Parag Milk Foods Issues Corrigendum to Board Meeting Outcome on ESOP Trust Share Allotment

Parag Milk Foods issued a corrigendum on May 15, 2026, to its earlier intimation regarding the outcome of the Board Meeting held on May 7, 2026. The correction pertains to Item No. 5 of the board meeting outcome, which relates to the approval for issuance of shares to the company's Employees Stock Option Trust (ESOP Trust).

Nature of the Correction

The company clarified that the phrase "Delegation of power to Finance Committee of the Board of Directors for" was inadvertently omitted as a prefix in the original intimation dated May 7, 2026. This omission misrepresented the nature of the board's decision. With the corrigendum in place, Item No. 5 now accurately reflects that the Board delegated authority to the Finance Committee for the allotment, rather than the Board itself directly approving the allotment.

Revised Item No. 5 — Key Details

The following table summarises the key parameters of the corrected Item No. 5 as reported in the corrigendum:

Parameter: Details Action: Delegation of power to Finance Committee of Board of Directors Purpose: Allotment of equity shares to ESOP Trust Number of Shares: 10,00,000 Equity Shares Face Value per Share: Rs. 10/- each Scheme: Parag Milk Foods Limited - Employee Stock Option Scheme 2022 (ESOP 2022 / ESOS 2022) Trust Name: Parag Milk Foods Employees Stock Option Trust Share Ranking: Pari-passu with existing equity shares in all respects post allotment

Impact on Share Capital

Consequent to the allotment to be made by the Finance Committee with respect to the aforesaid equity shares, the issued and paid-up equity share capital of the company would stand increased. The revised capital structure post-allotment is outlined below:

Capital Metric: Post-Allotment Details Issued & Paid-up Equity Share Capital: Rs. 126,10,95,540 Total Number of Fully Paid-up Equity Shares: 12,61,09,554 Face Value per Share: Rs. 10/- each

Scope of the Corrigendum

The company has confirmed that except for the aforesaid correction, all other information, details, and contents of the original intimation dated May 7, 2026, shall remain unchanged and should be read in conjunction with this corrigendum. The corrigendum was signed by Virendra Varma, Company Secretary and Compliance Officer (FCS No. 10520), on May 15, 2026.

Parag Milk Foods has released the transcript of its earnings conference call held on May 8, 2026, discussing the financial and operational performance for the quarter and financial year ended March 31, 2026. The company reported crossing INR3,800 crores in annual revenue, achieving double-digit growth with a volume growth of 5%. The new age business, comprising brands like Avvatar and Pride of Cows, grew 91% year-on-year and crossed the INR100 crores quarterly revenue mark for the second consecutive quarter.

Financial Performance and Margins

Despite elevated milk prices and inflationary pressure, the company expanded its gross margins to 28% in Q4 FY26, compared to 25.9% in the preceding quarter and 26.7% in the previous year. This expansion was driven by a sharper product portfolio mix, disciplined pricing, and tighter cost controls. The commodity witnessed inflation of 15% year-on-year during Q4, with average milk prices at INR42 per litre. The company navigated the cost push through calibrated pricing and promotion strategies.

Operational Highlights

The core categories' volumes grew by 8% during the year. Management indicated that the new age business now contributes 10% to the overall revenue, with aspirations to reach 20% to 25% over the next 3 to 5 years. The company holds a market share of 14% to 15% in the protein segment within quick commerce and marketplaces. Regarding capacity, the company plans to increase cheese manufacturing capacity from 60 metric tons to 80 metric tons through adjacency expansions rather than greenfield projects.

Guidance and Outlook

For the upcoming financial year, the company provided a capital expenditure guidance of INR60 crores to INR70 crores. Management expressed confidence in achieving double-digit EBITDA margins in the coming years, supported by the new product portfolio and distribution expansion. The company also noted that milk prices are expected to remain stable for the next 3 to 4 months barring significant changes in energy prices.

Key Metrics

Metric Value Annual Revenue INR3,800 crores Q4 Gross Margin 28% New Age Business Growth 91% YoY Core Category Volume Growth 8% Average Milk Price (Q4) INR42 per litre

We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.

Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.

As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation.

We plan to change that - a technology-led and artificial intelligence enabled platform built for super traders and long term investors.

Disclaimer:

The data and information provided on this website is for general informational and research purposes only. While we strive to ensure that the content is accurate, up-to-date, and reliable, this platform utilizes artificial intelligence (AI) tools to generate, curate, and summarize information. As such, the content may occasionally contain errors, omissions, or outdated information. All users are therefore advised to cross verify the source of the data and information.

This website does not constitute professional, legal, financial, medical, or any other form of licensed advice. Users are encouraged to independently verify any information before relying on it, especially for decisions that may have legal, financial, or personal consequences.

The views, analyses, and summaries presented on this platform may be generated or assisted by AI and do not necessarily reflect the opinions of the website owners, operators, editors, or affiliates.

We make no warranties or representations, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information contained on this website. Any reliance you place on such information is strictly at your own risk.

This website may include links to third-party sources or content. We do not control or endorse the nature, accuracy, or availability of those external sites and are not responsible for any content or damages arising from their use.

By using this website, you acknowledge and agree that the use of AI-generated content involves inherent limitations, uncertainties and inaccuracies, and you accept full responsibility for how you interpret and use the information provided.

We reserve the right to modify, update, or remove content and this disclaimer at any time without prior notice.