Top Dairy Stocks Compared: Hatsun Agro vs Heritage Foods vs Dodla Dairy vs Parag Milk Foods vs Vadilal Industries on Price, Valuation, Q2 FY27 Results and Risks
- November 10, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
Previous close: Hatsun Agro Rs 1,074.45, Heritage Foods Rs 377.70, Dodla Dairy Rs 989.00, Parag Milk Foods Rs 323.87, Vadilal Industries Rs 7,179.50.
Quick Answer
This dairy stocks compared snapshot checks five names on price, valuation and Q2 FY27 results: Hatsun Agro, Heritage Foods, Dodla Dairy, Parag Milk Foods and Vadilal Industries. Hatsun Agro is the largest by market capitalisation at Rs 23,189 crore. Vadilal Industries reports the highest return on equity at 24.16%. Value-added products support richer multiples, so ask what the extra price is buying.
Dairy stocks compared here means Hatsun Agro, Heritage Foods, Dodla Dairy, Parag Milk Foods and Vadilal Industries on one page, checked on previous close, market value, valuation and the latest quarterly numbers. The group mixes large milk sellers, a value-added dairy maker and an ice cream brand, so a side-by-side look shows how differently each one earns.
Heritage Foods, Dodla Dairy, Parag Milk Foods and Vadilal Industries have filed their September 2026 quarter, so their results below are Q2 FY27. For Hatsun Agro, check the latest filing on the exchange website for its newest quarter. Dairy companies follow milk prices, feed costs and household spending, so a glance at the BSE 500 page and the Sensex page before you read the tables gives useful backdrop.
Click Here – Get Free Investment Predictions
Dairy Stocks Compared: Five Milk and Ice Cream Companies
The dairy stocks compared here are Hatsun Agro, Heritage Foods, Dodla Dairy, Parag Milk Foods and Vadilal Industries. Hatsun Agro is the largest by market capitalisation at Rs 23,189 crore. Previous closes run from Rs 323.87 for Parag Milk Foods to Rs 7,179.50 for Vadilal Industries, which is why a side-by-side look at value rather than price is more useful. This dairy stocks compared list is the base for every table that follows.
| Stock | Previous close (Rs) | Market cap (Rs crore) |
|---|---|---|
| Hatsun Agro | 1,074.45 | 23,189 |
| Heritage Foods | 377.70 | 3,492 |
| Dodla Dairy | 989.00 | 5,851 |
| Parag Milk Foods | 323.87 | 4,080 |
| Vadilal Industries | 7,179.50 | 5,052 |
A quick look at the business behind each ticker puts the numbers in context. Hatsun Agro is a leading private dairy that sells milk, ice cream and other dairy products under the Arun and Hatsun brands, while Heritage Foods sells milk, curd and other dairy products under the Heritage brand. Dodla Dairy processes milk and sells dairy products, with a base in southern India and a growing presence in Africa, and Parag Milk Foods sells cheese, ghee and other dairy products under the Gowardhan and Go brands. To compare dairy stocks properly, line up price to earnings, return on equity and price to book before forming a view.
Rounding out the group, Vadilal Industries makes ice cream and frozen foods under the Vadilal brand. A fair dairy stock comparison looks at what each company actually earns from, not only at the share price. Milk-led dairies, value-added makers and ice cream brands belong in separate mental boxes whenever you compare dairy stocks fairly.
Dairy Stocks Valuation: Multiples, Returns and Payouts
Vadilal Industries trades at the lowest price to earnings ratio in this group at 21.01. It also reports the highest return on equity at 24.16%. Heritage Foods has the lowest price to book value at 3.07. These dairy stocks valuation readings come from the previous close and the latest reported financials. That is the idea behind this dairy stocks compared table: price to earnings and return on equity sit side by side so a high or low reading stands out at once.
| Stock | Price to earnings | Price to book | ROE (%) | Dividend yield (%) | Debt to equity |
|---|---|---|---|---|---|
| Hatsun Agro | 64.26 | 11.75 | 18.29 | 0.58 | 0.91 |
| Heritage Foods | 30.55 | 3.07 | 10.06 | 0.66 | 0.34 |
| Dodla Dairy | 27.13 | 3.40 | 12.53 | 0.52 | 0.04 |
| Parag Milk Foods | 32.42 | 3.12 | 9.61 | 0.34 | 0.62 |
| Vadilal Industries | 21.01 | 5.49 | 24.16 | 0.61 | 0.27 |
Dairy stocks usually trade at moderate to premium price to earnings multiples, depending on how much of their sales come from value-added products. Return on equity and price to book help you judge how well each company turns milk into returns. Earnings per share and book value per share are the building blocks behind price to earnings and price to book, so a glance at both in each filing is time well spent. A simple dairy stock comparison like this one is only as useful as the context behind it, which is why price to book is worth checking as well.
In this group, price to earnings runs from 21.01 for Vadilal Industries to 64.26 for Hatsun Agro. Heritage Foods offers the highest dividend yield at 0.66%. Industry price to earnings readings differ by sub-sector: Hatsun Agro at 37.74; Heritage Foods, Dodla Dairy, Parag Milk Foods and Vadilal Industries at 35.81. The industry price to earnings is a handy anchor: a dairy stock above it is priced for faster growth, and one below it is priced for steadier earnings. A well-built dairy stock comparison also notes that summer and winter can move demand for some products. Run the same dairy stock comparison on your own watchlist and the pattern in these numbers will be easier to spot.
Dairy Stocks Q2 FY27 Results: Revenue and Profit Check
Four of the five dairy stocks compared have filed Q2 FY27 numbers. Vadilal Industries posted the fastest revenue growth at 35.0% year on year. Vadilal Industries showed the sharpest rise in net profit at 64.0%. Read revenue first and quarterly profit second, since the two together show how much of the growth reaches shareholders. The others are shown on their latest reported quarter, so read each one for what it is. Treat the Q2 FY27 numbers in this dairy stocks compared review as a snapshot of one quarter, not a verdict on any dairy company.
| Stock | Q2 FY27 revenue (Rs crore) | Q2 FY26 revenue (Rs crore) | Q2 FY27 net profit (Rs crore) | Q2 FY26 net profit (Rs crore) |
|---|---|---|---|---|
| Heritage Foods | 1,323 | 1,118 | ||
| Dodla Dairy | 1,207 | 1,030 | ||
| Parag Milk Foods | 1,243 | 1,026 | ||
| Vadilal Industries | 470.6 | 348.6 | 54.8 | 33.4 |
Hatsun Agro Results Snapshot
Hatsun Agro is tracked here on price and valuation. Its quarterly filing on the exchange website carries the revenue and profit detail, so read it before you set the stock against the rest.
Heritage Foods Results Snapshot
In the September 2026 quarter, Heritage Foods booked revenue of Rs 1,323 crore against Rs 1,118 crore in the same quarter last year, a rise of 18.4%.
Dodla Dairy Results Snapshot
Dodla Dairy’s Q2 FY27 top line stood at Rs 1,207 crore, versus Rs 1,030 crore in Q2 FY26, a rise of 17.2%.
Parag Milk Foods Results Snapshot
Parag Milk Foods reported Q2 FY27 revenue of Rs 1,243 crore, compared with Rs 1,026 crore a year earlier, a rise of 21.1%.
Vadilal Industries Results Snapshot
In the September 2026 quarter, Vadilal Industries booked revenue of Rs 470.6 crore against Rs 348.6 crore in the same quarter last year, a rise of 35.0%. Net profit rose 64.0% to Rs 54.8 crore from Rs 33.4 crore. Operating margin expanded to 19.9% from 17.2% a year ago. Earnings per share for the quarter rose to Rs 76.27 from Rs 46.50.
Dairy results depend on milk procurement costs, volumes and the share of value-added products, so profit can look different from revenue in a single quarter. That is why a dairy stock comparison works best when revenue and profit are read together across two or three quarters. Used this way, a dairy stocks compared review becomes a map of the sector rather than a price list. When you compare dairy stocks after each result season, track how price to book changes from one quarter to the next. A dairy stock comparison built on one quarter of data is a starting point, and the next set of results will update it.
Dairy Stocks Compared Two at a Time: Three Pairings
Readers rarely want a five-way table and nothing else, so here are three head-to-head reads drawn from the same data. Use them as a quick way to compare dairy stocks two at a time.
Hatsun Agro vs Heritage Foods
Hatsun Agro and Heritage Foods are two large southern dairies that sell milk, curd and other products under their own brands. Hatsun Agro is about 6.6 times the size of Heritage Foods by market capitalisation, at Rs 23,189 crore against Rs 3,492 crore. On price to earnings, Heritage Foods carries the lower multiple at 30.55 against 64.26 for Hatsun Agro. Hatsun Agro reports the higher return on equity, at 18.29% against 10.06% for Heritage Foods. Both buy milk from farmers, so read margins next to valuation before you judge either multiple.
Dodla Dairy vs Parag Milk Foods
Dodla Dairy is a milk processor with a base in southern India, while Parag Milk Foods leans towards cheese, ghee and other value-added items. On price to earnings, Dodla Dairy carries the lower multiple at 27.13 against 32.42 for Parag Milk Foods. Dodla Dairy reports the higher return on equity, at 12.53% against 9.61% for Parag Milk Foods. For dividend income, Dodla Dairy offers 0.52% against 0.34% at Parag Milk Foods. A milk processor and a value-added maker are priced differently, so read the business mix before you read the ratio.
Vadilal Industries vs Hatsun Agro
Vadilal Industries sells ice cream and frozen foods, while Hatsun Agro sells milk and ice cream, so the pair shows how product mix shapes the numbers. Hatsun Agro is about 4.6 times the size of Vadilal Industries by market capitalisation, at Rs 23,189 crore against Rs 5,052 crore. Vadilal Industries reports the higher return on equity, at 24.16% against 18.29% for Hatsun Agro. For dividend income, Vadilal Industries offers 0.61% against 0.58% at Hatsun Agro. An ice cream brand and a milk-led group follow different seasons, so read returns and valuation together.
Best Dairy Stocks for Each Type of Investor
Searching for the best dairy stocks usually means different things to different readers. The table below shows who leads on each measure today, so you can pick the row that matches your goal. Any dairy stocks compared table can mislead if you stop at one row, because each dairy company leads on a different measure.
| If you care most about | Start your research with | The number |
|---|---|---|
| Lowest price to earnings | Vadilal Industries | 21.01 |
| Highest return on equity | Vadilal Industries | 24.16% |
| Highest dividend yield | Heritage Foods | 0.66% |
| Lowest price to book value | Heritage Foods | 3.07 |
| Largest by market capitalisation | Hatsun Agro | Rs 23,189 crore |
| Fastest Q2 FY27 revenue growth | Vadilal Industries | 35.0% |
| Sharpest Q2 FY27 net profit rise | Vadilal Industries | 64.0% |
No single name tops every row, which is exactly why a dairy stock comparison helps. Scale, returns, margins and valuation each point to a different company, so decide what matters most to you before you rank the numbers.
What Is Driving Packaged Dairy Demand Right Now?
Packaged milk, curd, cheese and ice cream are taking share from loose milk as incomes rise and cold chains improve. Dairy firms with strong procurement networks and brands can grow volumes across regions. Knowing what moves milk costs and product mix helps you compare dairy stocks with the right questions in mind.
Milk procurement costs, product mix and value-added sales decide margins. Companies that sell cheese, ghee and ice cream alongside milk earn more per litre than pure milk sellers. A good dairy stocks compared routine therefore tracks milk procurement, volumes and product mix.
Risks to Weigh When You Compare Dairy Stocks
Dairy stocks depend on milk procurement prices, feed costs and the weather. Summer and winter can shift demand for products such as ice cream. Read each filing for volume, procurement and margin commentary before you compare them. Every dairy stock comparison has blind spots, and for this group the biggest is milk costs and product mix.
Because milk procurement, volumes and product mix drive these businesses, the most useful habit is to read the management commentary that comes with every result and note what is expected for the next quarter. Read together, the risk notes and the tables make this dairy stocks compared guide a balanced starting point.
How to Compare Dairy Stocks and Build a Shortlist
Start by deciding whether you want a milk-led dairy, a value-added maker or an ice cream brand, because each responds to different triggers. Milk-led names reward readers who track procurement costs, while value-added names reward those who track product mix. Done step by step, this dairy stocks compared routine becomes repeatable rather than a one-off exercise.
Then check valuation and returns, because premium multiples leave less room for slips and milk costs can move margins. Spreading your attention across one milk-led name and one value-added name is a simple way to see both sides of the sector. Keep the shortlist of best dairy stocks short enough that you can actually follow each company’s quarterly results. When you compare dairy stocks again after new results, update only the rows that changed instead of starting over.
The Univest stock screener lets you filter dairy stocks by market capitalisation, return on equity and price to earnings, and the app keeps live prices a tap away through the trading day. Come back to this dairy stocks compared page after the next set of results to see which numbers have moved.
Check the Univest Screener for live dairy stock data
Download the Univest iOS App or Univest Android App to track these dairy stocks live.
Conclusion: Dairy Stocks Compared at a Glance
This dairy stocks compared review on price, valuation and Q2 FY27 results shows that no single name wins every measure. Hatsun Agro leads on size and Vadilal Industries leads on return on equity, while the others bring their own strengths. Treat the dairy stocks Q2 FY27 results and dairy stocks valuation tables as a research starting point, then check the filings and speak to a SEBI-registered advisor before you invest. If you plan to compare dairy stocks again next quarter, the same checklist of price to earnings, return on equity and price to book will work.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions on Dairy Stocks Compared
Which are the top dairy stocks compared in this article?
Ans. The dairy stocks compared in this article are Hatsun Agro, Heritage Foods, Dodla Dairy, Parag Milk Foods and Vadilal Industries. They are checked on previous close, market capitalisation, price to earnings, price to book, return on equity and the latest quarterly results, which gives you one tidy table to work from before you read any filing in detail.
Which dairy stock has the highest market capitalisation?
Ans. Among the five names, Hatsun Agro has the highest market capitalisation at Rs 23,189 crore. Dodla Dairy follows at Rs 5,851 crore. Because market capitalisation is simply share price multiplied by shares outstanding, it shifts daily, so confirm the live number before using it.
Which of these dairy stocks has the lowest price to earnings ratio?
Ans. On dairy stocks valuation, Vadilal Industries has the lowest price to earnings ratio among these dairy stocks at 21.01, based on the latest reported earnings. Hatsun Agro sits at the other end at 64.26. A low multiple can reflect slower growth or higher risk as easily as a bargain, so read it next to growth and margins.
Which dairy stock has the highest return on equity?
Ans. Vadilal Industries reports the highest return on equity in this group at 24.16%. The ratio measures profit earned for every rupee of shareholder money, which makes it a quick test of capital efficiency. One year can mislead, so look at several, and remember that borrowing can push the figure up.
How did dairy stocks perform in Q2 FY27 results?
Ans. Four of the five names have filed Q2 FY27 numbers in our data. Vadilal Industries recorded the fastest revenue growth at 35.0% year on year. Vadilal Industries showed the sharpest net profit rise at 64.0%. For dairy stocks Q2 FY27 results, the others are covered on their latest reported quarter, and each filing on the exchange website carries the full detail.
What are the main risks when you compare dairy stocks?
Ans. Dairy stocks depend on milk procurement prices, feed costs and the weather. Summer and winter can shift demand for products such as ice cream. Read each filing for volume, procurement and margin commentary before you compare them. Keep an eye on milk procurement, volumes and product mix.
Which metrics matter most when you compare dairy stocks?
Ans. Milk procurement cost, volume growth, value-added share and operating margin matter most for operating performance. Price to earnings, return on equity and price to book show how the market values each company. Read each company’s filing for these along with the numbers in this article.
Which is the best dairy stock to buy among these five?
Ans. The best dairy stock depends on whether you value milk volumes, value-added products or an ice cream brand, because the five names differ on all three. On the numbers in this article, Hatsun Agro has the largest market capitalisation; Vadilal Industries has the lowest price to earnings as well as the highest return on equity; Heritage Foods has the highest dividend yield. Each name wins on a different row, and this is educational content rather than advice. Build a shortlist from the tables, read the latest filings, and talk to a SEBI-registered advisor, because your own goals and risk appetite decide the right fit.
