Parag Milk Foods has announced a record-breaking revenue of INR 1008 crore for Q2 FY26, marking a 16% year-over-year increase. This robust performance was driven by 10% volume growth across its core product categories, which include ghee, cheese, and paneer, collectively contributing 59% of total revenue. Notably, the company also reported an EBITDA margin of 8.9%, slightly up from 8.8% in the previous year, and a gross margin improvement to 25.8%, compared to 23.6% in the same quarter last year. The company is set to engage with analysts and investors in a post-earnings conference call on November 12, 2025, to discuss these results in detail.

The success of Parag Milk Foods can be attributed to its strong positioning in the value-added dairy FMCG sector, where it has established itself as a market leader. The company holds the #1 position in branded cow ghee with a 22% market share and ranks #2 in cheese with a 35% market share. The core categories exhibited impressive 14% volume growth, underscoring the increasing consumer demand for these products. Moreover, Parag's new-age business segments, such as Pride of Cows and Avvatar, have also shown remarkable growth, contributing 9% to overall business revenue with a 79% year-over-year increase.

Financially, Parag Milk Foods is demonstrating a healthy capital structure and operational efficiency. The company generated INR 99 crore from operations during the first half of FY26 and successfully converted its Foreign Currency Convertible Bonds (FCCB) into equity, resulting in a reduction of net debt by INR 125 crore. This has led to improved financial metrics, with the consolidated net debt to EBITDA ratio improving to 1.4 times and the net debt to equity ratio declining to 0.4 times. Parag Milk Foods continues to enhance its brand visibility through strategic collaborations, maintaining its presence on popular platforms like KBC and Super Dancer for the fourth consecutive year, further solidifying its market position.