Dodla Dairy — Conviction On Growth Intact With Margin Stability; Systematix Maintains 'Buy'

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Systematix Research Report

Our FY25-FY27E revenue/ earnings per share estimates are largely unchanged; we expect revenue/ PAT CAGR of 14% over FY25-FY27E.

We maintain Buy rating on Dodla and value the stock on P/E of 28x March-2027E EPS, at a 20% premium to its historical multiple since listing, resulting in a target price of Rs 1,505.

We believe a premium multiple is achievable given confidence on growth, sustained high margins and deft capacity expansion opening up additional levers of growth.

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