Milky Mist Dairy Food
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 155.83×
- Big non-institutionalbNII · above ₹10 lakh
- 37.13×
- Small non-institutionalsNII · ₹2–10 lakh
- 30.26×
- Retail individualRII · up to ₹2 lakh
- 8.01×
- Employeesreserved quota
- 12.08×
Issue details
- IPO date
- 11 Aug 2026 – 13 Aug 2026
- Listing date
- 18 Aug 2026
- Face value
- ₹2 per share
- Price band
- ₹133 – ₹140
- Issue price
- ₹140 per share
- Lot size
- 107 shares
- Listing at
- NSE
- Total issue size
- ₹1,553 Cr
- ISIN
- INE00IT01020
- CIN
- U15200TZ2014PLC020554
- Registered office
- SF No. 43/1-4, Pattakaranpalayam, Perundurai, Erode District – 638 057, Tamil Nadu, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 2,33,23,308 | 28.57% | 28.51% |
| NII (HNI) | 1,74,92,481 | 21.43% | 21.38% |
| bNII > ₹10L · within NII | 1,16,61,654 | — | 14.26% |
| sNII < ₹10L · within NII | 58,30,827 | — | 7.13% |
| Retail (RII) | 4,08,15,789 | 50.00% | 49.90% |
| Employee | 1,66,666 | — | 0.20% |
| Total issue | 8,17,98,244 | — | 100.00% |
Net offer to the public of 8,16,31,578 shares, out of a total issue of 8,17,98,244. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 107 shares per lot, in multiples, at ₹140
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 107 | ₹14,980 |
| Retail (max) | 13 | 1,391 | ₹1,94,740 |
| S-HNI (min) | 14 | 1,498 | ₹2,09,720 |
| S-HNI (max) | 66 | 7,062 | ₹9,88,680 |
| B-HNI (min) | 67 | 7,169 | ₹10,03,660 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
₹140 per share
| Metric | Pre-issue | Post-issue |
|---|
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 3,145.01 | 2,354.79 | 1,826.86 |
| Revenue from operations | 3,138.36 | 2,349.5 | 1,821.61 |
| Other income | 6.65 | 5.29 | 5.25 |
| Total expenses | 2,986.52 | 2,267.25 | 1,784.17 |
| Operating profit | 158.49 | 87.54 | 42.69 |
| Operating margin | 5.04% | 3.72% | 2.34% |
| Profit before tax | 158.49 | 87.55 | 42.69 |
| Profit after tax | 127.01 | 46.07 | 19.44 |
| PAT margin | 4.04% | 1.96% | 1.06% |
| Balance sheet | |||
| Total assets | 2,676.46 | 2,150.59 | 1,606.26 |
| Current assets | 592.26 | 418.84 | 335.15 |
| Current liabilities | 820.87 | 650.09 | 489.19 |
| Total liabilities | 2,213.45 | 1,822.8 | 1,324.19 |
| Net worth | 463.01 | 327.79 | 282.06 |
| Current ratio | 0.72× | 0.64× | 0.69× |
| Return on equity | 27.43% | 14.05% | 6.89% |
| Cash flow | |||
| Operating cash flow | 301.79 | 314.86 | 140.28 |
| Investing cash flow | -469.69 | -545.33 | -289.97 |
| Financing cash flow | 164.48 | 233.13 | 151.98 |
| Net cash flow | -3.42 | 2.66 | 2.29 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment/prepayment of certain outstanding borrowings ₹497 Cr
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.
2 Financing capital expenditure for expansion and modernisation of Perundurai Manufacturing Facility ₹469 Cr
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.
3 Deployment of visi coolers, ice cream freezers and chocolate coolers ₹155 Cr
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.
4 General corporate purposes —
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.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Milky Mist Dairy Food
Milky Mist Dairy Food Limited is a dairy company that processes raw milk into value-added dairy products. The company procures raw milk predominantly from Tamil Nadu (94.51% in FY 2026) and manufactures a diverse portfolio of products at its Perundurai Manufacturing Facility. The company derives revenue from multiple channels including general trade, modern trade, and online/e-commerce platforms, with the majority of revenue (69.23% in FY 2026) coming from South India. The company was initially formed as a partnership firm in 1998, converted to a private limited company in 2014, and converted to a public limited company in May 2025. In FY 2026, the company generated ₹31,383.64 million in revenue from operations with a profit of ₹1,270.09 million.
Management
Sathishkumar T
MD
Anitha S
Director
Dr. K Rathnam
CEO
Radha Venkatakrishnan
Director
Strengths
As stated in the offer document
Fastest Growing Packaged Food Company with Established Brand Equity
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.
Diversified and Expanding Product Categories
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.
Advanced Manufacturing Capabilities Enhanced by Automation
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.
Direct Sourcing and Focused Engagement with Farmers
The company sources raw milk from 74,654 farmers as of March 31, 2026, with 74.34% procured directly from farmers in Fiscal 2026. The company operates 3,907 automated milk collection units and 29 chilling centers, ensuring quality through a three-tier milk procurement process.
Multi-channel Sales with Own Logistics Infrastructure
The company operates across multiple sales channels reaching 22 states and 5 union territories through 4,001 distributors and over 3,75,000 retail touchpoints. The company manages its own logistics with 63 milk vans, 282 reefer trucks, and 34 ambient trucks, achieving one of the lowest transportation costs among listed peers.
Focus on Sustainability
The company generates 29 MW renewable energy from solar plants and 2 MW from wind plant, meeting approximately 75% of total energy requirement from renewable sources. The company operates water-upcycling plant with capacity of 2.15 million litres per day and uses 26 electric vehicles as of March 31, 2026.
Experienced Management Team Delivering Financial Growth
The company is led by experienced promoters with over 27 years and 24 years of experience in dairy industry. Revenue from operations increased at CAGR of 31.26% from Fiscal 2024 to Fiscal 2026, reaching ₹31,383.64 million in Fiscal 2026 with EBITDA margin of 13.87%.
Risk factors
As stated in the offer document
Substantial Contingent Liabilities
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.
Geographic Concentration of Raw Milk Procurement
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.
Revenue Concentration in South India
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.
Substantial Indebtedness and Financial Leverage
The company has total outstanding borrowings of ₹16,718.53 million as of March 31, 2026, with a debt-to-equity ratio of 3.61 times. High indebtedness limits operational flexibility and requires significant cash flows for debt servicing, with restrictive covenants that could affect business operations.
Product Category Revenue Concentration
The company derives 59.05% of revenue from three product categories (paneer, cheese, and curd) in Fiscal 2026. Inability to adapt to changing consumer preferences or ensure product quality for these key categories could adversely impact business performance.
Dependence on Single Manufacturing Facility
The company operates only one manufacturing facility in Perundurai, Tamil Nadu. Any significant disruption, equipment breakdown, or operational issues at this facility could halt production and severely impact business continuity and financial performance.
Lack of Long-term Raw Material Supply Agreements
The company does not have long-term agreements with suppliers for raw materials (excluding milk), which accounted for 17.97% of revenue in Fiscal 2026. Price volatility and supply disruptions could increase costs and affect operations.
Distributor Network Dependency
The company depends significantly on its distribution network with 4,001 distributors as of March 31, 2026, with 72.26% located in South India. Lack of long-term agreements and potential distributor relationship issues could disrupt sales and market reach.
Company Analysis
from RHPMilky Mist Dairy Food Limited manufactures and sells value-added dairy products including paneer, cheese, curd, yogurt, ghee, butter, and ice cream across India and select international markets.
Milky Mist Dairy Food Limited is a dairy company that processes raw milk into value-added dairy products. The company procures raw milk predominantly from Tamil Nadu (94.51% in FY 2026) and manufactures a diverse portfolio of products at its Perundurai Manufacturing Facility. The company derives revenue from multiple channels including general trade, modern trade, and online/e-commerce platforms, with the majority of revenue (69.23% in FY 2026) coming from South India. The company was initially formed as a partnership firm in 1998, converted to a private limited company in 2014, and converted to a public limited company in May 2025. In FY 2026, the company generated ₹31,383.64 million in revenue from operations with a profit of ₹1,270.09 million.
Objects of the Issue
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company ₹4,968.61 million p.129
- Financing the capital expenditure requirements in relation to the expansion and modernisation of our Perundurai Manufacturing Facility ₹4,692.40 million p.129
- Deployment of visi coolers, ice cream freezers and chocolate coolers ₹1,553.13 million p.129
- General corporate purposes p.129
Issue Structure
- Total Issue
- Up to ₹15,530.00 million
- Fresh Issue
- Up to ₹14,280.00 million
- Offer for Sale
- Up to ₹1,250.00 million
- Price Band
- [●] (to be determined)
- Lot Size
- [●] Equity Shares (to be determined)
- Face Value
- ₹2 per Equity Share
Business Model
The company operates a vertically integrated dairy model: procuring raw milk from farmers and third-party dairy operators, chilling and storing milk at milk chilling centres and bulk milk coolers, manufacturing value-added dairy products at its manufacturing facility, and distributing through distributors to end retailers via general trade, modern trade, and online channels. The company earns revenue primarily from the sale of manufactured dairy products.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sathishkumar T | Promoter/Promoter Selling Shareholder | 39.38% | — |
| Anitha S | Promoter/Promoter Selling Shareholder | 49.48% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.