Parag Milk Foods Limited is a leading dairy FMCG company in India, known for its production and marketing of cheese, butter, ghee, fresh cream, and milk powder under the 'Gowardhan', 'Go', 'Topp up', and 'Avvatar' brands.

In Q2 FY26, Parag Milk Foods reported its highest ever quarterly revenue at INR 1,008 crore, marking a 16% year-on-year growth driven primarily by a 10% increase in volume.

The company's core product categories, such as ghee, cheese, and paneer, contributed to 59% of total revenue, showcasing their continued market dominance and consumer preference.

Parag's new age business, including 'Pride of Cows' and 'Avvatar', experienced a remarkable 79% year-on-year revenue growth, indicating strong traction in premium, value-added dairy segments.

The company's strategic efforts in reducing net debt by INR 125 crore and optimizing capital structure have improved financial resilience, with a net debt-to-equity ratio of 0.4 times.