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Dodla Dairy Ltd (DODLA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543306 NSE: DODLA Consumer Food | Small Cap | Dodla Dairy Share Price
₹1,083.60 -8.05 (-0.74%)
As on 11-Sep'26 16:01
Dodla Dairy Ltd (DODLA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543306 NSE: DODLA Consumer Food | Small Cap | Dodla Dairy Share Price
₹1,083.60 -8.05 (-0.74%)
As on 11-Sep'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹6,586 Cr.
Current Price
₹1,083.6
52-Week Low / High
₹955 / 1,486
TTM EPS
₹40.6
TTM Sales
₹4,316 Cr.
Book Value per Share
₹284.2
P/E Ratio
26.91
Lower than its 5-year historical median
Industry PE
51.9
Price to Book (P/B)
3.84
Lower than its 5-year historical median
Price to Sales (P/S)
1.53
Lower than its 5-year historical median
EV/EBITDA
18.33
In line with its 5-year historical median
Dividend Yield
0.46%
Profitability Efficiency
Return on Equity (ROE)
17.34%
Outperforms industry median
Return on Capital Employed (ROCE)
18.15%
Outperforms industry median
Return on Assets (ROA)
13.99%
Operating Profit Margin
7.5%
Net Profit Margin
6.47%
Gross Profit Margin
8.7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
2.4%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-18.91%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
2.72%
Asset Quality
Promoter Holding
58.92%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,654 Cr.
Equity
₹60.3 Cr.
Face Value
₹10
All Time Low / High
₹385.00 / 1522.85
Check Before You Invest
Quality
Very GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Dodla Dairy Ltd a good quality company?
Dodla Dairy Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Dodla Dairy Ltd performance compare with that of its Peers?
Revenue growth of Dodla Dairy Ltd vs industry peers?
Dodla Dairy Ltd revenue CAGR is 13.25%, compared to the industry median CAGR of 8.84%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Dodla Dairy Ltd?
Promoters hold 58.92% of the Dodla Dairy Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Dodla Dairy Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of 14.89% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Dodla Dairy Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 19.7% | 19.2% | 17.6% | 11.8% | 28.8% | 23.1% | 14% | 21.6% | 28.1% | 16.7% | - |
| Value Creation Index ⓘ | 0.5 | 0.4 | 0.3 | -0.2 | 1.1 | 0.7 | -0 | 0.6 | 1.1 | 0.2 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 1,410 | 1,537 | 1,598 | 1,988 | 1,837 | 2,096 | 2,584 | 2,907 | 3,342 | 3,422 | 3,477 |
| Sales YoY Gr. | - | 9% | 4% | 24.4% | -7.6% | 14.1% | 23.3% | 12.5% | 15% | 2.4% | - |
| Adj EPS ⓘ | 8.3 | 9.2 | 9.5 | 5.2 | 18.6 | 23 | 16 | 26 | 41 | 38.1 | 31.1 |
| YoY Gr. | - | 10.2% | 3.2% | -45.4% | 260.5% | 23.5% | -30.6% | 62.5% | 58% | -7.1% | - |
| BVPS (₹) ⓘ | 52.2 | 61.6 | 71 | 70.8 | 103.1 | 131.8 | 147.9 | 173.7 | 212.5 | 248.2 | 251.8 |
| Adj Net Profit ⓘ | 46.4 | 51.1 | 52.7 | 28.8 | 109 | 137 | 95.1 | 154 | 247 | 230 | 188 |
| Cash Flow from Ops. ⓘ | 59.8 | 82.8 | 118 | 103 | 217 | 145 | 140 | -14.9 | 479 | 233 | - |
| Debt/CF from Ops. ⓘ | 2.3 | 1.5 | 1.3 | 1.5 | 0.4 | 0 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 10.4% | 13.3% | 9.8% | 2.4% | ||||
| Adj EPS ⓘ | 18.4% | 15.4% | 33.6% | -7.1% | ||||
| BVPSⓘ | 18.9% | 19.2% | 18.8% | 16.8% | ||||
| Share Price | - | 14.8% | 13.4% | -23.9% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 17.4 | 16.2 | 14.3 | 7.3 | 21.7 | 19.7 | 11.4 | 16.1 | 21.3 | 16.6 | 12.5 |
| Op. Profit Mgn % ⓘ | 6.2 | 6.9 | 7.2 | 5 | 11.9 | 8.9 | 5.8 | 8.5 | 9.6 | 6.6 | 5.7 |
| Net Profit Mgn % ⓘ | 3.3 | 3.3 | 3.3 | 1.5 | 5.9 | 6.5 | 3.7 | 5.3 | 7.4 | 6.7 | 5.4 |
| Debt to Equity ⓘ | 0.5 | 0.4 | 0.4 | 0.4 | 0.1 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 37 | 38 | 38 | 30 | 29 | 29 | 27 | 38 | 34 | 21 | 32 |
| Cash Conv. Cycle ⓘ | 11 | 12 | 12 | 8 | 3 | 1 | 0 | 14 | 11 | -3 | 20 |
Valuation of Dodla Dairy - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,440 | 1,590 | 1,692 | 2,139 | 1,944 | 2,243 | 2,812 | 3,125 | 3,720 | 4,125 |
| Operating Expenses ⓘ + | 1,352 | 1,479 | 1,559 | 1,998 | 1,701 | 2,033 | 2,620 | 2,836 | 3,339 | 3,816 |
| Operating Profit ⓘ | 88 | 112 | 132 | 142 | 243 | 211 | 192 | 289 | 381 | 309 |
| Operating Profit Margin (%) | 6.1% | 7.0% | 7.8% | 6.6% | 12.5% | 9.4% | 6.8% | 9.3% | 10.3% | 7.5% |
| Other Income ⓘ + | 8 | 7 | 8 | 7 | 7 | 15 | 23 | 27 | 53 | 60 |
| Interest ⓘ | 8 | 11 | 11 | 17 | 13 | 7 | 2 | 3 | 4 | 4 |
| Depreciation ⓘ | 19 | 27 | 36 | 49 | 51 | 52 | 61 | 70 | 75 | 82 |
| Profit Before Tax ⓘ | 68 | 81 | 94 | 82 | 186 | 166 | 152 | 244 | 356 | 281 |
| Tax ⓘ | 22 | 24 | 31 | 32 | 60 | 33 | 30 | 77 | 96 | 14 |
| Profit After Tax | 47 | 57 | 63 | 50 | 126 | 133 | 122 | 167 | 260 | 267 |
| PAT Margin (%) | 3.2% | 3.6% | 3.7% | 2.3% | 6.5% | 5.9% | 4.4% | 5.3% | 7.0% | 6.5% |
| Adjusted EPS (₹) | 8.4 | 10.3 | 11.3 | 9.0 | 21.6 | 22.3 | 20.6 | 28.0 | 43.1 | 44.3 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 58.10% | 0% | 0% | 0% | 0% | 11.60% | 11.30% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 284 | 340 | 405 | 431 | 655 | 840 | 969 | 1,136 | 1,406 | 1,674 | |
| Debt + | 128 | 117 | 142 | 127 | 53 | 0 | 18 | 29 | 24 | 25 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 51 | 63 | 76 | 78 | 86 | 103 | 127 | 148 | 156 | 188 | |
| Others Liabilities ⓘ | 62 | 81 | 120 | 157 | 178 | 145 | 137 | 165 | 145 | 199 | |
| Total Liabilities ⓘ | 526 | 601 | 743 | 793 | 972 | 1,088 | 1,251 | 1,478 | 1,731 | 2,086 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 256 | 321 | 492 | 539 | 549 | 566 | 624 | 713 | 750 | 1,056 | |
| CWIP ⓘ | 30 | 16 | 11 | 11 | 8 | 4 | 58 | 12 | 12 | 109 | |
| Investments ⓘ | 68 | 67 | 26 | 12 | 60 | 184 | 260 | 196 | 644 | 411 | |
| Inventories | 85 | 134 | 125 | 120 | 96 | 121 | 120 | 389 | 162 | 155 | |
| Trade Receivables | 1 | 4 | 7 | 7 | 5 | 5 | 9 | 11 | 12 | 14 | |
| Cash Equivalents | 11 | 14 | 22 | 69 | 224 | 132 | 125 | 103 | 102 | 238 | |
| Others Assets ⓘ | 74 | 45 | 60 | 35 | 29 | 76 | 56 | 53 | 49 | 102 | |
| Total Assets ⓘ | 526 | 601 | 743 | 793 | 972 | 1,088 | 1,251 | 1,478 | 1,731 | 2,086 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 61 | 86 | 134 | 166 | 245 | 171 | 161 | -1 | 520 | 295 |
| Cash Flow From Investing Activity ⓘ + | -79 | -66 | -148 | -77 | -200 | -138 | -214 | 30 | -528 | -286 |
| Cash Flow From Financing Activity ⓘ + | 19 | -40 | 62 | -26 | 11 | -49 | 15 | -1 | -8 | -25 |
| Net Cash Flow ⓘ | 1 | -20 | 48 | 63 | 56 | -16 | -38 | 28 | -16 | -15 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 17.72 | 18.3 | 16.92 | 11.93 | 23.2 | 17.77 | 13.52 | 15.84 | 20.45 | 17.34 |
| ROCE (%) | 19.85 | 20.68 | 20.39 | 17.22 | 29.96 | 21.79 | 16.8 | 22.85 | 27.65 | 18.15 |
| Asset Turnover Ratio | 3 | 2.82 | 2.58 | 2.85 | 2.24 | 2.2 | 2.43 | 2.32 | 2.35 | 2.19 |
| PAT to CFO Conversion(x) | 1.3 | 1.51 | 2.13 | 3.32 | 1.94 | 1.29 | 1.32 | -0.01 | 2 | 1.1 |
| Working Capital Days | ||||||||||
| Receivable Days | 0.40 | 0.60 | 1.20 | 1.20 | 1.10 | 0.80 | 0.90 | 1.10 | 1.10 | 1.10 |
| Inventory Days | 22.30 | 25.20 | 27.30 | 20.50 | 20 | 17.50 | 15.50 | 29.40 | 26.70 | 13.80 |
| Payable Days | 16 | 17.80 | 20.30 | 17.20 | 22.30 | 21.30 | 19.60 | 22 | 20.60 | 20.40 |
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Dodla Dairy Ltd FAQs
The current trading price of Dodla Dairy on 11-Sep-2026 16:01 is ₹1,083.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Dodla Dairy stood at ₹6,585.7 Cr
The latest P/E ratio of Dodla Dairy as of 10-Sep-2026 is 35.07.
The latest P/B ratio of Dodla Dairy as of 10-Sep-2026 is 4.34.
The 52-week high of Dodla Dairy is ₹1,485.8 and the 52-week low is ₹955.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dodla Dairy is ₹3,477 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Dodla Dairy Ltd is a good quality company.
The key valuation ratios of Dodla Dairy Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Dodla Dairy Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Dodla Dairy Ltd
Dodla Dairy (Dodla), established in 1995, is an integrated dairy company based in South India. The company operates state-of-the-art processing plants, milk collection centres, storage facilities, machinery, vehicles, and offers a diverse range of dairy products. The company’s extensive portfolio is an essential part of daily life, complementing every meal. The company has several processing plants in India. Besides milk, the company specialises in producing and selling value added products (VAPs), such as flavoured milk, lassi, ice creams, curd, cheese, paneer, ghee, and yogurt, catering to diverse consumer needs. Expanding beyond India, the company has established a strong foothold in Africa, specifically in Kenya and Uganda. The company’s African operations focus on direct milk procurement from local farmers, ensuring quality control, fair pricing, and farmer empowerment. Replicating its India-based model, the company has strengthened the dairy supply chain in Kenya and Uganda, providing farmers with stable income, while delivering highquality dairy products to consumers.
Additionally, through its wholly owned subsidiary, Orgafeed, the company is engaged in seed crushing and cattle feed manufacturing, and dealing of groundnuts, sesame seeds, and cotton. Orgafeed aligns with its strategic focus on strengthening the dairy supply chain and ensuring cost efficiency in milk production. By producing high-quality, nutritionally balanced, and affordable cattle feed, the company helps dairy farmers improve livestock productivity, milk yields, and reduce dependency on external feed suppliers. This approach not only supports Dodla Dairy’s integrated model but also ensures greater control over input costs, improving the overall profitability and sustainability of its dairy operations.
Business area of the company
The company is engaged in sale of milk and milk products. It processes and sells milk including standardized, toned, and double toned milk, and produces dairy products like curd, butter, ghee, ice cream, flavoured milk, etc.
Products
- Milk
- UHT Milk
- Curd
- Buttermilk
- Ice Creams
- Lassi
- Flavoured Milk
- Sweets
- Paneer
- Ghee
Awards, accreditations and recognitions
- 2015: Awarded the TV5 Business Leader award in the food processing (medium) category.
- 2018: Awarded the HMTV Business Excellence award for the best agri/food processing company.
- 2018: Awarded CII Outstanding Performance for best practices in cold storage in large segment.
- 2021-22: During the Financial year 2021-2022, the Company has received “EMERGING COMPANY OF THE YEAR” award from SOUTH INDIA BUSINESS LEADER OF THE YEAR.
- 2021-22: The Company received “ACHIEVER HR BEST Practices -2021” in the category of best in HR Technology/ Analytics in large scale from Federation of Telangana Chambers of Commerce and industry (FTCCI).
- 2022-23: CII award for food safety 2022 – Commendation Certificate for Significant Achievement in Food Safety award from CII’s Food and Agriculture Centre of Excellence (FACE) in “Dairy Products Large Business” for two of units i.e. Gundrampally and Chendurthi.
- 2022-23: National Safety Council of India Safety Awards – 2022 in manufacturing sector awarded to Dodla Dairy, Nellore Plant, Andhra Pradesh.
- 2023-24: National Safety Council of India Safety Awards – 2023 in manufacturing sector awarded to Dodla Dairy, Chendurthi, Indragi and Gundrampally
- 2024-25: Confederation of Indian Industry (CII) - 25th National Award for Excellence in Energy Management 2024.
- 2024-25: Bureau of Indian Standards (BIS) - Skimmed Milk Powder: Part-1 Standard Grade
- 2024-25: India Food Summit - Dairy Company of the Year
- 2024-25: Bureau of Indian Standards (BIS) - Skimmed Milk Powder: Achieving Zero Failure
- 2024-25: Inter Dairy Awards 2024 - Best Product Quality & Safety Control
- 2024-25: National Safety Council of India Awards 2024 - Batlangundu Plant: Best Safety Control
Major events and milestones
- 1995: Incorporation of Dodla Dairy Limited.
- 1998: Established an Integrated dairy processing and packaging plant at Nellore, AP. (Greenfield Project)
- 2001: Acquired a dairy processing plant at Penumur, AP. (Brownfield Project)
- 2004: Established a dairy processing and packaging plant at Palamaner, AP. (Greenfield Project)
- 2007: Established a dairy processing plant at Badvel, AP. (Greenfield Project)
- 2007: Acquired a dairy processing plant at Sattenapalle, AP. (Brownfield Project)
- 2009: Established Skim milk Powder (SMP) plant at Nellore, AP. (Greenfield Project)
- 2009: Implemented Microsoft Dynamic ERP software across the company.
- 2013: Acquired a dairy processing plant at Kurnool, AP and modernized completely.
- 2014: Acquired a dairy processing plant at Mbarara, Uganda and modernized completely. This is the 1st International operation.
- 2014: Established an Integrated dairy processing and packaging plant at Indragi, KA. (Greenfield Project)
- 2014: Established a dairy farm plant at Pulivendula, AP. (Greenfield Project)
- 2016: Acquired a processing plant in Dharmapuri in Tamil Nadu. This new plant has helped Dodla Brand to expand in Central and South Tamil Nadu markets and Bengaluru
- 2017: Established an Integrated dairy processing and packaging plant at Hyderabad, TS. (Greenfield Project)
- 2017: Acquired a dairy processing and packaging plant at Palacode, TN. (Brownfield Project)
- 2018: Implemented SAP software for all functions & verticals.
- 2018: Established a Ice cream plant at Hyderabad, TS.
- 2019: Established an Integrated dairy processing and packaging plant at Chendurthi, AP. (Greenfield Project)
- 2019: Acquired two dairy processing plants at Dindigal and Batlagundu, TN. (Brownfield Project)
- 2019: Acquired Animal Feed plant at Kadapa, AP. (Brownfield Project)
- 2020: Upgraded the Nellore plant
- 2021: Secured Rs 1,000 Million investment from IFC
- 2021: Listed on BSE Ltd. and NSE Limited
- 2022: Acquired a dairy processing plant at Kirwatti, KA. (Brownfield Project)
- 2023: Established a Cattle Feed plant at Kuppam, AP. (Greenfield Project)
- 2024: Acquired a dairy processing plant at Hassan, KA. (Brownfield Project)
- 2024: Commenced operations at Dodderi Plant, Karnataka by replacing Tumkur lease Plant
- 2025: Completed the purchase of 61 acres of land parcel for the Dairy business and 12 acres for the Orgafeed business in Itkal Village, Maharashtra.
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