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Parag Milk Foods Stock Fundamental Analysis - Financial Results & Equity Research | Invest Yadnya Stock-o-Meter

Parag Milk Foods





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Sector: Refineries

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The company was incorporated as Parag Milk & Milk Products Private Limited on December 29, 1992 with the registrar of companies at Mumbai with its registered office at Pune as a private limited company under the Companies Act, 1956. The name of the company was changed to Parag Milk Foods Private Limited and a fresh certificate of incorporation consequent upon change of name was granted by the Registrar of Companies, Maharashtra at Pune (RoC) on April 11, 2008. The company was converted into a public limited company pursuant to approval of the shareholders at an extraordinary general meeting held on May 16, 2015. Consequently, the name of the company was changed to Parag Milk Foods Limited and a fresh certificate of incorporation consequent upon conversion to a public limited company was granted to the company by the RoC on July 7, 2015.

The company is one of the leading manufacturers and marketers of dairy-based branded foods in India. It commenced its business in 1992 with collection and distribution of milk and have now developed into a dairy-based branded consumer products company with an integrated business model, manufacturing a diverse range of products including cheese, ghee (clarified butter), fresh milk, whey proteins, paneer, curd, yoghurt, milk powders and dairy based beverages targeting a wide range of consumer groups through several brands. A significant portion of its product range includes long shelf-life food and beverage products that enable it to sell its products to retail and institutional customers across India. It derives all of its products only from cows’ milk. Gowardhan and Go, its flagship brands, are among the leading ghee, cheese and other value added product brands in India.

The company’s supply chain network includes procurement from various districts across Maharashtra, Andhra Pradesh, Karnataka and Tamil Nadu, through over thousands of village level milk collection centres. It procures milk from milk farmers and through chilling centres and bulk coolers. The company also has dedicated sales and marketing team comprising several personnel based in its key distribution centres. Some of its leading institutional customers include leading restaurant and cafe chains such as Yum! Restaurants (India) (for Pizza Hut, Taco Bell and KFC), Jubilant Foodworks (for Domino‘s Pizza) and Sankalp Recreation (for Sam’s Pizza).

Business area of the company

The Company is engaged in the business of procurement of cow milk mainly in western and southern region, undertakes processing of milk and manufacture of various value added products namely cheese, butter, ghee, fresh cream, milk powder, flavoured milk, lassi, curd etc. which are marketed under its registered brand name ‘Gowardhan’, ‘Go’, ‘Topp up’ and ‘Avvatar’.


Brand - Gowardhan

  • Fresh Milk
  • Ghee
  • Paneer
  • Dahi
  • Butter
  • Indian Desserts
  • Dairy Whiteners

Brand - GO

  • UHT Milk 
  • Cheese
  • Go Buttermilk
  • Go Lassi
  • Go Badaam Milk
  • Topp up
  • Go Fresh Cream
  • Health and Nutrition

Brand - Pride of Cows

  • Premium Farm-to-home Milk

Brand- Avvatar

  • Sports Nutrition Products


  • 1992: Founded by Mr. Devendra Shah and his family in 1992, Parag is strategically located in the milk belts at Manchar, Maharashtra and Palamner, Andhra Pradesh. An initial milk procurement of 20 thousand litres per day.
  • 1994: Product Introduction - Cow Milk
  • 1998: Manchar VAP plant commissioned; production of ghee and butter under 'Gowardhan' brand
  • 1998: Product Introduction - Toned Milk
  • 1999: Product Introduction - Skim Milk Powder and Ghee
  • 2000: Cheese production on a small scale
  • 2000: Product Introduction - Gulab Jamun Mix and Double Toned Milk
  • 2000: In the same year, exports to Southeast Asia, the Middle East and Africa
  • 2001: Product Introduction - Dairy Whitener
  • 2002: Product Introduction - Cheese Powder
  • 2004: Product Introduction- Whole Milk Powder and Butter
  • 2005: Product Introduction - Chaas
  • 2005: Became the largest exporters of dairy commodities from India with around 95% of products manufactured and exported
  • 2005: Launch of own dairy farm, Bhagyalakshmi
  • 2008: Established as the leading brand of Cheese in Food service business
  • 2008: Investment by Motilal Oswal PE; plan for new cheese plant
  • 2010: Plan launched for Palamaner plant; launch of yoghurt and cheese products
  • 2011: Launch of UHT milk and paneer, 'Pride of Cows' brand
  • 2012: Investment by IDFC Alternatives
  • 2014: Launch of Whey Products
  • 2015: Parag got its corporate identity as Parag Milk Foods Limited.
  • 2016: Parag Milk Foods Limited got listed on the bourses.
  • 2017: Launched 100% whey protein under the brand name ‘Avvatar’.
  • 2018: Expanded Health & Nutrition product category further under Avvatar & Go Protein Power.
  • 2019: Expanded fresh products business in the Northern & Eastern regions of the country
  • 2019-20: Launched new variants such as Go Cheese Pizza Blend, Go Cheese Four Cheese, as well as Go Cheese (plain) Processed Angles and Go Cheese Jalapeno slices.
Brands Of Parag Milk Foods

Brands Of Parag Milk Foods



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