Mother Dairy officially crossed the ₹20,000 crore milestone, reporting a total turnover of ₹20,300 crore for the fiscal year ending March 31, 2026 (FY26).
The results, announced by the company’s new Managing Director, Jayateertha Chary, on Wednesday, April 22, 2026, show a 17% year-on-year (YoY) growth, doubling the company’s revenue in just five years.
1. FY26 Financial Highlights
The growth was driven by a surge in demand for value-added dairy products and the sustained performance of its edible oil brand, Dhara.
| Metric | FY2025-26 Performance | Change (YoY) |
| Total Turnover | ₹20,300 Crore | ▲ 17% |
| Dairy Business | ₹15,000 Crore+ | Core Driver |
| Oils & Horticulture | ~₹5,000 Crore | Diversification |
| Quick Commerce Share | 5% of Total Revenue | Digital Adoption |
- Volume Growth: The milk business outpaced the industry with an 11% rise in volumes.
- Regional Dominance: The Delhi-NCR region remains the stronghold, contributing 63% of the total revenue.
- Segment Contributions: Value-added products (curd, ice cream, etc.) contributed over 23%, while edible oils accounted for 25% of the turnover growth.
2. The “No Price Hike” Commitment
In a move that contrasts with several competitors, Mother Dairy announced it is not contemplating any increase in milk prices at this time, despite significant inflationary pressure.
- Cost Absorption: The company is currently absorbing a 20% spike in packaging material costs and higher milk procurement expenses (which rose by ₹3–4 per litre in the March quarter).
- Consumer Trust: Management attributed the performance to “consumer trust” and stated they would prioritize market share and affordability over immediate margin expansion.
3. Future Outlook & Expansion
Mother Dairy has set an ambitious 20% revenue growth target for the current fiscal year (FY27), aiming for a turnover of ₹24,000 crore.
- ₹2,000 Crore Capex: The company is progressing with a massive capital expenditure plan to set up new dairy and horticulture plants in Maharashtra, Gujarat, Bihar, Andhra Pradesh, and Uttar Pradesh. These are expected to be ready by late 2027.
- Product Innovation: While not entering new segments, the company is widening its existing range, recently launching ‘raita’ and various new ice cream variants.
- Digital Push: With quick commerce already bringing in 5% of sales, the company expects digital channels to be a major growth lever as it expands its distribution to 95+ cities.