The company’s latest quarterly performance shows robust top-line growth, with Q3 FY26 revenue rising about 13.7% year-on-year to approximately ₹1,025 crore (about $124 million USD), underpinned by volume increases across core liquid milk and value-added segments. However, profitability metrics have faced short-term pressure from rising milk procurement costs, compressing gross margins near 26% and EBITDA margins below previous periods. Management has indicated gradual price adjustments to help protect margins while maintaining market share.

Dodla’s operational momentum includes a shift away from low-margin bulk sales toward higher-value dairy products such as curd, ghee, lassi and flavoured milk, which are expanding their share of consolidated revenue. The company also posted strong milk procurement growth, reflecting enhanced sourcing efforts, including in newly entered regions, and is reinforcing its focus on higher-margin value-added products (VAPs) to strengthen earnings quality.

International expansion is central to Dodla’s growth story. Africa has emerged as a major strategic pillar, with operations in Kenya and plans for greenfield capacity in Uganda, backed by rising revenue in the region and future production prospects. The company is balancing short-term margin pressure with longer-term penetration and volume growth in these markets — a move that supports its upgraded FY26 forecast and diversifies risk beyond India’s competitive dairy environment.