India’s Dairy Majors Didn’t Have a Bad Quarter — They Had a Structural Warning
The Q1 FY27 earnings season is done, and on paper it looks like a celebration. Heritage Foods posted its highest-ever quarterly revenue. So did Dodla Dairy. So did Hatsun Agro, which crossed ₹3,000 crore in quarterly sales for the first time in its 40-year history. Even Parag Milk Foods, still building on last year’s momentum,…