Emerging Influence of Corporate Governance and Firm Size on Financial Performance in India's Dairy Sector

The Indian dairy sector is vital to the economy, being the largest producer and consumer of milk globally. Valued at approximately 18,975 billion INR in 2024, it is projected to grow to nearly 57,002 billion INR by 2033. This study analyzes the financial performance of selected dairy companies, including Amul, Hatsun Agro, Parag Milk Foods, and Modern Dairies, from 2011 to 2021, focusing on profitability, liquidity, and leverage. The findings reveal that better corporate governance and larger firm size positively impact financial performance, while leverage has limited effects. The study also identifies challenges like low productivity and rising costs, highlighting the need for improved governance and technological advancements to sustain growth and profitability in the sector.