Modern Dairies519287Quarterly results

Board approved Q2 and H1 FY27 standalone results with auditors' limited review report

Board meeting on 19 October 2026 approved the standalone un-audited financial results for the quarter and half year ended 30 September 2026, along with the auditors' limited review report.

By ScoutQuest · Mon 19 Oct 2026, 1:26 PM IST · 3 min read

Standalone · ₹ lakh · EPS in ₹
Line item	Latest	Year ago	YoY	Prev qtr	QoQ
Revenue from operations	74,39.26	81,95.85	−9.2%	91,26.63	−18.5%
Total income	74,67.71	82,41.77	−9.4%	91,56.39	−18.4%
Profit before tax	3,00.85	2,08.28	+44.4%	3,04.55	−1.2%
Profit after tax	2,25.34	1,69.23	+33.2%	2,13.70	+5.4%
Total comprehensive income	2,30.66	1,64.29	+40.4%	2,76.86	−16.7%
Basic EPS	0.76	0.64	+18.8%	0.75	+1.3%

Profit after tax YoY growth: +33.2%
Period: 3 months ended 30 September 2026

Auditor's review

Conclusion: Unmodified

Notes to the results

Milk Cess: demand notice of Rs. 544.31 Crore from Govt. of Haryana; SLP pending before Supreme Court with interim stay granted September 2012.
Milk Cess provision of Rs. 15.75 Lacs for the quarter, total Rs. 22.17 Crore as on 30 Sep 2026, of which Rs. 9.91 Crore already deposited per court orders.

The Board of Directors met on Monday, 19 October 2026 from 12:00 Noon to 13:15 P.M. (IST) at Chandigarh and approved the standalone un-audited financial results for the quarter and half year ended 30 September 2026, together with the limited review report issued by the statutory auditors. The results were reviewed and recommended by the Audit Committee before being approved by the Board. The company reports a single primary segment, manufacturing of milk and milk products, and the figures are stated in Rs lakh as printed.

Auditor's review conclusion

Sanjeev Sharma & Associates, Chartered Accountants, carried out a limited review under SRE 2410 and stated that nothing has come to their attention that causes them to believe that the statement, prepared under Ind AS 34, has not disclosed the information required under Regulation 33 or that it contains any material misstatement. A limited review is narrower in scope than a full audit and is not an audit opinion.

Quarter ended 30 September 2026 (Rs in lakh)

Revenue from operations: 74,39.26, against 91,26.63 in the preceding quarter ended 30 June 2026 and 81,95.85 in the year-ago quarter.
Total income: 74,67.71, against 82,41.77 a year earlier.
Total expenses: 71,66.86, against 80,33.49.
Profit before tax: 3,00.85, against 2,08.28.
Profit for the period: 2,25.34, against 1,69.23.
Earnings per equity share: basic 0.76, diluted 0.76.

Half year ended 30 September 2026 (Rs in lakh)

Revenue from operations: 1,65,65.89, against 1,60,26.13 in the same period last year.
Profit before tax: 6,05.40, against 4,17.41.
Profit for the period: 4,39.04, against 3,34.29.
Earnings per equity share: basic 1.52, diluted 1.49; a year earlier basic 1.30, diluted 1.21.

Balance sheet as on 30 September 2026 (Rs in lakh)

Total assets: 1,29,92.53, against 1,31,61.46 as at 31 March 2026.
Total equity: 73,56.08, against 55,36.05.
Paid-up equity share capital: 31,95.89, against 28,45.89.
Total current liabilities: 49,70.20, against 67,64.97.

Milk cess matter

The company has challenged the levy of milk cess under the Haryana Murrah Buffalo and other Milch Animal Breed Act, 2001. A Special Leave Petition is pending before the Hon'ble Supreme Court, where an interim stay was granted in September 2012. The last demand notice received from the Government of Haryana is for Rs. 544.31 Crore. As a matter of abundant caution, the company has provided Rs. 15.75 Lacs for milk cess in the current quarter, taking the total provision to Rs. 22.17 Crore as on 30 September 2026. Out of this, Rs. 5.91 Crore and Rs. 4.00 Crore, totalling Rs. 9.91 Crore, have already been deposited as per orders of the Hon'ble Supreme Court and the Hon'ble Punjab & Haryana High Court. The matters remain pending before both courts.

Points to note

Profit for the period rose year on year in both the quarter and the half year, while Revenue from operations for the quarter was lower than the preceding quarter and the year-ago quarter.
Total expenses for the quarter were 71,66.86 against 80,33.49 a year earlier.
A provision of Rs. 22.17 Crore stands against the demand of Rs. 544.31 Crore; the pending proceedings can affect future financials.
Basic earnings per share for the quarter were 0.76 against 0.64 a year earlier.

4,39.04 (Rs in Lacs)Profit for the period

Profit after tax, latest quarter2,25.34 (Amount ₹ in Lacs)

Profit after tax, quarter2,13.70 (Amount ₹ in Lacs)

Profit for the period 4,39.04 (Rs in Lacs): Profit after tax, latest quarter 2,25.34 (Amount ₹ in Lacs), Profit after tax, quarter 2,13.70 (Amount ₹ in Lacs).

Also from Modern Dairies