Dodla Dairy FY26 PAT Rises 2.7% to ₹2,670 Mn; Q4 Earnings Call Audio Published
Dodla Dairy posted its highest-ever FY26 consolidated revenue of ₹41,252 million (+10.9% YoY) and PAT of ₹2,670 million (+2.7% YoY), with record milk sales volume of 14.0 LLPD. The Board declared a final dividend of ₹5 per share, and the company remains net debt-free with ROCE of 16.0%. The Q4 FY26 earnings call audio recording has been uploaded on the company's website per Regulation 30 of SEBI LODR Regulations.
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Dodla Dairy Limited has announced its audited standalone and consolidated financial results for the quarter and financial year ended 31 March 2026. The company reported its highest-ever quarterly and yearly revenue of ₹10,745 million and ₹41,252 million respectively. The Board of Directors approved the results at its meeting held on 16 May 2026 and recommended a final dividend of ₹5 per equity share. The results were published in newspapers on 18 May 2026 under Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Subsequently, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audio recording of the Q4 FY26 Results Earnings Call with analysts and investors, held on 18 May 2026, has been uploaded on the company's website.
Consolidated Financial Performance
On a consolidated basis, Dodla Dairy reported a net profit of ₹2,670 million for FY26, compared to ₹2,599 million in the previous year, representing a 2.7% increase. Revenue from operations increased to ₹41,252 million from ₹37,201 million in FY25, a growth of 10.9%. For the quarter ended 31 March 2026, consolidated net profit was ₹698 million on revenue from operations of ₹10,745 million, while EBITDA stood at ₹538 million against ₹835 million in Q4 FY25, with an EBITDA margin of 5.0% compared to 9.2% in the prior-year quarter.
The following table summarises the key consolidated financial results:
Consolidated Financial Highlights (₹ in Millions)
| Particulars: | Q4 FY26 | Q4 FY25 | YoY | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|
| Revenues | 10,745 | 9,096 | 18.1% | 41,252 | 37,201 | 10.9% |
| EBITDA | 538 | 835 | -35.6% | 3,085 | 3,808 | -19.0% |
| EBITDA Margin | 5.0% | 9.2% | 7.5% | 10.2% | ||
| PAT | 698 | 680 | 2.6% | 2,670 | 2,599 | 2.7% |
| PAT Margin | 6.5% | 7.5% | 6.5% | 7.0% | ||
| EPS (in ₹) | 11.6 | 11.3 | 44.3 | 43.3 |
Milk Price Per Litre (₹)
| Metric: | Q4 FY26 | Q4 FY25 | YoY | Q3 FY26 | QoQ |
|---|---|---|---|---|---|
| Realization Price | 58.40 | 56.16 | 4.0% | 57.75 | 1.1% |
| Procurement Price | 40.97 | 37.36 | 9.7% | 38.70 | 5.9% |
Operational Highlights
The company achieved its highest-ever milk sales volume of 14.0 LLPD, an increase of 19.5% year-on-year. Milk procurement grew by 13.4% YoY. Value-added products (VAP) sales stood at ₹2,969 million, accounting for 28% of total sales, with VAP product contribution at 27.6% for the quarter, primarily comprising high-margin products such as curd, buttermilk, flavoured milk, paneer, and lassi. Curd sales volume reported solid growth of 15.4% YoY. However, gross profit margins were lower due to elevated milk procurement costs, which rose faster than realization prices. Bulk sale for the quarter was nil, compared to ₹384 million in Q4 FY25.
For the full year, average milk procurement stood at 18.8 LLPD (up 9.9% YoY), average milk sales at 13.2 LLPD (up 12.8% YoY), and curd sales at 400.9 MTPD (up 8.3% YoY). VAP sales grew by 20% CAGR during the FY2022–26 period, while bulk sale for the year was ₹861 million compared to ₹3,125 million in FY25. As of 31 March 2026, the company maintains a net debt-free status with a healthy ROCE of 16.0%.
Subsidiary and Business Segment Performance
The Africa business delivered strong revenue growth of 48% year-on-year, achieving its highest-ever EBITDA of ₹184 million in Q4 FY26. The Orgafeed business recorded operating revenue of ₹1,644 million in FY26 with revenue growth of 23.2% year-on-year and an EBITDA of ₹215 million, reflecting an EBITDA margin of 9.5%.
Orgafeed Business Snapshot
| Parameter: | Details |
|---|---|
| Operating Revenue (FY26) | ₹1,644 Mn |
| EBITDA (FY26) | ₹215 Mn |
| Revenue Growth (YoY) | 23.2% |
| EBITDA Margin | 9.5% |
| Cattle Feed Plant Capacity | 480 MTPD |
Exceptional Items and Tax Adjustments
The financial results include a one-time tax credit of ₹292 million during the quarter following a favourable Income Tax Appellate Tribunal (ITAT) & CIT (A) order ruling. The total tax credit for FY26 was ₹587.4 million, comprising Q1 ₹19.2 million (DDL refund), Q2 ₹57.1 million (DHPL), Q3 ₹218.8 million, and Q4 ₹292.33 million (both for ITAT & CIT (A) order). An exceptional item of ₹32 million was recorded, representing a reversal on the one-time Labour code expenses from Q3 FY26.
Expansion Plans
Dodla Dairy has outlined several ongoing and planned expansion initiatives. A Maharashtra greenfield project is underway with a planned total capex of ₹2,800 million, targeting a capacity addition of 10 LLPD with commercial operations expected by end-FY27. The facility will initially focus on SMP and butter processing, followed by expansion into VAP and cattle feed. For its Africa operations, the company has acquired approximately 70 acres of land in Uganda, with a planned total investment of ₹600 million and ₹44 million already invested in FY26, targeting a capacity addition of approximately 2 LLPD with an execution timeline of by end of FY29.
Regarding the OSAM Dairy acquisition, the company acquired OSAM Dairy for ₹2,472 million with a processing capacity of approximately 2.2 LLPD, expanding its geographical footprint in the East India region. Additionally, a 7-acre land parcel has been allotted by BIADA for a dairy project, requiring an additional investment of ₹44 million for the land, with the project under consideration pending Board approvals.
Key Expansion Parameters
| Project: | Details |
|---|---|
| Maharashtra Greenfield Capex | ₹2,800 Mn |
| Maharashtra Capacity Addition | 10 LLPD |
| Maharashtra Commercial Operations | By end-FY27 |
| Uganda Land Acquired | ~70 acres |
| Uganda Total Planned Investment | ₹600 Mn |
| Uganda Investment Done (FY26) | ₹44 Mn |
| Uganda Capacity Addition | ~2 LLPD |
| Uganda Execution Timeline | By end of FY29 |
| OSAM Dairy Acquisition Cost | ₹2,472 Mn |
| OSAM Processing Capacity | ~2.2 LLPD |
Consolidated Cash Flow
The consolidated cash flow statement reflects net profit before tax of ₹2,807 million for FY26 compared to ₹3,558 million in FY25. Cash generated from operations stood at ₹3,506 million against ₹6,298 million in the prior year. Cash and cash equivalents at the end of the period were ₹752 million, compared to ₹897 million at the beginning of the period.
Dividend Declaration
The Board of Directors recommended a final dividend of ₹5 per equity share of face value ₹10 each for FY26. The company has fixed 07 July 2026 as the record date for determining the entitlement of members to receive the dividend. The 31st Annual General Meeting is scheduled to be held through Video Conferencing on 14 July 2026.
Earnings Call Audio Recording
In compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Dodla Dairy has uploaded the audio recording of the Q4 FY26 Results Earnings Call with analysts and investors, held on 18 May 2026, on its official website. The recording is accessible at the company's website for the information of stakeholders and the public.
How will Dodla Dairy manage the widening gap between milk procurement prices (up 9.7% YoY) and realization prices (up only 4.0% YoY) to recover EBITDA margins in FY27?
With the Maharashtra greenfield facility targeting commercial operations by end-FY27, how quickly can Dodla Dairy scale its VAP portfolio there to offset the initial low-margin SMP and butter focus?
Given the OSAM Dairy acquisition expanding into East India, what integration challenges and competitive dynamics could affect Dodla's market share gains in that region over the next 12–18 months?
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