All IPOs 
Milky Mist Dairy Food
Mainboard · NSE expected
Price Band
—
Issue Size
—
1 lot at upper band
—
Lot Size
107
Open
—
Close
—
Allotment
—
Listing
—
Scheduled dates
- Refund17 Aug 2026
- Demat credit17 Aug 2026
GMP Trend*
Daily grey market premium (₹). Unofficial.
No GMP trend data available.
Subscription (times)
Latest per-category subscription.
Bidding hasn't opened yet — subscription starts once the issue opens.
About Milky Mist Dairy Food
Milky Mist is the fastest growing packaged food company in India (among companies with revenue scale of more than ₹15,000 million) in terms of revenue, growing at a CAGR of 29.82% from Fiscal 2023 to Fiscal 2025. The company is exclusively focused on value-added products within the dairy market, which are considered premium. The company is a product-led company, dedicated to addressing diverse and emerging consumer needs for the entire day, from breakfast to dinner. The company has diversified its product categories to include various value-added dairy products, such as cheese, paneer, butter, curd, ghee, yogurt, ice cream, ultra-high temperature (UHT) long-shelf life products, and other products, including frozen foods, ready-to-eat (RTE) and ready-to-cook (RTC) products, as well as chocolates.
www.milkymist.com ↗Strengths
- Fastest growing packaged food company in India with established brand equity and leadership across various product categoriesThe company is the fastest growing packaged food company (among companies with revenue scale of more than ₹15,000 million) in India in terms of revenue, growing at a CAGR of 29.82% from Fiscal 2023 to Fiscal 2025. The company holds significant market share with approximately 17% in organized packaged paneer market and is nationally ranked third among private players with approximately 5% market share in organized packaged cheese market.
- Diversified and expanding product categories focused on emerging consumer needsThe company has synergistically diversified its product categories to include 23 product categories with 416 SKUs as of March 31, 2025. Between April 1, 2022 and March 31, 2025, the company introduced 348 new SKUs contributing ₹ 5,116.40 million in Fiscal 2025, representing 21.78% of revenue from operations.
- Advanced manufacturing capabilities enhanced by automation and technology-driven processesThe company operates manufacturing facilities equipped with advanced machinery including automated paneer manufacturing line with robotic operations and automatic cheese-making machines. The cheese slice packing line enables production of up to 1,000 cheese slices per minute. As of March 31, 2025, installed capacity for paneer stands at 72 metric tons, making it the largest in India amongst organized private peers.
- Direct sourcing and focused engagement with farmersThe company sources raw milk directly from 67,615 farmers as of March 31, 2025, located in 22 districts across Tamil Nadu, Andhra Pradesh and Karnataka. In Fiscal 2025, the company procured 261.59 million litres directly from farmers representing 85.15% of total raw milk procurement, with payments made every 7 to 10 days ensuring farmer loyalty.
- Multi-channel sales with own logistics infrastructureThe company has expanded presence through multiple sales channels across 22 states and 5 union territories with 3,062 distributors as of March 31, 2025. The company manages own logistics with 252 reefer trucks and 44 milk vans, achieving one of the lowest transportation costs as percentage of revenue among peers at 3.47% in Fiscal 2025.
- Focus on sustainabilityThe company generates 24 MW from solar plants and 2 MW from wind plant, meeting approximately 60% of total energy requirement from renewable sources. The company has commissioned water-upcycling plant with capacity of 2.15 million litres per day and operates 20 electric vehicles as of March 31, 2025.
- Experienced management team delivering financial growthThe company is led by experienced management with Promoter and Chairman having over 26 years of experience in dairy industry and Whole-time Director having over 33 years in food products sector. Revenue from operations increased at CAGR of 29.82% from Fiscal 2023 to Fiscal 2025, reaching ₹23,495.03 million in Fiscal 2025.
Risk Factors
- Dependence on Raw Milk Supply from Tamil NaduThe company's manufacturing operations are dependent on large amounts of raw milk, with 97.68%, 99.62% and 100.00% of total raw milk procurement from Tamil Nadu in Fiscals 2025, 2024 and 2023, respectively. Any adverse developments affecting milk supply in Tamil Nadu could severely impact operations.
- Concentration of Manufacturing FacilityThe company significantly depends on its Perundurai Manufacturing Facility in Tamil Nadu, which produces value-added dairy products contributing to the majority of revenues. Any disruption to this facility could halt operations as production cannot be shifted to alternative sites.
- Geographic Revenue Concentration in South IndiaThe company derives 71.00%, 73.68% and 78.46% of revenue from South India in Fiscals 2025, 2024 and 2023, respectively. Any adverse developments in South India could significantly impact business performance and financial condition.
- Product Category Concentration RiskThe company derives significant revenue from three product categories - paneer, cheese and curd - which contributed 62.63%, 66.16%, and 67.36% to revenue in Fiscals 2025, 2024 and 2023, respectively. Declining demand for these categories could adversely affect financial performance.
- Substantial Indebtedness and Financial LeverageThe company has total borrowings of ₹13,763.76 million as of March 31, 2025, with debt-to-equity ratio of 4.20 times and interest coverage ratio of 2.02 times. High leverage limits operational flexibility and increases financial risk.
- Working Capital RequirementsThe company requires significant working capital for operations, with net working capital of ₹2,699.39 million as of March 31, 2025. Failure to arrange adequate working capital could adversely affect business operations and growth.
- Capital Intensive Business ModelThe company incurred capital expenditure of ₹4,742.82 million in Fiscal 2025 (20.18% of revenue). Significant financing requirements for growth strategies and expansion plans pose funding challenges and potential operational constraints.
- Dependence on Distribution NetworkThe company depends on 3,062 distributors as of March 31, 2025, with 72.41% concentrated in South India. Disruptions in the distribution network or inability to maintain distributor relationships could significantly impact sales and market reach.
- Regulatory Compliance and Statutory ApprovalsThe company requires numerous statutory approvals and licenses to operate manufacturing facilities and milk chilling centres. Failure to obtain or renew approvals could result in operational disruptions and substantial compliance costs.
- Product Contamination and Food Safety RisksThe company faces contamination risks from improper processing or storage of raw materials and products. Any real or perceived contamination could subject the company to regulatory action, damage reputation, and result in product recalls.
Objects of the Issue
- Repayment/prepayment of certain outstanding borrowingsThe company intends to utilize proceeds towards repayment/prepayment of all or a portion of certain outstanding borrowings. This will help reduce outstanding indebtedness, debt servicing costs and improve debt-to-equity ratio.750.00 crores
- Financing capital expenditure for expansion and modernisation of Perundurai Manufacturing FacilityThe company proposes to utilize proceeds for expansion and modernisation including setting up new product lines, expansion of existing product lines, warehouse for cold and dry products, and procurement of trucks for business operations.414.71 crores
- Deployment of visi coolers, ice cream freezers and chocolate coolersThe company intends to deploy refrigeration units at retail touchpoints to create consistent visual identity, increase brand recall value, strengthen competitive positioning and support cold chain infrastructure at retail level.129.43 crores
- General corporate purposesThe company intends to deploy balance proceeds towards general corporate purposes including meeting ongoing expenses, funding growth opportunities, marketing and brand building exercises, working capital requirements, and investment in subsidiary.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2025 | 2354.79 | +28.9% | 46.07 | +137.0% | 2150.59 | 327.79 | 314.86 |
| 31/03/2024 | 1826.86 | +30.6% | 19.44 | -28.6% | 1606.26 | 282.06 | 140.28 |
| 31/03/2023 | 1398.95 | — | 27.23 | — | 1289.42 | 262.39 | 175.04 |
Units: crores
Issue Details
- Face Value
- ₹2
- ROCE
- 9.54%
- Shares / Lot
- 107
- Minimum Bid
- 107 shares
- Refund
- 17 Aug 2026
- Credit to Demat
- 17 Aug 2026
- ISIN
- INE00IT01020
- CIN
- U15200TZ2014PLC020554
- Registrar
- Kfin Technologies Ltd.
- Lead Managers
- JM Financial Ltd.
- Registered Office
- SF No. 43/1-4, Pattakaranpalayam, Perundurai, Erode District – 638 057, Tamil Nadu, India
Management
Sathishkumar TMD
Anitha SDirector
Dr. K RathnamCEO
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.