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Dodla Dairy Q3 FY26 Revenue Climbs 13.7% as Value-Added Mix Shifts Away from Bulk Sales

Story Highlights
  • Dodla Dairy’s Q3 FY26 revenue grew 13.7% year-on-year to ₹10,250 million, driven by strong growth in milk procurement and sales volumes.
  • Operating margins contracted despite higher revenue, as EBITDA declined while the company shifted its value-added product mix away from bulk SMP and butter sales toward retail-focused offerings.
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Dodla Dairy Q3 FY26 Revenue Climbs 13.7% as Value-Added Mix Shifts Away from Bulk Sales

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Dodla Dairy Ltd. ( (IN:DODLA) ) just unveiled an announcement.

Dodla Dairy reported a 13.7% year-on-year rise in revenue to ₹10,250 million for the third quarter of FY26, supported by a 7.5% increase in milk procurement to 18.3 LLPD and a 19.6% jump in milk sales volume to 13.9 LLPD. Despite the top-line growth, Q3 EBITDA fell 17.3% to ₹793 million and margins compressed to 7.7% from 10.6% a year earlier, even as PAT grew 8.1% to ₹687 million, with PAT margin at 6.7%. For the nine months, revenues grew 8.5% to ₹30,507 million while EBITDA declined 14.3% and PAT rose a modest 2.7%, indicating pressure on operating profitability. The product mix shifted within value-added offerings: total VAP sales were ₹2,581 million, accounting for 25% of revenue versus 32% a year earlier, largely due to a sharp reduction in bulk SMP and butter sales, which dropped from ₹720 million to ₹1 million. Excluding bulk sales, VAP contribution improved to 25% of revenue from 23%, with curd volumes remaining strong, underscoring the company’s strategic emphasis on retail and higher-margin value-added products even as margin headwinds persist.

More about Dodla Dairy Ltd.

Dodla Dairy Ltd is one of India’s leading integrated dairy companies, operating across the value chain from milk procurement to processing and distribution of liquid milk and value-added dairy products such as curd, SMP and butter. The company focuses on expanding its value-added product mix while maintaining strong milk procurement and sales volumes in key domestic markets.

Average Trading Volume: 6,855

Technical Sentiment Signal: Hold

Current Market Cap: 72.62B INR

For an in-depth examination of DODLA stock, go to TipRanks’ Overview page.

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