| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 1821.61 | 2349.50 | 3138.36 |
| Expenses | 1784.17 | 2267.25 | 2986.52 |
| Other Income | 5.25 | 5.29 | 6.65 |
| Total Revenue | 1826.86 | 2354.79 | 3145.01 |
| Profit Before Tax | 42.69 | 87.55 | 158.49 |
| Net Profit | 19.44 | 46.07 | 127.01 |
Milky Mist Dairy Food
Milky Mist Dairy Food IPO
₹14,231
0.77 xOver-subscribedBidding Dates 11 Aug, 26 -13 Aug, 26
Min Investment ₹14,231
Lot Size107
Price Range ₹133 – ₹140
Issue Size ₹1,553.20 Cr.
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IPO Subscription Details
Retail Subscription Details
0.93 x
Non-Institutional Buyers (sHNI)
1.48 x
Non-Institutional Buyers (bHNI)
0.57 x
Qualified Institutional Buyers (QIB)
0.39 x
Employees
2.04 x
Total0.77 x
0.77 x IPO Timeline
IPO Offer Start
11 Aug,26
IPO Offer Ends
13 Aug,26
Allotment Finalisation
14 Aug,26
Refund Initiation
17 Aug,26
Listing of Shares
18 Aug,26
IPO Analysis
Strengths
The company is the fastest growing packaged food company (among companies with revenue scale of more than ₹15,000 million) in India, growing at a CAGR of 31.26% from Fiscal 2024 to Fiscal 2026, with leadership positions across various product categories including 19% market share in organized packaged paneer market.
The company offers 22 product categories with 640 SKUs as of March 31, 2026, including paneer, cheese, curd, butter, ghee, yogurt, ice cream, and UHT products. Between April 2022 to March 2026, the company introduced 538 new SKUs contributing ₹8,836.74 million (28.16% of revenue) in Fiscal 2026.
The company operates a manufacturing facility equipped with advanced machinery including automated paneer manufacturing line with robotic operations, automatic cheese-making machines, and automated UHT lines. The facility has installed capacity of 192 metric tons per day for paneer, making it one of the largest in India amongst organized private peers.
Risks
The company has contingent liabilities aggregating to ₹2,290.09 million as of March 31, 2026, including ₹1,948.71 million related to EPCG export obligations and ₹254.68 million in disputed statutory liabilities. If these liabilities materialize, they could adversely affect business operations and financial condition.
The company's manufacturing operations depend on raw milk supply, with 94.51% of procurement from Tamil Nadu in Fiscal 2026. Any disruption in Tamil Nadu's milk supply due to natural disasters, disease outbreaks, or policy changes could substantially impact operations.
The company derives 69.23% of revenue from South India in Fiscal 2026. Any adverse developments in this region, including political disruption, natural disasters, or competitive changes, could significantly impact business performance and financial results.
Objectives
The company intends to utilize funds towards repayment/prepayment of all or a portion of certain outstanding borrowings. This will help reduce outstanding indebtedness, debt servicing costs, improve debt-to-equity ratio and enable utilization of internal accruals for further investment in business growth and expansion.
The company proposes to utilize funds towards expansion and modernisation of its Perundurai Manufacturing Facility, comprising setting up of new product lines, expansion of existing product lines, warehouse for cold and dry products, and procurement of trucks for business operations.
The company intends to deploy refrigeration units at retail touchpoints to create consistent visual identity across retail locations, increase brand recall value, strengthen competitive positioning and support cold chain infrastructure needed to maintain product quality at retail level.
The company intends to deploy any balance funds towards general corporate purposes including meeting ongoing corporate expenses, funding organic and inorganic growth opportunities, marketing and brand building exercises, working capital requirements, and investment in subsidiary, subject to not exceeding twenty five percent of gross proceeds.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 1606.26 | 2150.59 | 2676.46 |
| Current Assets | 335.15 | 418.84 | 592.26 |
| Fixed Assets | 1271.11 | 1731.75 | 2084.20 |
| Total Equity & Liabilities | 1606.26 | 2150.59 | 2676.46 |
| Total Liabilities | 1324.19 | 1822.80 | 2213.45 |
| Current Liabilities | 489.19 | 650.09 | 820.87 |
| Non Current Liabilities | 835.00 | 1172.70 | 1392.58 |
| Total Equity | 282.06 | 327.79 | 463.01 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 2.29 | 2.66 | -3.42 |
| Investing Activities | -289.97 | -545.33 | -469.69 |
| Operating Activities | 140.28 | 314.86 | 301.79 |
| Financing Activities | 151.98 | 233.13 | 164.48 |
About Milky Mist Dairy Food
Milky Mist Dairy Food Limited is the fastest growing packaged food company in India (among companies with revenue scale of more than ₹15,000 million) with a CAGR of 31.26% from Fiscal 2024 to Fiscal 2026. The company is exclusively focused on value-added dairy products including paneer, cheese, curd, butter, ghee,...more
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Managing DirectorSathishkumar T
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