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Parag Milk Foods Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹171.28Overvalued by 11.25%vs CMP ₹193.00

P/E (18.0) × ROE (12.3%) × BV (₹96.20) × DY (0.52%)

₹194.15Fairly Valued by 0.60%vs CMP ₹193.00
MoS: +0.6% (Thin)Confidence: 53/100 (Moderate)Models: 2 Under, 1 Fair, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹397.5223%Under (+106%)
Graham NumberEarnings₹150.9017%Over (-21.8%)
Earnings PowerEarnings₹16.1511%Over (-91.6%)
DCFCash Flow₹210.1511%Fair (+8.9%)
Net Asset ValueAssets₹96.507%Over (-50%)
EV/EBITDAEnterprise₹213.769%Under (+10.8%)
Earnings YieldEarnings₹105.207%Over (-45.5%)
ROCE CapitalReturns₹103.507%Over (-46.4%)
Revenue MultipleRevenue₹137.546%Over (-28.7%)
Consensus (9 models)₹194.15100%Fairly Valued
Key Drivers: EPS CAGR 132.1% lifts DCF — verify sustainability. | Wide model spread (₹16–₹398) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 132.1%

*Investments are subject to market risks

Analyst Summary

Parag Milk Foods Ltd operates in the Food Processing - Bakery/Dairy/Fruits/Others segment, current market price is ₹193.00, market cap is 2,408 Cr.. At a glance, stock P/E is 18.0, ROE is 12.3 %, ROCE is 14.1 %, book value is 96.2, dividend yield is 0.52 %. The latest intrinsic value estimate is ₹194.15, which is broadly in line with the current market price. On operating trend, latest reported sales are about ₹3,432 Cr versus the prior period change of 9.3%, while latest net profit is about ₹119 Cr with a prior-period change of 30.8%. The 52-week range shown on this page is 377/154, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisParag Milk Foods Ltd. is a Public Limited Listed company incorporated on 29/12/1992 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is…

This summary is generated from the stock page data available for Parag Milk Foods Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

66
Parag Milk Foods Ltd scores 66/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health69/100 · Strong
ROCE 14.1% GoodROE 12.3% GoodD/E 0.37 ModerateInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money35/100 · Weak
FII holding up 0.80% (6mo) Slight increaseDII holding down 0.75% MF sellingPromoter decreased by 1.96% Caution
Earnings Quality65/100 · Strong
OPM expanding (-9% → 7%) Improving
Quarterly Momentum80/100 · Strong
Revenue (4Q): +15% YoY GrowingProfit (4Q): +27% YoY Strong
Industry Rank65/100 · Strong
P/E 18.0 vs industry 112.3 Cheaper than peersROCE 14.1% vs industry 16.4% Average3Y sales CAGR: 18% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:27 am

Market Cap 2,408 Cr.
Current Price 193
Intrinsic Value₹194.15
High / Low 377/154
Stock P/E18.0
Book Value 96.2
Dividend Yield0.52 %
ROCE14.1 %
ROE12.3 %
Face Value 10.0
PEG Ratio0.14

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Parag Milk Foods Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Parag Milk Foods Ltd 2,408 Cr. 193 377/15418.0 96.20.52 %14.1 %12.3 % 10.0
Prataap Snacks Ltd 2,315 Cr. 968 1,296/859113 2880.05 %1.15 %3.14 % 5.00
ADF Foods Ltd 1,969 Cr. 179 301/15323.1 48.20.67 %16.9 %14.0 % 2.00
Tasty Bite Eatables Ltd 1,719 Cr. 6,698 11,958/6,43048.0 1,2420.03 %10.7 %8.58 % 10.0
HMA Agro Industries Ltd 1,171 Cr. 23.4 38.2/20.06.89 17.31.28 %11.8 %11.5 % 1.00
Industry Average19,776.38 Cr581.69112.2889.800.31%16.37%17.51%5.63

All Competitor Stocks of Parag Milk Foods Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 7368017507988017907588718859188521,0081,013
Expenses 702764709743736753702802811856794937944
Operating Profit 34374056653756697462587168
OPM % 5%5%5%7%8%5%7%8%8%7%7%7%7%
Other Income 596668675138183
Interest 15121721221619232625202021
Depreciation 12181515151516181617161918
Profit before tax 11161524331427363833295033
Tax % 13%-36%-41%-3%-4%27%-2%18%4%19%5%10%9%
Net Profit 9222125341027293626284630
EPS in Rs 0.791.901.822.152.910.822.292.453.022.202.313.652.36

Last Updated: March 3, 2026, 3:53 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 8:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,0881,4431,6451,7311,9552,3962,4381,8422,0722,8933,1393,4323,790
Expenses 1,0061,3301,4941,6391,7582,1712,2251,7182,5082,7732,9363,1793,531
Operating Profit 8311315192197225213124-436120202254259
OPM % 8%8%9%5%10%9%9%7%-21%4%6%7%7%
Other Income 1-4-2-11996122045233942
Interest 44475033363638475257799386
Depreciation 28283349515054495457606771
Profit before tax 123467-111914812741-5225186133145
Tax % -30%6%29%-524%27%18%26%49%2%-4%-6%10%
Net Profit 1632475871219421-5325391119129
EPS in Rs 10.0020.176.720.5710.3514.3511.142.46-55.834.547.599.9510.52
Dividend Payout % 0%0%0%88%7%7%4%20%0%0%7%10%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)100.00%46.88%-89.36%1640.00%39.08%-22.31%-77.66%-2633.33%109.96%71.70%30.77%
Change in YoY Net Profit Growth (%)0.00%-53.12%-136.24%1729.36%-1600.92%-61.39%-55.35%-2555.67%2743.30%-38.26%-40.93%

Parag Milk Foods Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:9%
5 Years:7%
3 Years:18%
TTM:12%
Compounded Profit Growth
10 Years:12%
5 Years:5%
3 Years:31%
TTM:23%
Stock Price CAGR
10 Years:%
5 Years:18%
3 Years:29%
1 Year:28%
Return on Equity
10 Years:1%
5 Years:-6%
3 Years:10%
Last Year:12%

Last Updated: September 5, 2025, 12:05 pm

Balance Sheet

Last Updated: December 4, 2025, 1:46 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 161670848484848495117119119125
Reserves 811082915416287438278444596917939041,079
Borrowings 556545389261291240400384523606616654543
Other Liabilities 161255241401378375379371318253358355489
Total Liabilities 8149249911,2871,3821,4421,6901,6831,3951,6681,8872,0332,235
Fixed Assets 242291345334397406430473459436466578593
CWIP 372828212029731045691937
Investments 0000111105555
Other Assets 5356046189339641,0071,2531,2059261,1821,3481,4311,600
Total Assets 8149249911,2871,3821,4421,6901,6831,3951,6681,8872,0332,235

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 468859-1719140-66100-149-190102212
Cash from Investing Activity + -59-29-32-87-16-73-30-47-26-88-53-132
Cash from Financing Activity + 15-58-26140-12-91111-69248212-53-78
Net Cash Flow 21136-10-2415-1573-66-31
Free Cash Flow -125831-111-4552-9856-185-1904187
CFO/OP 57%80%48%0%16%75%-15%96%31%-155%56%88%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-473.00-432.00-238.00-169.00-94.00-15.00-187.00-260.00-959.00-486.00-414.00-400.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 554352374742453222212828
Inventory Days 8373831361311131272049110010387
Days Payable 556651999173598943274239
Cash Conversion Cycle 83508474878311414670958976
Working Capital Days 94-1826334955659144666766
ROCE %9%13%17%7%17%18%14%7%-39%9%11%14%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 41.63%41.63%41.63%41.63%42.61%42.61%42.61%42.61%42.61%42.61%42.61%40.65%
FIIs 10.23%8.75%8.75%8.83%8.95%8.51%10.08%8.20%8.46%9.24%9.92%9.26%
DIIs 4.00%7.36%8.12%8.58%8.64%8.60%7.11%7.06%6.91%6.87%6.62%6.16%
Public 44.00%42.11%41.37%40.80%39.66%40.12%40.05%41.97%41.88%41.16%40.72%43.84%
Others 0.15%0.15%0.15%0.15%0.15%0.15%0.15%0.15%0.14%0.14%0.14%0.09%
No. of Shareholders 62,05658,59962,70867,46499,7841,08,9411,09,4311,11,2461,10,4271,02,55288,01286,569

Shareholding Pattern Chart

No. of Shareholders

Parag Milk Foods Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Samco Active Momentum Fund 592,533 2.78 13.25592,5332025-04-22 15:56:540%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 9.977.715.07-56.912.47
Diluted EPS (Rs.) 9.517.474.96-55.542.46
Cash EPS (Rs.) 15.6012.659.43-50.298.64
Book Value[Excl.RevalReserv]/Share (Rs.) 85.8676.5268.9358.20110.57
Book Value[Incl.RevalReserv]/Share (Rs.) 85.8676.5268.9358.20110.57
Revenue From Operations / Share (Rs.) 287.94263.31246.81217.62219.42
PBDIT / Share (Rs.) 24.5718.6513.95-43.8416.48
PBIT / Share (Rs.) 18.9313.609.06-49.4810.30
PBT / Share (Rs.) 11.127.204.36-54.844.85
Net Profit / Share (Rs.) 9.967.604.54-55.932.47
NP After MI And SOA / Share (Rs.) 9.967.604.54-55.932.47
PBDIT Margin (%) 8.537.085.65-20.147.50
PBIT Margin (%) 6.575.163.67-22.734.69
PBT Margin (%) 3.862.731.76-25.192.21
Net Profit Margin (%) 3.462.881.84-25.701.12
NP After MI And SOA Margin (%) 3.462.881.84-25.701.12
Return on Networth / Equity (%) 11.609.936.59-96.112.23
Return on Capital Employeed (%) 17.0713.619.84-56.648.87
Return On Assets (%) 5.844.793.19-38.171.23
Long Term Debt / Equity (X) 0.240.260.310.460.03
Total Debt / Equity (X) 0.600.670.720.930.37
Asset Turnover Ratio (%) 1.751.761.891.351.08
Current Ratio (X) 1.911.861.921.591.67
Quick Ratio (X) 1.100.980.940.740.69
Inventory Turnover Ratio (X) 5.755.284.553.141.97
Dividend Payout Ratio (NP) (%) 5.020.000.000.000.00
Dividend Payout Ratio (CP) (%) 3.200.000.000.000.00
Earning Retention Ratio (%) 94.980.000.000.000.00
Cash Earning Retention Ratio (%) 96.800.000.000.000.00
Interest Coverage Ratio (X) 3.152.922.96-8.193.02
Interest Coverage Ratio (Post Tax) (X) 2.282.191.97-9.451.45
Enterprise Value (Cr.) 2375.463064.221425.611351.881218.17
EV / Net Operating Revenue (X) 0.690.970.490.650.66
EV / EBITDA (X) 8.1113.788.72-3.248.81
MarketCap / Net Operating Revenue (X) 0.520.790.290.440.48
Retention Ratios (%) 94.970.000.000.000.00
Price / BV (X) 1.742.721.051.660.95
Price / Net Operating Revenue (X) 0.520.790.290.440.48
EarningsYield 0.060.030.06-0.570.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Parag Milk Foods Ltd. is a Public Limited Listed company incorporated on 29/12/1992 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L15204PN1992PLC070209 and registration number is 070209. Currently Company is involved in the business activities of Manufacture of dairy products. Company's Total Operating Revenue is Rs. 3367.40 Cr. and Equity Capital is Rs. 119.20 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Milk & Milk ProductsFlat No.1, Plot NO.19, Pune Maharashtra 411016Contact not found
Management
NamePosition Held
Mr. Devendra ShahChairman & Wholetime Director
Mr. Pritam ShahManaging Director
Ms. Akshali ShahExecutive Director
Mr. Nikhil VoraNon Exe.Non Ind.Director
Mr. Narendra AmbwaniInd. Non-Executive Director
Mr. Nitin DhavalikarInd. Non-Executive Director
Ms. Radhika DudhatInd. Non-Executive Director
Dr. Dnyanesh DarshaneInd. Non-Executive Director

FAQ

What is the intrinsic value of Parag Milk Foods Ltd and is it undervalued?

As of 21 April 2026, Parag Milk Foods Ltd's intrinsic value is ₹194.15, which is 0.60% higher than the current market price of ₹193.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (12.3 %), book value (₹96.2), dividend yield (0.52 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Parag Milk Foods Ltd?

Parag Milk Foods Ltd is trading at ₹193.00 as of 21 April 2026, with a FY2026-2027 high of ₹377 and low of ₹154. The stock is currently near its 52-week low. Market cap stands at ₹2,408 Cr..

How does Parag Milk Foods Ltd's P/E ratio compare to its industry?

Parag Milk Foods Ltd has a P/E ratio of 18.0, which is below the industry average of 112.28. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Parag Milk Foods Ltd financially healthy?

Key indicators for Parag Milk Foods Ltd: ROCE of 14.1 % is moderate. Dividend yield is 0.52 %.

Is Parag Milk Foods Ltd profitable and how is the profit trend?

Parag Milk Foods Ltd reported a net profit of ₹119 Cr in Mar 2025 on revenue of ₹3,432 Cr. Compared to ₹-532 Cr in Mar 2022, the net profit shows an improving trend.

Does Parag Milk Foods Ltd pay dividends?

Parag Milk Foods Ltd has a dividend yield of 0.52 % at the current price of ₹193.00. The company pays dividends, though the yield is modest.

Last Updated: April 2, 2026, 3:27 am
Author: Getaka|Social: XLinkedIn
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Parag Milk Foods Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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