Parag Milk Foods Ltd. · NSE:PARAGMILK

Parag Milk Foods — Q2 FY27 Earnings Presentation

53 slides from Parag Milk Foods's earnings presentation, Nov 4, 2026

  1. Slide 1: Exchange intimation letter for investor presentation

    November 4, 2026 Compliance Department, Compliance Department, BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Tower, Exchange Plaza, Plot No. C/1, G-Block, Dalal Street, Fort, Bandra Kurla Complex Mumbai - 400 001 Bandra - (E), Mumbai - 400 051 Scrip Code:- 539889 NSE Symbol:-

  2. Slide 2: © 2026 All Rights Reserved | Parag Milk Foods

    © 2026 All Rights Reserved | Parag Milk Foods 1

  3. Slide 3: Safe Harbor

    SAFE HARBOR This presentation and the accompanying slides (the “Presentation”), which have been prepared by Parag Milk Foods Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any secu

  4. Slide 4: Table of Contents

    TABLE OF CONTENTS 01 Performance Highlights 02 Financial Update 03 Business Update 04 Strategic Priorities 05 About the Company © 2026 All Rights Reserved | Parag Milk Foods 3

  5. Slide 5: Performance Highlights

    PERFORMANCE HIGHLIGHTS © 2026 All Rights Reserved | Parag Milk Foods 43

  6. Slide 6: Key Highlights Q2FY27

    KEY HIGHLIGHTS Q2FY27 Record quarter with strong growth across value, volume and premium brands REVENUE EBITDA PAT NEW AGE BUSINESS ₹1,241 Cr ₹101 Cr +42% +71% Highest-ever Q2 revenue Margin 8.1% vs 7.3% LY YoY growth YoY growth · Pride of Cows & Avvatar +23% YoY value +37% YoY Margin 3.4% vs 2.9% L

  7. Slide 7: Performance Highlights Q2 FY27

    PERFORMANCE HIGHLIGHTS Q2 FY27 EBITDA % (ex LY one-off) 101CR 42CR 12% 8.1% 1,241CR Volume Growth vs 7.3% LY up 37% YoY 23% up 23% YoY up 42% YoY Revenue EBITDA (ex LY one-off) PAT (ex LY one –off) PBT Growth (ex LY one-off) Value Growth 59.8% up YoY PAT % (ex LY one-off) 3.4% vs 2.9% LY Note: The o

  8. Slide 8: Performance Highlights H1 FY27

    PERFORMANCE HIGHLIGHTS H1 FY27 EBITDA % (ex LY one-off) 8% 7.8% 2,185 CR 170CR 64 CR Volume Growth vs 7.5% LY up 18% YoY up 23% YoY up 12% YoY Revenue EBITDA (ex LY one-off) PAT (ex LY one –off) 18% PBT Growth (ex LY one-off) Value Growth 32.6% up YoY PAT % (ex LY one-off) 2.9% vs 3.1% LY Note: The

  9. Slide 9: Financial Update

    FINANCIAL UPDATE © 2026 All Rights Reserved | Parag Milk Foods 8 3

  10. Slide 10: Highest Ever Q2 Revenue Growth Snapshot

    HIGHEST EVER Q2 Revenue Growth Snapshot - ₹ Cr 23% 15% 14% 1241 3% 11% 1008 1013 1008 918 945 945 874 885 852 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 PY CY Consistent revenue growth across the last five quarters, demonstrating sustained execution and stable business momentum. 9 © 2026 All Rights Reserved

  11. Slide 11: Q2FY27 Business Mix

    Q2FY27 BUSINESS MIX Contribution to consolidated turnover by category Flagship categories (Ghee, Cheese, Paneer, Curd) Revenue 63% New-age business (Avvatar and Pride of Cows) Revenue 12% ₹778 Cr ₹154 Cr ▲ +20% YoY ▲ +71% YoY Ingredients 16% Liquid milk 7% Others 2% Revenue Revenue Revenue ₹197 Cr ₹

  12. Slide 12: H1FY27 Business Mix

    H1FY27 BUSINESS MIX Contribution to consolidated turnover by category Flagship categories (Ghee, Cheese, Paneer, Curd) Revenue 62% New-age business (Avvatar and Pride of Cows) Revenue 12% ₹1,358 Cr ₹273 Cr ▲ +16% YoY ▲ +66% YoY Ingredients 15% Liquid milk 8% Others 2% Revenue Revenue Revenue ₹338 Cr

  13. Slide 13: Highest Ever Q2 & H1 Revenue Mix

    HIGHEST EVER Q2 & H1 Revenue mix over the past 5 years Q2 Trend H1 Trend 1241 2185 2% 2% 1008 16% 1859 15% 5% 7% 1629 5% 871 1548 13% 8% 13% 798 7% 9% 9% 12% 1356 8% 6% 17% 10% 12% 665 14% 7% 9% 23% 9% 5% 22% 10% 10% 17% 24% 6% 8% 6% 8% 4% 8% 4% 8% 3% 3% 63% 62% 64% 63% 61% 57% 61% 67% 59% 58% Q2 FY

  14. Slide 14: Consolidated P&L

    FINANCIAL UPDATE Consolidated P&L Q2FY26 Q2FY27 Growth % Particulars H1 FY26 H1 FY27 Growth %2 1,008 1,241 23.1% Revenue 1,859 2,185 17.5% 260 323 24.0% Gross Margin 493 581 17.8% 25.8% 26.0% Gross Margin % 26.5% 26.6% 73 101 37.2% EBITDA (ex. LY one off) 139 170 22.6% 7.3% 8.1% EBITDA % 7.5% 7.8% 3

  15. Slide 15: Standalone P&L

    FINANCIAL UPDATE Standalone P&L Q2FY26 Q2FY27 Growth % Particulars H1FY26 H1FY27 Growth % 981 1,215 23.9% Revenue 1,812 2,136 17.9% 245 303 23.8% Gross Margin 463 540 16.7% 24.9% 24.9% Gross Margin % 25.5% 25.3% 76 102 33.8% EBITDA (ex. LY one off) 140 170 21.1% 7.8% 8.4% EBITDA % 7.8% 8.0% 43 61 43

  16. Slide 16: Balance Sheet and Cash Flow

    BALANCE SHEET CASH FLOW Consolidated, FY23 to FY26 and 30 Sep 2026 / H1 FY27 (₹ Cr) BALANCE SHEET OPERATING CASH FLOW 31st 31st 31st 31st 31st 31st 31st 31st 30th 30th Sep Particulars March March March March Particulars March March March March Sep 2026 2023 2024 2025 2026 2023 2024 2025 2026 2026 Ne

  17. Slide 17: Business Update

    BUSINESS UPDATE © 2026 All Rights Reserved | Parag Milk Foods 16

  18. Slide 18: Pride of Cows Brand Identity Refresh

    POC BRAND IDENTITY REFRESH New look for the single-origin dairy line Pride of Cows brand identity refresh · Single-origin, farm-to-home brand • Egret, a farm bird, added to the visual identity to show the whole farm ecosystem, not the cow alone. • Foundation unchanged: one farm, one herd, single- or

  19. Slide 19: New Product Launches

    NEW PRODUCT LAUNCHES Launches and updates Popped Protein Chips Whey with Natural Lactose-Free Milk Hazelnut Cold Coffee Performance & Alpha Whey Sweeteners Avvatar | Protein snacking entry Avvatar | New flavours Avvatar | New range Pride of Cows Avvatar | Protein RTD • Non-fried, 10 g protein per 30

  20. Slide 20: Capacity Expansion

    CAPACITY EXPANSION Strategic investments to strengthen value-added dairy manufacturing capabilities ₹105 Cr ~₹100 Cr Cheese expansion Paneer expansion Capacity: 60 → 120 MT/day Capacity: 20 → 80 MT/day Brownfield expansion Manchar & Palamaner CAPACITY EXPANSION ANNOUNCED CURRENT CAPACITY Cheese Curr

  21. Slide 21: Sales by Region

    SALES BY REGION Share of Q2 FY27 net sales and YoY growth, all regions growing S HARE OF Q2 S ALE S Q2 Gr ow th Y oY H1 Gr ow th Y oY West 58% +26% +20% North North 20% +18% +21% East South 14% +31% +16% West East 8% +17% +18% South © 2026 All Rights Reserved | Parag Milk Foods 20

  22. Slide 22: Milk Procurement & Economics

    MILK PROCUREMENT & ECONOMICS Q2 FY27 farm-gate price and volumes, and Parag’s per-litre economics ₹45/L +18% +7% 21 lakh PARAG PER-LITRE ECONOMICS, Q2FY27 Avg landed milk YoY (Q2 FY26: ₹38) QoQ (Q1 FY27: ₹42) Litres milk and milk Q2FY26 Q2FY27 YoY price, Q2 FY27 equivalent procured per day Milk & Mi

  23. Slide 23: Strategic Priorities

    STRATEGIC PRIORITIES © 2026 All Rights Reserved | Parag Milk Foods 22 3

  24. Slide 24: Our Strategic Priorities

    OUR STRATEGIC PRIORITIES Strengthening & Brand Strengthening Evolve Driving Accelerating the Building & New Age Route Financial Flagship Innovation Business to Market Growth Categories 23 © 2026 All Rights Reserved | Parag Milk Foods

  25. Slide 25: Strengthening & Accelerating the Flagship Categories

    STRENGTHENING &ACCELERATING THE FLAGSHIP CATEGORIES VALUE GROWTH 62% BUSINESS VOLUME GROWTH OF OVERALL Q2 FY27 7% 20% H1 FY27 3% 16% 24 © 2026 All Rights Reserved | Parag Milk Foods

  26. Slide 26: Flagship Categories: Ghee and Cheese

    STRENGTHENING &ACCELERATING THE FLAGSHIP CATEGORIES Ghee Cheese Leaders and pioneers in cow ghee category Dominant in cheese category # 1 position # 2 position 22% Market share in branded cow ghee segment 35% Market share (source IMARC) (source IMARC) 25 © 2026 All Rights Reserved | Parag Milk Foods

  27. Slide 27: Brand Building & Innovation

    BRAND BUILDING & INNOVATION ABP Bappa Majha KBC Partnership S18 Q-Com Campaigns Influencer High-impact national television Driving product visibility and association consumer engagement during festive Campaigns period across Ghee, Sweets and Paneer TV9 Bappa Morya Strategic In-Store Display 26 © 202

  28. Slide 28: Brand Building & Innovation

    BRAND BUILDING & INNOVATION Modern Trade Cheese Building Mindshare HoReCa Golden Stretch Sampling Award Independence Day Recognizing Top outlet Partners Across India Friendship Day Q-Com Visibility HoReCa Cream Cheese Campaign Product Education Visibility campaigns across Blinkit, Zepto, and Swiggy

  29. Slide 29: Brand Building & Innovation

    BRAND BUILDING & INNOVATION Updated Brand Imagery Brand Identity Refresh B2C Activity in Gujarat Launch Of Lactose Free & Video Content and Media Coverage Milk & Bocconcini Ghee End Cap at Go Fresh – Sky City Mall 28 © 2026 All Rights Reserved | Parag Milk Foods

  30. Slide 30: Brand Building & Innovation

    BRAND BUILDING & INNOVATION Influencer Activity New Product Launch Disruptive Marketing Online Consumer Performance Whey & Alpha Whey New Flavours | Triple Chocolate, Tiramisu, Rose Milk and Badam Milk Activity – India’s Got Offers Latent Protein Popped Chips | Pudina and Magic Masala Whey Protein w

  31. Slide 31: Strengthening New Age Business

    STRENGTHENING Grew by 71%YoY NEW AGE BUSINESS during Q2 FY27 Contributes to 12% of overall business Pride of Cows and Avvatar Sports Nutrition form our New Age Business, a strategic pivot to premium, consumer-centric brands. Pride of Cows is built on single- origin purity and Avvatar on performance

  32. Slide 32: New Age Business Quarterly Revenue

    QUARTERLY REVENUE NEW AGE BUSINESS ₹ Cr revenue 160 154 140 120 118 102 100 100 91 80 75 60 49 52 48 43 47 37 40 33 29 28 20 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY23 FY24 FY24 FY24 FY24 FY25 FY25 FY25 FY25 FY26 FY26 FY26 FY26 FY27 FY27 New age business emerging as a strong growth pillar i

  33. Slide 33: New Age Business: Route to Market

    STRENGTHENING NEW AGE BUSINESS ROUTE TO MARKET INCREASING Direct to Consumers PRODUCT PORTFOLIO E-Commerce Ghee | Milk | Curd | Paneer | Organized Trade Channels Greek Yogurt | Fresh Cheese DIRECT CONSUMER BASE 1Lakh+ Now present across 8 Cities Mumbai, Pune, Delhi GROWTH STRATEGY © 2026 All Rights

  34. Slide 34: New Age Business: Avvatar

    STRENGTHENING NEW AGE BUSINESS First “Made in India” whey protein Revenue More than ~75% revenue brand—offering unadulterated, is from E-com, Q-Com & website 27x fresh, 100% vegetarian whey ROUTE TO MARKET 10x H1FY27 Direct to Consumers Quick & E-Commerce | Website | Organized X Trade Channels H1FY2

  35. Slide 35: Evolve Route to Market

    EVOLVE ROUTE TO MARKET General Trade 29 Depots Modern HoReCa Trade 500 Quick B2C Commerce B2B ~4,500 70% of 30% of Institutional total total Large Format Business Website: Business Corporates 4.6 Lakh E-Commerce Mobile Application 34 © 2026 All Rights Reserved | Parag Milk Foods

  36. Slide 36: Driving Financial Growth – Q2

    DRIVING FINANCIAL GROWTH – Q2 Revenue Gross Margin 1,400 350 30.0% 1,241 25.8% 26.0% 1,200 300 23.0% 23.6% 25.0% 1,008 250 1,000 871 20.0% 798 200 20.8% 800 665 15.0% 150 323 600 260 10.0% 100 183 206 400 50 138 5.0% 200 0 0.0% - Q2FY23 Q2FY24 Q2FY25 Q2FY26 Q2FY27 Amount in ₹ Cr Q2FY23 Q2FY24 Q2FY25

  37. Slide 37: Driving Financial Growth – H1

    DRIVING FINANCIAL GROWTH – H1 Revenue Gross Margin 2,500 700 26.6% 30.0% 2,185 25.4% 26.5% 600 25.0% 2,000 1,859 22.2% 1,629 500 1,548 20.0% 1,356 400 1,500 17.9% 15.0% 300 581 200 414 493 10.0% 1,000 344 100 243 5.0% 500 0 0.0% - H1FY23 H1FY24 H1FY25 H1FY26 H1FY27 Amount in ₹ Cr H1FY23 H1FY24 H1FY2

  38. Slide 38: Driving Financial Growth – H1

    DRIVING FINANCIAL GROWTH – H1 Net Debt and Net Worth Net Debt/Equity Ratio & Net Debt to EBITDA(Multiple) 3.3 2.4 1.9 2.0 912 1.6 1310 912 1023 1259 808 0.7 0.6 0.5 0.5 0.4 539 540 561 484 678 539 561 FY23 FY24 FY25 FY26 H1FY27 FY23 FY24 FY25 FY26 H1FY27 Net Debt (₹ Cr) Networth (₹ Cr) Net Debt / Eq

  39. Slide 39: About the Company

    ABOUT THE COMPANY © 2026 All Rights Reserved | Parag Milk Foods 38 3

  40. Slide 40: Chairman's Message

    CHAIRMAN’S MESSAGE A journey that began with farmers is now aiming to provide complete nutrition to consumers across the globe. The strength of our developed infrastructure, food technology expertise supported by a strong farmer network, and powerful distribution channels have been our strong pillar

  41. Slide 41: Parag's Journey

    PARAG’S JOURNEY 1992 2021 Investment by International Finance Corporation (IFC) and prominent consumer fund – Sixth Sense Venture Advisors LLP Parag Milk Foods was founded by Mr. Devendra 2010 2016 Shah. It is strategically located Palamaner plant Parag Milk Foods in the milk belt at Manchar was est

  42. Slide 42: Business Model

    BUSINESS MODEL 03 3.4mn 100% 10 lakh 110 ~5000+ 29 4,500+ 5 lakh+ 20 500+ 4.6 Lakh Brands 41 © 2026 All Rights Reserved | Parag Milk Foods

  43. Slide 43: Four Power Brands

    FOUR POWER BRANDS Everyday dairy A wide range of processed A premium, farm-to-home, India’s first Made essentials including ghee, and natural cheese products, single-origin brand offering in India whey protein brand, paneer, curd and fresh milk UHT milk and dairy-based ghee, paneer, low-fat high- of

  44. Slide 44: FY26 Business Composition

    FY26 BUSINESS COMPOSITION 10% New age business 64% Flagship categories 13% Ingredients & SMP 9% Liquid milk NOTE: • Flagship Categories includes Ghee, Cheese, Paneer & Dahi 4% Others • New Age Business includes Pride of Cows and Avvatar brands • Liquid Milk includes Liquid milk offerings • Ingredien

  45. Slide 45: CAGR FY22 to FY26

    FY22 to FY26 CAGR Ingredients & SMP New age business Flagship categories 51%CAGR 18%CAGR 1%CAGR Liquid milk Others 16%CAGR NOTE: • Flagship Categories includes Ghee, Cheese, Paneer & Dahi • New Age Business includes Pride of Cows and Avvatar 26%CAGR brands • Liquid Milk includes Liquid milk offering

  46. Slide 46: Brand Building & Innovation

    BRAND BUILDING & INNOVATION Views 37 Mn Impressions 92 Mn Add to Cart 45 © 2026 All Rights Reserved | Parag Milk Foods

  47. Slide 47: Driving Financial Growth: Revenue Snapshot

    DRIVING FINANCIAL GROWTH Revenue Snapshot Amount in INR crs 3818 4% 3432 3139 13% 6% 2893 5% 9% 2% 17% 23% 10% 23% 10% 2072 9% 6% 3% 10% 4% 5% 23% 10% 3% 64% 61% 61% 58% 61% FY22 FY23 FY24 FY25 FY26 Amount in ₹ Cr Rev. Composition in % Flagship Categories New Age Business Liquid Milk Ingredient Busi

  48. Slide 48: Driving Financial Growth

    DRIVING FINANCIAL GROWTH Gross Margin EBITDA 1200 27% 27% 30% 350 8.5% 8.1% 9.0% 24% 300 7.2% 8.0% 1000 25% 7.0% 250 800 20% 6.0% 20% 200 5.7% 5.0% 600 15% 943 1020 150 293 310 4.0% 400 10% 3.0% 749 100 226 569 163 2.0% 200 5% 50 1.0% 0 0% 0 0.0% FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Gross Margin

  49. Slide 49: Driving Financial Growth

    DRIVING FINANCIAL GROWTH Net Debt and Net Worth Net Debt/Equity Ratio & Net Debt to EBITDA(Multiple) 3.3 2.4 1,023 1,259 808 912 1.9 912 1.6 539 540 561 484 0.7 0.6 0.5 561 0.4 539 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Net Debt (₹ Cr) Networth (₹ Cr) Net Debt / Equity Net Debt / EBITDA Return on C

  50. Slide 50: Board of Directors

    BOARD OF DIRECTORS A strong and experienced Board driving Parag’s long-term growth Mr. Devendra Shah Mr. Pritam Shah Ms. Akshali Shah Dr. Dnyanesh Darshane Chairman Managing Director Executive Director Independent Director Parag has grown consistently under the leadership of Mr. Pritam Shah oversees

  51. Slide 51: Core Leadership Team

    CORE LEADERSHIP TEAM Subhodeep Roy, Rahul Kumar Srivastava, Chief Business Officer Chief Operating Officer Over 20 years of experience in FMCG with Dabur, GCPL, Over 35 years of experience in the Dairy industry Britannia, TCPL and Cadbury. Spearheads sales and business operations across channels, st

  52. Slide 52: Awards & Accolades

    AWARDS & ACCOLADES Pride of Cows has been awarded Best Customer Certificate of Appreciation by the Retention Bureau of Indian Standards (BIS) for Initiative of Best Use of Traditional excellence in Whole Milk Powder the Year 2025 standards. Platform – Gowardhan BW Retail Reboot Awards 2024 Grocery B

  53. Slide 53: Thank You

    THANK YOU For investor queries, please contact PARAG MILK FOODS LIMITED Mr. Brian D’Penha Head – Investor Relations [email protected] ADFACTORS PR · INVESTOR RELATIONS TEAM Ms. Saloni Nagvekar [email protected] Ms. Mansi Pasari [email protected] 52

Parag Milk Foods — Q2 FY27 Earnings Presentation on 6ix