Slides
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Dodla Dairy Limited Investor Presentation Q3 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 Q3FY26 9MFY26 Q3FY26 9MFY26 Q3FY26 9MFY26 ₹ 10,250 Mn ₹ 30,507 Mn ₹ 793 Mn 7.7% Margin ₹ 2,546 Mn 8.3% Margin ₹ 687 Mn 6.7% Margin ₹ 1,972 Mn 6.5% Margin Revenue EBITDA PAT Q3 & 9M FY26 Performance (on a consolidated basis)
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Management commentary 4 Mr. Dodla Sunil Reddy Managing Director “In Q3 FY26, Dodla Dairy continued its revenue growth momentum, delivering a topline of ₹10,250 million, reflecting a healthy YoY growth of 13.7%. While volume growth remained robust, margins were under pressure during the quarter. Multiple factors like higher procurement cost, early onset of winters, negligible levels of Bulk sales, and some margin compression in Africa and Orgafeed segments, weighed on our profitability. We also recognized a one-time provision of approximately ₹57 million during the quarter towards the revised labour code guidelines. This was counterbalanced by a positive impact of Tax reversal of ₹219 million. Looking ahead, we remain confident about the Company’s growth trajectory. Our Maharashtra expansion project is progressing in line with the planned timelines. Civil work is on track and approximately ₹690 million of capital expenditure has already been deployed. In parallel, we have made decent progress in strengthening operational efficiencies in our OSAM business, driven by significant quality enhancements and successful infrastructure upgrades. We also see strong long-term growth opportunities in the East African dairy market. In line with this vision, we are planning a greenfield capacity expansion in Uganda. We have secured a land parcel of approximately 70 acres, and the total estimated capital outlay for the project is expected to be in the range of ₹500–600 million, to be incurred over the next two years. Together, these initiatives reinforce our commitment to disciplined capital allocation, sustainable growth, and long-term value creation for all our stakeholders.”
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Executive Summary for Q3FY26 (consolidated) 5 1. Volume Highlights Milk Procurement volume of 18.3 LLPD up 7.5% YoY Milk Sales volume stood at 13.9 LLPD, an increase of 19.6% on a YoY basis 2. Value Added Products Impact Total Value-Added Products sales stood at ₹ 2,581 Mn (25% of total sales) as against ₹ 2,812 Mn (32% of revenue) in previous year Amongst VAP products, bulk sales for SMP and butter was only ₹ 1 Mn in Q3 FY26 against ₹ 720 Mn Q3 FY25 VAP contribution excluding bulk sale stood at ₹ 2,580 Mn (25% of total sales) as against ₹ 2,092 Mn (23% of revenue) in previous year Curd sales volume continues to remain healthy High margin products like lassi, ghee, buttermilk, ice cream, etc. had a lower contribution QoQ due to the seasonality impact of early winter. On a YoY basis, it continues to deliver healthy growth 3. Milk Price Impact Unusually this flush season, there was an increase in milk procurement prices due to an overall shortage of milk supply in the industry; led by erratic rainfall A proportionate increase in selling price was not taken to maintain market share These price movements are in line with the overall industry trend and resulted a lower gross profit margins for the quarter India Dairy Business Highlights Milk Procurement prices grew faster as compared to the realization prices Uptick in expenses impacting Profitability Exceptional items: ₹ 57 Mn of one-time impact in Q3 FY26 due to change in labor code guidelines 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 ₹ 219 Mn of tax reversal received during the quarter positively impacting the PAT margins Orgafeed Business Highlights Consistent double-digit YoY growth; Revenue for the quarter grew by 16.0% EBITDA margin stood at 11.6% Raw material price grew faster than the selling price, leading to margin compression Africa Business Highlights Healthy revenue growth of 34.5% YoY. However, margins remained under pressure on a YoY basis, due to current focus on gaining market share in Kenya by strategically pricing the products Procurement cost remained higher Milk Pirce Per Liter (₹) Q3 FY26 Q3 FY25 YoY Q2 FY26 QoQ Realization price 57.68 54.97 4.9% 57.01 1.2% Procurement price 39.83 35.62 11.8% 37.29 6.8%
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6 Operating Revenue (in ₹ Mn) (in ₹ Mn Financial Highlights Consolidated (Q3 & 9M FY26) 28.2 27.7 26.0 10.6 9.1 7.7 7.1 6.4 6.7% 9,012 10,188 10,250 Q3FY25 Q2FY26 Q3FY26 2,543 2,820 2,665 Q3FY25 Q2FY26 Q3FY26 959 928 793 Q3FY25 Q2FY26 Q3FY26 636 657 687 Q3FY25 Q2FY26 Q3FY26 % Gross Profit (in ₹ Mn & Margin %) EBITDA (in ₹ Mn & Margin %) PAT (in ₹ Mn & Margin %) % Q3FY26 28,104 30,507 9MFY25 9MFY26 7,739 8,081 9MFY25 9MFY26 2,973 2,546 9MFY25 9MFY26 1,920 1,972 9MFY25 9MFY26 Operating Revenue (in ₹ Mn) Gross Profit (in ₹ Mn & Margin %) EBITDA (in ₹ Mn & Margin %) PAT (in ₹ Mn & Margin %) 27.5 26.5 %%% 10.6 8.3 6.8 6.5 9MFY26
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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 7.5% and 19.6% on a YoY basis respectively. This includes volume growth of Dodla as well as inclusion of OSAM business Curd sales volume remained healthy during the quarter with a YoY growth of 15.5% VAP product contribution stood at 25.2% mainly includes high margin products like curd, lassi, ghee, flavoured milk, ice cream, etc. and only ₹ 1 million from bulk sale as compared to ₹ 720 million in Q3FY25 Quarter-wise Historical Operational Highlights *DENOTES: Consolidated financials 17.1 16.3 18.7 18.8 17.3 0.7 1.0 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 19.5 18.3 11.6 11.7 11.9 12.4 12.7 0.7 1.2 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 13.1 13.9 307.0 383.2 452.3 16.0 Q3FY25 Q4FY25 Q1FY26 14.6 345.6 Q2FY26 338.6 Q3FY26 360.2 354.6 2,812 2,841 3,516 Q3FY25 Q4FY25 Q1FY26 148 2,753 Q2FY26 173 2,409 Q3FY26 2,901 2,581 Key Insights 32.3 32.4 36.2 29.7 25.2% Sales Contribution OSAM Contribution
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Consolidated Profit & Loss Statement 8 1. Increase in gratuity liability arising out of past service cost on account for changes in Labour laws. 2. ₹ 218.81 million of tax reversal relating to earlier year due to favourable orders at ITAT Particulars (INR in Millions) Q3FY26 Q3FY25 YoY Q2FY26 QoQ 9MFY26 9MFY25 YoY Revenues 10,250 9,012 13.7% 10,188 0.6% 30,507 28,104 8.5% Cost of Goods Sold 7,585 6,469 7,368 22,426 20,365 Gross Profit 2,665 2,543 4.8% 2,820 -5.5% 8,081 7,739 4.4% Gross Profit margin 26.0% 28.2% 27.7% 26.5% 27.5% Employee Expenses 522 401 499 1,493 1,193 Other Expenses 1,349 1,183 1,393 4,041 3,573 EBITDA 793 959 -17.3% 928 -14.5% 2,546 2,973 -14.3% EBITDA margin 7.7% 10.6% 9.1% 8.3% 10.6% Depreciation & Amortization 220 196 206 603 565 EBIT 574 764 -24.9% 722 -20.6% 1,943 2,408 -19.3% Finance Cost 8 9 8 24 28 Other Income 119 110 114 402 275 Exceptional Items1 -57 0 0 -57 0 Profit Before Tax 627 864 -27.4% 828 -24.2% 2,265 2,655 -14.7% Tax2 -60 229 171 292 735 PAT 687 636 8.1% 657 4.6% 1,972 1,920 2.7% PAT margin 6.7% 7.1% 6.4% 6.5% 6.8% EPS (in INR) 11.4 10.5 10.9 32.7 32.0 Q3FY26 Q3FY25 Q2FY26 9MFY26 9MFY25 100.0% 100.0% 100% 100% 100% 74.0% 71.8% 72.3% 73.5% 72.5% 26.0% 28.2% 27.7% 26.5% 27.5% 5.1% 4.4% 4.9% 4.9% 4.2% 13.2% 13.1% 13.7% 13.2% 12.7% 7.7% 10.6% 9.1% 8.3% 10.6% 2.1% 2.2% 2.0% 2.0% 2.0% 5.6% 8.5% 7.1% 6.4% 8.6% 0.1% 0.1% 0.1% 0.1% 0.1% 1.2% 1.2% 1.1% 1.3% 1.0% -0.6% 0.0% 0.0% -0.2% 0.0% 6.1% 9.6% 8.1% 7.4% 9.4% -0.6% 2.5% 1.7% 1.0% 2.6% 6.7% 7.1% 6.4% 6.5% 6.8% Common Size
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Dairy Product Sales Mix 9 74% 19% 7% 0% Milk sales Curd sales Other VAP Bulk Sale 68% 18% 6% 8% 70% 20% 7% 3% 65% 20% 6% 9% Q3 FY26 Q3 FY25 9M FY26 9M FY25 Note: Sales Mix does not include revenue from Orgafeed business.
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New Product Launch During the Quarter
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Key Updates During the Quarter 11 Opening of 1st Dodla Dairy Retail Parlour at Patna spearheaded by Mr. BVK Reddy BIS Certificate for Skimmed Milk Powder on occasion of World Standard Day 2025 First Dodla Retail Parlour at Patna Awards NSCI Safety Awards-2025 Certificate of Merit for 2 plants NOTE: The Brand Names and Logos mentioned are the property of their respective owners and are used here for identification purposes only Maharashtra Project on trackLand Parcel Acquired in Uganda Civil work under progress CMC Expansion CMC expansion in Telangana spearheaded by Ms. Silpa Reddy Approximately 70 Acres of land Parcel Acquire SEEM National Energy management Award
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Highest Ever Annual Performance (on a consolidated basis) 12 ₹ 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 13 India Business Founded in 1995, Dodla Dairy is an integrated dairy company based in South India. Acquisition of HR Food Processing Private Limited (OSAM), expanding geographical footprint in 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 14NOTE: All numbers above have been rounded-off 40+ Sales offices 20+ LLPD aggregate installed capacity 1,860+ Milk and milk product distributors 14 Processing plants 2,910+ Agents 1,004 Dodla Retail Parlours 100 Sales offices 26+ LLPD aggregate installed capacity 224 Chilling Centres/ Plants 2,890+ Milk and milk product distributors 18 Processing plants 7,690+ Village level collection centers 3,170+ Agents 1,074 Dodla Retail Parlours Consolidated Standalone
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Financial Performance: Snapshot 15NOTE: All numbers above have been rounded-off Consolidated (in ₹ Mn & Margin %) 10.6 9.2 8.2 9.1 7.7 9,012 9,096 10,069 10,188 10,250 959 835 825 928 793 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Revenue EBITDA Standalone (in ₹ Mn & Margin %) 10.3 8.3 6.8 9.0 6.9 8,026 8,079 9,007 8,546 8,215 826 671 615 768 570 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Revenue EBITDA % %
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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 16 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 399 Distributors 11.6% Revenue Contribution (9M FY26) Presence in Africa (Kenya & Uganda)
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Orgafeed: Snapshot 17NOTE: 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 ₹ 1,228 Mn Operating revenue in 9M FY26 ₹ 176 Mn EBITDA in 9M FY26 14.1 18.5 17.6 13.7 11.6 348 338 411 414 404 49 63 72 57 47 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Revenue EBITDA %
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Processing Plants: India and Africa 18Maps 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 19*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 20 Pan-Regional Manufacturing Presence Integrated Procurement and Processing Model Presence Across Dairy Value Chain (Including OSAM Acquisition) Procurement of Raw Milk from ~1.3 lakh Farmers Across 9,780+ Villages through ~ 7,690+ Village- Level Collection Centres (VLCCs) Raw Milk Directly Procured from Farmers Dairy Farm Transportation from Villages through 901 Primary Vehicles to 224 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 21NOTE: 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 22 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 23 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 18.3 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 13.9 Q1 Q2 Q3 Q4 11.6 426 292 260 318 440 309 292 360 467 324 307 383 452 360 355 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 2,586 1,953 1,863 2,217 3,139 3,779 2,812 2,841 3,516 2,901 2,581 Q1 Q2 Q3 Q4 1,727 1,533 1,858 VAP Sales (in ₹ Mn)
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Board of Directors 24 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. Appointed as the new Managing Director of Archean Chemical Industries Limited. 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 25 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 (HR Food Processing Pvt Ltd)
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Competitive Advantages
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Key Strengths 27 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 with a growing presence across Eastern India
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Stringent Quality Control Procedures 28 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 29 Money paid directly to farmers in their bank accounts once every 10 to 15 days ~93% of total farmers payment covered as of Q3FY26 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 30 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 31 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 33 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 34 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 35 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 36 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 Product Integration on Jio-Hotstar
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Raising the Visibility Quotient – TV and other mediums 37 Events NOTE: The Brand Names and Logos mentioned are the property of their respective owners and are used here for identification purposes only Barricades TV5- Shiva Parvati Kalyanam event at Nellore At Kodanda Rama swamy Temple, Bangalore
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Enhancing brand presence on Social Media 38 Promoted the new paneer launch by social media Tapped into festive moments with social media advertisement Social Media Marketing
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Expanding footprint across E–commerce and Modern trade 39 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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41 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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42 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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43 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 44 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 45 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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46 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 31st December 2025 (% of Total Equity) SBI Mutual Funds 7.91 DSP Small Cap Fund 6.60 HDFC Small Cap Fund 6.21 Bharat Biotech International Ltd 3.36 B V K Reddy 1.63 Ashoka Whiteoak India Opportunities Fund 1.54 Steinberg India Emerging Opportunities Fund 1.49 Capital Market Information 47 12% 22% 7% 59% Non Institutional Mutual Funds Flls. & Foreign Companies Promoter Total Shareholders 35,000+ Shareholding Pattern as on 31st December 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 48
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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: