Board approves dairy ingredients JV with Meadow India and September quarter results
The board approved a proposal to establish a joint venture company in India with Meadow India Holdings Limited — proposed equity participation of 40% by the company and 60% by MIHL — for B2B marketing and selling of dairy ingredients.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,196.02 | 1,018.82 | +17.4% | 1,197.94 | −0.2% |
| Total income | 1,206.96 | 1,030.20 | +17.2% | 1,211.52 | −0.4% |
| Profit before tax | 50.57 | 82.77 | −38.9% | 54.70 | −7.6% |
| Profit after tax | 36.59 | 65.67 | −44.3% | 40.64 | −10% |
| Total comprehensive income | 33.34 | 73.39 | −54.6% | 44.39 | −24.9% |
| Basic EPS | 6.06 | 10.89 | −44.4% | 6.74 | −10.1% |
- Total income
- Latest 1,206.96; Year ago 1,030.20 (+17.2%); Prev qtr 1,211.52 (−0.4%)
- Profit after tax
- Latest 36.59; Year ago 65.67 (−44.3%); Prev qtr 40.64 (−10%)
- Period
- Quarter ended 30-Sep-26
Also decided at the meeting
- Approved proposal to establish a Joint Venture company in India with Meadow India Holdings Limited (MIHL), equity 40% Company / 60% MIHL, to market and sell dairy ingredients to the B2B market in India, subject to JV agreement and…
Auditor's review
Conclusion: Unmodified
Notes to the results
- Final dividend of Rs. 5 per equity share (face value Rs. 10), aggregating Rs. 30.16 crores, approved at AGM on 14 July 2026, was paid during the current quarter.
- During the previous quarter the Company changed its rounding off denomination from millions to crores; comparative figures changed accordingly.
What the board approved
The board, at its meeting on Wednesday, 28 October 2026, approved the proposal to establish a Joint Venture company in India in collaboration with Meadow India Holdings Limited (MIHL). The proposed equity participation is 40% by the company and 60% by MIHL. The venture is for undertaking the business of marketing and selling high quality dairy ingredients to the business-to-business (B2B) market in India.
The approval is subject to execution of the Joint Venture Agreement, completion of necessary formalities and receipt of applicable regulatory and statutory approvals, if any. The update states that requisite disclosures will be made upon incorporation of the proposed entity, and any further material developments will be intimated to the stock exchanges.
Financial results approved
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, and took note of the unmodified Limited Review Reports issued by S.R. Batliboi & Associates LLP, Chartered Accountants (Statutory Auditors).
Standalone performance, as printed
- 'Revenue from operations' for the September 2026 quarter: Rs. 936.06 crore, against Rs. 854.58 crore in the September 2025 quarter.
- 'Profit for the period' for the September 2026 quarter: Rs. 25.08 crore, against Rs. 53.77 crore a year earlier.
- 'Total income' for the September 2026 quarter: Rs. 945.21 crore.
- For the half year ended 30 September 2026: 'Revenue from operations' Rs. 1,891.72 crore and 'Profit for the period' Rs. 46.83 crore.
- Basic earnings per share for the quarter: Rs. 4.15 (face value of Rs. 10 each).
Consolidated performance, as printed
- 'Revenue from operations' for the September 2026 quarter: Rs. 1,196.02 crore, against Rs. 1,018.82 crore in the September 2025 quarter.
- 'Profit for the period' for the September 2026 quarter: Rs. 36.59 crore, against Rs. 65.67 crore a year earlier.
- 'Total income' for the September 2026 quarter: Rs. 1,206.96 crore.
- For the half year ended 30 September 2026: 'Revenue from operations' Rs. 2,393.96 crore, 'Total income' Rs. 2,418.48 crore and 'Profit for the period' Rs. 77.43 crore.
- Basic earnings per share for the quarter: Rs. 6.06 (face value of Rs. 10 each).
What the auditor said
The statutory auditors carried out a review, not an audit, of the interim financial information. Their conclusion is that nothing has come to their attention that causes them to believe the statements are not prepared in accordance with the applicable accounting standards, or that they contain any material misstatement. This is described as an unmodified review report.
The consolidated statement covers the holding company and its subsidiaries, including Dodla Holdings Pte Limited (Singapore), Lakeside Dairy Limited (Uganda), Dodla Dairy Kenya Limited (Kenya), Orgafeed Private Limited (India), Country Delight Dairy Limited (Kenya) and HR Food Processing Private Limited (India), and the associate Global VetMed Concepts India Private Limited.
Other points from the notes
- The board had recommended a final dividend of Rs. 5 per equity share of face value of Rs. 10 each, aggregating to Rs. 30.16 crore, which was approved by shareholders at the Annual General Meeting held on 14 July 2026 and has been paid during the current quarter.
- The company changed its rounding off denomination from millions to crores in the previous quarter, and comparative figures have been changed accordingly.
How a retail investor might read this
The update combines two separate pieces of information. One is the routine quarterly and half-yearly results with an unmodified review conclusion. The other is a proposed 40:60 joint venture aimed at the B2B dairy ingredients business, which is at a proposal stage and conditional on agreements and approvals. The standalone and consolidated profit figures for the September 2026 quarter are lower than the corresponding figures printed for the September 2025 quarter, while revenue from operations is higher.
Also from Dodla Dairy
Dodla Dairy Q2 FY27: revenue up 17.4% to ₹1,196.0 crore, PAT down 44.3% as milk procurement costs squeeze margins
28 Oct 2026
Q2 FY27 results: revenue up 17.4% to Rs. 1,196.0 crore, PAT down 44.3% on milk cost pressure
28 Oct 2026
Board approves JV with Meadow India Holdings; 40% company, 60% partner
28 Oct 2026
More numbers
- Standalone Revenue from operations, September 2026 quarter936.06 crore
- Standalone Profit for the period, September 2026 quarter25.08 crore
- Consolidated Total income, half year ended 30 September 20262,418.48 crore
- Proposed equity participation in JV by the company40%
- Proposed equity participation in JV by Meadow India Holdings Limited60%
- Final dividend per equity shareRs. 5 per equity share
- Total income, latest quarter1,206.96 (₹ in crores)
- Total income, year-ago quarter1,030.20 (₹ in crores)
- Total income, previous quarter1,211.52 (₹ in crores)
- Total comprehensive income, latest quarter33.34 (₹ in crores)
- Total comprehensive income, year-ago quarter73.39 (₹ in crores)
- Total comprehensive income, previous quarter44.39 (₹ in crores)
- Profit after tax, latest quarter36.59 (₹ in crores)
- Profit after tax, year-ago quarter65.67 (₹ in crores)
- Profit after tax, previous quarter40.64 (₹ in crores)
- Revenue from operations, latest quarter1,196.02 (₹ in crores)
- Revenue from operations, year-ago quarter1,018.82 (₹ in crores)
- Revenue from operations, previous quarter1,197.94 (₹ in crores)
- Profit before tax, latest quarter50.57 (₹ in crores)
- Profit before tax, year-ago quarter82.77 (₹ in crores)
- Profit before tax, previous quarter54.70 (₹ in crores)
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