Milky Mist Dairy Food released the transcript of its Q1FY27 earnings conference call, held on September 1, 2026. The company reported ₹973.5 crore revenue for the quarter, a 43.6% year-on-year increase, with profit after tax (PAT) surging 890% to ₹64.7 crore. The audio recording of the call is available on the company's website.

The transcript provides detailed insights into the management’s strategy, procurement practices, and future expansion plans. It follows the company’s recent listing on NSE and BSE on August 18, 2026, where it raised ₹1,553 crore through its IPO.

Financial Performance

Revenue from operations grew to ₹973.5 crore in Q1FY27 from ₹678.1 crore in the corresponding period last year. Gross profit expanded by 56.1% to ₹333.0 crore, with gross margins improving to 34.2% from 31.5% in Q1FY26.

EBITDA rose 74.5% to ₹144.9 crore, reflecting operating leverage. The EBITDA margin widened to 14.9% compared to 12.2% in Q1FY26. Profit before tax jumped 606% to ₹73.5 crore from ₹10.4 crore.

Product and Regional Mix

Paneer remained the top contributor with ₹248.3 crore in sales, up 34% YoY. Cheese sales grew 38% to ₹137.1 crore, while ice cream revenue surged 60% to ₹102.3 crore. Yogurt saw the highest growth at 153%, reaching ₹84.5 crore.

Regionally, Tamil Nadu contributed 26% of net sales, followed by Karnataka at 24% and West India at 17%. General trade accounted for 33% of sales, while e-commerce platforms grew to 19% share.

Strategic Developments

Milky Mist commissioned a new Cheddar Cheese plant in Q1FY27 with an installed capacity of 120 MT/day. This expansion supports growth in the high-protein cheese segment. The company also expanded its paneer capacity earlier in June 2025.

The firm listed on NSE and BSE on August 18, 2026, raising ₹1,553 crore through its IPO. Proceeds are allocated for debt repayment (₹496.9 crore), manufacturing expansion (₹469.2 crore), and cooler deployment (₹155.3 crore).

Key Participants

The earnings call featured:

• Mr. T. Sathishkumar – Chairman and Managing Director
• Dr. K Rathnam – Whole Time Director and CEO
• Mr. Biswajit Mishra – Chief Financial Officer

Access Details

Investors can join via Diamond Pass or the following numbers:

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE00IT01020/26eeccdb-e913-4612-ba8f-dfda900a2727.pdf

Milky Mist Dairy Food Limited reported a ₹64.68 crore net profit for Q1FY27, marking an 890% year-on-year increase from the previous period's ₹6.53 crore. Revenue from operations surged 43.6% to ₹973.45 crore, driven by volume growth, improved product mix, and pricing power.

The company, which listed on Indian stock exchanges in August 2026, utilized its IPO proceeds to deleverage and expand capacity. In Q1FY27, Milky Mist commissioned a new cheddar cheese plant with an installed capacity of 120 MT/day, supporting its strategy to scale high-growth categories.

Financial Performance

Revenue growth was broad-based across key product categories. Paneer revenue rose 34% to ₹248.29 crore, while cheese sales grew 38% to ₹137.12 crore. Yogurt emerged as a significant growth driver, surging 153% to ₹84.52 crore. Ice cream revenue also expanded 60% to ₹102.25 crore. The curd category recorded a 27% YoY growth, contributing to the strong performance of the summer portfolio.

Gross profit expanded 56.1% to ₹333.02 crore, lifting the gross margin to 34.21% from 31.46% in Q1FY26. EBITDA grew 74.5% to ₹144.89 crore, with the margin widening to 14.88% from 12.24% in the prior year quarter. This operating leverage contributed significantly to the bottom-line improvement.

What the Numbers Show

The sharp divergence between top-line growth and profit expansion highlights the impact of operating leverage. While revenue increased by 43.6%, EBITDA grew at nearly twice that rate (74.5%), indicating that fixed costs were spread over a larger sales base. Furthermore, the PAT margin jumped from 0.96% to 6.64%, suggesting that the company is moving past its break-even threshold on a quarterly basis as scale efficiencies kick in.

Strategic Developments

Milky Mist continues to invest in capacity expansion to meet rising demand. The company increased paneer capacity from 72 MT/day to 192 MT/day in June 2025. Additionally, it is expanding cheddar cheese capacity from 15.6 MT/day to 120 MT/day. The firm also raised ₹1,553 crore through its IPO, with proceeds allocated toward repaying borrowings (₹496.9 crore), expanding manufacturing facilities (₹469.2 crore), and general corporate purposes.

Management Commentary

Dr. K Rathnam, Wholetime Director and Chief Executive Officer, stated that the gross profit expansion was primarily driven by higher volume growth, improved product mix, and pricing ability. He noted that the summer portfolio, comprising ice creams, curd, and yogurt, recorded strong YoY growth due to an extended summer season, particularly across Southern India. The company aims to drive profitable growth through portfolio expansion, operating discipline, and investments in manufacturing and distribution capabilities.

Market Presence

The company maintains a pan-India presence across 22 states and five union territories. Tamil Nadu remains the largest market, contributing 26% of net sales, followed by Karnataka at 24%. General trade accounts for 33% of sales, while modern trade and e-commerce platforms contribute 21% and 19%, respectively.