It’s an aggressive line of action for FY27. The company is after a 20 per cent lift in top-line numbers to more than Rs 24,000 crore as it moves past its home turf in the capital. To make sure demand stays up, they are counting on a mix of new capacity, wider reach and steady pricing. “The first two months have been good,” says Managing Director Jayateertha Chary. He points to last month’s ice cream run as proof of where the consumer is at, with healthy numbers across the board as the summer gets here.
Expansion to rebalance revenue mix
Most of the business is still in the capital. In 2025-26, 63 per cent of what we made came from Delhi-NCR. Chairman Meenesh Shah is keen to change that narrative and be seen as something other than a NCR-only brand, so we will be in states where we aren’t today. You can see the move in the works: a new plant of our own in Maharashtra, one on lease in Hyderabad and another being put in place in Bihar. Distribution is now in 95-odd cities, and we have you covered in every metro and tier-II market.
FY26 base and product engines
We are building on a solid foundation. Turnover in 2025-26 was Rs 20,300 crore, up 17 per cent. If you look back five years, we have more than doubled to cross the Rs 20,000 crore mark. Dairy is the heart of it, with over Rs 15,000 crore in 2025-26. Then you have edible oils and horticulture chipping in some Rs 5,000 crore. As for the Mother Dairy label, we are moving 55 lakh litres of fresh milk a day, 35 of which is in the NCR alone. For oils, we have the Dhara brand. Under Safal, you’ll find everything from fresh produce to frozen veg, snacks and pulps. All told, we have nine milk processing units, four for horticulture and 16 associated ones for oil.
Pricing signal and supply outlook
We put up the retail price of milk by Rs 2 a litre on May 14th and don’t see any need to do it again right away. “That was the first time in a year and it was to cover input costs,” Shah says. “No plans to pass on more to the consumer for now.” Farmer procurement has been up some 6 per cent or so. But even with the revision, we are putting 75-80 per cent of our realisation back to them, so it is only a partial pass-through.
On the supply side, we are in a good spot. Even with a monsoon that may be below par, I don’t see a national shortage coming. Any hiccups in one area can be made up from another. India should put out 4-6 per cent more milk this year on a 250 million tonne base. Production is in step with what people are buying, and I am confident we can handle the demand for the next decade or so. The government is also doing its part with animal health and growing the co-ops.
What to watch in FY27
If you want to know what will make or break the plan for FY27, it is in how well we diversify geographically, grow volume outside Delhi and hold the line on price. We have to be sharp on capacity and city-level distribution to de-concentrate the NCR numbers. Here is what to look for in the coming quarters: – Revenue: in excess of Rs 24,000 crore for FY27 – New ground: Maharashtra, Hyderabad, and a second in Bihar – Reach: 95+ cities, including all the metros and tier-IIs – On price: nothing more after the May 14th move For the buyer, it means you can count on access and fair value, especially on the milk front. For us, the early signs in FY27 – like the kind of ice cream we sold last month – tell us the push is working at the register.
