Dodla Dairy (DODLA) Q4 25/26 earnings summary

Executive summary

• FY 2026 delivered record consolidated revenue of ₹41,252 million, up 10.9% year-over-year, despite industry-wide milk supply constraints, procurement cost inflation, and erratic rainfall impacting demand for value-added products.

• EBITDA margin for FY26 stood at 7.5%, PAT margin at 6.5%, with growth primarily volume-driven but margins pressured by elevated procurement costs.

• Africa and Orgafeed businesses provided diversification and critical support, with Africa revenue up 48% year-over-year in Q4 and Orgafeed revenue up 23.2%.

• Milk procurement volume rose 13.4% YoY to 18.5 LLPD, and milk sales volume reached a record 14.0 LLPD, up 19.5% YoY.

• Acquisition of Osam Dairy completed in August 2025, now consolidated in group results, expanding presence in Eastern India.

Financial highlights

• Q4 FY26 consolidated revenue was ₹10,745 million, up 15.2% year-over-year, marking the highest-ever quarterly revenue.

• FY26 consolidated net profit was ₹2,669.99 million, up from ₹2,599.30 million in FY25; earnings per share (consolidated) was ₹44.26.

• Gross profit for the year was ₹1,055 crore, up 3.3% year-over-year; gross profit margin compressed to 25.6% from 27.4% in FY25.

• Cash and cash equivalents stood at ₹649 crore as of March 31, 2026.

• Adjusted Q4 PAT (excluding one-offs) was ₹400 million; adjusted FY26 PAT was ₹2,150 million (5.2% margin).

Outlook and guidance

• FY27 revenue growth expected in low to mid-single digits, with 8%-9% organic growth in India and gradual gross margin recovery of 50-100 basis points as procurement costs normalize.

• Margins expected to revert to mean by FY28; Africa business projected to contribute 15%-18% of consolidated revenue by FY28.

• Expansion plans include a new integrated dairy plant in Maharashtra and a greenfield plant in Uganda to drive long-term growth.