• Q1 growth drivers: Revenue grew 44% year-on-year, driven by strong growth in value-added products including paneer (34%), cheese (38%), ice cream (60%), and the Greek yogurt/protein segment (over 150%).
• EBITDA margin outlook: Management expects to sustain EBITDA margins within the 14% to 15% range, supported by an exclusive focus on its 22 value-added product categories without any presence in pouch milk.
• Milk procurement costs: Regional wholesale price hikes will have minimal impact because the company already pays farmers ₹42 to ₹43 per liter, while maintaining category-specific pricing flexibility to protect profitability.
• Capacity utilization headroom: Large operational headroom remains across all 22 categories, with current capacity utilization at 50% for paneer, 30% for ice cream, and 20% for the newly commissioned cheddar cheese plant.
• Festive season projections: Management anticipates roughly ₹150 to ₹200 crore in additional revenue during the H2 festive period, driven by peak demand for ghee, butter, and cheese that can be met using existing capacity.