Parag Milk Foods New-Age Business Reaches Rs 154 Crore in Q2

Parag Milk Foods’ new-age business reached Rs 154 crore in Q2 FY27, with management reporting 71% year-on-year growth and a 12% contribution to overall business, versus a 4% portfolio share in Q2 FY24. The segment combines Pride of Cows premium dairy and Avvatar sports nutrition.

How large is Parag’s new-age business?

Parag’s new-age business recorded Rs 154 crore of revenue in Q2 FY27 and contributed 12% of overall business. Management identifies Pride of Cows and Avvatar Sports Nutrition as the two brands in the segment and describes them as a strategic shift towards premium, consumer-centric categories.

The quarterly series shows that new-age revenue rose from Rs 33 crore in Q2 FY24 to Rs 52 crore in Q2 FY25, Rs 91 crore in Q2 FY26 and Rs 154 crore in Q2 FY27. The Rs 63 crore increase from Q2 FY26 to Q2 FY27 accompanied the rise in portfolio share from 4% in Q2 FY24 to 12% in Q2 FY27.

Revenue also increased by Rs 36 crore from Rs 118 crore in Q1 FY27 to Rs 154 crore in Q2 FY27. Earlier quarters show revenue of Rs 29 crore in Q4 FY23, Rs 49 crore in Q4 FY24 and Rs 100 crore in Q4 FY26, placing the Q2 FY27 result above five times the Q4 FY23 level.

Which brands and products are in Parag’s new-age business?

Parag’s new-age business consists of Pride of Cows and Avvatar Sports Nutrition, with products shown in the Q2 FY27 presentation including protein cold coffee, protein wafers and micronized creatine. Management says Pride of Cows is built on single-origin purity, while Avvatar is positioned around performance nutrition.

Pride of Cows lists ghee, milk, curd, paneer, Greek yogurt and fresh cheese in its portfolio. Its recent activity included launches of lactose-free milk and bocconcini, a brand-identity refresh and business-to-consumer activity in Gujarat; the presentation also cites a dairy ecosystem supported by a farm with more than 5,000 cows.

Avvatar’s listed portfolio includes whey blend protein, Isorich Protein, 100% Performance Whey, Alpha Whey, Nitro Iso Whey, mass gainer, muscle gainer, creatine, protein bars, protein ready-to-drink products, Fuel Whey and popped chips. Product activity included new Performance Whey and Alpha Whey flavours, including Triple Chocolate, Tiramisu, Rose Milk and Badam Milk, as well as popped chips carrying a 10g protein claim.

Avvatar also highlighted naturally sweetened whey variants in Cold Coffee and Strawberry Delight, with 25g and 26.5g protein claims respectively. Management calls Avvatar the first “Made in India” whey protein brand and says it offers unadulterated, fresh, 100% vegetarian whey; these are the company’s positioning statements rather than independently verified market rankings.

How does Pride of Cows reach consumers?

Pride of Cows reaches consumers through direct-to-consumer, e-commerce and organized trade channels, and Parag reports a direct-consumer base of more than 1 lakh. The brand was present in eight cities: Mumbai, Pune, Delhi, Ahmedabad, Surat, Bengaluru, Vadodara and Chandigarh.

Management’s stated strategy for Pride of Cows is to add points of sale and products. The brand’s product list includes fresh dairy categories such as milk, curd, paneer and fresh cheese alongside ghee and Greek yogurt, while the Gujarat activity and a ghee end-cap at Go Fresh’s Sky City Mall show physical consumer-facing distribution initiatives.

Parag’s wider route-to-market included 29 depots, 500 super stockists, approximately 4,500 distributors and 4.6 lakh retail touchpoints. The company classified 70% of total business as business-to-consumer and 30% as business-to-business, with the latter including hotels, restaurants and catering, or HoReCa, and institutional customers; it did not disclose what proportion of these outlets sell Pride of Cows.

How does Avvatar’s distribution model differ?

Avvatar generates more than approximately 75% of its revenue through e-commerce, quick commerce and its website, according to Parag. Its route to market also includes direct-to-consumer sales and organized trade channels, making digital channels the disclosed principal source of revenue.

This model differs from Pride of Cows’ eight-city direct-consumer footprint and fresh-dairy portfolio. Avvatar’s presentation shows a revenue index of 10x in H1 FY25 and 27x in H1 FY27, each measured against H1 FY22, but Parag does not disclose the absolute revenue underlying those index figures.

The Rs 154 crore reported for Q2 FY27 is therefore the combined result for the two new-age brands, not an Avvatar-only revenue figure. Avvatar’s presentation also cites influencer-content figures of 2.4 million, 491,000, 37,500 and 32,900 without defining each measure or platform, and records online promotions using LATENT10 and SEP5 codes, including a sale scheduled from September 18 to September 20.

Conclusion

Parag’s new-age business has developed from Rs 33 crore in Q2 FY24 to Rs 154 crore in Q2 FY27, while its portfolio contribution rose from 4% to 12%. Pride of Cows supplies the premium-dairy component through an eight-city, direct-consumer-led presence, while Avvatar’s sports-nutrition model derives more than approximately 75% of revenue from e-commerce, quick commerce and its website.

The next disclosed points to watch are Pride of Cows’ plan for additional products and points of sale, and Avvatar’s expanding range across whey, creatine and protein snacks. Future quarterly disclosures can also show whether combined new-age revenue advances beyond the Rs 118 crore reported in Q1 FY27 and Rs 154 crore reported in Q2 FY27, as Parag has not provided separate quarterly revenue for the two brands.