Slides
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Dodla Dairy Limited Investor Presentation Q2 FY26
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Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Dodla Dairy Ltd (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company. 2
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Highest Ever Annual Performance (on a consolidated basis) 3 Q2FY26 H1FY26 Q2FY26 H1FY26 Q2FY26 H1FY26 ₹ 10,188 Mn ₹ 20,257 Mn ₹ 928 Mn 9.1% Margin ₹ 1,753 Mn 8.7% Margin ₹ 657 Mn 6.4% Margin ₹ 1,285 Mn 6.3% Margin Revenue EBITDA PAT Q2 & H1 FY26 Performance (on a consolidated basis)
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Management commentary 4 Mr. Dodla Sunil Reddy Managing Director “In Q2FY26, Dodla Dairy achieved a revenue of ₹10,188 million, reflecting a 2.1% year-on-year growth with a gross margin expansion of over 200 bps, reaching 27.7%. Our EBITDA and PAT margins stood at healthy levels of 9.1% and 6.4%, respectively. This quarter’s performance includes 2 months of contribution from our recently acquired OSAM Dairy business, which currently operates at lower margins. A significant change in product mix was observed for Doda's portfolio, with bulk sales contribution declining and growth being driven by liquid milk and high-margin value-added products such as curd, ghee, lassi, flavoured milk, and ice cream. This shift resulted in modest revenue growth but strong gross profit improvement. Over the last two years, we have maintained a CAGR above 15% in revenue and EBITDA, and over 22% in PAT, reflecting the strength of our business strategies. Our Africa and Orgafeed segments continue to show robust growth, with temporary margin pressures arising from strategic product pricing in Kenya to gain market share and seasonal factors in the feed business. Looking ahead, with GST benefits and festive demand, Dodla is well positioned to sustain consistent growth and enhance the share of value-added products. We remain focused on brand building, increasing procurement, portfolio expansion, and market reach, driving continued value creation for all stakeholders.”
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Executive Summary for Q2FY26 (consolidated) 5 1. Volume Highlights Milk Procurement volume of 19.5 LLPD up 13.4% YoY Average Milk Sales volume stood at 13.1 LLPD, an increase of 12.6% on a YoY basis Includes performance of OSAM Business for Two Months 2. Value Added Products Impact Total Value Added Products sales stood at ₹ 2,901 Mn (30% of total sales) as against ₹ 3,780 Mn (39% of revenue) Amongst VAP products, bulk sales for SMP and butter ₹ 283 Mn in Q2 FY26 against ₹ 1,666 Mn Q2 FY25 High margin products like curd, lassi, ghee, flavoured milk, ice cream, etc. had a higher contribution compared to Q2 FY25. VAP contribution excluding bulk sale stood at ₹ 2,617 Mn (27% of total sales) as against ₹ 2,115 Mn (22% of revenue) Resulted in gross margin expansion 27.7% in Q2FY26 as against 25.5% last year 3. Milk Price Impact Procurement prices grew faster as compared to the realization prices India Dairy Business Highlights Overall milk supply remained under pressure due to lean season and erratic rainfalls, resulting in an increase in procurement prices Uptick in expenses impacting EBITDA margins Employee cost: Annual increment, new recruitment and employees of OSAM Advertising and Promotional expenses: To improve brand salience Transport & Overhead: Due to product mix shift from bulk sale to liquid milk and VAP OSAM business is currently generating relatively lower margins Orgafeed Business Highlights Consistent double digit YoY growth Revenue for the quarter grew by 28.3% EBITDA margin stood at 13.7% Africa Business Highlights Revenue grew by 21.7% YoY, whereas margins remained under pressure as compared to earlier period, due to current focus on gaining market share in Kenya by strategically pricing the products. Procurement cost was higher on a YoY basis Overall, the comparable base remains high due to an exceptional growth recorded in Q2 FY25 Particulars (₹ in Mn) Q2 FY26 Q2 FY25 Q2 FY24 CAGR 2-year Revenues 10,188 9,976 7,678 15.2% EBITDA 928 963 702 15.0% EBITDA margin 9.1% 9.6% 9.1% PAT 657 634 436 22.8% PAT margin 6.4% 6.4% 5.7% Milk Pirce Per Liter (₹) Q2 FY26 Q2 FY25 YoY Q1 FY26 QoQ Realization price 57.01 54.82 4.0% 57.20 -0.3% Procurement price 37.29 34.64 7.7% 37.38 -0.3%
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6 Operating Revenue (in ₹ Mn) (in ₹ Mn Financial Highlights Consolidated (Q2 & H1 FY26) 25.5 25.8 27.7 9.6 8.2 9.1 6.4 6.2 6.4% 9,976 10,069 10,188 Q2FY25 Q1FY26 Q2FY26 2,540 2,595 2,820 Q2FY25 Q1FY26 Q2FY26 963 825 928 Q2FY25 Q1FY26 Q2FY26 634 629 657 Q2FY25 Q1FY26 Q2FY26 % Gross Profit (in ₹ Mn & Margin %) EBITDA (in ₹ Mn & Margin %) PAT (in ₹ Mn & Margin %) % Q2FY26 19,092 20,257 H1FY25 H1FY26 5,196 5,416 H1FY25 H1FY26 2,014 1,753 H1FY25 H1FY26 1,284 1,285 H1FY25 H1FY26 Operating Revenue (in ₹ Mn) Gross Profit (in ₹ Mn & Margin %) EBITDA (in ₹ Mn & Margin %) PAT (in ₹ Mn & Margin %) 27.2 26.7 %%% 10.5 8.7 6.7 6.3 H1FY26 Includes OSAM from 1st August 2025
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7 Average Milk Procurement (in LLPD) Average Milk Sales (in LLPD) Curd Sales (in MTPD) VAP Sales (in ₹ Mn) Milk procurement and Sale grew by 13.4% and 12.6% on a YoY basis respectively. This includes volume growth of Dodla as well as inclusion of OSAM business Average curd sales during the quarter grew by 11.2% YoY VAP product contribution stood at 29.7% mainly includes high margin products like curd, lassi, ghee, flavoured milk, ice cream, etc. and a very small portion of bulk sale as compared to Q2FY25 Quarter-wise Historical Operational Highlights *DENOTES: Consolidated financials 17.2 17.1 16.3 18.7 18.8 0.7 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 19.5 11.6 11.6 11.7 11.9 12.4 0.7 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 13.1 323.8 307.0 383.2 452.3 14.6 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 345.6 360.2 3,780 2,812 2,841 3,516 148 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 2,753 2,901 Key Insights 39.2 32.3 32.4 36.2 29.7% Sales Contribution Includes OSAM from 1st August 2025 OSAM Contribution
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Consolidated Profit & Loss Statement 8 Particulars (in ₹ Mn) Q2 FY26 Q2 FY25 YoY Q1 FY26 QoQ H1 FY26 H1 FY25 YoY Revenue 10,188 9,976 2.1% 10,069 1.2% 20,257 19,092 6.1% Cost of Goods Sold 7,368 7,436 7,473 14,841 13,896 Gross Profit 2,820 2,540 11.0% 2,595 8.7% 5,416 5,196 4.2% Gross Profit margin 27.7% 25.5% 25.8% 26.7% 27.2% Employee Expenses 499 397 471 971 792 Other Expenses 1,393 1,181 1,299 2,692 2,391 EBITDA 928 963 -3.6% 825 12.5% 1,753 2,014 -12.9% EBITDA margin 9.1% 9.6% 8.2% 8.7% 10.5% Depreciation & Amortization 206 187 178 384 369 EBIT 722 776 -6.9% 647 11.5% 1,370 1,645 -16.7% Finance Cost 8 8 7 15 19 EBT before Other Income 714 767 641 1,354 1,626 Other Income 114 96 169 283 165 EBT after Other Income 828 863 -4.1% 810 2.2% 1,637 1,791 -8.6% Tax 171 229 181 352 507 PAT 657 634 3.6% 629 4.4% 1,285 1,284 0.1% PAT margin 6.4% 6.4% 6.2% 6.3% 6.7% EPS (in INR) 10.9 10.5 10.4 21.3 21.5 70% 20% 7% 3% Curd sales Milk sales Other VAP Bulk Sale Q2 FY26 61%17% 17% 5% Q2 FY25 67% 22% 7% 4% H1 FY26 63% 21% 11% 5% H1 FY25 Sales Contribution Includes OSAM from 1st August 2025
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Consolidated Balance Sheet 9 Assets (in ₹ Mn) Sep’25 Mar’25 Non - Current Assets 11,731 8,063 Property Plant & Equipments 7,451 6,713 CWIP 292 119 Goodwill 1,832 516 Other Intangible assets 750 30 Right-of-use assets 364 237 (i) Matured biological assets 5 6 (ii) Immatured biological assets 2 2 Financial Assets (i) Investment 273 132 (ii) Other Financial Assets 265 150 Non-current tax asset (net) 58 54 Deferred tax assets (net) 114 0 Other non-current assets 323 103 Current Assets 7,609 9,244 Inventories 1,549 1,617 Financial Assets (i)Investment 3,805 6,308 (ii)Trade receivables 157 123 (iii)Cash balance* 1,309 897 (iv)Bank balances other than 576 118 (v)Other Financial Assets 62 68 Other Current Assets 113 Total Assets 19,339 17,307 Equity & Liabilities (in ₹ Mn) Sep’25 Mar’25 Total Equity 15,311 14,060 Share Capital 603 603 Other Equity 14,708 13,456 Equity attributable to shareholders of the Company 15,311 14,060 Non-Current Liabilities 1,044 757 Financial Liabilities Borrowings 213 238 Lease & Other Financial Liabilities 182 101 Provision 176 144 Government grants 15 14 Deferred tax liabilities (net) 459 260 Total Current Liabilities 2,984 2,491 Financial Liabilities Borrowings 102 50 Lease Liabilities 57 36 Trade Payables 1,686 1,555 Other Financial Liabilites 697 490 Government grants 3 3 Other Current Liabilities 138 127 Provision 91 70 Current tax liabilities (net) 210 159 Total Equity & Liabilities 19,339 17,307 Includes OSAM from 1st August 2025. *Cash balance OD in OSAM is ₹ 52 Mn
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Consolidated Cash Flow Statement 10 Cash flows statement (in ₹ Mn) H1FY26 H1FY25 Net Profit Before Tax 1,637 1,791 Adjustments for: Non -Cash Items / Other Investment or Financial Items 155 262 Operating profit before working capital changes 1,792 2,053 Changes in working capital 291 1,775 Cash generated from Operations 2,084 3,829 Direct taxes paid (net of refund) -365 -407 Net Cash from Operating Activities 1,719 3,421 Net Cash from Investing Activities -1,183 -3,400 Net Cash from Financing Activities -180 147 Net Increase / Decrease in Cash and Cash equivalents 356 169 Effect of exchange differences on translation of foreign currency cash and cash equivalents 3 11 Add: Cash & Cash equivalents at the beginning of the period 897 1,034 Cash & Cash equivalents at the end of the period* 1,257 1,213 Includes OSAM from 1st August 2025. *Cash balance OD in OSAM is ₹ 52 Mn
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Acquisition of HR Food Processing Private Limited (Osam)
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About HR Food Processing Private Limited (Osam) 12 ₹ 2,710 Mn Equity Value1 100% Stake Fully Cash transaction completed on 31-Jul-2025. ~6 MT2 Milk Processed, FY25 ~10% Market Share HR Food Processing Private Limited operates under the premium brand 'Osam' and has established a strong presence in Bihar, Jharkhand, and other eastern dairy markets of India. The company operates a vertically integrated supply chain that ensures full control and delivery of high-quality milk products to customers. Note: 1. Enterprise value of Rs. 2,473 million, Cash balance of Rs. 275 Mn and debt taken over of Rs. 37 Mn. 2. MT is Metric Tonnage and LLPD is Lakhs Liter per day FY25 Financial Snapshot (₹ Mn) 83.0% 13.0% 3.0% 1.0% 0.2% GT Distributor GT - Retailer & direct sales Modern Trade Institutional Others 2,486 2,545 2,826 FY23 FY24 FY25 Gross Profit margin 16.8% 21.4% 24.7% Revenue
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Strategic fit to Dodla 13 Acquisition is well-aligned with Dodla’s long-term growth strategy, which is focused around organic as well as inorganic expansion It will maintain profitable operations and growth OSAM brings in diversified product portfolio which is well-aligned with Dodla Dairy’s products VAP premiumization and distribution networks Provides strategic access to high quality infrastructure like processing plants, chilling centers and collection centers Enables to unlock supply chain Synergies Enhancement in milk procurement capabilities and expanding farmers network in the region. Solid geographical presence and well-established distribution network in Jharkhand and Bihar, areas with huge market potential Growth Milk ProcurementProduct Portfolio High Quality Infrastructure Geographical Presence Robust distribution infrastructure enables a swift and efficient market entry, perfectly complementing our goal of deepening product penetration and expanding our presence in new geographies. Distribution Vertically-Integrated Dairy Operating In The Eastern India The Acquisition represents a compelling opportunity to expand our market position in Dairy Sector by expanding our geographical footprint in East India and to achieve Significant operational Synergies
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Highest Ever Annual Performance (on a consolidated basis) 14 ₹ 9,096 Mn 15.5 % YoY ₹ 835 Mn | 9.2% 10.7% YoY ₹ 835 Mn | 9.2% 10.7% YoY Revenue EBITDA PAT Healthy Annual Performance (on a consolidated basis) About Us
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Dodla Dairy Ltd.: At a glance 15 India Business Founded in 1995, Dodla Dairy is an integrated dairy company based in South India with a growing presence across Eastern India. Processes and sells milk and produces dairy- based value-added products (“VAPs”) Africa Business (Uganda & Kenya) Dodla Dairy has extended its footprint to Africa, significantly contributing to the dairy industry in Kenya and Uganda. The company's African business model mirrors its Indian operations, involving direct milk procurement, processing, and distribution. Orgafeed Orgafeed is primarily engaged in the business of seed crushers, manufacturing and dealing of groundnuts, gingerly, cotton and in the manufacturing of cattle feed. Unique positioning in the dairy segment with presence in the Indian and the African markets along with Orgafeed
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Dodla Dairy Limited: Snapshot 16NOTE: All numbers above have been rounded-off 40+ Sales offices 20+ LLPD aggregate installed capacity 1,800+ Milk and milk product distributors 14 Processing plants 2,750+ Agents 907 Dodla Retail Parlours 80+ Sales offices 26+ LLPD aggregate installed capacity 236 Chilling Centres/ Plants 2,600+ Milk and milk product distributors 18 Processing plants 7,960+ Village level collection centers 3,360+ Agents 968 Dodla Retail Parlours Consolidated Standalone
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Dairy player margins are higher due to limited competition and constrained supply of processed milk Easier milk farming due to abundance of grazing lands for large animal population in Africa Dodla has similar integrated business model in Africa East Africa, with its growing population and demand for dairy is attractive market for dairy companies Africa Business: Snapshot 17 Salient Features Operates in Uganda through its subsidiary Lakeside Dairy Ltd Operates in Kenya through its subsidiaries, Dodla Dairy Kenya Ltd and Country Delight Dairy Ltd African product portfolio is marketed under the “Dairy Top”, “Dodla +” and “Pride of Cows” brands and includes Milk, yogurt with different flavors, paneer, cheese and UHT milk NOTE: All numbers above have been rounded-off 2 Plants 433 Distributors 11.3% Revenue Contribution (Q2FY26) Presence in Africa (Kenya & Uganda)
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Financial Performance: Snapshot 18NOTE: All numbers above have been rounded-off Consolidated (in ₹ Mn & Margin %) 9.6 10.6 9.2 8.2 9.1% 9,976 9,012 9,096 10,069 10,188 963 959 835 825 928 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Revenue EBITDA Standalone (in ₹ Mn & Margin %) 9.6 10.3 8.3 6.8 9.0% 9,032 8,026 8,079 9,007 8,546 866 826 671 615 768 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Revenue EBITDA % %
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Orgafeed: Snapshot 19NOTE: All numbers above have been rounded-off Financial Performance (in ₹ Mn & Margin %) Orgafeed is primarily engaged in the business of seed crushers, manufacturing and dealing of groundnuts, gingerly, cotton and in the manufacturing of cattle feed. State-of-the-art manufacturing facilities at Kadapa & Kuppam, Andhra Pradesh Has tied up with various veterinarians to provide services to farmers for their milch animals Selling directly to our farmers through our procurement network which is adjusted against the value of the raw milk supplied to us by such farmers 480 MTPD Cattle feed plants capacity ₹ 414 Mn Operating revenue in Q2FY26 ₹ 57 Mn EBITDA in Q2FY26 13.7 14.1 18.5 17.6 13.7 322 348 338 411 414 44 49 63 72 57 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Revenue EBITDA %
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Processing Plants: India and Africa 20Maps not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, time liness or completeness. Location Installed Capacity(LPD) Nellore 2,22,300 Settenapalle 46,700 Rajahmundry 1,43,600 Palamaner 3,81,780 Penumur 1,00,000 Badvel 50,000 Location Installed Capacity (LPD) Indragi 2,00,000 Dodderi 30,000 Kirwatti 2,00,000 Location Installed Capacity (LPD) Kurnool 70,000 Hyderabad 3,24,910 Location Installed Capacity (LPD) Batlagunda 95,000 Dharmapuri 1,01,000 Vedasundur 95,000 Location Installed Capacity (LPD) Uganda 300,000 Location Installed Capacity(LPD) Kenya 100,000 Kenya Uganda International Plants Manufacturing Plants Across India Location Installed Capacity (LPD) Arrah 1,31,000 Patratu 99,500 Andhra Pradesh (AP) Karnataka (KA) Telangana(TS) Tamil Nadu (TN) Bihar & Jharkhand (OSAM)
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Journey So Far: 30 years of dairy operations 21*DENOTES: Black River is the erstwhile name of the private equity fund Proterra which invested through its entity Black River Capital Partners Food Fund Holding (Singapore) Pte Ltd. 1995 2007 2012 1997 2009 2014 2017 2019 2021 2022-2023 Incorporation of Dodla Dairy Parent processing plant at Nellore Badvel and Sattenapally plants Milk powder and SMP plant at Nellore Investment by Black River* • Investment by The Rise Fund (TGP) as it acquired stake of Black River * • Gundrampally, Hyderabad, and Chendurthi, East Godavari Plants • IFC invested ~INR1,000Mn • Listed on BSE & NSE • Acquired Lakeside Dairy, Uganda • Established large scale dairy farm under GVC 2023-2024 • Commissioned New Orgafeed Plant • Commissioned Processing Plant in Kenya • Acquired 2 processing plants from KC Dairy • Incorporated Orgafeed & acquired a cattle feed and mixing plant • Rajahmundry plant • Acquired Shri Krishna Milks • Countryside Dairy Kenya • Added a Kuppam Cattle Feed plant - Orga Feed Private Limited 2024-2025 • Completed the purchase of 61 acres land parcel for Dairy business and 12 acres for Orgafeed business in Maharashtra 2025-2026 • Acquisition of HR Food Processing Private Limited (Osam)
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Robust Infrastructure – Farms to Families 22 Pan-Regional Manufacturing Presence Integrated Procurement and Processing Model Presence Across Dairy Value Chain (Including OSAM Acquisition) Procurement of Raw Milk from ~1.4 lakh Farmers Across 10,000+ Villages through ~8,000 Village- Level Collection Centres (VLCCs) Raw Milk Directly Procured from Farmers Dairy Farm Transportation from Villages through 1,070 Primary Vehicles to 236 Chilling Centres Chilling Centres 18 Milk Processing Plants across India, Kenya and Uganda Processing Plants
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All dairy processors have access to the same raw material and equipment; what distinguishes us is our dedicated employees and our strong relationship with farmers Best practices to maximize capacity utilization, operating metrics and profitability Flexible and agile with continuous improvement mindset Company has comprehensive product offering across different markets and channels Company conducts regular product outreach program .. Enabling Dodla to Deliver Competitive Advantage 23NOTE: All Value have been rounded-off to zero decimal; figures are in lakh litre per day (LLPD). FY21 FY22 FY23 FY24 FY25 10.9 12.2 14.1 14.6 15.8 20.0 20.0 22.3 24.1 24.3 10.8 12.5 13.8 16.8 17.1 Milk Procurement Processing Capacity Sales Volume Key Highlights Milk Procurement Processing capacity Sales volume Volumes in LLPD
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Ghee Cow ghee, White ghee (buffalo ghee) & Premium ghee (full boiled white ghee) Milk-Based Sweets Doodhpeda, Gulab Jamun, Sona Papidi, Milk Cake and Basundhi Ice Cream Box, bars, cones, and cups. Yoghurt Plain, Strawberry, Vanilla, Chocolate & Mango Flavored Milk Badam, Strawberry, Pista, Chocolate Comprehensive Product Portfolio 24 Curd Sachet Curd, Bucket Curd, Cup Curd Butter Milk and Sweet Lassi Jeera buttermilk, Sweet lassi & Mango lassi Pasteurized Pouch Milk Full cream, Standardized Milk, Toned UHT Milk Toned, Double Toned Paneer & Cheese Paneer And Mozzarella Cheese
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Seasonality Factor 25 14.8 14.3 12.8 13.5 15.9 16.9 17.5 16.717.6 17.1 16.3 18.7 19.5 Q1 Q2 Q3 Q4 17.2 FY23 FY24 FY25 FY26 10.4 10.9 10.5 10.811.1 10.9 10.7 10.811.3 11.6 11.711.9 13.1 Q1 Q2 Q3 Q4 11.6 426 292 260 318 440 309 292 360 467 324 307 383 452 360 Q1 Q2 Q3 Q4 Milk Procurement LLPD Milk Sales LLPD Curd Sales MTPD The business in the dairy sector is influenced by two primary seasonal factors: Supply Dynamics: The peak procurement cycle, also known as the "flush season," aligns with a period of abundant milk supply. During this time due to favorable procurement conditions, dairy companies build up their inventory in order to cater their future requirements. Demand Dynamics: Consumer demand for dairy products is significantly affected by climatic conditions, especially for Value-Added Products (VAP) like curd and ice cream. Demand surges during the summer months when these products are highly popular, but it typically declines in winter. The interplay of these seasonal factors means that a dairy company, like Dodla, can achieve peak capacity utilization of around 80%. 2,290 1,858 2,586 1,953 1,863 2,217 3,139 3,779 2,812 2,841 3,516 2,901 Q1 Q2 Q3 Q4 1,727 1,533 VAP Sales (in ₹ Mn)
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Board of Directors 26 Dodla Sesha Reddy Chairman & Non-Executive Director He has more than 60 years of experience in various industrial facets like Engineering, Paper, Construction and Dairy. Dodla Sunil Reddy Managing Director He has been leading the Company since incorporation as MD and has put up more than 25 years of experience in the Dairy business. Madhusudhana Reddy Ambavaram Whole-time Director He has over 30 years of experience in the entire gamut of HR functions. He is the state committee member of Employers Federation of Southern India (EFSI) for the state of Telangana and Andhra Pradesh. Akshay Tanna Non-Executive Non-Independent Director He is currently Partner and Head at KKR India Private Equity. Before joining KKR, Mr. Tanna spent over 13 years with TPG and was most recently a partner in its India office. Raja Rathinam Independent Director He has more than 40 years of experience in the Dairy industry. He was also a consultant for the World Bank in relation to their Jeevika livelihood promotion project Vinoda Kailas Independent Director She holds a Bachelor’s degree in Computer Science Engineer from NIT Warangal (erstwhile REC Warangal). She has over 16 years of experience in designing and implementing largescale IT solutions for clients in the US and Europe. Rampraveen Swaminathan Independent Director He has two decades of global business leadership experience spanning the Automotive, Energy and Paper sectors. Raman Tallam Puranam Independent Director With a background in commerce and extensive experience in financial services, he has held leadership roles in SBI Capital Markets Limited and Sundaram Asset Management Company Limited.
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Strong Management Team 27 BVK REDDY Chief Executive Officer MURALI MOHAN RAJU R Chief Financial Officer BVK REDDY- Chief Executive Officer RAKESH RAMNANI Head Sales & Marketing MOHANA KUMAR RETURI Head Quality a VCS REDDY Head Materials KRISHNA PRASAD Head IT RAVI. P Head of Project SURESH SUBRAMANIAN Head Procurement A MA MADHUDHUSUDHANA REDDY Head HR & Legal RAJANI KUMAR K V V S Head Production SRI HARI REDDY Head Operations of Uganda & Kenya NARAHARI N Head Operations Orgafeed Pvt LTD SURYA PRAKASH M Company Secretary and Compliance Officer 29+ Years Average Management Experience in Diversified Industries 34 Years Average Employee Age 450+ Professionals 3,142 Total Head Count 5 Years Average Employee Experience K. BALAKRISHA REDDY Chief Operating Officer, OSAM
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Competitive Advantages
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Key Strengths 29 Feed plant 2 Feed plants International Presence Operations in Uganda and Kenya Branding Higher B2C Sales through strong branding Production Capacity 18 processing plants Strong distribution network 15 States engaged in our strong distribution network Consistent product quality An extensive Product Portfolio (Milk-Based value-added Products) Strong Presence End to end integrated dairy company in South India
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Stringent Quality Control Procedures 30 Procurement Stage VLCCs equipped with GPRS enabled electronic milk analyzers which test for the fat and solid not fat (SNF) content of the raw milk Tests conducted at VLCCs for color and smell for segregation of poor quality of raw milk Quality checks documented in a quality manual to ensure raw milk meeting standards for further processing is procured Well Defined Quality and Food Safety Procedures at Various Stages from Procurement to Distribution UNBS Permits QUALITY CERTIFIED PRODUCTS AND PROCESSING PLANTS Quality certified products and processing plants Processing Stage At chilling centers and processing plants, the raw milk undergoes adulteration tests and neutralizer tests to detect contaminants FT-1 Milko-scanner at Hyderabad – enables conduct of 26 adulterant tests automatically Well-defined and documented quality system, monitored at various stages
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Focused Engagement and Long-Term Relationship with Dairy Farmers 31 Money paid directly to farmers in their bank accounts once every 10 to 15 days ~96% of total farmers payment covered as of Q2FY26 Company has VLCCs equipped with GPRS enabled Electronic milk analyzers & Weigh scales This Enables testing of quality and quantity of raw milk procured Incorporated Orgafeed Private Limited to help provide cattle feed to farmers through own procurement network Payments adjusted against value of raw milk supplied Organize training camps to educate about ways to prevent common ailments for cattle Facilitate sanction of loans from regional banks to invest into cattle Regular direct payment Tie up with veterinarians Transparency in procurement Supply cattle feed Facilitate bank loans
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Investment Rationale 32 01Integrated supply chain Strong Direct procurement model, eliminating middleman, reducing the cost of primary raw material and maintaining relationship with farmers 02 Automated Plants Fully automated plants leading to improved operational efficiencies and reduce operating costs 03 Backward integration Presence in cattle feed business through its subsidiary, leveraging existing supply chain resulting in better margin profiles for business 04 Proven track record Proven track record of successfully integrating organic and inorganic assets with existing operations leading to substantial growth 05 Robust balance sheet Strong cashflows led to robust balance sheet giving financial flexibility for future growth of company 06 Multiple growth levers Strong growth potential in VAP, Overseas & Orgafeed businesses, which in turn is expected to result in margin expansion
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Dodla’s ESG Commitment 33 Energy and Emissions Management We’ve made significant strides in integrating renewable energy into our operations. Solar panels at our plants now supply 14% of our power, and in 2024–25 we consumed 20,522 GJ from renewables Additionally, we convert ETP sludge biogas to fuel cafeteria kitchens, turning waste into resources. These efforts reduce reliance on conventional energy and cut carbon emissions Since last year, we’ve also begun piloting electric four- and two-wheelers for secondary milk transport. Our progress was recognized with the 25th National Award for Excellence in Energy Management 2024 from CII Water Stewardship Water plays a crucial role in every aspect of our dairy operations, from equipment cleaning to processing and hygiene. We prioritise the closed-loop use of water In 2024-25, we treated and recycled Standalone 606,145.92 kL of water through our Effluent Treatment Plants (ETPs). This water was repurposed for activities such as cleaning, flushing toilets, floor washing, maintaining gardens, and other non-potable applications By reducing water usage per litre of milk processed from 1.07 to 1.06 litres, we have not only conserved a vital resource but also improved operational efficiency, even with the added costs of treatment and monitoring Waste Management Our Company has introduced a structured waste recycling process to minimise waste generation and optimise resource use From packaging to organic waste, we focus on reducing landfill impact and enhancing resource efficiency
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Way Forward
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Strategic Priorities 35 Expanding Our Production Capacity Deepening Our Direct Procurement Model Strengthening the Brand and Expanding Reach Focusing on VAP Products
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Value-added Products (VAP) Trajectory 36 4,324 5,254 6,957 8,181 9,735 FY21 FY22 FY23 FY24 FY25 The rapid economic growth and urbanization have resulted in a fundamental shift in consumer preferences and food preferences Consumer desire for branded, healthier, and more nutritional alternatives is growing Rising disposable incomes driving demand for value added dairy products Post COVID-19 pandemic, structural changes occurred in consumer pattern a result of heightened hygiene awareness, which benefits the organized dairy industry VAP Sales (in ₹ Mn)* The company already has a strong distribution network in southern states for milk as well as value added products through which it can roll out existing and upcoming products Strong distribution network Dodla Dairy is investing heavily in expanding its range of value-added products, a move that is anticipated to boost margins. The company has been proactive in identifying and responding to customer preferences. It has invested significantly in value-added products such as Curd, Ice Creams, Flavored Milk, Lassi, Butter Milk, Yoghurt, SMP to name a few. Vast VAP Portfolio Factors Driving the VAP Growth *Excluding Ghee and Butter Sales
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Raising the Visibility Quotient – TV and other mediums 37 Brand Building Initiatives Aired television commercials (TVC) on leading regional TV channels and popular digital platforms for the first time, capturing the celebratory spirit of consumers Penetrate deeper in the market through the go-to-market strategy resulting strong brand recall & enhanced consumer delight Kannada TVC and Channels Telugu TVC and Channels NOTE: The Brand Names and Logos mentioned are the property of their respective owners and are used here for identification purposes only Bus Branding New Advertising Avenues - Weather Reports
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Raising the Visibility Quotient – TV and other mediums 38 TV Show NOTE: The Brand Names and Logos mentioned are the property of their respective owners and are used here for identification purposes only Promotional Q- Com Promo
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Enhancing brand presence on Social Media 39
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Expanding footprint across E–commerce and Modern trade 40 NOTE: The Brand Names and Logos mentioned are the property of their respective owners and are used here for identification purposes only
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Historical Financials
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42 Average Milk Procurement (in LLPD) Average Milk Sales (in LLPD) Curd Sales (in MTPD) VAP Sales (in INR Mn) VAP Sales grew by 27% CAGR during FY2021-25 period Year-wise Historical Operational Highlights 27.2 25.2 26.6 28.3 35.0 10.8 12.5 13.8 16.8 17.1 FY21 FY22 FY23 FY24 FY25 8.5 9.3 10.7 10.9 11.6 FY21 FY22 FY23 FY24 FY25 223.8 269.8 323.8 349.9 370.0 FY21 FY22 FY23 FY24 FY25 4,865 5,878 7,408 8,619 12,572 FY21 FY22 FY23 FY24 FY25 % Sales Contribution Key Insights
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43 Margin Accretive Growth Over The Years Key Insights ▲13% CAGR (FY21-25) 19,440 37,201 FY21 FY25 EBITDA (in ₹ Mn & Margin %) ▲12% CAGR (FY21-25) 2,425 3,808 FY21 FY25 Debt to Equity 0.18 0.03 FY21 FY25 12.5 10.2 ▲18% CAGR (FY21-25) Consistent growth has been driven by a strategic blend of organic and inorganic initiatives, supported by strong execution capabilities As on 31st March 2025, the company continues to have a net debt free status (Net Cash position) and a healthy ROCE of 24.4% PAT (in ₹ Mn & Margin %) ▲20% CAGR (FY21-25) 1,260 2,599 FY21 FY25 6.5 7.0 Revenue (in ₹ Mn) % %
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44 Average Milk Procurement 17.1 LLPD ▲ 1.7% YoY Average Milk Sales 11.6 LLPD ▲ 6.7% YoY Curd Sales 370.0 MTPD ▲ 5.7% YoY Value Added Products ₹ 12,572 Mn ▲ 45.9%YoY Financial Highlights 19,440 22,434 28,120 31,255 37,201 FY21 FY22 FY23 FY24 FY25 5,931 6,172 6,711 8,434 10,211 FY21 FY22 FY23 FY24 FY25 2,425 2,107 1,913 2,890 3,808 FY21 FY22 FY23 FY24 FY25 30.5 27.5 23.9 27.0 27.4 12.5 9.4 6.8 9.2 10.2 6.5 5.9 4.3 5.3 7.0 1,260 1,328 1,223 1,668 2,599 FY21 FY22 FY23 FY24 FY25 Contributing 35% to the Topline FY25 Operating Revenue (in ₹ Mn) Gross Profit (in ₹ Mn & Margin %) EBITDA (in ₹ Mn & Margin %) PAT (in ₹ Mn & Margin %) % % %
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Consolidated Profit & Loss Statement 45 Particulars (in ₹ Mn) FY25 FY24 FY23 FY22 FY21 FY25 FY24 FY23 FY22 FY21 Revenues 37,201 31,255 28,120 22,434 19,440 100.0 100.0 100.0 100.0 100.0 Cost of Goods Sold 26,990 22,821 21,409 16,262 13,509 72.6 73.0 76.1 72.5 69.5 Gross Profit* 10,211 8,433 6,711 6,172 5,931 27.4 27.0 23.9 27.5 30.5 Gross Profit margin 27.4% 27.0% 23.9% 27.5% 30.5% Employee Expenses 1,599 1,360 1,191 1,024 898 4.3 4.4 4.2 4.6 4.6 Other Expenses 4,804 4,184 3,607 3,040 2,608 12.9 13.4 12.8 13.6 13.4 EBITDA 3,808 2,888 1,913 2,107 2,425 10.2 9.2 6.8 9.4 12.5 EBITDA margin 10.2% 9.2% 6.8% 9.4% 12.5% Depreciation & Amortization 746 701 612 524 507 2.0 2.2 2.2 2.3 2.6 EBIT 3,062 2,188 1,301 1,584 1,917 8.2 7.0 4.6 7.1 9.9 Finance Cost 37 24 12 65 119 0.1 0.1 0.0 0.3 0.6 EBT before Other Income 3,025 2,164 1,289 1,519 1,798 8.1 6.9 4.6 6.8 9.3 Other Income 533 274 230 137 64 1.4 0.9 0.8 0.6 0.3 EBT after Other Income 3,558 2,438 1,519 1,656 1,862 9.6 7.8 5.4 7.4 9.6 Tax 958 770.56 296 327 602 2.6 2.5 1.1 1.5 3.1 PAT 2,599 1,667 1,223 1,328 1,260 7.0 5.3 4.3 5.9 6.5 PAT margin 7.0% 5.3% 4.3% 5.9% 6.5% EPS (in INR) 43.3 28.0 20.39 22.24 22.33 Common Size
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Consolidated Balance Sheet 46 Equity & Liabilities (in ₹ Mn) FY25 FY24 FY23 FY22 FY21 Equity 14,060 11,389 9,722 8,432 6,580 Non-current Liabilities 757 767 636 576 1,197 Current Liabilities 2,491 2,621 2,156 1,877 1,946 Total Liabilities 3,247 3,388 2,792 2,453 3,143 Total Equity and Liabilities 17,307 14,777 12,514 10,884 9,722 Assets (in ₹ Mn) FY25 FY24 FY23 FY22 FY21 Non-current Assets 8,063 7,693 7,775 6,869 5,703 Current Assets 9,244 7,084 4,739 4,015 4,019 Total Assets 17,307 14,777 12,514 10,884 9,722 Key Insights The Company enjoys a net debt free status and is steadily expanding its capabilities and capacities which is reflected in the growth of current assets from FY21- FY25
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47 Networth (in ₹ Mn) & ROCE (%) Cash & Cash Equivalent (in ₹ Mn) & ROE % Debt (in ₹ Mn) & Debt / Equity Receivable Days / Payable Days /NWC Days Key Ratios – Full Year NWC Days 4 5 0 40 2 6,580 8,432 9,722 11,389 14,060 FY21 FY22 FY23 FY24 FY25 2,849 3,162 3,847 2,996 7,456 FY21 FY22 FY23 FY24 FY25 986 129 323 458 424 FY21 FY22 FY23 FY24 FY25 24.7 19.2 14.9 20.4 24.4 23.1 17.6 13.5 15.8 20.4 0.18 0.02 0.04 0.04 0.03 23 23 22 24 21 1 1 1 1 1 FY21 FY22 FY23 FY24 FY25 Payable Days Receivable DaysPayable Days Receivable Days % % Healthy growth leading to high capital efficiency and low debt levels Note: Cash & Cash Equivalent = Cash balance + Bank balance + Current Investments + Non-Current Investment. (The company is including Non-current investments as they are liquid in nature) ROCE = EBIT / Total Capiral Employed. (EBIT = PBT + Finance Cost) & (Total Capital Employed = Total Equity + Total Debt (Including Lease) + Deffered tax) ROE = PAT / Average Total Equity) Key Insights
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Key Investors as on 30th September 2025 (% of Total Equity) SBI Mutual Funds 7.91 DSP Small Cap Fund 6.60 Bharat Biotech International Ltd 3.36 Steinberg India Emerging Opportunities Fund 1.49 Ashoka Whiteoak India Opportunities Fund 1.47 HDFC Small Cap Fund 3.72 Pinebridge Global Funds - Pinebridge India Equity 1.08 Edelweiss Trusteeship Co Ltd 1.04 B V K Reddy 1.63 Capital Market Information 48 12% 20% 9% 59% Non Institutional Mutual Funds Flls. & Foreign Companies Promoter Total Shareholders 37,000+ Shareholding Pattern as on 30th September 2025
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LLPD MTPD UHT milk VLCC DRP FII VAP MT LPALakhs Liter per day Metric Tonnage Per Day Village Level Collection Centers Dodla Retail Parlours Ultrahigh Temperature Processed Milk Liters Per Annum Metric Ton Value- added Product Foreign Institutional Investor Glossary 49
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Investor Relations Advisor: Strategic Growth Advisors Pvt Ltd. CIN: U74140MH2010PTC204285 Shikha Puri / Dharmik Kansara Email id: shikha.puri@sgapl.net / dharmik.k@sgapl.net Tel No: +91 9819282743 / +91 7208179323 Company: Dodla Dairy Limited CIN: L1509TG1995PLC020324 Surya Prakash Mungelkar Email id: investorqueries@dodladairy.com Tel No: +91 40 4546 7777 For More Details Contact us: