Parag Milk Foods Q1 FY27 revenue rises; cheese capex

Board meeting: results, capex, and leadership changes

Parag Milk Foods said its Board of Directors approved unaudited financial results for the quarter ended June 30, 2026, at a meeting held on August 6, 2026. The same meeting also cleared a brownfield expansion of cheese capacity and a new Chief Financial Officer appointment. Together, the decisions set the tone for how the dairy FMCG company is approaching near-term execution and longer-term capacity planning. The company also disclosed that its statutory auditors issued unmodified review conclusions on the quarterly numbers.

Operationally, the headline item was the expansion of cheese manufacturing capacity, with management citing near-full utilisation of the existing facility. On governance, the company formalised a CFO transition effective the next day. And for investor communication, it announced an earnings conference call scheduled for August 7, 2026.

Q1 FY27 standalone performance: revenue growth and total income

On a standalone basis, Parag Milk Foods reported revenue from operations of ₹920.47 crore for the quarter ended June 30, 2026. This compared with ₹830.52 crore in the quarter ended June 30, 2025. The company also reported other income of ₹2.16 crore, taking total income for the quarter to ₹922.63 crore.

The disclosure focuses on topline and income figures for the quarter, reflecting higher revenue year-on-year on a standalone basis. The results were described as unaudited and were approved by the board. The company’s statutory auditors, Sharp & Tannan, Chartered Accountants, issued unmodified review conclusions for the standalone results.

Q1 FY27 consolidated performance: including Bhagyalaxmi Dairy Farms

On a consolidated basis, which includes subsidiary Bhagyalaxmi Dairy Farms Private Limited, Parag Milk Foods reported revenue from operations of ₹944.57 crore for the quarter ended June 30, 2026. This was against ₹851.52 crore in the corresponding quarter of the previous year.

The company also stated that the statutory auditors issued unmodified review conclusions on the consolidated financial results for the quarter. With Pride of Cows positioned as a key brand in the company’s portfolio, the inclusion of the dairy farm subsidiary in the consolidated results is relevant for investors tracking supply chain integration and premium dairy expansion.

Cheese capacity expansion: 60 to 120 MT/day plan

The board approved a brownfield expansion of the company’s cheese manufacturing capacity. Parag Milk Foods said the existing cheese manufacturing capacity is close to full utilisation, prompting the capacity addition. The expansion plan, as approved, doubles daily capacity from the current base.

The company set out the capacity and investment details, along with the financing approach and timeline. The target completion is by financial year 2027-28, indicating a multi-year execution window rather than an immediate ramp-up.

CFO appointment: Rakesh Kothari to take charge

Parag Milk Foods said the board approved the appointment of Mr. Rakesh Kothari as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) with effect from August 7, 2026. The appointment followed recommendations of the Nomination and Remuneration Committee and the Audit Committee.

The company also stated that Mr. Pritam Shah was relieved from his additional duties as Interim CFO with effect from the close of business hours on August 6, 2026. Mr. Shah continues as Managing Director and Key Managerial Personnel as per the existing terms of his appointment. For investors, this clarifies continuity in executive oversight while separating the CFO role into a dedicated appointment.

Audit review and compliance signals

The company disclosed that its statutory auditors, Sharp & Tannan, Chartered Accountants, issued unmodified review conclusions on both standalone and consolidated financial results for the quarter. While a review is not the same as a full audit, an unmodified conclusion is a key compliance datapoint for quarterly reporting.

This also indicates that, at least at the limited review stage for Q1, the auditor did not flag qualifications or adverse conclusions in the results communicated to the market.

Earnings call on August 7: how investors can join

Parag Milk Foods said it will host an earnings conference call on August 7, 2026, at 4:00 PM IST to discuss financial and operational performance for the quarter ended June 30, 2026 (Q1 FY27). The stated purpose is to provide investors and analysts with insights into the latest results.

For dial-in access, the company listed universal numbers +91 22 6280 1347 and +91 22 7115 8238, along with multiple international toll-free numbers for regions including the USA, UK, Canada, Singapore, Hong Kong, Japan, France, Germany, and others. Participants were requested to register via the Diamond Pass registration link referenced in the official notice.

For further inquiries or RSVPs, the company directed investors to contact Brian Dpenha, Head-Investor Relations, at investors@parag.com. It also listed its corporate office as 10th Floor, Nirmal Building, Nariman Point, Mumbai, and its registered office in Pune, Maharashtra.

Context: FY26 dividend, annual income, and ESOP trust allotment

Separately, the provided material also referenced a board meeting held on May 7, 2026, where the company recommended a final dividend of 11 percent per equity share (₹1.10 per share) for the financial year ended March 31, 2026, subject to shareholder approval at the Annual General Meeting.

For FY26 on a standalone basis, total income was stated at ₹3,777.46 crore, compared with ₹3,394.00 crore in the previous year. Standalone net profit after tax was reported at ₹150.88 crore, up 22.1 percent from ₹123.54 crore in the prior year. The quarter ended March 31, 2026 had revenue from operations of ₹946.17 crore, as cited in the same material.

The board also approved the allotment of 1,000,000 equity shares (face value ₹10 each) to the Parag Milk Foods Employee Stock Option Trust, increasing total paid-up equity share capital to ₹126.11 crore, divided into 12,61,09,554 fully paid-up shares.

Market impact: what the new disclosures change

The Q1 FY27 revenue figures provide an updated snapshot of demand and scale in a quarter where the company also moved to plan incremental cheese capacity. The approved brownfield project outlines a defined investment of about ₹105 crore, with financing via internal accruals, borrowings, or lease, and a completion target by FY 2027-28. For market participants, that combination helps frame the company’s medium-term capital allocation and the likely phasing of capacity-led growth.

The CFO transition is also material for governance watchers, because it formalises financial leadership with effect from August 7, 2026, while keeping the Managing Director’s role unchanged. Alongside this, the unmodified review conclusions for both standalone and consolidated quarterly results reduce uncertainty around the limited review process for Q1 reporting.

Conclusion

Parag Milk Foods’ August 6, 2026 board meeting bundled three key updates: higher Q1 FY27 revenue versus the year-ago quarter, approval for a cheese capacity expansion to about 120 MT/day, and the appointment of Rakesh Kothari as CFO effective August 7, 2026. The company is set to discuss Q1 FY27 performance in an earnings call scheduled for 4:00 PM IST on August 7, 2026, with dial-in and registration details shared for investors and analysts.