Parag Milk Foods Limited is an India-based dairy fast-moving consumer goods (FMCG) company that was incorporated in 1992 and is headquartered in Mumbai, India. Founded by Mr. Devendra Shah, the company is involved in the development and promotion of 100% fresh cow's milk and milk products under international brand names with a diverse portfolio in over 10 product categories. Parag Milk Foods is the largest private dairy FMCG Company with a pan-India presence.
The company operates with strategic manufacturing capabilities across India. Its manufacturing facilities with in-house technology are strategically located at Manchar in Maharashtra, Palamaner in Andhra Pradesh, and Sonepat in Haryana. This geographic diversification allows for efficient supply chain management and nationwide distribution reach.
The Company's product portfolio includes ghee, fresh milk, skim milk powder, whole milk powder, paneer, an array of processed and natural cheese, cheese spreads, butter, dahi, dairy whitener, and gulab jamun mix. Its brands include:
- Gowardhan: Offers traditional dairy products, such as ghee, dahi, and paneer.
- Go: Offers products like cheese, UHT milk, buttermilk, lassi, and yoghurt.
- Pride of Cows: Sells premium quality milk.
- Topp Up: A flavored milk with extra proteins, available in six Indian flavors (elaichi, mango, rose, strawberry, pista, and butterscotch).
The company enjoys strong market leadership positions across key categories:
- A dominant player in Cheese in India with a 35% Market Share.
- A leader in the Cow Ghee category with its brand 'Gowardhan' Ghee, commanding a 22% market share.
- India's first company to launch a truly 'Made-in-India' B2C Whey protein powder under Brand 'Avvatar' in 2017.
- The only company to manufacture Fresh Paneer with a 75 Day Shelf Life.
The company has a market cap of ₹2,782 crore (up 30.0% in 1 year as of FY25) with revenue of ₹3,432 crore and profit of ₹119 crore. Promoter holding in Parag Milk Foods Ltd has gone up to 42.61 per cent as of March 2025, with the company having a market capitalisation of ₹2,496 crore.
The company delivered strong financial performance in Q4 FY25. Parag Milk Foods delivered a record-breaking revenue of ₹918 crore in Q4 FY25, marking a 16% year-on-year (YoY) growth. The uptick was largely driven by 10% volume growth in high-margin categories like ghee, cheese, and paneer—core product lines that continue to benefit from urban India's shift toward protein-rich, value-added dairy products.
For the full fiscal year FY25:
- FY25 revenue rose to ₹3,432 crore, up 9% from FY24.
- Net profit of ₹119 crore (up 31% YoY) and revenue of ₹3,432 crore (up 9% YoY).
- Cash flow from operations generated in FY25 was ₹212 crore.
- Q4 FY25 Performance: Revenue: ₹931.34 crore, Net Profit: ₹26.21 crore (jumped 166.9% YoY)
- EBITDA Q4 FY25: Improved by 69% to ₹75 crore from ₹45 crore in Q4 FY24, with EBITDA margin at 8.2% (vs 5.6% in Q4 FY24).
- FY25 Performance: Revenue: ₹3,432 crore (up 9% YoY), Net Profit: ₹119 crore (up 31% YoY).
- Market Capitalization: ₹2,782 crore (as of FY25).
- Promoter Holding: 42.61% (as of March 2025).
- Gross Profit Margins (GPM) FY25: Expanded by 130 basis points YoY to 25.8% (vs 24.5% in FY24).
The company's cheese plant has the largest production capacity in India, with a raw cheese production capacity of 60 MT per day. It maintains strong brand recognition and market share across its key product categories. The flagship brand "Gowardhan Ghee" has witnessed a 2% improvement in its market share, now commanding a 22% market share in the Branded Cow Ghee segment, while the trusted "Go Cheese" brand enjoys a strong and steady market share of 35% in the Cheese market.
The business has witnessed strong volume growth of 10% during FY25 YoY, aided by healthy volume growth in its core categories. The core categories of mainly ghee, cheese, and paneer have witnessed a volume growth of 18% for Q4 FY25 and 17% for FY25.
On April 3, 2025, Parag Milk Foods announced the raising of ₹161 crore through the issuance of convertible warrants on a preferential basis. The capital will be utilized to optimize debt, strengthen working capital, and drive growth initiatives.
The company is expanding its product portfolio with strategic initiatives, including the foray into the traditional sweets category with the "Gowardhan" brand, which is expected to witness a full launch during the festive season.
The company exports its products to more than 15 countries, including the United Arab Emirates, Singapore, Mauritius, Oman, Kuwait, Saudi Arabia, Congo, Hong Kong, the Philippines, Seychelles, Sri Lanka, Bangladesh, Maldives, the United States, Thailand, Nepal, Bhutan, Ghana, Malaysia, Iraq, and Qatar. It supplies its Farm-to-Home premium fresh milk to Mumbai, Pune, Surat, and the Delhi NCR region.
The chairman of the company is Devendra Shah, and the managing director is Pritam Shah. Mr. Devendra Shah is an entrepreneur and visionary who conceptualized, launched, and established the Company, promoting it to new heights with nearly 30 years of rich experience in the Dairy Industry.
The company is transitioning towards professional management structures, strengthening governance by adopting leading best practices and excellence in business processes to transform the organization from promoter-driven to professional management.
Parag Milk Foods continues to position itself as a leading player in India's rapidly growing dairy sector, with strong financial performance, market-leading brands, and strategic growth initiatives supporting its long-term expansion plans.
