About Parag Milk Foods Limited

Founded in 1992 by Mr. Devendra Shah in Manchar’s milk belt, Parag Milk Foods has grown into a pan-India dairy-FMCG company with an integrated chain spanning procurement, modern processing, and premium brands. It was listed in 2016 and has built key milestones such as commissioning “Go Cheese World”—India’s largest cheese plant—in 2008, launching Bhagyalakshmi Dairy Farm in 2005, introducing “Pride of Cows” (single-origin, farm-to-home) in 2011, and entering whey protein with “Avvatar” in 2017. In 2024, consolidated revenue crossed the Rs 3,000-crore mark, and in 2025 the portfolio expanded to ready-to-eat Indian sweets, yogurts, and protein bars.

The company operates across India through plants at Manchar (Maharashtra) and Palamaner (Andhra Pradesh), plus four filling locations—Vashi, Vasai, Surat, and Nagpur—and owns Bhagyalakshmi Dairy Farm. Core offerings include fresh milk, ghee, paneer, butter, cheese, dahi, dairy whitener, yogurt, ready-to-eat sweets, whey protein, and dessert mixes, marketed under “Gowardhan”, “Go”, “Pride of Cows”, and “Avvatar”.

Distribution is extensive: 4.6 lakh retail touchpoints, 4,500+ distributors, 500+ super stockists, and 29 depots, supported by one of India’s largest automated dairy farms (~5,000 Holstein Friesian cows). The company runs three manufacturing units with ~34 lakh litres/day milk processing capacity and ~10 lakh litres/day whey processing capacity.

Geographies & subsidiaries: Products are sold pan-India (cities include NCR/Delhi, Mumbai, Bengaluru, Kolkata, Chennai, Hyderabad, Surat, Nagpur, and more). Pride of Cows expanded to Bengaluru, Vadodara, Ahmedabad, NCR (incl. Noida/Greater Noida). Wholly owned subsidiaries include Bhagyalakshmi Dairy Farms Pvt. Ltd. (being scaled) and a foreign WOS incorporated in Dubai—Parag Milk Foods Middle East FZE—to strengthen international distribution and supply chain.

Parag Milk Foods Limited Business Segments

(Company-reported composition; FY 2023–24)

• Core Categories (ghee, cheese, paneer): 55%

• New Age Business: 5%

• Liquid Milk: 9%

• Ingredient Business: 23%

• Others: 8%

Parag Milk Foods Limited Key Management

Board of Directors

• Executive Directors: Mr. Devendra Shah (Chairman); Mr. Pritam Shah (Managing Director); Ms. Akshali Shah (Executive Director)

• Chief Financial Officer: Mr. Pritam Shah (Interim Chief Financial Officer)

• Company Secretary & Compliance Officer: Mr. Virendra Varma

Latest Updates on Parag Milk Foods Limited

• Market expansion: Pride of Cows launched/expanded into Bengaluru, Vadodara, Ahmedabad, and the NCR (Noida/Greater Noida), beyond earlier cities such as Mumbai, Delhi, Pune, and Surat.

• International footprint: Incorporated Parag Milk Foods Middle East FZE (Dubai) as a wholly owned foreign subsidiary to broaden distribution and strengthen the global supply chain.

• Subsidiary scale-up: Ongoing expansion of Bhagyalakshmi Dairy Farms Pvt. Ltd. (exclusive Pride of Cows supplier).

• Brand & product actions: Launch campaigns and creator collaborations across brands; highlighted introductions include Go Fruit Yogurt, Gowardhan Chikki, and Avvatar Protein Bars.