.7 | 29.6 | 32.2 | 22.1 | |
| 2.19 | 3.57 | 2.29 | 2.52 | 1.73 |
Profit & loss
- Sales CAGR 3Y
- +9.6%
- Profit CAGR 3Y
- +36.4%
- EPS CAGR 3Y
- +28.7%
- ROE
- 10.0%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 2,854 | 3,078 | 3,327 | 3,762 | |
| – | +7.8% | +8.1% | +13.1% | |
| 2,692 | 2,855 | 2,996 | 3,470 | |
| 161 | 222 | 331 | 292 | |
| 5.7% | 7.2% | 9.9% | 7.8% | |
| 3.1 | 4.3 | 1.3 | 23.1 | |
| 55.2 | 79.4 | 93.1 | 81.4 | |
| 57.3 | 60.3 | 67.2 | 70.7 | |
| −1.1 | −1 | −38.9 | −10.1 | |
| 51.1 | 85.9 | 133 | 152 | |
| −4.3% | −5.5% | 10.4% | 11.4% | |
| 53.3 | 90.6 | 119 | 135 | |
| – | +70.1% | +31.1% | +13.7% | |
| 4.96 | 7.47 | 9.51 | 10.57 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 117 | 119 | 119 | 125 | |
| 691 | 793 | 904 | 1,134 | |
| 606 | 616 | 654 | 607 | |
| 253 | 362 | 355 | 415 | |
| 1,668 | 1,891 | 2,033 | 2,281 | |
| 425 | 468 | 538 | 601 | |
| 49.8 | 78.7 | 49.6 | 70.6 | |
| 40.1 | 20.8 | 34.4 | 42.9 | |
| 15.3 | 27.6 | 25.1 | 18.3 | |
| 1,137 | 1,296 | 1,386 | 1,548 | |
| 1,668 | 1,891 | 2,033 | 2,281 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| −190 | 102 | 212 | 149 | |
| −87.6 | −52.9 | −132 | −98 | |
| 212 | −52.6 | −78.4 | −60.1 | |
| −65.9 | −3.2 | 1.3 | −8.6 | |
| −53.3 | −61.2 | −126 | −109 | |
| −243 | 41.1 | 86.5 | 40.2 | |
| – | – | −6 | −11.9 |
Shareholding pattern
- Promoters40.49%
- Public59.13%
- Employee trusts0.37%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 40.49% | 59.13% | 0.00 | |
| 30 Jun 2026 | 40.49% | 59.03% | minus 0.16 | |
| 31 Mar 2026 | 40.65% | 59.27% | 0.00 | |
| 31 Dec 2025 | 40.65% | 59.26% | minus 1.96 | |
| 30 Sep 2025 | 42.61% | 57.25% | – |
Major shareholders
Filings & events
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