🧵 Parag Milk Q3 FY26 — Growth Is Intact, Margins Hurt | What wrong?

Must Know 🥛📉, Concall updates.

1️⃣ Q3 Performance — Growth Did NOT Break

• Revenue: ₹1,013 Cr (+14% YoY)
• Volume growth: 8% YoY
• Core categories (Ghee, Cheese, Paneer): 12% volume, 21% value growth
• New Age business: +123% YoY, crossed ₹100 Cr quarterly revenue

👉 Demand and brand traction remain strong. 2️⃣ #PARAGMILK :What Went Wrong — Margin Compression ???

• EBITDA margin fell to 7.6% vs 9.0% last year
• Gross margin down to 25.9% vs 27.2% YoY

Reason (Mgmt):

Milk prices up 20% YoY and 6.5% QoQ
Inflation hit margins despite growth

This is the core reason for market disappointment.

"Summer months the milk pricess generally remain elevated ."

🧵 CarTrade Tech Q3 FY26 — COMPLETE & MUST-READ INVESTOR THREAD 🚗🔥

1️⃣ What is CarTrade Tech? (Business Model – Simple)

CarTrade Tech is a digital automotive marketplace with 3 profitable verticals:

🔹 Consumer Group – CarWale & BikeWale (new vehicle discovery, OEM & dealer leads)
🔹 Remarketing – Vehicle auctions, repossessions, B2B auto transactions
🔹 OLX India – Used vehicles & goods classifieds

💰 Monetisation: OEM ads, dealer subscriptions, auctions, listings, value-added services 2️⃣ #CARTRADE : Why CarTrade Is Structurally Strong

✅ #1 auto portal in India
✅ #1 used classifieds platform
✅ #1 vehicle auction platform
✅ ~85 Mn MAUs | 95%+ organic traffic
✅ Asset-light, tech-led, high operating leverage

🗣️ “We are the most cost-effective way for OEMs and dealers to reach car buyers.”