Parag Milk Foods Ltd — earnings calls

Parag Milk Foods reported annual revenue crossing INR3,800 crores in FY26 with volume growth of 5%, while the New Age business (Avvatar and Pride of Cows) grew 91% for the year and crossed INR100 crores in quarterly revenue for the second consecutive quarter in Q4. Gross margin expanded to 28% in Q4 FY26 from 25.9% in Q3, despite milk price inflation of 15% year-on-year and 4% sequentially to an average of INR42 per litre. Management attributed the margin improvement to portfolio mix, pricing and promotion strategy, while core category volumes declined in Q4 due to lower institutional and export sales in the base year.