Parag Milk Foods shareholders approved all six resolutions passed at the 34th Annual General Meeting held on September 29, 2026, including a dividend of ₹1.10 per equity share for FY26.

The meeting was conducted through Video Conferencing and Other Audio Visual Means in compliance with Ministry of Corporate Affairs and SEBI circulars. Chairman Devendra Shah presided over the session, which commenced at 4:30 pm and concluded at 6:51 pm IST. All directors, including Executive Director Akshali Shah, attended virtually alongside key management personnel such as Chief Operating Officer Rahul Kumar Srivastava and newly appointed Chief Financial Officer Rakesh Kothari.

Resolutions passed

The members adopted the audited standalone and consolidated financial statements for FY26. In addition to the dividend declaration, the following resolutions were passed as ordinary business:

Management updates and governance

Executive Director Akshali Shah presented an overview of the company's operational and financial performance for FY26. Her presentation highlighted strong revenue momentum, business composition, and revenue CAGR from FY22 to FY26. She also detailed brand-building initiatives, efforts to strengthen the new-age business segment, and innovation in product development.

The company introduced Rakesh Kothari as the new Chief Financial Officer and Phalgun Trivedi as the Chief Quality, R&D & Food Safety Officer. The meeting facilitated a question-and-answer session where management addressed shareholder queries regarding operational performance and strategic direction. Unanswered queries were directed to be sent via email to the investor relations team.

Voting results and dissent

Voting was conducted electronically through National Securities Depository Limited (NSDL). Remote e-voting commenced on September 26, 2026, and concluded on September 28, 2026. Members present at the AGM who had not voted remotely cast their votes during the meeting. Bhaskar Upadhyay, Partner at N L. Bhatia & Associates, served as the scrutinizer.

While all resolutions passed with requisite majorities, significant dissent was recorded from institutional investors on specific governance items. For the re-appointment of Devendra Shah, 98.33% of institutional votes polled were in favour, while 1.67% voted against. Dissent was more pronounced regarding related-party remuneration approvals:

• Poojan Shah Remuneration: Institutional investors recorded 9.66% votes against, while non-institutional public shareholders recorded only 0.02% against.
• Stavan Shah Remuneration: Institutional investors recorded 9.66% votes against, while non-institutional public shareholders recorded only 0.02% against.

Promoter and promoter group voting remained unanimous in favour across all resolutions. The combined voting results have been disseminated to stock exchanges and uploaded on the company website.

What the Numbers Show

The voting data reveals a clear divergence between promoter support and institutional sentiment on related-party transactions. While promoters voted unanimously in favour of all resolutions, institutional investors opposed the remuneration approvals for Poojan Shah and Stavan Shah by approximately 9.66%. This contrasts sharply with the near-unanimous support (over 99.97%) received for the dividend declaration and financial statement adoption, suggesting that institutional scrutiny is focused specifically on executive compensation structures rather than overall financial performance or dividend policy.

Parag Milk Foods announced on September 21, 2026, that it will invest approximately ₹100 crore to expand its paneer manufacturing capacity from 20 MT/day to 80 MT/day. The expansion targets commissioning by June 2027 across facilities in Manchar, Maharashtra, and Palamaner, Andhra Pradesh.

The move addresses near-capacity utilization at existing plants. The company stated that current capacity is close to full utilization, necessitating the addition of 60 MT/day through brownfield and greenfield initiatives. The investment will be funded through internal accruals, borrowings, or lease arrangements.

Strategic Rationale

Value-added products contribute more than 90% of the company's turnover, with paneer serving as a flagship category. Parag Milk Foods reported that this segment has grown by 28% over the last two years. The expansion aims to capitalize on the shift from unorganized to organized players, which currently account for only about 5-6% of the Indian paneer market.

The company plans to leverage its pan-India distribution network to supply both regular and high-protein paneer across General Trade, Modern Trade, Quick Commerce, E-commerce, and HoReCa channels. Its branded paneer offers a shelf life of up to 75 days without preservatives, enabled by advanced manufacturing and packaging technology.

What the Numbers Show

The scale of the investment relative to the company's product mix highlights a concentrated bet on value-added dairy. With value-added products driving over 90% of turnover, the ₹100 crore capex is directly aligned with the company's highest-revenue segment. This suggests that future revenue growth will remain heavily dependent on the successful execution of this capacity expansion and the continued penetration of the organized paneer market, rather than diversification into new product categories.

Market Context

According to an IMARC report cited in the disclosure, the Indian paneer market was valued at ₹73,140 crore in 2025. It is projected to reach ₹2.15 lakh crore by 2034, growing at a CAGR of 12.34% between 2026 and 2034. Growth drivers include rising demand for protein-rich foods and preference for branded, packaged dairy.

Disclosure Details

The announcement was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Key particulars from the regulatory filing include:

Rahul Kumar Srivastava, COO of Parag Milk Foods Limited, stated that the scale-up will allow the company to expand its pan-India distribution and strengthen its position in value-added dairy through innovation and wider consumer access.