Q2 FY27 results: highest ever quarterly revenue, paneer and cheese capacity expansion approved, subsidiary amalgamation
Q2 FY27: revenue INR 1,241 Cr, up 23% YoY; EBITDA INR 101 Cr; PAT INR 42 Cr (company calls it an optical decline after a one-off gain last year).
By ScoutQuest · · 2 min read
- Q2 FY27 Revenue
- INR 1,241 Cr, up 23% YoY
- Q2 FY27 EBITDA
- INR 101 Cr
- Q2 FY27 PAT
- INR 42 Cr
Parag Milk Foods Ltd has released a press note on the outcome of its Board meeting held on November 3, 2026. It sets out unaudited results for the quarter and half year ended September 30, 2026, two capacity expansion approvals, and a scheme of amalgamation.
Quarterly performance (consolidated, Q2 FY27)
- Revenue INR 1,241 Cr, up 23% year on year; the company describes it as its highest ever quarterly revenue
- EBITDA INR 101 Cr, with the margin improving over last year once a one-off item in the base is excluded
- Profit after tax INR 42 Cr; the company presents this as an optical decline against last year and as growth once last year's one-off gain is excluded
- Gross profit rose along with revenue, though the company notes elevated milk costs
Half year performance (consolidated, H1 FY27)
- Revenue INR 2,185 Cr, with value growth over last year
- EBITDA and profit after tax are presented as growth over last year excluding the one-off in the base
Capacity expansion approved by the Board
- An investment of approximately ₹100 Cr to raise paneer capacity at Manchar and Palamaner, for both regular and high-protein paneer, with commissioning expected by June 2027
- An investment of ₹105 Cr to double cheese capacity, with completion targeted in FY28
- The company expects these to support its shift towards value-added, protein-led products
Amalgamation
- The Board approved a scheme of amalgamation of Bhagyalaxmi Dairy Farm Pvt. Ltd., a wholly owned subsidiary, with the company itself, subject to requisite approvals
- The stated rationale is operational synergies, use of the distribution network and more efficient use of capital and resources
Business highlights in the release
- The New Age businesses (Pride of Cows and Avvatar) recorded revenue of ₹154 Cr in the quarter, a larger share of total turnover than a year ago
- Flagship categories such as ghee, cheese, paneer and curd remain the bulk of revenue, with paneer seeing its highest quarterly volumes
- Brand activity included festive campaigns, quick-commerce promotions and marketing tie-ups for the newer brands
What this means for a retail reader
- The release gives both reported and one-off-adjusted profit figures; the gap between the two explains why reported profit looks weaker than the operating performance
- The two capex approvals are forward-looking and tied to future capacity; benefits would come over the medium term
- The amalgamation is of a wholly owned subsidiary into the parent, which the company links to synergy and capital efficiency
The results and approvals are factual disclosures from the company's press release; how the business fares in coming quarters will depend on demand and milk costs, which the release flags as elevated.
Also from Parag Milk Foods
Parag Milk Foods makes audio recording of Nov 4, 2026 earnings call on Q2/H1 FY27 performance available
4 Nov 2026
Parag Milk Foods surged 12.5% on strong results; analyst recommends holding with trailing stop loss
4 Nov 2026
Board approves amalgamation of wholly owned subsidiary Bhagyalaxmi Dairy Farms with the company
3 Nov 2026
More numbers
- Q2 FY27 consolidated revenueINR 1,241 Cr
- Q2 FY27 revenue growth year on year23%
- Q2 FY27 EBITDAINR 101 Cr
- Q2 FY27 profit after taxINR 42 Cr
- H1 FY27 consolidated revenueINR 2,185 Cr
- New Age business revenue in Q2 FY27₹154 Cr
- Approved investment in paneer capacity₹100 Cr
- Investment to double cheese capacity₹105 Cr
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