India’s most recognised dairy brand, Amul, has reported a significant rise in revenue for the financial year 2024–25, touching ₹90,000 crore—up from ₹80,000 crore in FY24. This roughly 12.5% growth is being attributed to a solid double-digit increase in demand across product categories, including summer favourites like ice creams and milkshakes.
Jayen Mehta, managing director of Amul, told Business Standard that the brand is now setting its sights even higher. It aims to become a ₹1 lakh crore brand by FY26.
While dairy continues to be the cornerstone of Amul’s identity, the brand has been gradually expanding its footprint in the broader food sector. Over the past year, it has rolled out products like organic dal, atta (wheat flour), basmati rice, and a range of spices. It seems the cooperative is attempting to transform from a dairy brand into a full-fledged food company, although it's still early days.
Interestingly, the revenue figures for Gujarat Co-operative Milk Marketing Federation (GCMMF)—the central body that markets Amul products across India—are lower than Amul’s. GCMMF clocked ₹66,000 crore in FY25, nearly 12% more than last year.
This gap is not due to an accounting mismatch, but simply how the numbers are compiled. Several district-level dairies in Gujarat—like those in Valsad, Rajkot, Godhra, Surat, Vadodara, and Anand—sell milk and other products under the Amul brand name, but their revenues are not included in GCMMF’s turnover.
On the other hand, Amul’s total turnover includes revenue from cattle feed, which is not part of GCMMF’s balance sheet.
This financial year has already kicked off on a positive note for Amul, thanks to an early spike in demand for summer products.
Mehta said items like milkshakes and ice creams are flying off the shelves, which could help keep momentum high in the coming months.
Amul’s ambitions are not limited to Indian borders. In the previous financial year, the cooperative made its entry into the US fresh milk market. It partnered with Michigan Milk Producers Association (MMPA), where MMPA takes care of collecting and processing milk, and Amul handles the branding and marketing.
This move signals a broader plan to build an international presence. Amul already exports its products to over 50 countries, but entering the fresh milk segment in the US hints at bigger goals.
