Dodla Dairy
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Dodla Dairy (DODLA) investor relations material

Dodla Dairy Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary28 Jan, 2026

Executive summary

  • Q3 FY26 consolidated revenue grew 13.7% year-over-year to ₹10,250 million, driven by strong volume growth in liquid milk and Africa operations, but margins were pressured by higher procurement costs and seasonality.

  • EBITDA margin was 7.7% and PAT margin 6.7%, with Q3 FY26 net profit at ₹687 million, aided by a tax reversal.

  • Value Added Products (VAP) contributed 25% of total sales, with bulk sales dropping sharply due to seasonality and market conditions.

  • Africa operations delivered 34.5% revenue growth, with expansion projects in Uganda and Maharashtra progressing.

  • Acquisition of Osam Dairy was completed in August 2025 and consolidated from that date, impacting comparability with prior periods.

Financial highlights

  • Q3 FY26 operating revenue was ₹10,250 million (up 13.7% YoY); nine-month revenue was ₹30,507 million (up 8.5% YoY).

  • Q3 FY26 EBITDA was ₹793 million (7.7% margin); Q3 FY26 PAT was ₹687 million (6.7% margin); nine-month PAT was ₹1,973 million.

  • Gross margin declined to 26% from 28.2% YoY due to higher procurement costs and inability to fully pass on costs.

  • One-time provision of ₹57 million for labor code changes, offset by a tax reversal of ₹219 million.

  • Standalone revenue for Q3 FY26 was ₹8,215 million; standalone net profit was ₹568 million.

Outlook and guidance

  • Price hikes of ₹2-3/liter are planned as summer demand rises, targeting average realization of ₹63-64/liter.

  • Value-added product share expected to reach 30-32% of portfolio over time.

  • Margins expected to remain in the 8-9% range, with potential upside in favorable years.

  • Management remains confident in growth trajectory, with ongoing expansion in Maharashtra and Uganda.

  • The company continues to monitor regulatory changes, especially regarding the New Labour Codes.

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Q4 25/2620 May, 2026
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