Parag Milk Foods Limited — Cyborg Score 6/10

Strategic Profile

The company operates on a direct farm-to-consumer supply chain model, ensuring quality control from milk collection to final delivery. Parag targets growth through new-age businesses like Avvatar premium nutrition and Pride of Cows premium milk, which contribute 10% of sales. Its multi-brand portfolio (Gowardhan, Go, Avvatar, Pride of Cows, Topp Up) serves diverse consumer segments from value to premium.

Cyborg Score Rationale

Strong market leadership in niche categories (35% cheese share, 22% ghee share) and innovation track record. However, Q3 EBITDA declined to ₹680M from ₹737M YoY with margin compression from 8.3% to 6.7%, indicating recent margin pressure from input costs or competitive dynamics.

Top Insights

• Cheese plant has the largest production capacity in India with 60 MT per day raw cheese capacity
• India's first B2C whey protein brand (Avvatar) and only company manufacturing fresh paneer with 75-day shelf life
• Q3 FY26 margin compression: EBITDA fell YoY despite steady operations, indicating input cost inflation pressure
• Sixth Sense Ventures divested stake in November 2025, reducing position from 7.10% to 5.06%

Named Competitors

• Dairy & Milk Products — Cooperative dairy with mass market focus
• Milk & Dairy — Public sector dairy with pan-India distribution
• Premium Dairy — Packaged foods company with dairy products

Recent Developments

• (Feb 2026) Q3 FY26 earnings call held on February 5, 2026 with analyst/investor updates
• (Dec 2025) Preferential share issuance of ₹161.19 Cr with ₹40.30 Cr received and ₹40 Cr utilized
• (Nov 2025) Sixth Sense Ventures reduced stake to 5.06% from 7.10% through share sale

Open the full interactive Parag Milk Foods Limited report

Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.