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Swing Capital

Parag Milk Foods Ltd

NSE: PARAGMILK BSE: 539889

Parag Milk Foods Ltd, founded in 1992 by Mr. Devendra Shah 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. [1]

₹213
52W: ₹178 — ₹377
PE 17 · Book ₹103 · +107% vs book
Market Cap₹2,666 Cr
Stock P/E17Price to Earnings
ROCE13.9%Return on Capital
ROE13.4%Return on Equity
Div. Yield0.46%Face Value ₹10

Strengths

  • +Company has delivered good profit growth of 55.0% CAGR over last 5 years

Weaknesses

  • −Tax rate seems low
  • −Company has a low return on equity of 12.3% over last 3 years.

Shareholding Pattern

Promoters40.65%
FIIs8.77%
DIIs5.25%
Public45.25%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters42.61%42.61%42.61%42.61%42.61%42.61%40.65%▼2.040.65%
FIIs8.51%10.08%▲1.68.2%▼1.98.46%▲0.39.24%▲0.89.92%▲0.79.26%▼0.78.77%▼0.5
DIIs8.6%7.11%▼1.57.06%▼0.16.91%▼0.16.87%▼0.06.62%▼0.36.16%▼0.55.25%▼0.9
Public40.12%40.05%▼0.141.97%▲1.941.88%▼0.141.16%▼0.740.72%▼0.443.84%▲3.145.25%▲1.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales789776744856869899831981984946
Expenses725739687787794837771908914888
Operating Profit64375669746259737158
OPM %8%5%8%8%9%7%7%7%7%6%
Net Profit33132730343232563528
EPS ₹2.851.122.272.52.862.722.714.452.762.26

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,742Cr, up 11.1% YoY. OPM at 7%.

Debt Position

Borrowings at ₹499Cr. Debt-to-equity ratio: 0.43x. Healthy balance sheet.

Capex Cycle

CWIP at ₹26Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 5.25% (-2.11pp change). FIIs: 8.77% (+0.02pp change). Promoters hold 40.65%.

Margin & Efficiency

ROCE improving from 12% (Mar 2015) to 14% (Mar 2026). Working capital days: 61.

Valuation

PE 17x with 13.9% ROCE. Price is 107% above book value of ₹103. Dividend yield: 0.46%.

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