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HomeIPOMilky Mist Dairy Food

About Milky Mist Dairy Food

Incorporated in the year 2014, Milky Mist Dairy Food Limited is an Indian company producing and selling a wide range of dairy and frozen food items. The company pioneered branded packaged paneer in India and, over time, added curd, ghee, butter, cheese, yogurt, ice cream, UHT long shelf life products, chocolates, and sweetened condensed milk to its portfolio. Operations & Infrastructure: It follows an integrated farm-to-retail supply chain model wherein raw milk is directly sourced from 67,615 farmers across 22 districts in Tamil Nadu, Andhra Pradesh, and Karnataka, all within a 400-kilometre radius of its principal manufacturing facility at Perundurai, Erode District, Tamil Nadu. In this facility, the company focuses on value-added dairy production. The second facility is at Bengaluru, Karnataka, where frozen foods, especially ready-to-eat and ready-to-cook products, are manufactured. The logistics infrastructure of the company comprised 44 milk vans for sourcing, 252 reefer trucks for temperature-controlled transportation of perishable goods, and 34 ambient trucks for non-perishable items as of March 31, 2025. Sales & Distribution:The company's distribution network encompasses a range of sales channels: general trade, modern trade, HoReCa (hotels, restaurants, and cafés), e-commerce, quick commerce platforms, and exclusive Milky Mist parlours. Products are sold in 22 states and 5 union territories through 3,062 distributors and 44 clearing and forwarding depots in 44 cities across 13 states. This network covers more than 350,000 retail touchpoints across India. Market Presence According to the 1Lattice Report, in Fiscal 2025, the company held approximately 17% market share by value in the organised packaged paneer segment in India. In the same fiscal year, it had approximately 12% market share in the organised packaged cheese market in South India and approximately 5% market share nationally among private players in the same category. Exports From April 1, 2022, to March 31, 2025, the company exported its products to more than 15 countries around the world, including Singapore, the United States, and Australia, besides several countries in the Middle East. Employees As of March 31, 2025, Milky Mist Dairy Food Limited had 1,524 permanent employees on its rolls.

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Milky Mist Dairy Food

Milky Mist Dairy Food

Open Date

Aug 11, 2026

Close Date

Aug 13, 2026

listed

Min Investment

₹14,980

Lot Size

107 Shares

Issue Size

₹1553 Cr

Price Range

₹133 - ₹133

Listing Date

Aug 18, 2026

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹19(+14.07%)GMP
13.57%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Milky Mist Dairy Food IPO - Issue Objectives

₹496.86 crore will be used to repay the company's outstanding borrowings. ₹469.24 crore will fund expansion and modernization of the Perundurai plant. ₹155.31 crore to deploy visi coolers, ice cream freezers and coolers. Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Repayment of borrowings

34.7%

Capital expenditure

32.8%

Investment in cold-chain retail infrastructure

10.8%

General corporate purposes

21.4%

1

Repayment of borrowings

₹496.86 crore will be used to repay the company's outstanding borrowings.

34.70%
2

Capital expenditure

₹469.24 crore will fund expansion and modernization of the Perundurai plant.

32.80%
3

Investment in cold-chain retail infrastructure

₹155.31 crore to deploy visi coolers, ice cream freezers and coolers.

10.80%
4

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

21.40%

IPO Subscription Status

QIB
164.03x
NII
36.75x
Individual
8.85x
Total
59.07x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Milky Mist Dairy Food

In Cr.

Key Performance Indicator31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue2354.791826.861398.95
EBITDA310.35222.33201.39
Expenses
Profit After Tax46.0719.4427.23
Assets2150.591606.261289.42
Net Worth242.77197.05177.37
Reserves
Borrowing1376.381036.72798.06

Milky Mist Dairy Food - Promoter(s)

Milky Mist Dairy Food

Pre Issue Share Holding

N/A

Post Issue Share Holding

N/A

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Leading brand in value-added dairy

Milky Mist is the fastest-growing packaged food company in India with Revenue CAGR of 31.2% during FY24-FY26. It is the biggest private packaged paneer brand with a ~19.0% market share and also leads in cheese, curd and yoghurt. Its premium positioning allows for a 10-30% price premium over large Indian brands.

02

Strong product diversification

The company has 22 product categories and 640 SKU’s in its portfolio. It launched 5 new product categories and 538 new SKUs in FY22-FY26, which amounted to 28.16% of FY26 revenue. Consistent growth in core products, with fast expansion of newer categories like ice cream and yoghurt.

03

Strong farmer procurement network

The company sources milk directly from 74,654 farmers across 25 districts. It has a procurement network supported by 3,907 automated milk collection units, 29 chilling centres and a three-stage quality testing process, along with farmer support through veterinary services, training and cattle financing.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Raw milk procurement concentration

The company fulfilled 94.51% of its raw milk requirement from Tamil Nadu during FY26. Any adverse weather, cattle diseases, farmer protests, regulatory changes or supply shortages in the state could result in higher procurement costs, disrupt production and impact profitability.

02

Product portfolio concentration

Revenue contribution of paneer, cheese and curd together stood at 59.05% in FY26. Any changes in consumer preference for alternative dairy or plant-based products, quality concerns or lower demand in these categories could materially impact sales and margins.

Contact Details

Milky Mist Dairy Food

SF No. 43/1-4, Pattakaranpalayam, Perundurai, Erode, Tamil Nadu, 638057

914242533248
investor@milkymist.com
http://www.milkymist.com/

Registrar Contact Details

Kfin Technologies Limited

04067162222
milky.ipo@kfintech.com
https://ipostatus.kfintech.com/

Milky Mist Dairy Food IPO - FAQs

Milky Mist Dairy Food IPO is a Mainboard IPO. The issue is priced at 133-₹140. The minimum order quantity is 107 Shares. The IPO opens on 11 Aug, and closes on 13 Aug. Kfin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.









IPO Timeline

  • Pre Apply2026-08-07
  • Bidding Starts2026-08-11
  • Bidding Ends2026-08-13
  • Allotment Finalisation2026-08-14
  • Release of Funds2026-08-17
  • Demat Transfer2026-08-17
  • Listing2026-08-18
04

Integrated distribution and cold chain

It is also the only listed dairy-focused company with fully in-house manufacturing and logistics, with 63 milk tankers, 282 reefer trucks and 34 ambient trucks. The company has a strong pan-India distribution network of 4,001 distributors, over 3,75,000 retail touchpoints and 144 exclusive parlours.

05

Automated manufacturing platform

Fully automated paneer production process with the U.S. FDA-approved facility and stringent quality testing systems improve product consistency, operational efficiency and food safety.

03

Single manufacturing facility

The value-added dairy products are mainly manufactured at its Perundurai facility in Tamil Nadu. Any significant disruption in the state could have a material effect on production, supply commitments and financial performance.

04

Contingent liability exposure

As at March 31, 2026, the company had contingent liabilities of ₹229.01 crore, which is mainly related to EPCG obligations and tax disputes. Any crystallisation of these liabilities could adversely affect the financial position.

05

Volatile raw material costs

Apart from milk, the company gets packaging materials, sugar, cultures and additives from third-party suppliers on non-fixed price contracts. Commodity inflation, supply disruptions or import-related challenges could push up input costs.

06

No long-term milk supply agreements

A major portion of the company’s raw milk is sourced from farmers and third-party operators without any long-term contracts, which exposes the company to the risk of supply shortages, volatility in procurement prices and inconsistent availability of raw material.