Amul crosses ₹1 lakh crore brand turnover while keeping cooperative margins near zero

Amul says its FY2025-26 un-duplicated brand turnover exceeded ₹1 lakh crore, up 11% from ₹90,000 crore. Its farmer-owned model channels 80%–85% of consumer revenue back to producers, prioritising procurement stability and scale over profit margins.

— Source publishedFri, 31 Jul, 2026, 15:36 IST·First seen Fri, 31 Jul, 2026, 15:41 IST·Source YourStory

What happened

Amul’s cooperative structure keeps margins near zero by returning surplus to farmer-owners, while supporting scale and supply stability. GCMMF earned Rs 123

Key facts

  • GCMMF FY24 revenue: Rs 59,286 crore
  • GCMMF FY24 profit: Rs 123 crore
  • FY24 profit margin: 0.2%
  • GCMMF CARE AAA rating with stable outlook
  • Amul FY2025-26 un-duplicated brand turnover: over Rs 1 lakh crore
  • FY2025-26 brand turnover growth: 11% from Rs 90,000 crore
  • GCMMF FY2025-26 sales: Rs 73,450 crore
  • Farmer members: around 36.4 lakh
  • Village dairy societies: over 18,000
  • District milk unions: 18
  • Daily milk collection: 31-35 million litres
  • Products: around 50 across over 1,200 SKUs
  • Retail outlets: roughly 20 lakh
  • Export markets: over 50 countries
  • Amul says 80%-85% of consumer revenue goes to farmers

Why this matters

For strategic partners, Amul’s vast dairy procurement and distribution network is highly attractive, though transactions must align with its producer-priority mandate rather than margin expansion.

What to watch

  • Monthly milk procurement growth and producer milk-price trends across Gujarat and major sourcing states.
  • Retail price changes in pouch milk, butter, ghee, cheese and ice cream versus private competitors.
  • The share and growth rate of value-added products relative to liquid milk.
  • Summer heat, monsoon performance, fodder prices and disease outbreaks affecting milk yields.
  • New processing plants, cold-chain investments and expansion into non-core packaged-food categories.
  • Whether turnover growth remains above 10% without material consumer-price inflation or reduced producer payouts.
  • Increase milk procurement capacity and village-level collection networks to secure supply before competitors.
  • Expand cold-chain, warehousing and direct distribution in faster-growing urban and semi-urban markets.
  • Prioritise higher-frequency, value-added categories such as cheese, curd, beverages, ice cream, protein and convenience foods.
  • Use scale to defend entry-price packs and selective promotional pricing against private dairy and multinational FMCG brands.
  • Invest in farmer productivity, cattle health, feed efficiency and climate resilience to protect milk availability.

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