Mother Dairy Fruit and Vegetable Private Limited

Sector: Dairy and Horticulture  |  HQ: Noida, Uttar Pradesh  |  Founded: 1974  |  Employees: ~4,800

Listed as: Subsidiary of National Dairy Development Board (NDDB); not listed  |  ,  |  Website →

Key people

• Manish Bandlish (Managing Director)

Company overview

Mother Dairy Fruit and Vegetable Private Limited is a wholly-owned subsidiary of the National Dairy Development Board (NDDB), the apex body for India's dairy cooperative movement. Founded in 1974 in Delhi, Mother Dairy operates dairy and horticulture products across the Delhi NCR market and select other regions. The company operates manufacturing facilities at Patparganj (Delhi), Junagadh (Gujarat), Bhopal (Madhya Pradesh), Manesar (Haryana), Sahibabad (Uttar Pradesh), and Nagpur (Maharashtra). FY25 revenue was approximately ₹16,500 crore. Mother Dairy markets fresh milk, cultured dairy products, ice cream, edible oils (Dhara), packaged fruits and vegetables (Safal), and frozen vegetables.

Business model

Mother Dairy operates a hybrid procurement model. The dairy business sources milk from village cooperative societies and from direct contract farmers. The Safal horticulture business operates a contract farming and cold-chain logistics network sourcing fruits and vegetables directly from farmers and selling through Safal retail outlets and to organised retail. The Dhara edible oils business is principally a refining and packaging operation sourcing from domestic oilseed processors and imports.

Operating segments

Financial performance and recent trajectory

Mother Dairy is privately held; financial details are limited. Reported FY25 revenue of approximately ₹16,500 crore. Operating margins are modest given the low-margin liquid milk business that dominates revenue; the value-added dairy and Safal segments are higher margin.

Stock performance and shareholder context

Mother Dairy is not listed. NDDB ownership constitutionally protected under the NDDB Act.

Competitive position

In Delhi NCR liquid milk, Mother Dairy is the dominant brand. In national dairy, it is significantly smaller than Amul. The Safal fresh-produce business is largely Delhi NCR-focused. Dhara edible oils compete with Adani Wilmar Fortune, Marico Saffola, and Ruchi Soya Mahakosh.

Key risks

Concentrated geographic exposure to Delhi NCR; milk procurement price volatility; cold-chain logistics complexity for Safal; private-label competition in modern trade for both dairy and edible oils.

Outlook

Stable outlook on the Delhi NCR dairy franchise with limited geographic expansion ambition. The Safal business remains a strategic horticulture platform for NDDB. New entrants in dairy processing in north India must navigate Mother Dairy's entrenched distribution.

KAMRIT point of view

Building or competing with Mother?

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.