Parag Milk Foods Share Price Jumps Over 13% After Q2 FY26 Earnings Results: PAT Surges 56% YoY

Parag Milk Foods Limited announced its consolidated unaudited financial results for the quarter and half-year ended September 30, 2025. 

The dairy and milk products company demonstrated exceptional profitability growth across key metrics, driven by strong volume growth in value-added products, operational efficiencies and improved realisation across its brand portfolio, including Gowardhan, Pride of Cows and Avvatar.

Parag Milk Foods Q2 FY26 Earnings Results

For the quarter ended September 30, 2025, Parag Milk Foods achieved consolidated revenue from operations of ₹1,007.95 crore, registering exceptional growth of 16% YoY and 18% QoQ. Total income stood at ₹1,025.98 crore, up 16% YoY and 19% QoQ compared to the respective periods.

Profit before tax reached ₹50.49 crore, marking an outstanding expansion of 42% YoY and 73% QoQ. Profit after tax stood at ₹45.65 crore, demonstrating robust growth of 56% YoY and 66% QoQ. Basic and diluted earnings per share were ₹3.83 and ₹3.57, respectively, for the quarter.

Parag Milk Foods Half-Year FY26 Results

For the half year ended September 30, 2025, consolidated revenue from operations reached ₹1,859.47 crore, up 14% from ₹1,629.24 crore in H1 FY25. Total income totalled ₹1,885.14 crore, reflecting 14% growth year on year.

Half-year PBT stood at ₹79.67 crore, growing 28% from ₹62.38 crore previously. PAT came to ₹73.23 crore, up 30% from ₹56.51 crore in H1 FY25. Basic earnings per share for the half year were ₹6.14, up 30% YoY.

Read More: BLS International Q2 FY26 Earnings Results: Reports With 27% Profit Jump and Strong Global Growth!

Operational Efficiency Improvements

Cost of materials consumed for Q2 FY26 was ₹791.17 crore compared to ₹614.64 crore in Q2 FY25. Changes in inventories showed favourable movement of ₹43.52 crore, reflecting strong inventory liquidation. Employee benefits expense stood at ₹42.69 crore while other expenses totalled ₹146.37 crore for the quarter.

Depreciation and amortisation expense stood at ₹18.75 crore while finance costs declined to ₹20.03 crore from ₹22.97 crore in Q2 FY25, reflecting improved working capital management and debt optimisation initiatives.

Balance Sheet Strength

Total assets stood at ₹2,235.18 crore as of September 30, 2025, up from ₹2,032.64 crore as at March 31, 2025. Inventories increased to ₹729.36 crore from ₹577.95 crore, reflecting strategic inventory build-up ahead of the festive season. Trade receivables improved to ₹281.63 crore from ₹259.51 crore previously.

Total equity reached ₹1,203.44 crore compared to ₹1,023.41 crore at year's end, reflecting strong profit retention. Non-current borrowings declined to ₹153.14 crore from ₹252.37 crore, while current borrowings stood at ₹329.68 crore. Biological assets stood at ₹89.85 crore as of the reporting date.

Foreign Currency Convertible Bonds Conversion

The company converted 10,680 Foreign Currency Convertible Bonds of USD 1,000 each held by IFC, allotting 57,33,713 equity shares of face value ₹10 each at a conversion price of ₹135 per share on September 29, 2025. This strengthened the equity base and reduced the debt burden.

Subsidiary Structure

The consolidated results include Bhagyalaxmi Dairy Farms Private Limited, a subsidiary. Parag Foods Middle East FZE, incorporated in Dubai during FY25, is yet to commence operations. The group operates in a single segment of milk and milk-related products.

Parag Milk Foods Share Price Performance

On November 12, 2025, Parag Milk Foods share price opened at ₹320.35 on NSE, above the previous close of ₹314.45. During the day, it surged to ₹363.00 and dipped to ₹320.00. The stock is trading at ₹356.55 as of 2:36 PM. The stock registered a significant gain of 13.39%.

Over the past week, it has moved up by 11.33%, over the past month, it has moved up by 34.52%, and over the past 3 months, it has moved up by 62.33%.

Conclusion

Parag Milk Foods demonstrated exceptional consolidated performance in Q2 and H1 FY26 with PAT growing 56% YoY and revenue expanding 16% YoY, strengthened by strong volume growth in value-added products, improved product mix, operational leverage, successful brand-building initiatives and enhanced distribution reach across its diversified dairy portfolio.

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