Revenue and Profit Growth
Dodla Dairy’s net sales have shown a steady upward trend, rising from ₹1,691.67 crores in March 2019 to ₹3,720.07 crores by March 2025. This represents a compound growth that underscores the company’s expanding market presence and operational scale. Despite a minor dip in fiscal 2020, likely influenced by broader economic conditions, the company rebounded strongly in subsequent years.
Operating profit margins, excluding other income, have fluctuated but generally improved, reaching 10.24% in March 2025 compared to 7.93% in March 2019. The operating profit (PBDIT) excluding other income increased from ₹134.15 crores in 2019 to ₹380.82 crores in 2025, reflecting enhanced operational efficiency and cost management.
Profit after tax (PAT) has also seen significant growth, climbing from ₹62.76 crores in 2019 to ₹259.93 crores in 2025. Correspondingly, the PAT margin improved to 6.99% in the latest fiscal year, up from 3.71% six years prior. Earnings per share (EPS) followed a similar trajectory, rising from ₹11.27 to ₹43.08, indicating increased profitability on a per-share basis.
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Cost Structure and Margins
The company’s raw material costs have generally increased in line with sales growth, reaching ₹2,467.01 crores in 2025. However, the company has managed to maintain a reasonable gross profit margin, which improved to 11.57% in the latest fiscal year from 7.71% in 2019. Other expenses have also risen but at a controlled pace, supporting the overall profitability.
Interest expenses have declined significantly from ₹11.57 crores in 2019 to ₹3.71 crores in 2025, reflecting a reduction in debt levels and improved financial health. Depreciation charges have increased moderately, consistent with asset base expansion.
Balance Sheet Strength and Asset Growth
Dodla Dairy’s total assets have grown from ₹792.59 crores in 2020 to ₹1,730.63 crores in 2025, indicating substantial investment in fixed assets and working capital. Net block of assets increased steadily, reaching ₹725.87 crores, while capital work in progress has been relatively stable.
Shareholders’ funds have expanded impressively from ₹433.50 crores in 2020 to ₹1,405.95 crores in 2025, driven by accumulated reserves and retained earnings. The book value per share has nearly tripled over this period, signalling enhanced shareholder value.
Long-term borrowings have been reduced from ₹86.72 crores in 2020 to ₹23.75 crores in 2025, reflecting a conscious effort to deleverage. Current liabilities and trade payables have increased in line with business scale but remain manageable relative to current assets.
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Cash Flow and Liquidity
Cash flow from operating activities has generally been positive and growing, with ₹519 crores generated in 2025 compared to ₹165 crores in 2020. The company has invested heavily in capital expenditure, reflected in negative cash flow from investing activities in recent years, including ₹525 crores in 2025.
Financing activities have seen modest outflows, consistent with debt repayment and limited new borrowings. Despite these investments, the company has maintained a healthy cash and bank balance, closing at ₹101.59 crores in 2025.
Overall, Dodla Dairy’s historical performance reveals a company that has successfully expanded its scale, improved profitability, strengthened its balance sheet, and maintained solid cash flow generation. These factors collectively position it well for continued growth in the competitive dairy sector.
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