What we do Parag Milk Foods Ltd is a leading Indian dairy FMCG company producing and marketing premium milk, cheese, ghee, paneer, and nutritional products under brands like Gowardhan and Pride of Cows. |
Founded in 1,992 |
Market share Leader in branded cow ghee (22%) and second-largest in cheese (35%) in India. |
Problem solved Provides nutritious, safe dairy products meeting evolving consumer health and lifestyle needs. |
Top clients or who we serve Serves B2C consumers across India and international buyers in UAE, USA, Europe, and others. |
Key management Mr. Devendra Shah (Chairman), Mr. Pritam Shah (Managing Director), Ms. Akshali Shah (Executive Director). |
Our journey and innovations Founded in 1992, listed in 2016; innovated with premium brands like Avvatar (sports nutrition) and Pride of Cows (farm-to-home premium milk). |
Where we operate Pan-India with exports to over a dozen countries including UAE, USA, Singapore, and UK. |
Top products or what we offer Dairy products include Gowardhan ghee, Go cheese, Pride of Cows milk and paneer, Avvatar whey protein and nutritional bars. |
Top brands Gowardhan (cow ghee, paneer), Go (cheese), Pride of Cows (premium milk), Avvatar (sports nutrition). |
Raw materials needed Procures cow milk from over 5 lakh farmers mainly in Western and Southern India. |
Raw materials supplier Direct milk procurement from farmers through 2400+ village collection points. |
Recurring vs cyclical contribution Revenue largely recurring from FMCG dairy sales with some seasonality in milk procurement costs. |
Our industry position Strong position with market leadership in cow ghee and cheese segments nationally. |
Financial highlights Revenue ₹3432 Cr, Net Profit ₹119 Cr in FY 2025; sustained double-digit volume growth and margin expansion. |
Geographical revenue split Within India contributes ₹3241 Cr (~97%), exports ₹87 Cr (~3%). |
Order book - |
Whats driving growth Premium product expansion, new age nutrition segments, strong distribution, and brand building drive growth. |
Our future plans Scaling new age nutrition brands, expanding international footprint via UAE subsidiary, new product launches planned. |
Our green promise Committed to sustainability via waste management, energy and water conservation, and ESG policies. |
Our people and values Employee-centric culture with focus on innovation, integrity, and inclusive growth. |
Key challenges ahead Managing milk price volatility and expanding profitable premium portfolio amid competitive markets. |
Interesting facts Operates India’s largest cheese plant and markets fastest growing performance nutrition brand Avvatar. |
Risks and strategy Risk mitigation through cost optimization, diversified product portfolio, and strong farmer relationships. |
