Parag Milk Foods Limited has scheduled its 34th Annual General Meeting for Tuesday, September 29, 2026 at 4:30 P.M. (IST) via Video Conferencing/Other Audio Visual Means, coinciding with the release of its Integrated Annual Report for FY 2025-26.

The company has fixed September 22, 2026 as the cut-off and record date for determining member eligibility for remote e-voting, AGM participation, and entitlement to dividend for the financial year ended March 31, 2026. The AGM notice and Integrated Annual Report are available on the company's website at www.paragmilkfoods.com .

FY26 Financial Performance

Parag Milk Foods delivered consolidated revenue from operations of ₹3,817.50 crore in FY 2025-26, representing growth of 11.23% compared to ₹3,432.21 crore in the preceding financial year. The following table summarises key consolidated financial metrics:

Standalone revenue from operations grew 11.13% to ₹3,742.03 crore from ₹3,367.40 crore, while standalone PAT rose to ₹150.88 crore from ₹123.54 crore. Operating cash flow stood at ₹149 crore and net debt reduced to ₹484 crore, further strengthening the balance sheet.

Core Categories and New Age Business

The core portfolio of ghee, cheese, and paneer contributed approximately 60% of overall revenue, recording volume growth of 8% and value growth of 16% during the year. Gowardhan maintained a 22% market share in the branded cow ghee segment, while Go Cheese held a 35% market share in the cheese category.

The New Age Businesses — comprising Avvatar and Pride of Cows — grew 91% year-on-year and contributed 10% of overall turnover, crossing ₹100 crore in quarterly revenue during the year.

Multi-Year Financial Trend

The table below captures the company's revenue and profitability trajectory over three fiscal years:

Dividend and Capital Structure

The Board of Directors, at its meeting held on May 7, 2026, recommended a final dividend of ₹1.10 per equity share (face value ₹10 each) for FY 2025-26, subject to member approval at the 34th AGM. This represents a payout of 11% and a cash outflow of approximately ₹13.76 crore.

During FY26, the company completed the conversion of all outstanding Foreign Currency Convertible Bonds held by International Finance Corporation into 57,33,713 fully paid-up equity shares at a conversion price of ₹135 per share, eliminating FCCB-related debt from the balance sheet. The Board also approved issuance of 90,00,000 convertible share warrants at an issue price of ₹179.10 per warrant, aggregating to a total potential fund raise of approximately ₹161 crore.

Manufacturing and Operations

The company operates three manufacturing units at Manchar and Thorandale in Maharashtra and Palamaner in Andhra Pradesh, with a combined milk handling capacity of 34 lakh litres per day. Key operational metrics for FY26 include:

• Milk procurement network spanning 5 lakh+ farmers and 2,400+ village collection centres across 5 states
• Cheese and ghee production capacity of 110 MT per day
• Paneer production capacity of 20 MT per day
• Whey processing capacity of 10 lakh litres per day
• Pan-India distribution through 4.6 lakh retail touchpoints, 4,500+ distributors, 500+ super stockists, and 29 depots
• 50%+ electricity sourced from renewable sources; 55% water reuse across operations

India Ratings upgraded the company's credit ratings to IND BBB+/Stable for NCDs and Bank Loan Facilities on May 7, 2026, following an earlier reaffirmation at IND BBB/Stable in June 2025.

Parag Milk Foods has issued a notice urging equity shareholders to register or update their email addresses with their respective Depository Participants to ensure receipt of the notice for its 34th Annual General Meeting (AGM) and the Annual Report for Financial Year 2025-26. The company emphasized that failure to maintain updated contact details may hinder shareholders' ability to access critical governance documents and participate in remote e-voting, which is mandatory for the upcoming meeting.

The 34th AGM is scheduled to be held through Video Conference or Other Audio-Visual Means (VC/OAVM), in compliance with Ministry of Corporate Affairs (MCA) General Circular No. 20/2020 dated May 5, 2020, and subsequent circulars, including the latest Circular No. 03/2025 dated September 22, 2025. The meeting adheres to the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The specific schedule for the AGM will be communicated in due course via the formal Notice of the AGM.

Shareholders are required to update their email addresses through their concerned Depository Participants, as all shareholdings of Parag Milk Foods are currently in dematerialized form. Consequently, the procedural requirements regarding physical shareholders do not apply to the company. The Notice of the AGM and the Annual Report will be sent exclusively in electronic mode to members with registered email addresses. Physical copies will only be dispatched upon specific request from shareholders.

The company will provide a remote e-voting facility to all members to cast votes on the businesses set forth in the Notice of the AGM. Additionally, an e-voting system will be available during the AGM itself. Login credentials for remote e-voting will be sent to registered email addresses. Detailed instructions for joining the AGM via VC/OAVM and casting votes will be included in the formal Notice of the AGM.

Key Details

The newspaper publications containing this extract were published on August 10, 2026, in Financial Express (English) and Lok Satta (Marathi). The extracts are also available on the company’s website at www.paragmilkfoods.com and on the websites of the BSE and NSE. The notice was signed by Devendra Shah, Chairman, on August 7, 2026, from Mumbai.