Modern Dairies

BSE: MODAIRY · Dairy Products

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Snapshot

Unlock Modern Dairies's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Modern Dairies Limited is an India-based manufacturer and processor of milk and diverse dairy products, including milk powders, ghee, butter, and cheese. The company operates a large-scale facility in Karnal, Haryana, serving both domestic retail and institutional clients.

Business Model

The company generates revenue by procuring raw milk from local farmers in Northern India and processing it into value-added dairy products. It operates through a dual-channel approach, supplying both the retail consumer market and large-scale institutional partners, including multinational food corporations.

  • Establishment Year:1992
  • Primary Facility Location:Karnal, Haryana

Growth Outlook

Growth is driven by the company's strategic location in a prominent milk-producing belt and its focus on maintaining international quality and food safety standards. Expanding its footprint within the organized dairy sector remains a key priority.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the procurement cost of raw milk can significantly impact profit margins due to the commodity nature of the business.
  • Supply Chain Dependency. The company is heavily reliant on a network of local dairy farmers, making it vulnerable to supply disruptions or changes in agricultural output.
  • Regulatory and Food Safety Risks. Strict adherence to evolving food safety standards and international certifications is essential to maintain market access and brand reputation.
  • Intense Market Competition. The organized dairy sector in India is highly competitive, with numerous regional and national players vying for market share.

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Key Metrics

REVENUE

₹340 Cr

TTM · standalone

-2.3%YoY

NET PROFIT

₹5 Cr

TTM · standalone

-94.1%YoY

EPS

₹1.86

TTM · standalone

-94.7%YoY

RETURN ON EQUITY

11.1%

TTM · standalone

+240.3 ppYoY

P/E

19.6x

Q4 FY26 · standalone

19.6 vs 4.7x5Y avg

EV/EBITDA

9.4x

Q4 FY26 · standalone

9.4 vs 7.3x5Y avg

EBITDA MARGIN

3.3%

TTM · standalone

-0.9 ppYoY

NET PROFIT MARGIN

0.3%

Q4 FY26 · standalone

-19.3 ppYoY

DEBT TO EQUITY

0.2x

Q4 FY26 · standalone

+0.03xYoY

Peers · Dairy Products

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Modern DairiesMODAIRY
₹106 Cr20.149.71-2.3%3.3%11.1%14.8%-20.6%
Vadilal Industries LimitedVADILALIND
₹5,678 Cr25.3615.7330.9%21.8%29.0%32.0%+55.4%
Heritage Foods LimitedHERITGFOOD
₹3,439 Cr25.4713.2211.5%5.9%13.0%15.2%-19.7%
Parag Milk Foods LimitedPARAGMILK
₹2,985 Cr22.5511.2010.9%8.0%11.4%16.7%+4.8%
Vadilal Enterprises LimitedVADILENT
₹935 Cr64.9922.504.2%3.8%-53.6%63.1%+5.7%
Sheetal Cool Products LimitedSCPL
₹678 Cr32.6516.0211.8%13.2%19.4%+165.7%

As of Q4 FY26

Financials