Milky Mist was among the many first non-public dairy firms in India to introduce branded packaged paneer. Over time, it has expanded its portfolio to incorporate curd, ghee, butter, cheese, yoghurt, ice cream, UHT merchandise, candies and sweetened condensed milk.
Throughout FY26, the Milky Mist model generated income of ₹3,054.57 crore, contributing 97.3% of the corporate’s complete income.
Listed here are key issues to find out about Milky Mist forward of its IPO opening on August 11:
Concerning the firm
Milky Mist is among the largest non-public packaged paneer manufacturers in India’s organised market with a market share of roughly 19.0% by worth in FY26. It was additionally the most important non-public packaged cheese model in South India, with an approximate 12% market share and ranked because the third-largest non-public packaged cheese participant within the organised market throughout India with an approximate 5% share.
In South India, the corporate held roughly a 7% share within the organised packaged curd market. It was additionally among the many prime two non-public packaged yogurt manufacturers in India with an approximate 13% market share and commanded a 35-40% share within the organised Greek yogurt section.
The corporate began paneer manufacturing in 1998. It entered ghee, khova, butter and curd in 2009, cheese in 2010 and yogurt in 2011. Whey powder was added in 2017, adopted by the commissioning of the Milky Mist Mega Plant at Perundurai, Erode in 2018. In 2020, the corporate launched the SmartChef model, providing dairy whitener, cream cheese, probiotic curd and frozen meals. It additional expanded into UHT merchandise, Greek yogurt and Skyr yogurt in 2022, whereas ice cream, candies and sweetened condensed milk had been launched in 2023. Throughout 2025, the corporate acquired Asal Meals Merchandise Pvt Ltd and the tofu enterprise of Briyas Meals Pvt Ltd.
As of March 31, 2026, the corporate sourced milk from 74,654 farmers unfold throughout 25 districts in Tamil Nadu, Andhra Pradesh, Karnataka and Maharashtra. The procurement community included 3,907 automated milk assortment items (AMCUs) and 29 chilling centres. Uncooked milk procurement elevated to 39.62 crore litres in FY26 from 30.72 crore litres in FY25. Direct procurement from farmers accounted for 74.3% in FY26, 85.1% in FY25 and 96.6% in FY24.
The corporate operates a single built-in manufacturing facility at Perundurai in Erode District, Tamil Nadu. As of March 31, 2026, the plant had an put in milk processing capability of 25 lakh litres per day. Product-wise put in capacities stood at 70,080 MT each year for paneer, 5,694 MT for cheddar cheese, 17,520 MT every for mozzarella cheese and processed cheese, 87,600 MT each year for pouch curd, 1,75,200 MT each year for set curd and eight,760 MT each year for yogurt.
The corporate had a distribution community of 4,001 distributors throughout 22 states and 5 union territories, supplying merchandise to greater than 3,75,000 stores. It additionally operated 57 clearing and forwarding depots throughout 15 states. It manages its personal logistics community comprising 63 milk vans, 282 reefer vans and 34 ambient vans as of March 31, 2026.
Southern India contributed 69.2% of complete income from operations throughout FY26, in contrast with 73.6% in FY24. The corporate additionally exported merchandise to greater than 15 international locations. Export income, excluding freight and incentives, contributed 3.7% of income from operations throughout FY26. As of March 31, 2026, Milky Mist supplied 22 product classes throughout 640 SKUs. Paneer remained the most important class, contributing 29.4% of income from operations throughout FY26, adopted by cheese at 16.3% and curd at 13.2%.
The Indian value-added dairy merchandise market is estimated at round ₹5.6 lakh crore in FY26 and is anticipated to develop to round ₹10.0 lakh crore by FY31, at a CAGR of round 12.1%. This development is being spurred by growing incomes, rising well being consciousness and rising demand for premium, high-protein dairy merchandise.
Milky Mist is effectively positioned to profit from the structural shift in direction of value-added dairy merchandise. The corporate is the most important non-public packaged paneer model in India with an approximate 19.0% market share. It additionally has a robust presence in different fast-growing classes, together with yogurt, the place it’s among the many prime two non-public manufacturers nationally with an approximate 13% market share and instructions a 35-40% share within the organised Greek yogurt section.
Milky Mist Financials
| (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Income | 1,821.61 | 2,349.50 | 3,138.36 |
| Whole Property | 1,606.26 | 2,150.59 | 2,676.46 |
| Web Revenue | 19.44 | 46.07 | 127.01 |
| EBITDA | 222.33 | 310.34 | 435.21 |
Milky Mist IPO goal
The cash raised from the IPO shall be used in direction of the next targets:
Compensation of borrowings: The corporate will use ₹496.86 crore for compensation of sure excellent borrowings availed by the corporate.
Capital expenditure: The corporate will use ₹469.24 crore to fund the enlargement and modernisation of the Perundurai manufacturing facility.
Funding in cold-chain retail infrastructure: The corporate will use ₹155.31 crore for deployment of visi coolers, ice cream freezers and chocolate coolers.
Basic company functions: A part of the IPO proceeds shall be used for normal company functions and subject bills.
Milky Mist IPO particulars
Milky Mist IPO goals to lift ₹1,553 crore via its public subject. The problem is a mix of recent subject and provide on the market of over 11 crore shares.
The corporate has mounted the worth band of the problem at ₹133 to ₹140 per share. The lot measurement, or the minimal bid amount to use for the problem, is 107 shares. This equates to a minimal funding quantity of ₹14,980 per lot on the higher finish of the worth band for retail traders.
Milky Mist IPO: Vital dates
Milky Mist IPO will stay open for bidding from 11 to 13 August. After the bidding is closed, the allotment of shares is anticipated to be finalised on August 14.
Profitable bidders can count on the shares to be credited to their demat accounts by Monday, August 17, with others receiving refunds on the identical day. Milky Mist shares are scheduled to checklist on the BSE and NSE on August 18.
Strengths and alternatives
Main model in value-added dairy: Milky Mist is the fastest-growing packaged meals firm in India with Income CAGR of 31.2% throughout FY24-FY26. It’s the greatest non-public packaged paneer model with a ~19.0% market share and likewise leads in cheese, curd and yoghurt. Its premium positioning permits for a 10-30% value premium over massive Indian manufacturers.
Sturdy product diversification: The corporate has 22 product classes and 640 SKU’s in its portfolio. It launched 5 new product classes and 538 new SKUs in FY22-FY26, which amounted to twenty-eight.16% of FY26 income. Constant development in core merchandise, with quick enlargement of newer classes like ice cream and yoghurt.
Sturdy farmer procurement community: The corporate sources milk straight from 74,654 farmers throughout 25 districts. It has a procurement community supported by 3,907 automated milk assortment items, 29 chilling centres and a three-stage high quality testing course of, together with farmer assist via veterinary companies, coaching and cattle financing.
Built-in distribution and chilly chain: It’s also the one listed dairy-focused firm with totally in-house manufacturing and logistics, with 63 milk tankers, 282 reefer vans and 34 ambient vans. The corporate has a robust pan-India distribution community of 4,001 distributors, over 3,75,000 retail touchpoints and 144 unique parlours.
Dangers and threats
Uncooked milk procurement focus: The corporate fulfilled 94.51% of its uncooked milk requirement from Tamil Nadu throughout FY26. Any hostile climate, cattle ailments, farmer protests, regulatory adjustments or provide shortages within the state might lead to greater procurement prices, disrupt manufacturing and affect profitability.
Product portfolio focus: Income contribution of paneer, cheese and curd collectively stood at 59.05% in FY26. Any adjustments in client desire for various dairy or plant-based merchandise, high quality considerations or decrease demand in these classes might materially affect gross sales and margins.
Single manufacturing facility: The worth-added dairy merchandise are primarily manufactured at its Perundurai facility in Tamil Nadu. Any important disruption within the state might have a cloth impact on manufacturing, provide commitments and monetary efficiency.
Risky uncooked materials prices: Aside from milk, the corporate will get packaging supplies, sugar, cultures and components from third-party suppliers on non-fixed value contracts. Commodity inflation, provide disruptions or import-related challenges might push up enter prices.
