India · Delayed Price · Currency is INR Dodla Dairy Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 11% year-over-year in FY 2026, with Q4 marking record-high revenue and strong Africa growth. Margins were pressured by procurement and input costs, but normalization is expected in FY 2027, with gradual margin recovery and continued CapEx in India and Africa.
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Revenue grew 13.7% YoY to INR 1,025 crore in Q3 FY26, with margin pressure from higher procurement costs and subdued demand. Africa operations saw robust growth, and major expansions are underway in Uganda and Maharashtra, funded by internal accruals.
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Q2 FY26 saw revenue of INR 1,019 crores, 2.1% YoY growth, and improved gross margin at 27.7%. Osam Dairy integration contributed to results, while VAP and liquid milk volumes grew robustly. Margins are expected to remain 8-10% despite procurement cost pressures.
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Q1 FY26 saw record revenue of INR 1,007 crores, up 10.5% year-over-year, but margins were pressured by early monsoon and higher procurement costs. Africa and Orgafeed segments delivered strong growth, and margin improvement is expected in Q2 as procurement prices decline.
Fiscal Year 2025
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The acquisition of a leading Eastern India dairy brand for INR 2,710 million expands market reach and is expected to deliver operational synergies, margin improvements, and long-term growth. Integration will retain most of the existing team, with completion targeted in 1-2 months.
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Revenue grew 19% year-on-year in FY25 to INR 3,720 crores, with stable margins and strong cash flow. Value-added products and international business drove growth, while a greenfield expansion in Maharashtra and robust procurement strategies support future outlook.
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Q3 FY25 saw 21% revenue growth to INR 901 crores, with strong performance across India, Africa, and Orgafeed. Margins remained stable despite higher procurement costs, and a new INR 280 crore Maharashtra plant is planned. Outlook remains positive with targeted 10% volume and 15% revenue growth.
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Q2 FY25 saw record revenue of INR 998 crore, driven by strong value-added product growth and stable margins. Inventory levels declined, CapEx for a new Maharashtra plant is underway, and guidance remains for 10% volume and 15% value growth with steady profitability.
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Q1 FY2025 saw record revenue and profit, with strong growth in value-added products and Africa. Gross margin improved 543 bps to 29.1%, and EBITDA margin rose 420 bps. FY2025 guidance is for double-digit revenue growth and 18%-20% EBITDA/PAT growth.