Dodla Dairy (DODLA) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue rose 17.4% YoY to ₹1,196.02 crore, while EBITDA was ₹64.1 crore and net profit ₹36.59 crore; elevated procurement and operating costs compressed profitability.

• H1 FY27 revenue was ₹2,393.96 crore, EBITDA ₹129.0 crore and net profit ₹77.23 crore; EBITDA and net profit declined YoY.

• Management expects the September price increase to support margins, guiding to 7.5%–8% EBITDA margins for October–December, subject to no major changes.

Financial highlights

• Q2 gross profit was ₹275.7 crore, down 2.3% YoY; EBITDA fell 30.9% to ₹64.1 crore and net profit fell 44.3% to ₹36.59 crore.

• H1 gross profit was ₹554.0 crore, up 2.3% YoY; EBITDA declined 26.4% to ₹129.0 crore and net profit declined 39.9% to ₹77.23 crore.

• H1 revenue increased 18.2% to ₹2,393.96 crore, while cost of goods sold rose 24.0% to ₹1,839.9 crore.

• Q2 other expenses were ₹156.6 crore versus ₹139.3 crore YoY.

Outlook and guidance

• The Q2 ₹2.5/litre selling-price increase is expected to have its full impact in the next quarter; further increases depend on additional cooperative price hikes.

• Management expects 7.5%–8% EBITDA margins in October–December; OSAM is expected to reach 4%–5% EBITDA margins in Q3 and Q4.

• Maharashtra greenfield operations target commercial start by end-FY27, with 10 LLPD capacity; Uganda expansion targets ~2 LLPD by end-FY29 with ₹100 crore planned investment.

• Priorities include strengthening procurement and chilling infrastructure, growing higher-margin VAP, improving OSAM efficiency and executing expansion projects.