Milky Mist Dairy Food Milky Mist Dairy Food reported a tenfold surge in standalone net profit for the first quarter of FY27. The dairy processing company posted a net profit of ₹64.5 crore for the quarter ended June 30, 2026, compared to ₹0.6 crore in the same period last year.

Revenue from operations grew 44.7% year-on-year to ₹973.4 crore. This top-line expansion was supported by strong operational performance ahead of the company's recent listing on Indian stock exchanges.

Financial Performance

The consolidated results mirrored the standalone growth trajectory. Consolidated revenue reached ₹973.4 crore, up from ₹678.1 crore in Q1FY26. Consolidated net profit stood at ₹64.7 crore, significantly higher than the ₹6.5 crore recorded in the prior year period.

Profit before tax rose to ₹73.2 crore from ₹9.4 crore in the previous year. The company’s tax expense was ₹8.7 crore, reflecting the adoption of the new tax regime under Section 200 of the Income Tax Act, 2025, effective April 1, 2026.

Capital Raise and Listing

Subsequent to the quarter end, the company completed its Initial Public Offering (IPO). The fresh issue raised ₹1,428 crore at an issue price of ₹140 per share. Alongside this, promoter selling shareholders offered shares worth ₹125 crore.

Prior to the IPO, during the quarter, the company executed a private placement with Jongsong Investments Pte. Ltd. for ₹357 crore, comprising equity shares and compulsorily convertible preference shares (CCPS). These CCPS were converted into equity shares in July 2026.

What the Numbers Show

The dramatic improvement in profitability is heavily influenced by non-operational factors alongside operational growth. While revenue grew by nearly 45%, the net profit increase exceeds 10,000%. This divergence is largely attributable to significant Minimum Alternate Tax (MAT) credit utilization in the prior year comparative period, which suppressed FY26 profits, rather than an equivalent proportional jump in current operational margins. Finance costs decreased slightly to ₹23.9 crore from ₹33.6 crore YoY, aiding bottom-line improvement.

Milky Mist Dairy Food Limited submitted its Code of Fair Disclosure and Code of Conduct for Prevention of Insider Trading to the Bombay Stock Exchange and National Stock Exchange on August 18, 2026. The filing serves as an intimation under Regulation 8(2) of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.

The company stated that it has framed these codes pursuant to Regulation 8(1) of the SEBI PIT Regulations. A copy of the code has been uploaded on the company’s website for public access. S Prakash, Company Secretary and Compliance Officer, signed the intimation letter addressed to both exchanges.

Compliance Framework

The Code of Practices and Procedures for Fair Disclosure aims to establish a defined framework for the uniform and transparent dissemination of unpublished price-sensitive information (UPSI). The objective is to maintain fairness in dealings with all stakeholders and prevent the misuse of confidential information that could impact price discovery.

Key principles outlined in the code include:

• Prompt public disclosure of UPSI once credible and concrete information is available.
• Uniform dissemination to avoid selective disclosure to any specific group.
• Handling of UPSI on a strict need-to-know basis among company officials.
• Ensuring that information shared with analysts and research personnel is not UPSI or is simultaneously made public.

Key Designations and Responsibilities

The Board of Directors has designated the Company Secretary as the Chief Compliance Officer (CCO) and the Chief Financial Officer as the Chief Investor Relations Officer (CIRO). These officers are responsible for overseeing the disclosure of UPSI to stock exchanges, shareholders, analysts, and media.

The CCO is tasked with ensuring compliance under the code, coordinating disclosures, and educating employees on disclosure policies. Any non-public information received by an employee must be immediately reported to the CCO or CIRO. In cases where information is accidentally disclosed without prior approval, the responsible person must inform the compliance officers immediately.

Legitimate Purposes Policy

The filing includes a Policy for Determination of Legitimate Purposes, prepared in accordance with Regulation 3(2A) of the Insider Trading Regulations. This policy identifies exceptions for procuring UPSI for the performance of duties or discharge of legal obligations.

Factors considered to determine if a purpose is legitimate include:

• Whether sharing is in the ordinary course of business.
• Whether the sharing is in the best interests of the company or furthers a genuine commercial purpose.
• Whether the information is required to discharge legal or contractual obligations.
• Whether the nature of the information is commensurate with the purpose.

The policy defines legitimate recipients as partners, auditors, legal advisors, merchant bankers, collaborators, lenders, customers, suppliers, insolvency professionals, and other advisors. A structured digital database will be maintained to record the sharing of UPSI, preserved for at least eight years after the completion of relevant transactions.