Milky Mist Dairy Food IPO

About Milky Mist Dairy Food IPO

The Milky Mist Dairy Food Limited IPO, a mainboard IPO, opens on Tuesday, August 11, 2026 and closes on Thursday, August 13, 2026. The allotment of shares will take place on Friday, August 14, 2026. The credit of shares to the demat account will take place on Monday, August 17, 2026. The initiation of refunds will take place on Monday, August 17, 2026. The listing of shares will take place on Tuesday, August 18, 2026. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 10,20,14,623 shares aggregating up to ₹1,428 crore. The offer for sale portion includes 89,28,570 shares of ₹2 aggregating up to ₹125 crore. The total number of shares and aggregate amount are 11,09,43,193 shares aggregating up to ₹1,553 crore.

Milky Mist Dairy Food Limited IPO's price band is set at ₹133 to ₹140 per share. The lot size for an application is 107 shares. The minimum amount of investment required by a retail investor is ₹14,980 based on the upper price.

Milky Mist is a value-added dairy and packaged food company that sells premium products such as paneer, cheese, curd, butter, ghee, yogurt, ice cream, and ultra-high temperature long-shelf-life products under its 'Milky Mist' umbrella brand. It follows an integrated farm-to-retail model, sourcing the majority of its raw milk directly from farmers.

Objectives of Milky Mist Dairy Food IPO

• Repayment or 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 the Perundurai Manufacturing Facility.
  
• Deployment of visi coolers, ice-cream freezers, and chocolate coolers.
  
• General corporate purposes.
  

Industry Outlook

India's dairy market is large and shifting toward value. The traditional value-added dairy products (TVADP) market was valued at approximately ₹5.6 trillion in FY26 and is projected to reach roughly ₹10.0 trillion by FY31, growing at an approximate 12.1% CAGR over that period. Higher disposable incomes, rising health awareness, and demand for premium, high-protein options are driving this growth.

Emerging categories are expanding even faster. The market for emerging value-added dairy products (EVADP), which includes cheese, yogurt, and whey products, is expected to grow from about ₹0.5 trillion in FY26 to about ₹1.0 trillion by FY31, an approximate 15.3% CAGR. Cheese is a standout. Its market size of approximately ₹99.1 billion in FY26 is expected to reach approximately ₹226.7 billion by FY31 at an approximate 18.0% CAGR.

Milky Mist is exclusively focused on these value-added segments. That focus positions it to capture premium demand as the category grows, particularly in paneer, cheese, curd, and yogurt where it already holds meaningful share. (Industry figures sourced from the 1Lattice Report cited in the RHP, 'Industry Overview' and 'Basis for the Offer Price' chapters.)

About Milky Mist Dairy Food Limited

Milky Mist is a product led, value added dairy company. It was the fastest growing packaged food company in India among those with revenue above ₹1,500 crore, growing revenue at a 31.26% CAGR from FY24 to FY26. Its portfolio spans 22 product categories and 640 SKUs as of March 31, 2026, sold under the 'Milky Mist' umbrella brand and sub-brands including 'SmartChef', 'Capella', 'Misty Lite', 'Briyas', and 'Asal'. The Company runs an integrated farm-to-retail operation. As of March 31, 2026, it sourced raw milk from 74,654 farmers across 25 districts in Tamil Nadu, Andhra Pradesh, Karnataka, and Maharashtra, of whom 33,126 were women. It procured 396.15 million litres of raw milk in FY26. Premium pricing helped it achieve a realisation of approximately ₹77.79 per litre of milk procured in FY26, among the highest versus listed peers.

Manufacturing is anchored at Perundurai, Erode District, Tamil Nadu. The facility received U.S. FDA approval in FY2022 and runs automated paneer, cheese, UHT, and ice-cream lines. The Company was the largest private packaged paneer brand in India with an approximately 19.0% share of the organised packaged paneer market by value in FY26. Its Promoter, Chairman, and Managing Director, Sathishkumar T, has over 27 years of experience in the food and dairy industry.

Strengths of Milky Mist Dairy Food

• Milky Mist was the fastest-growing packaged food company in India among those with revenue above ₹1,500 crore, growing revenue at a 31.26% CAGR from FY24 to FY26.
• The Company held an approximately 19.0% share of India's organised packaged paneer market by value in FY26, ranking as the largest private packaged paneer brand.
• A diversified portfolio of 22 product categories and 640 SKUs as of March 31, 2026 reduces dependence on any single product line.
• Direct sourcing from 74,654 farmers across 25 districts as of March 31, 2026 secures the Company's primary raw material without intermediaries.
• A multi-channel network spanning general trade, modern trade, HoReCa, online platforms, and exclusive parlours reached 22 states and 5 union territories as of March 31, 2026.
• A fully automated, U.S. FDA-approved manufacturing facility at Perundurai is supported by a company owned cold chain fleet of tankers and reefer trucks.

Risks of Milky Mist Dairy Food

• Milky Mist sourced 94.51% of its raw milk from Tamil Nadu in FY26, so any disruption to milk supply in that state could raise input costs and curtail production.
• South India generated 69.23% of revenue from operations in FY26, exposing the Company to regional demand shocks and adverse local developments.
• Paneer, cheese, and curd together contributed 59.05% of revenue in FY26, so a shift in consumer preference away from these products would materially reduce sales.
• All manufacturing is concentrated at the single Perundurai facility, meaning a prolonged shutdown there would halt most of the Company's production.
• The Company carried borrowings of ₹1,671.85 crore as of March 31, 2026, and servicing this debt consumes cash flows and limits financial flexibility.
• Contingent liabilities aggregated ₹229.01 crore as of March 31, 2026, and if these crystallise they could adversely affect the Company's financial condition.

Anchor Investor Bidding Date

Monday, August 10, 2026

IPO Registrar and Book Running Lead Managers

Registrar
KFin Technologies Limited
Telephone: +91 40 6716 2222
E-mail: milky.ipo@kfintech.com

Book Running Lead Manager(s):

• JM Financial Limited
  
• Axis Capital Limited
  
• IIFL Capital Services Limited (formerly known as IIFL Securities Limited)
  

Milky Mist Dairy Food Contact Details
SF No. 43/1-4, Pattakaranpalayam, Perundurai, Erode District – 638, 057,
Tamil Nadu, India.
Email: investor@milkymist.com
Telephone: + 91 424 2533248

Milky Mist Dairy Food Business Model

The company earns its revenue through the sale of value added dairy and allied products under its 'Milky Mist' umbrella brand and sub brands, spanning paneer, cheese, curd, butter, ghee, yogurt, ice cream, UHT long-shelf-life products, frozen foods, ready-to-eat and ready-to-cook products, and chocolates. Products are sold across general trade, modern trade, HoReCa, online and quick commerce platforms, and the Company's own exclusive parlours. Milky Mist commands premium pricing, with paneer and curd typically priced 10% to 30% above the average market price of Indian brands. An integrated farm-to-retail model, direct milk sourcing, in house manufacturing, and company-owned logistics, supports margins that align more closely with FMCG peers than with traditional dairy businesses.

Milky Mist Dairy Food Growth Trajectory

Milky Mist Dairy Food Limited's Total Income for FY26 was ₹3,145.01 crore, whereas in FY25 and FY24 it was ₹2,354.79 crore and ₹1,826.86 crore, respectively.

The Profit After Tax for FY26 was ₹127.01 crore, whereas in FY25 and FY24 it was ₹46.07 crore and ₹19.44 crore, respectively.

Their EBITDA for FY26 was ₹435.22 crore, whereas in FY25 and FY24 it was ₹310.35 crore and ₹222.33 crore, respectively.

Milky Mist Dairy Food Market Position

Milky Mist reaches consumers through a wide distribution and logistics network. As of March 31, 2026, it worked with 4,001 distributors across 22 states and 5 union territories and operated its own cold-chain fleet of 63 milk tankers, 282 reefer trucks, and 34 ambient trucks. Its procurement backbone included 3,907 automated milk collection units and 29 chilling centres.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹3,145.01 crore, ₹127.01 crore, and ₹435.22 crore, respectively.

How to apply for Milky Mist Dairy Food Limited IPO?

• Step 1: Log in to your Kotak Neo 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.