₹1 Trillion turnover Without a Single Shareholder? Discover How Amul’s Cooperative Model Became India’s First FMCG Giant

New Delhi: On April 5, 2026, the Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF) announced a major achievement. The total unduplicated turnover of the Amul brand crossed ₹1 lakh crore (₹1 trillion) in the financial year 2025–26. This was an 11% increase from the previous year’s ₹90,000 crore. With this, Amul became the first Indian fast-moving consumer goods (FMCG) company to reach this milestone.

Unlike many FMCG companies that focus on profits for shareholders and quarterly targets, Amul’s ₹1 trillion success belongs completely to 3.6 million (36 lakh) dairy farmers. There are no promoters, no outside investors, and no stock market pressure. This achievement shows that the long-standing “Amul Model” of economic democracy can work at a global corporate scale.

The Numbers Behind the Milestone

GCMMF, which handles the marketing of the Amul brand, reported its own sales turnover of ₹73,450 crore in FY26. This is an 11.4% increase from ₹65,911 crore in FY25, making GCMMF India’s largest FMCG organisation by turnover.

The ₹1 trillion figure for Amul is higher because it includes total unduplicated revenue across the entire cooperative network. This covers sales from many district cooperative dairies in places like Anand, Surat, Vadodara, Rajkot, Godhra, and Valsad, along with Gujarat’s cattle-feed business. The cooperative collects about 31 million litres of milk every day and sells more than 24 billion packs of dairy products annually.

GCMMF Chairman Ashokbhai Chaudhary said that crossing ₹1 trillion reflects the trust of millions of consumers and the hard work of 3.6 million dairy farmers.

History of Amul

Amul began its journey in 1946 in Gujarat’s Kaira (now Anand) district. At that time, private contractors and middlemen were exploiting farmers by controlling milk collection and pricing. To address this issue, the farmers came together and formed the Kaira District Co-operative Milk Producers’ Union Limited (KDCMPUL). Under the leadership of Tribhuvandas Patel, they aimed to take control of production, processing, and marketing.

Soon after, in 1949, the Government of India appointed dairy engineer Verghese Kurien to manage a creamery in Anand. He collaborated closely with Patel and played a key role in strengthening the cooperative. As a result, by the early 1950s, the union—later named Amul, derived from the Sanskrit word “Amoolya,” meaning precious—expanded rapidly. Kurien introduced modern processing techniques, improved quality standards, and innovative marketing strategies.

Furthermore, the cooperative introduced the “Anand Pattern,” a three-tier system consisting of village societies, district unions, and a state federation. This structure ensured that farmers owned the entire value chain and received the largest share of the consumer price.

A major turning point came in 1965, when Prime Minister Lal Bahadur Shastri visited Anand. Impressed by the model, he encouraged Kurien to replicate it nationwide. Consequently, this led to the formation of the National Dairy Development Board (NDDB) and the launch of Operation Flood in the 1970s—widely known as the White Revolution. This initiative transformed India from a milk-deficient nation into the world’s largest milk producer by connecting thousands of cooperatives and millions of farmers.

Later, in 1973, the Gujarat Cooperative Milk Marketing Federation was established to handle the marketing and branding of all Gujarat dairy unions under the Amul name. Kurien served as its founding chairman for over three decades (1973–2006) and earned the title “Father of the White Revolution.”

Meanwhile, the iconic Amul Girl campaign, launched in 1966, became a cultural phenomenon, known for its witty and topical advertisements that resonated with the public.

Today, Amul stands as the world’s No. 1 cooperative, according to the International Cooperative Alliance. More recently, in July 2025, Union Minister Amit Shah launched the Sardar Patel Cooperative Dairy Federation Limited to expand the Amul model across India and drive what is being called a “Second White Revolution.”

What Drove the 11% Growth in FY26

Officials say the growth came from three main strategies:

• Strong expansion of distribution across India, especially in towns with populations above 5,000
• Product diversification, with more than 1,200 SKUs. There was strong growth in value-added products like buttermilk, cheese, ghee, and ice cream, along with protein, probiotic, and organic products
• Continued high growth, especially in the second half of the financial year

Managing Director Jayen Mehta said the company focused heavily on expanding its product range. Even traditional milk-based categories are growing well, and since Amul is a market leader, it benefits directly from this growth.

Going Global: Fresh Milk in Europe and the US

Amul’s growth is not limited to India. In FY26, it launched fresh milk in Europe and the United States, mainly targeting the Indian diaspora. The brand already operates in over 50 countries.

Jayen Mehta confirmed plans to expand further into Africa and Southeast Asia and enter 10 more international markets in the coming year.

Vice-Chairman Gordhanbhai Dhameliya called this milestone a “victory for the cooperative spirit” and said that expanding the model nationwide proves it is a strong and lasting example of economic democracy.

Why This Milestone Matters

In an FMCG market dominated by multinational companies and publicly listed Indian firms, Amul stands out. All profits are returned to the 3.6 million farmer-members through the cooperative system. There are no dividends paid to outside shareholders.

Mehta explained that Amul is not just growing globally, but also redefining what a farmer-owned organisation can achieve. It ensures that the benefits of technology and global trade reach the producers themselves.

From a small group of farmers fighting middlemen in 1946 to a ₹1 trillion brand in 2026, Amul has stayed true to its core idea: farmers come first. The April 5, 2026 announcement did more than highlight financial success—it proved that a rural cooperative from Gujarat can grow into one of India’s most powerful and trusted consumer brands without changing its core values.

For millions of dairy farmers in Gujarat and across India, especially those joining new initiatives like SPCDF, the message is clear: the Amul Model is not just history—it is a successful and scalable model for the future, and that future has now crossed ₹1 trillion.