Industry research
India’s dairy industry brings together producers of everyday milk-based products and related chilled staples.
| # | Company | Status | Revenue (₹ crore) | EBITDA margin % | Registered in |
|---|---|---|---|---|---|
| 1 | Nestle | Listed · NESTLEIND | 20,202 | 23.9 | Delhi |
| 2 | Mother Dairy Fruit and Vegetable | Private | 17,359 | 3.8 | Delhi |
| 3 | Gemini Edibles & Fats India | Private | 10,752 | 14.7 | Telangana |
| 4 | Nddb Dairy Services | Private | 8,541 | 0.6 | Delhi |
| 5 | Indapur Dairy and Milk Products | Private | 4,392 | 5.8 | Maharashtra |
| 6 | Heritage Foods | Listed · HERITGFOOD | 3,794 | 5.8 | Telangana |
| 7 | Dodla Dairy | Listed · DODLA | 3,720 | 11.7 | Telangana |
| 8 | Parag Milk Foods | Listed · PARAGMILK | 3,432 | 8.5 | Maharashtra |
| 9 | Tirumala Milk Products | Private | 2,678 | 1.8 | Tamil Nadu |
| 10 | Milky Mist Dairy Food | Private | 2,350 | 13.2 | Tamil Nadu |
| 11 | Maahi Milk Producer Company | Private | 2,111 | 2.1 | Gujarat |
| 12 | Schreiber Dynamix Dairies | Private | 2,091 | 9.7 | Maharashtra |
| 13 | Sangam Milk Producer Company | Private | 2,016 | 2.2 | Andhra Pradesh |
| 14 | Surya Food and Agro | Private | 1,956 | 13.0 | Uttar Pradesh |
| 15 | Jain Farm Fresh Foods | Private | 1,888 | 9.3 | Maharashtra |
| 16 | C P Milk and Food Products | Private | 1,773 | 3.9 | Uttar Pradesh |
| 17 | Sri Vijaya Visakha Milk Producers Company (part - Ix A ) | Private | 1,742 | 1.5 | Andhra Pradesh |
| 18 | Creamline Dairy Products | Private | 1,585 | 5.0 | Telangana |
| 19 | Tiwana Nutrition Global | Private | 1,553 | 8.9 | Punjab |
| 20 | Nature Delight Dairy & Dairy Products | Private | 1,478 | 3.5 | Maharashtra |
| 21 | Ananda Dairy | Private | 1,443 | 3.8 | Delhi |
| 22 | Legacy Foods | Private | 1,380 | 19.7 | Uttar Pradesh |
| 23 | SMC Foods | Private | 1,285 | 6.8 | Uttar Pradesh |
| 24 | Bhole Baba Milk Food Industries (dholpur) | Private | 1,278 | 4.4 | Delhi |
| 25 | Govind Milk and Milk Products | Private | 1,278 | 4.9 | Maharashtra |
| 26 | Paayas Milk Producer Company | Private | 1,235 | 1.4 | Rajasthan |
| 27 | Morde Foods | Private | 1,137 | 26.5 | Maharashtra |
| 28 | Shreeja Mahila Milk Producer Company | Private | 1,106 | 2.9 | Andhra Pradesh |
| 29 | Red Cow Dairy | Private | 1,086 | 9.1 | West Bengal |
| 30 | Rohini Minerals | Private | 1,084 | 9.2 | Telangana |
300 dairy companies with statutory filings (7 listed, 293 private) reported combined revenue of ₹1.26 lakh crore in FY2025, +9.0% on the same companies, and aggregate EBITDA of ₹11,940 crore. As filed each year, combined revenue was ₹51,262 crore in FY2018, reached ₹1.26 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 5 listed companies with an exchange price are worth ₹1.32 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.
Improving. The aggregate EBITDA margin of dairy companies was 9.4% in FY2025, 3.5 pts above FY2024, the highest in the period. Profit after tax margin was 4.9% (+2.7 pts on FY2024). Aggregate EBITDA of listed and private dairy companies moved +94% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹11,940 crore (+32.3% on FY2024).
By FY2025 revenue the largest dairy companies are Nestle (₹20,202 crore, 23.9% EBITDA margin); Mother Dairy Fruit and Vegetable (₹17,359 crore, 3.8% EBITDA margin, private); Gemini Edibles & Fats India (₹10,752 crore, 14.7% EBITDA margin, private); Nddb Dairy Services (₹8,541 crore, 0.6% EBITDA margin, private); Indapur Dairy and Milk Products (₹4,392 crore, 5.8% EBITDA margin, private). Among the ten largest, Nestle (23.9%) and Gemini Edibles & Fats India (14.7%) earn the widest EBITDA margins and Nddb Dairy Services (0.6%) the thinnest. 21 of the 25 largest are private companies, which a listed-only view leaves out.
In the news: Net tone of product prices stories fell from -4 to -36 (-32 pts) over 100 stories, the largest drop of any theme. In buyer searches: Search interest in curd, cream and butter queries (butter price, curd price) was +22% in the 12 months to 2026-09 vs the prior 12, led by “butter price” (+24%), followed by ice cream (+7%); cheese moved -10%.
These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Coverage of product prices turned more negative (Dairy in the news). Dairy EBITDA grew 94% since FY2022 (Industry financials). 37 private dairy producers pass an IPO-readiness screen (Top dairy companies in India). Curd, cream and butter searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 12.9× and median P/E 32.9× across 5 priced dairy companies. (Market capitalisation & valuation).
The median trailing P/E is 32.9× and the median EV/EBITDA 12.9× across 5 priced companies.
It covers qualifying dairy producers with statutory financial records and separates listed producers from unlisted producers.
The selection begins with the dairy processing classification and uses dairy-product names as a supporting guard.
Research information, not investment advice.
Industry research