Milky Mist Dairy Food’s initial public offering concluded on Day 3 with a massive overall subscription of 56.06x. The issue saw overwhelming interest from Qualified Institutional Buyers (QIBs), who subscribed to the offer 155.83 times, driving the momentum significantly higher from earlier in the day. Non-Institutional Buyers (NII) also showed strong appetite, with bHNI subscribing 37.13x and sHNI 30.41x. Retail investors participated actively, booking 8.29x. The IPO, priced between ₹133.00000 and ₹140.00000, closed on August 13, 2026.

Final Subscription Status

Category-wise Breakdown

The QIB category was the clear leader, accounting for the highest multiple at 155.83x. Among Non-Institutional Buyers, the bHNI segment outperformed sHNI with 37.13x versus 30.41x. Retail participation stood at 8.29x, indicating steady retail interest despite the high institutional demand. Employee subscriptions were recorded at 12.33x.

Intra-day Timeline (13-08-2026)

The subscription numbers picked up pace after 9:45 AM, with QIBs racing ahead.

Momentum Highlights:

• QIB: Jumped +75.4% today (from 88.86x to 155.83x)
• NII (bHNI): Jumped +15.9% today (from 26.23x to 30.41x)
• Retail: Jumped +21.4% today (from 6.83x to 8.29x)
• Total: Jumped +58.5% today (from 35.37x to 56.06x)

About the Company

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. Founded in 2014, the company focuses on value-added dairy products including paneer, cheese, curd, butter, ghee, yogurt, ice cream, and UHT products under the 'Milky Mist' brand. It operates an integrated farm-to-retail infrastructure with one manufacturing facility in Perundurai, Tamil Nadu, sourcing raw milk from 74,654 farmers across 25 districts. The management team includes MD Sathishkumar T, Director Anitha S, CEO Dr. K Rathnam, and Director Radha Venkatakrishnan.

Financial Highlights

The company demonstrated consistent top-line growth, with revenue rising from ₹1,821.61 crore in FY24 to ₹3,138.36 crore in FY26. Profitability also improved significantly, with total profit increasing from ₹19.44 crore in FY24 to ₹127.01 crore in FY26.

Objects of the Issue

• Repayment/prepayment of certain outstanding borrowings: ₹496.86 crores
• Financing capital expenditure for expansion and modernisation of Perundurai Manufacturing Facility: ₹469.24 crores
• Deployment of visi coolers, ice cream freezers and chocolate coolers: ₹155.31 crores
• General corporate purposes: Balance funds

Risk Factors

• Substantial Indebtedness: Total outstanding borrowings of ₹16,718.53 million as of March 31, 2026, with a debt-to-equity ratio of 3.61 times.
• Geographic Concentration: 94.51% of raw milk procurement from Tamil Nadu in Fiscal 2026; disruption could impact operations.
• Single Manufacturing Facility: Dependence on one facility in Perundurai, Tamil Nadu; any halt could severely impact business continuity.

What's Next

The IPO closed on August 13, 2026. Investors should await the allotment status update from the registrar. Listing date details will be announced post-allotment. Basis of allotment will be determined based on the oversubscription levels in each category.

Clean Max Enviro Energy Solutions reported a profit after tax (PAT) of ₹55 crore for the quarter ended June 30, 2026, marking a significant turnaround driven by doubled revenues and expanded margins. The renewable energy provider added 500 megawatts of new operational capacity during the quarter and raised its EBITDA guidance for FY28 to a minimum of ₹3,000 crore, reflecting strong execution and demand in both data center and industrial segments.

The financial results were disclosed pursuant to Regulation 30 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015. The earnings conference call transcript, signed by Company Secretary Ullash Parida on August 7, 2026, provides detailed insights into the company’s operational performance and strategic outlook.

Financial Performance Highlights

Revenue from operations surged 107% year-on-year to ₹832 crore. This growth was bifurcated across its two primary segments: Renewable Energy (RE) Power Sales grew 47% to ₹528 crore, while RE Services saw a six-fold increase to ₹300 crore due to higher project executions.

EBITDA margins improved across both segments. In RE Power Sales, margins rose from 76% to 84%, while RE Services margins increased from 9% to 11%. Founder and Managing Director Kuldeep Jain attributed the PAT growth to three key factors: revenue doubling, margin expansion, and reduced interest costs. The weighted average cost of debt fell by 100 basis points to 8.4% as of June 2026, down from 9.4% in April 2025.

Capacity Addition and Guidance

The company commissioned 400 MW in the RE Power Sales segment and 100 MW in the RE Services segment, totaling 500 MW in the quarter. As of June 30, 2026, Clean Max Enviro had 3.5 GW of operational capacity and 2.5 GW under construction, bringing the total portfolio to 6 GW contracted capacity.

Management provided a new forward-looking guidance, stating that it expects a minimum reported EBITDA of ₹3,000 crore in FY28. This represents nearly 2.4 times growth from the ₹1,290 crore EBITDA recorded in FY26. The guidance is underpinned by a plan to add at least 1.5 GW of new operational capacity in FY27, which would bring total operational sales capacity to a minimum of 4.6 GW by April 1, 2027.

Segmental Insights and Market Position

The Data and AI segment continues to be a major growth driver, accounting for 42% of contracted capacity. This segment has grown approximately 10 times between March 2024 and March 2026. Clean Max Enviro estimates holding a 35% market share in hyperscaler business in India, with deals announced with global entities such as Meta, Apple, Google, and Amazon in calendar 2026.

The conventional commercial and industrial (C&I) segment also demonstrated robust growth, with contracted volumes doubling over the last two years, translating to a 46% annual CAGR. Management highlighted that 80% of new volumes are secured from existing clients, maintaining a high-quality customer base where over 80% of clients are rated AA, AAA, or are multinational subsidiaries.

What the Numbers Show

The divergence between revenue growth (107%) and net debt increase (22%) indicates strong operating leverage and cash flow generation relative to capital expenditure. While net debt rose to ₹11,809 crore, 38% of this debt is linked to assets under construction, suggesting that future cash flows will support this leverage as these projects stabilize. The improvement in EBITDA margins despite rapid scale-up points to effective cost management and favorable tariff structures, with new contracted tariffs stabilizing at around ₹4 per unit.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE647U01026/e67d5b08-c161-40a4-af3a-2a3da2994428.pdf