India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

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Equity Bottom-Up

<ul>
<li>Dodla is entering a new growth phase with its Maharashtra plant, OSAM integration, premium value-added products, and stronger Africa operations, supported by a solid procurement network.</li>
<li>With over 94% direct milk sourcing, better farmer yields through Orgafeed, and a rising VAP mix, Dodla is building a high-return, self-funded growth model.</li>
<li>As capex peaks and free cash flows inflect post-FY27, Dodla is transitioning into a structurally compounding dairy platform with improving mix, margins, and regional balance.</li>
</ul>


Dodla is entering a new growth phase with its Maharashtra plant, OSAM integration, premium value-added products, and stronger Africa operations, supported by a solid procurement network.
With over 94% direct milk sourcing, better farmer yields through Orgafeed, and a rising VAP mix, Dodla is building a high-return, self-funded growth model.
As capex peaks and free cash flows inflect post-FY27, Dodla is transitioning into a structurally compounding dairy platform with improving mix, margins, and regional balance.


The Beat Ideas: Dodla Dairy: A Story of Value Added Products & Premiumisation

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>Dodla Dairy Ltd, one of India’s leading integrated dairy companies, is on a strong growth trajectory with 3-year revenue CAGR of 18.4% during 2022-2025</li>
<li>Further, the increasing mix of value-added product (VAP) is leading to improving profitability, and robust free cash flow generation.</li>
<li>The valuation, at 23.3x FY27 EPS is reasonable in our view with potential upside for re-rating if the management continues to execute on its growth strategy.</li>
</ul>


Dodla Dairy Ltd, one of India’s leading integrated dairy companies, is on a strong growth trajectory with 3-year revenue CAGR of 18.4% during 2022-2025
Further, the increasing mix of value-added product (VAP) is leading to improving profitability, and robust free cash flow generation.
The valuation, at 23.3x FY27 EPS is reasonable in our view with potential upside for re-rating if the management continues to execute on its growth strategy.


Dodla Dairy (DODLA) - Multiple Near-Term Triggers Position It for Re-Rating

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We visited Dodla Dairy’s fully automated Gundrampally plant in Hyderabad, which showcases impressive scale and efficiency.</li><li>Spanning 63 acres, out of these, 30 acres utilised for solar, ETP plant, staff quarters and another 33 acres for green belt, this facility is the company’s largest in terms of area, averaging milk procurement of 1.8Lc liters per day (LPD) and a processing capacity of 3.24 Lc LPD.</li><li>Dodla operates 16 processing plants across India, Kenya (1 plant), and Uganda (1 plant), with a total capacity exceeding 24 Lc LPD. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We visited Dodla Dairy’s fully automated Gundrampally plant in Hyderabad, which showcases impressive scale and efficiency.Spanning 63 acres, out of these, 30 acres utilised for solar, ETP plant, staff quarters and another 33 acres for green belt, this facility is the company’s largest in terms of area, averaging milk procurement of 1.8Lc liters per day (LPD) and a processing capacity of 3.24 Lc LPD.Dodla operates 16 processing plants across India, Kenya (1 plant), and Uganda (1 plant), with a total capacity exceeding 24 Lc LPD. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thematic (Sector/Industry)

<ul>
<li>The dairy sector reported a mixed quarter, with strong demand for value-added products but pressure from higher milk procurement costs and weather disruptions affecting overall profitability.</li>
<li>Dairy supports rural incomes and shapes food inflation. Rising input costs, climate risks and the fast expansion of value-added categories are influencing margins and future industry direction.</li>
<li>Near-Term earnings remain volatile, but the long-term shift toward organised, branded and value-added dairy products continues, making this quarter a useful test of procurement strength and strategy.</li>
</ul>


The dairy sector reported a mixed quarter, with strong demand for value-added products but pressure from higher milk procurement costs and weather disruptions affecting overall profitability.
Dairy supports rural incomes and shapes food inflation. Rising input costs, climate risks and the fast expansion of value-added categories are influencing margins and future industry direction.
Near-Term earnings remain volatile, but the long-term shift toward organised, branded and value-added dairy products continues, making this quarter a useful test of procurement strength and strategy.


Thematic Report- India’s Dairy Sector: A Volatile Quarter, A Stronger Future

India

Dodla Dairy Limited manufactures dairy products. The Company produces and markets milk, curd, butter, cheese, buttermilk, and ice cream products. Dodla Dairy serves customers in India.

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Dodla Dairy (DODLA IN)

The Beat Ideas: Dodla Dairy: A Story of Value Added Products & Premiumisation

Dodla is poised for growth with new plant, premium products, strong Africa operations, and self-funded model leading to a structurally compounding...

Sudarshan Bhandari

Dodla Dairy (DODLA) - Multiple Near-Term Triggers Position It for Re-Rating

Improving VAP mix, upcoming capacity expansion and softening input prices position Dodla to sustain earnings momentum. The valuation is reasonable...

GSBR Research

Dodla Dairy Limited - Plant Visit

We visited Dodla Dairy’s fully automated Gundrampally plant in Hyderabad, which showcases impressive scale and efficiency.

Axis Direct

Thematic Report- India’s Dairy Sector: A Volatile Quarter, A Stronger Future

Dairy sector faces challenges from rising costs and weather disruptions, but strong demand for value-added products drives long-term shift towards...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Dodla Dairy: A Story of Value Added Products & Premiumisation

​Dodla is poised for growth with new plant, premium products, strong Africa operations, and self-funded model leading to a structurally compounding...

Sudarshan Bhandari

Dodla Dairy (DODLA) - Multiple Near-Term Triggers Position It for Re-Rating

Improving VAP mix, upcoming capacity expansion and softening input prices position Dodla to sustain earnings momentum. The valuation is reasonable...

GSBR Research

Dodla Dairy Limited - Plant Visit

We visited Dodla Dairy’s fully automated Gundrampally plant in Hyderabad, which showcases impressive scale and efficiency.

Axis Direct

Thematic Report- India’s Dairy Sector: A Volatile Quarter, A Stronger Future

​Dairy sector faces challenges from rising costs and weather disruptions, but strong demand for value-added products drives long-term shift towards...

Sudarshan Bhandari

Dodla is poised for growth with new plant, premium products, strong Africa operations, and self-funded model leading to a structurally compounding...

Dairy sector faces challenges from rising costs and weather disruptions, but strong demand for value-added products drives long-term shift towards...