Milky Mist Dairy Food Pvt IPO

About Milky Mist Dairy Food IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include TBA equity shares of face value of ₹2 each aggregating up to ₹1,785 crore. The offer for sale portion includes up to TBA equity shares of face value of ₹2 each aggregating up to ₹250 crore. The total number of shares and aggregate amount are yet to be finalised.

The IPO opens on TBA and closes on TBA. The tentative listing date is TBA. The initiation of refunds will take place on TBA. The credit of shares to the demat account will take place on TBA.

Milky Mist is the fastest-growing packaged food company (among companies with revenue scale of more than ₹1,500 crore) in India in terms of revenue, growing at a CAGR of 29.82% over fiscal 2023 to fiscal 2025. It is a leading dairy brand in India, focusing on a diverse range of value-added dairy products, including paneer, cheese, yogurt, curd, ice cream, butter, ghee, and packaged foods. Unlike traditional dairy businesses, which focus on milk and milk commodities, Milky Mist focuses exclusively on premium, value-added dairy products rather than liquid milk, which typically has lower margins. Milky Mist’s focus on value-added dairy products aligns more closely with fast-moving consumer goods (FMCG) companies than traditional dairy businesses in terms of gross margins, distribution model, and premium pricing.

Objectives of Milky Mist Dairy Food IPO

• Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the company.
  
• Financing the capital expenditure requirements in relation to the expansion and modernisation of their Perundurai Manufacturing Facility.
  
• Deployment of visi coolers, ice cream freezers and chocolate coolers.
  
• General corporate purposes.
  

Industry Outlook

The dairy industry plays a significant role in India's economy, contributing 5% to the total GDP and approximately 23% to 25% of the agricultural GDP and providing livelihood support to approximately 8 crore farmers, driving rural income and employment. The demand for value-added dairy products like cheese, yogurt, paneer, ice cream, and ghee is surging, driven by urban expansion, evolving preferences, and protein-rich diets. With rising health awareness and convenience needs, this segment is growing faster than liquid milk.

In fiscal 2025, milk and value-added dairy products account for the largest share (approximately 76%) of the Indian packaged food market. The milk market is valued at ₹5,30,000 crore in fiscal 2025 and is estimated to reach ₹7,80,000 crore in fiscal 2030, growing at a CAGR of 8.0% from fiscal 2025 to fiscal 2030. The value-added dairy products account for 51% of the total dairy market as of fiscal 2025, with the VADP market valued at ₹5,50,000 crore, and it is expected to grow at a faster rate than milk, with a CAGR of 12.5% over the period to fiscal 2030. The growth is driven by rising health and nutrition awareness, increasing innovation, premiumisation of products, demand for convenient food options, etc.

Milky Mist Dairy Food Company Information

Milky Mist Dairy Food Limited is a product-led company, dedicated to addressing the diverse and emerging consumer needs for the entire day, from breakfast to dinner. Over the years, they have diversified their 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. They offer their products under their umbrella brand 'Milky Mist', and sub-brands such as 'SmartChef', 'Capella', and 'Misty Lite', and have recently acquired brands such as 'Briyas' and 'Asal'.

They have an integrated farm-to-retail infrastructure. They source the majority of raw milk, their primary raw material, directly from farmers. As of 31 March 2025, they sourced raw milk from 67,615 farmers, located in 22 districts across the states of Tamil Nadu, Andhra Pradesh and Karnataka, all within a 400-kilometre radius from their manufacturing facility at Perundurai, Erode District, Tamil Nadu. In fiscal 2025, 2024 and 2023, they procured 307.20 million litres, 272.80 million litres and 201.18 million litres of raw milk, of which 261.59 million litres, 263.55 million litres and 199.86 million litres were procured directly from farmers, representing 85.15%, 96.61% and 99.34% of the total raw milk procurement, respectively.

They foster long-standing relationships with farmers by eliminating middlemen, providing them with higher realisation, and making direct payments every 7 to 10 days, thereby ensuring their loyalty. They also support the well-being of farmers through various initiatives, including enhancing their knowledge and skills in dairy farming, providing cattle feed, promoting clean milk production programmes, offering silage training, supplying fodder seeds, providing veterinary support, vaccinations, facilitating artificial insemination services, and assisting with obtaining loans to purchase cattle.

Strengths of Milky Mist Dairy Food Limited

• Fastest-growing packaged food company in India with established brand equity and leadership across various product categories.
  
• Diversified and expanding product categories focused on emerging consumer needs.
  
• Advanced manufacturing capabilities enhanced by automation and technology-driven processes.
  
• Direct sourcing and focused engagement with farmers.
  
• Multi-channel sales with their own logistics infrastructure.
  
• Focus on sustainability.
  
• Experienced management team delivering financial growth.
  

Risks of Milky Mist Dairy Food Limited

• Inability to procure adequate amounts of good quality raw milk at competitive prices, or any adverse development in the state of Tamil Nadu affecting the milk supply.
  
• Any adverse developments affecting the Perundurai, Erode, Tamil Nadu region where their manufacturing facility is located, or any slowdown or shutdown in their manufacturing.
  
• Any adverse developments affecting their operations in South India (comprising Karnataka, Tamil Nadu, Kerala, Andhra Pradesh and Telangana) where they derive a significant portion of their revenue.
  
• Inability to anticipate and adapt to evolving consumer tastes, preferences and demand for product categories such as paneer, cheese and curd (which contributed 62.63%, 66.16% and 67.36% to their revenue from operations in fiscal 2025, 2024 and 2023, respectively), or ensure product quality.
  
• An increase in the cost of or a shortfall in the availability of other raw materials such as sugar, cultures, packaging material, stabilisers and other additives.
  
• Improper processing or storage of their raw materials or products, or spoilage of and damage to such raw materials and products, or any real or perceived contamination in their products.
  
• Pricing pressure on account of competition may result in them providing higher discounts and rebates, and their inability to pass on costs to their customers.
  
• Inaccurate demand forecasting for their products can result in excess inventory and waste.
  
• Emergence of modern trade channels in the form of supermarkets and high-end retail outlets may adversely affect their ability to negotiate their distribution agreements.
  
• Any adverse events in the countries where they export their products (between 1 April 2022 and 31 March 2025, they exported their products to more than 15 countries, including Singapore, the United States of America, Middle Eastern countries and Australia) or foreign exchange fluctuations.
  

**To be determined on conclusion of the Book Building Process.

Notes: (1)Financial information of our Company has been derived from the Restated Consolidated Financial Information as of/ for the financial year ended March 31, 2025.

(2)All the financial information for listed industry peers is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the financial information of such listed industry peer available on the website of the stock exchanges, investor presentations and regulatory filings, as of and for year ended March 31, 2025.

(3)Closing Price of peers represents the closing market price of equity shares of the listed peer on BSE as on July 9, 2025.

(4)P/E Ratio for the listed industry peer has been computed based on the closing market price of equity shares, on BSE as on July 9, 2025, divided by the diluted EPS of the latest respective Fiscal year (viz Fiscal 2025).

(5)Return on Net Worth (%) is calculated by dividing profit for the year by closing Net Worth as on March 31, 2025.

(6)Net Asset Value per equity share = Net Worth at the end of the year divided by weighted average number of Equity Shares outstanding as of the end of the respective year.

Anchor Investor Bidding Date: TBA

Registrar: KFin Technologies Limited Book Running Lead Managers: JM Financial Limited Axis Capital Limited IIFL Capital Services Limited

Milky Mist Dairy Food Business Model

The company earns its revenue through the following: As of 31 March 2025, they offered 23 product categories with 416 SKUs. Their product categories include various value-added dairy products, such as cheese, paneer, butter, ghee, yoghurt, ice cream, UHT products, and other products, including frozen foods, RTE and RTC products, as well as chocolates. They offer their products under their umbrella brand 'Milky Mist', and sub-brands including 'Briyas', 'Asal', 'SmartChef', 'Capella' and 'Misty Lite'.

Milky Mist Dairy Food Growth Trajectory

Milky Mist Dairy Food Limited's total income has increased by 28.90% from ₹1,826.86 crore in fiscal 2024 to ₹2,354.79 crore in fiscal 2025 primarily on account of an increase in revenue from operations.

Revenue from operations increased by 28.98% from ₹1,821.61 crore in fiscal 2024 to ₹2,349.50 crore in fiscal 2025 mainly on account of an increase in revenue from sale of products.

Other operating revenue also contributed to the growth, increasing from ₹13.53 crore in fiscal 2024 to ₹16.65 crore in fiscal 2025, primarily on account of increase in freight recovery.

Other income has increased marginally by 0.84% from ₹5.25 crore in fiscal 2024 to ₹5.29 crore in fiscal 2025, mainly on account of an increase in miscellaneous income.

Their profit for the year was ₹46.07 crore in fiscal 2025 as compared to profit for the year of ₹19.44 crore in fiscal 2024.

Milky Mist Dairy Food Market Position

Milky Mist Dairy Food Limited is the fastest-growing packaged food company (among companies with revenue scale of more than ₹1,500 crore) in India in terms of revenue, growing at a CAGR of 29.82% from fiscal 2023 to fiscal 2025 (Source: 1Lattice Report). They are exclusively focused on value-added products within the dairy market, which are considered premium (Source: 1Lattice Report).

They were one of the first private companies to launch branded packaged paneer in India and subsequently established product categories through introduction of curd, ghee, butter, cheese, yoghurt, ice cream, UHT long shelf-life products, chocolates and sweetened condensed milk over the years.

They were the largest private packaged paneer brand in the organised market with a market share of approximately 17% in terms of the organised packaged paneer market value in fiscal 2025 in India (Source: 1Lattice Report). In fiscal 2025, they were the largest private packaged cheese brand in South India with a market share of approximately 12% in terms of market value in the Southern region's organised cheese segment and they are also nationally ranked third among private players with a market share of approximately 5% in terms of market value in the organised packaged cheese market in India.

They have 108 Milky Mist exclusive parlours across eight states in India, including Tamil Nadu, Andhra Pradesh, and Kerala where consumers can purchase their products, enhancing brand engagement and visibility. Of these, 6 are company-operated, and the remaining are managed through franchise agreements. They are also one of the first food products companies in India to provide visi coolers, a refrigeration unit used for displaying dairy products and other perishable products, to retailers (Source: 1Lattice Report).

As of 31st March, 2025, the company’s Total Income, Profit After Tax, and EBITDA stood at ₹ crores, ₹ crores, and ₹ crores, respectively.

How to check allotment status of Milky Mist Dairy Food Limited IPO?

1. Visit the Registrar's Website

To check the IPO allotment status for Milky Mist Dairy Food Limited IPO, visit the official website of KFin Technologies Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
• Choose 'Milky Mist Dairy Food Limited' in the next dropdown
• Enter your application number
• Enter your PAN
• Click 'Search'

Your Milky Mist Dairy Food Limited IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Milky Mist Dairy Food Limited IPO allotment status.

Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
  
• PAN
  

Then click 'Submit'. Your Milky Mist Dairy Food Limited IPO bid and allotment details will be displayed.

How to apply for Milky Mist Dairy Food Limited IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.