Parag Milk Foods Limited has approved a ₹105 crore brownfield expansion to double its cheese manufacturing capacity, appointed Rakesh Kothari as its new Chief Financial Officer (CFO), and announced its Q1 FY27 financial results, according to a regulatory filing with the BSE and NSE.
The decisions were approved by the company’s Board of Directors at its meeting held on August 6, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
₹105 Crore Investment to Double Cheese Capacity
The Board approved the expansion of the company’s cheese manufacturing facility by adding 60 metric tonnes (MT) per day, increasing total production capacity from 60 MT/day to approximately 120 MT/day.
Expansion Details
| Particular | Details |
|---|---|
| Existing Capacity | 60 MT/day |
| Proposed Addition | 60 MT/day |
| Total Capacity After Expansion | 120 MT/day (Approx.) |
| Investment | ₹105 crore |
| Completion Timeline | By FY2027-28 |
| Funding | Internal accruals, borrowings and/or lease |
The company said the expansion is aimed at supporting its long-term growth strategy, with the existing cheese manufacturing facility currently operating at near full utilisation.
Rakesh Kothari Appointed CFO
Parag Milk Foods has appointed Rakesh Kothari as its Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) with effect from August 7, 2026.
Kothari has more than 25 years of experience across banking and corporate finance and currently serves as President – Finance & Accounts at the company. Prior to joining Parag Milk Foods, he worked with Citibank and Sadhana Nitro Chem.
Following the appointment:
- Pritam Shah has been relieved of his additional responsibilities as Interim CFO effective August 6, 2026.
- He will continue as the company’s Managing Director and Key Managerial Personnel.
Q1 FY27 Financial Performance
Standalone Results
Parag Milk Foods reported:
| Particular | Q1 FY27 | Q1 FY26 | YoY |
|---|---|---|---|
| Revenue from Operations | ₹920.47 crore | ₹830.52 crore | 10.8% |
| Total Income | ₹922.63 crore | ₹835.49 crore | 10.4% |
| Profit After Tax | ₹25.43 crore | ₹32.35 crore | -21.4% |
| EPS | ₹2.03 | ₹2.71 |
Consolidated Results
| Particular | Q1 FY27 | Q1 FY26 | YoY |
|---|---|---|---|
| Revenue from Operations | ₹944.57 crore | ₹851.52 crore | 10.9% |
| Total Income | ₹945.98 crore | ₹859.16 crore | 10.1% |
| Profit After Tax | ₹22.05 crore | ₹27.58 crore | -20.1% |
| EPS | ₹1.76 | ₹2.31 |
Despite healthy revenue growth, profitability moderated due to higher operating expenses and finance costs.
Auditor’s Review
Statutory auditor Sharp & Tannan issued an unmodified limited review report for both the standalone and consolidated financial results, stating that no material misstatements were identified.
Key Highlights
- ₹105 crore investment approved for cheese capacity expansion.
- Cheese production capacity to increase from 60 MT/day to 120 MT/day.
- Expansion expected to be completed by FY2027-28.
- Rakesh Kothari appointed as CFO effective August 7, 2026.
- Standalone Revenue: ₹920.47 crore (+10.8% YoY).
- Standalone PAT: ₹25.43 crore.
- Consolidated Revenue: ₹944.57 crore (+10.9% YoY).
- Existing cheese facility operating at near full capacity.
