Parag Milk Foods issued a corrigendum on May 15, 2026, to its earlier intimation regarding the outcome of the Board Meeting held on May 7, 2026. The correction pertains to Item No. 5 of the board meeting outcome, which relates to the approval for issuance of shares to the company's Employees Stock Option Trust (ESOP Trust).

Nature of the Correction

The company clarified that the phrase "Delegation of power to Finance Committee of the Board of Directors for" was inadvertently omitted as a prefix in the original intimation dated May 7, 2026. This omission misrepresented the nature of the board's decision. With the corrigendum in place, Item No. 5 now accurately reflects that the Board delegated authority to the Finance Committee for the allotment, rather than the Board itself directly approving the allotment.

Revised Item No. 5 — Key Details

The following table summarises the key parameters of the corrected Item No. 5 as reported in the corrigendum:

Impact on Share Capital

Consequent to the allotment to be made by the Finance Committee with respect to the aforesaid equity shares, the issued and paid-up equity share capital of the company would stand increased. The revised capital structure post-allotment is outlined below:

Scope of the Corrigendum

The company has confirmed that except for the aforesaid correction, all other information, details, and contents of the original intimation dated May 7, 2026, shall remain unchanged and should be read in conjunction with this corrigendum. The corrigendum was signed by Virendra Varma, Company Secretary and Compliance Officer (FCS No. 10520), on May 15, 2026.

Parag Milk Foods has released the transcript of its earnings conference call held on May 8, 2026, discussing the financial and operational performance for the quarter and financial year ended March 31, 2026. The company reported crossing INR3,800 crores in annual revenue, achieving double-digit growth with a volume growth of 5%. The new age business, comprising brands like Avvatar and Pride of Cows, grew 91% year-on-year and crossed the INR100 crores quarterly revenue mark for the second consecutive quarter.

Financial Performance and Margins

Despite elevated milk prices and inflationary pressure, the company expanded its gross margins to 28% in Q4 FY26, compared to 25.9% in the preceding quarter and 26.7% in the previous year. This expansion was driven by a sharper product portfolio mix, disciplined pricing, and tighter cost controls. The commodity witnessed inflation of 15% year-on-year during Q4, with average milk prices at INR42 per litre. The company navigated the cost push through calibrated pricing and promotion strategies.

Operational Highlights

The core categories' volumes grew by 8% during the year. Management indicated that the new age business now contributes 10% to the overall revenue, with aspirations to reach 20% to 25% over the next 3 to 5 years. The company holds a market share of 14% to 15% in the protein segment within quick commerce and marketplaces. Regarding capacity, the company plans to increase cheese manufacturing capacity from 60 metric tons to 80 metric tons through adjacency expansions rather than greenfield projects.

Guidance and Outlook

For the upcoming financial year, the company provided a capital expenditure guidance of INR60 crores to INR70 crores. Management expressed confidence in achieving double-digit EBITDA margins in the coming years, supported by the new product portfolio and distribution expansion. The company also noted that milk prices are expected to remain stable for the next 3 to 4 months barring significant changes in energy prices.

Key Metrics