India, Jan. 5 -- India's dairy industry is shifting from volume-led growth to margin-driven value creation. As liquid milk's limits become clear, firms are investing in processing depth, cold chains, and branding to move into higher-margin products like cheese, nutrition, and ingredients. Success now depends on capital allocation and sophistication, not litres collected-transforming milk from a commodity into a scalable, investable asset. This evolution promises stronger returns, export optionality, reduced volatility, and durable competitive moats as consumer wallets expand and global demand for value-added dairy rises.

Across India's dairy belt, the logic of profit is being quietly rewritten. For decades, success in dairy was measured ...