Milky Mist Dairy Food
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- Face value
- ₹2 per share
- Lot size
- 107 shares
- Listing at
- NSE
- Promoter holding
- 93.00% → 79.52% pre-issue → post-issue
- 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
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% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| 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% |
| Market maker | 0 | — | 0.00% |
| 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.
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.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
Offer price not yet announced
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.90 | — |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 18.98%
- ROCE
- 9.54%
- Debt / equity
- 4.20
- PAT margin
- 1.96%
- EBITDA margin
- 13.21%
- NAV per share
- ₹3.78
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY25 | FY24 | FY23 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 2,354.79 | 1,826.86 | 1,398.95 |
| Revenue from operations | 2,349.5 | 1,821.61 | 1,394.18 |
| Other income | 5.29 | 5.25 | 4.78 |
| Total expenses | 2,267.25 | 1,784.17 | 1,335.48 |
| Operating profit | 87.54 | 42.69 | 63.47 |
| Operating margin | 3.72% | 2.34% | 4.54% |
| Profit before tax | 87.55 | 42.69 | 63.47 |
| Profit after tax | 46.07 | 19.44 | 27.23 |
| PAT margin | 1.96% | 1.06% | 1.95% |
| Balance sheet | |||
| Total assets | 2,150.59 | 1,606.26 | 1,289.42 |
| Current assets | 418.84 | 335.57 | 203.21 |
| Current liabilities | 650.09 | 489.19 | 311.64 |
| Total liabilities | 1,822.8 | 1,324.19 | 1,027.03 |
| Net worth | 327.79 | 282.06 | 262.39 |
| Current ratio | 0.64× | 0.69× | 0.65× |
| Return on equity | 14.05% | 6.89% | 10.38% |
| Cash flow | |||
| Operating cash flow | 314.86 | 140.28 | 175.04 |
| Investing cash flow | -545.33 | -289.97 | -367.9 |
| Financing cash flow | 233.13 | 151.98 | 198.01 |
| Net cash flow | 2.66 | 2.29 | 5.15 |
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 ₹750 Cr
The 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.
2 Financing capital expenditure for expansion and modernisation of Perundurai Manufacturing Facility ₹415 Cr
The 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.
3 Deployment of visi coolers, ice cream freezers and chocolate coolers ₹129 Cr
The 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.
4 General corporate purposes —
The 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.
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
Strengths
As stated in the offer document
Fastest growing packaged food company in India with established brand equity and leadership across various product categories
The 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 needs
The 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 processes
The 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 farmers
The 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 infrastructure
The 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 sustainability
The 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 growth
The 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
As stated in the offer document
Dependence on Raw Milk Supply from Tamil Nadu
The 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 Facility
The 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 India
The 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 Risk
The 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 Leverage
The 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 Requirements
The 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 Model
The 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 Network
The 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 Approvals
The 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 Risks
The 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.
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.