Parag Milk Foods breaks records with all-time high revenue in Q3 FY25

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Parag Milk Foods Limited, a leading , has achieved its highest-ever quarterly revenue, reaching INR 885 crore in Q3 FY25, reflecting a 10% year-on-year (YoY) growth. The company attributes this milestone to robust volume expansion of 11% YoY, alongside strategic pricing and an optimised product mix.

With an EBITDA of INR 79 crore, marking a 13% increase YoY, Parag Milk Foods has demonstrated profit margin expansion and operational efficiency despite fluctuating raw material costs. The company’s profit before tax (PBT) climbed 15% YoY to INR 38 crore, while profit after tax (PAT) increased 6% YoY to INR 36 crore.

For the nine-month period ending December 31, 2024 (YTD FY25), Parag Milk Foods recorded total revenue of INR 2,514 crore, an increase of 7% YoY, with a 38% rise in PBT to INR 100 crore and a 15% growth in PAT to INR 93 crore.

What Is Driving Parag Milk Foods’ Growth in Q3 FY25?

The company’s sustained expansion has been driven by strong consumer demand, strategic distribution growth, and an improved sales mix focusing on high-margin dairy products.

Surging Demand for Core Dairy Categories

Parag Milk Foods’ ghee, cheese, and paneer segments witnessed exceptional , reflecting 15% growth in Q3 FY25 and 17% for YTD FY25. According to the latest IMARC report, the company’s flagship brand, Gowardhan Ghee, has expanded its market presence, securing a 22% market share in the branded cow ghee segment. Meanwhile, Go Cheese maintains a dominant 35% market share in the Indian cheese market, reinforcing Parag Milk Foods’ leadership in value-added dairy products.

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Navigating Milk Price Volatility and Profit Margin Expansion

Parag Milk Foods successfully mitigated the impact of raw material cost fluctuations through strategic pricing and supply chain optimisation. During Q3 FY25, average milk prices stood at INR 34 per litre, reflecting a 4% YoY increase, whereas YTD FY25 prices declined by 11% YoY to INR 32 per litre.

This price reduction, coupled with an enhanced product mix, contributed to gross profit margin (GPM) expansion of 180 basis points (bps) YoY, reaching 25.4% in YTD FY25, compared to 23.6% in YTD FY24.

New-Age Business Segments Driving Revenue

Parag Milk Foods’ focus on direct-to-consumer (D2C) and premium dairy offerings has bolstered revenue streams, reflecting shifting consumer preferences towards high-protein and premium dairy products.

, India’s first 100% vegetarian whey protein brand, recorded a 69% YoY growth in YTD FY25, driven by rising consumer demand for high-quality nutritional supplements.

, the company’s premium dairy brand, expanded its reach across premium retail outlets, e-commerce, and quick-commerce platforms like Zepto and Blinkit, catering to urban, health-conscious consumers.

How Is Parag Milk Foods Strengthening Its Market Presence?

Strategic Investments in Brand Visibility and Retail Expansion

Parag Milk Foods has actively expanded its sales and distribution footprint, reinforcing its retail presence across multiple channels. The company has undertaken extensive brand-building initiatives to enhance consumer engagement and increase market share.

  • Gowardhan Ghee continued its high-profile association with “Kaun Banega Crorepati” (KBC) for the third consecutive year, strengthening its national brand recall.
  • Go Cheese amplified its visibility by partnering with the reality show “Bigg Boss”, tapping into its large entertainment-driven audience.
  • Regional tie-ups, such as Maharashtrachi Hasya Jatra, further deepened brand penetration in Maharashtra, a key dairy consumption market.
  • Influencer marketing campaigns and collaborations with digital platforms such as Curly Tales contributed to heightened brand engagement, especially for Avvatar and Pride of Cows.
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Omnichannel Distribution and Digital Growth

Parag Milk Foods has strengthened its presence in modern trade, e-commerce, and quick-commerce platforms, ensuring that its products remain easily accessible to consumers nationwide. The company continues to focus on new-age distribution models, leveraging data analytics and digital engagement to boost consumer demand.

What Lies Ahead for Parag Milk Foods?

Chairman Devendra Shah highlighted that rising disposable incomes, urbanisation, and shifting consumer preferences towards high-quality dairy products will continue to shape the industry’s growth trajectory.

“As India’s dairy industry undergoes transformation, we are not only leading this shift but also redefining ourselves as a global nutrition provider. Our record-breaking Q3 FY25 results underscore our ability to capitalise on growing demand for premium dairy offerings. Moving forward, we remain committed to supply chain efficiency, new-age distribution expansion, and continuous product innovation to sustain long-term growth,” Shah stated.

Looking ahead, Parag Milk Foods aims to leverage its strong market position to accelerate its premium dairy portfolio, expand digital retail partnerships, and invest in product innovation, ensuring that it remains at the forefront of India’s dairy FMCG industry.

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About Parag Milk Foods Limited

Established in 1992, Parag Milk Foods Limited is one of India’s largest dairy FMCG companies with a pan-India presence. The company operates three state-of-the-art manufacturing facilities located in Manchar (Maharashtra), Palamaner (Andhra Pradesh), and Sonipat (Haryana).

With an integrated business model and a strong research and development (R&D) capability, the company continues to drive dairy innovation in India. Parag Milk Foods’ Bhagyalaxmi Dairy Farm houses over 5,000 cows, ensuring a highly efficient, mechanised milking process to maintain premium-quality dairy production.

The company offers a diverse range of 100% cow’s milk-based dairy products, catering to a broad consumer base under its flagship brands:

  • Gowardhan (Traditional dairy products such as ghee, dahi, and paneer)
  • Go (Value-added dairy products such as cheese, UHT milk, buttermilk, and flavoured milk shakes)
  • Pride of Cows (Farm-to-home premium dairy products targeting high-end consumers)
  • Avvatar (India’s first 100% vegetarian whey protein, catering to the health and fitness segment)

With a vision to become India’s leading dairy FMCG company, Parag Milk Foods remains committed to innovation, quality, and consumer trust in the dairy industry.


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