Milky Mist Dairy Food
- P/E
- 84.04
Key Fundamentals
SmallcapDairy ProductsFMCGPrice-based figures as of · TTM
- ROCE
- 13.60%
- Debt to Equity
- 3.62
- EPS (TTM)
- ₹3.60
- Book Value
- ₹30.08
- Market Cap
- —
- P/E (TTM)
- 84.04
- P/B
- 10.06
- ROE
- 31.60%
- Dividend Yield
- 0.00%
- EBITDA
- ₹435 Cr
- 52W High
- ₹342.40
- 52W Low
- ₹165.00
- Day Range
- ₹287.00 – ₹303.50
- Volume
- 5,76,290
Peer Comparison
Fast Moving Consumer Goods › Food Products › Dairy Products
| ₹1,046.20 | 63.79 | ₹23,626 Cr | 11.81 | 0.97% | 19.20% | 15.20% | ₹10,413 Cr | ₹366 Cr | |
| Milky Mist Dairy Food (this company) | ₹302.55 | 84.04 | ₹22,941 Cr | 10.06 | 0.00% | 31.60% | 13.60% | ₹3,765 Cr | ₹235 Cr |
| ₹39.82 | — | ₹8,971 Cr | 13.92 | 0.00% | −1.01% | — | ₹1,909 Cr | −₹334 Cr | |
| ₹985.95 | 24.30 | ₹6,129 Cr | 3.45 | 0.49% | 16.40% | 16.70% | ₹4,316 Cr | ₹246 Cr | |
| ₹7,377.50 | 24.21 | ₹5,347 Cr | 5.77 | 0.23% | 19.60% | 22.00% | ₹1,676 Cr | ₹219 Cr | |
| ₹370.65 | 30.06 | ₹3,435 Cr | 3.03 | 0.68% | 12.60% | 14.80% | ₹4,934 Cr | ₹115 Cr | |
| ₹291.98 | 28.21 | ₹3,370 Cr | 3.01 | 0.44% | 12.10% | 13.40% | ₹3,911 Cr | ₹130 Cr | |
| Median 7 companies | ₹370.65 | 29.14 | ₹6,129 Cr | 5.77 | 0.44% | 16.40% | 15.00% | ₹3,911 Cr | ₹219 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Key Insights
Strengths
1- Company has delivered good profit growth of 37.2% CAGR over last 5 years
Weaknesses
1- Company might be capitalizing the interest cost
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Bullish | 2 | 10 | 7 |
| Oscillators | Bearish | 2 | 6 | 1 |
| Moving Averages | Strong Bullish | 0 | 4 | 6 |
Oscillators
Bearish
Overall
Bullish
Moving Averages
Strong Bullish
Key readings
- RSI (14)
- 54.79
- Neutral
- MACD (12,26,9)
- 4.46
- Bearish
- SMA (50)
- 284.02
- Bullish
- SMA (200)
- —
- Neutral
As of
Growth Rate
From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025.
Revenue
| 5Y | +27.58% |
|---|---|
| 3Y | +29.87% |
| 1Y | +34.75% |
Net profit
| 5Y | +40.29% |
|---|---|
| 3Y | +64.66% |
| 1Y | +184.09% |
Operating cash flow
| 5Y | +17.16% |
|---|---|
| 3Y | +14.41% |
| 1Y | −3.56% |
Operating margin· change in pp
| 5Y | −1.89 pp |
|---|---|
| 3Y | −0.17 pp |
| 1Y | +0.59 pp |
Trailing twelve months: Results are not reported for each of the last eight quarters, so there is no trailing-twelve-month figure.
Revenue by year
| Mar 2021 | ₹928 Cr |
|---|---|
| Mar 2022 | ₹1,012 Cr |
| Mar 2023 | ₹1,432 Cr |
| Mar 2024 | ₹1,803 Cr |
| Mar 2025 | ₹2,328 Cr |
| Mar 2026 | ₹3,137 Cr |
Net profit by year
| Mar 2021 | ₹23.00 Cr |
|---|---|
| Mar 2022 | ₹32.00 Cr |
| Mar 2023 | ₹28.00 Cr |
| Mar 2024 | ₹18.00 Cr |
| Mar 2025 | ₹44.00 Cr |
| Mar 2026 | ₹125 Cr |
AI Analysis — Bull vs Bear
Milky Mist Dairy Food Ltd trades at ₹298.75 with a market cap of ₹22,829.71 crore as of 2026-11-03, commanding a P/E of 82.99x on TTM EPS of ₹3.60. The company has delivered strong compounded profit growth of 37% over five years and 30% compounded sales growth over three years, but carries a debt-to-equity ratio of 3.62 and pays no dividend.
- TTM profit growth stands at 185%, indicating a sharp acceleration in earnings over the trailing twelve months
- Five-year compounded profit CAGR of 37% reflects a sustained track record of earnings expansion
- Three-year compounded sales CAGR of 30% demonstrates consistent top-line momentum in the FMCG dairy segment
- TTM sales growth of 35% shows the revenue trajectory remains robust and is not decelerating meaningfully
- ROE of 27.43% as of 2026-11-03 is well above typical FMCG benchmarks, suggesting efficient use of shareholder equity
- Three-year and five-year average ROE of 20% indicates profitability is structurally high, not just a one-off spike
- Last year's ROE of 32% marks an improvement over the longer-term 20% average, pointing to expanding return generation
- The stock has risen roughly 81% from its 52-week low of ₹165 to ₹298.75, reflecting strong price momentum over the past year
- Debt-to-equity ratio of 3.62 is high for an FMCG company, implying significant financial leverage and interest burden
- Concerns exist that the company might be capitalizing interest costs, which would flatter reported profitability and asset values
- Price-to-book ratio of 9.93x indicates the stock trades at a steep premium to its book value
- Dividend yield of 0% means shareholders receive no income return, relying entirely on capital appreciation
- ROCE of 14.27% is notably lower than the 27.43% ROE, and the gap suggests leverage is a key driver of equity returns rather than pure operating efficiency
- The stock trades 12.8% below its 52-week high of ₹342.40, indicating recent downward pressure from peak levels
- Five-year compounded sales CAGR of 28% lags the five-year profit CAGR of 37%, raising questions about whether margin expansion or accounting treatment is boosting earnings disproportionately
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: Milky Mist is leaning into premium, value-added dairy with its new high-protein lactose-free milk, signaling a push beyond commodity products. Corporate governance activity around ESOPs and executive pay is routine. No material headwinds surfaced in recent news, but the limited flow of updates makes it hard to assess broader momentum — watch for revenue traction from the new product line.
- High-protein milk launch Oct 15
Milky Mist launched a 250ml High Protein Lactose-free Milk with 25g protein, targeting the growing value-added dairy segment in India.
- ESOP and remuneration approvals sought Oct 6
Milky Mist issued a postal ballot seeking shareholder approval for ESOP 2025 ratification, Articles of Association amendments, and executive remuneration revisions.
Quarterly Results
₹ Cr| Particulars | Jun 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|
| Sales | 673 | 854 | 973 | 1,092 |
| Expenses | 593 | 719 | 831 | 936 |
| Operating Profit | 80 | 136 | 143 | 156 |
| OPM % | 12% | 16% | 15% | 14% |
| Other Income | 2 | 1 | 1 | 8 |
| Interest | 34 | 27 | 24 | 20 |
| Depreciation | 39 | 42 | 47 | 54 |
| PBT | 9 | 68 | 73 | 90 |
| Tax % | 39% | −38% | 12% | 13% |
| Net Profit | 6 | 94 | 64 | 78 |
| EPS (₹) | 0.09 | 1.46 | 1 | — |
Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.
Profit & Loss
₹ Cr| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Sales | 928 | 1,012 | 1,432 | 1,803 | 2,328 | 3,137 |
| Expenses | 785 | 857 | 1,235 | 1,589 | 2,027 | 2,713 |
| Operating Profit | 143 | 154 | 196 | 214 | 301 | 424 |
| OPM % | 15% | 15% | 14% | 12% | 13% | 14% |
| Other Income | −3 | −2 | 5 | 5 | 5 | 6 |
| Interest | 47 | 41 | 58 | 72 | 86 | 106 |
| Depreciation | 54 | 61 | 79 | 107 | 136 | 169 |
| PBT | 39 | 50 | 64 | 41 | 84 | 156 |
| Tax % | 40% | 37% | 56% | 56% | 48% | 20% |
| Net Profit | 23 | 32 | 28 | 18 | 44 | 125 |
| EPS (₹) | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | Not comparable with later periods: it is stated on a share count about a hundred times or more different, so it is left blank. | 0.69 | 1.95 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
₹ Cr| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 126 | 128 |
| Reserves | 100 | 150 | 178 | 282 | 201 | 334 |
| Borrowings | 464 | 545 | 804 | 1,035 | 1,380 | 1,671 |
| Other Liabilities | 121 | 125 | 207 | 286 | 440 | 536 |
| Total Liabilities | 688 | 823 | 1,193 | 1,606 | 2,147 | 2,669 |
| Fixed Assets | 528 | 561 | 803 | 1,136 | 1,333 | 1,663 |
| CWIP | 8 | 69 | 149 | 95 | 241 | 371 |
| Investments | 0 | 0 | 0 | 7 | 7 | 7 |
| Other Assets | 152 | 193 | 241 | 368 | 567 | 627 |
| Total Assets | 688 | 823 | 1,193 | 1,606 | 2,147 | 2,669 |
Cash Flow
₹ Cr| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | 135 | 120 | 199 | 140 | 309 | 298 |
| Investing | −107 | −175 | −396 | −289 | −542 | −464 |
| Financing | −42 | 60 | 202 | 152 | 236 | 163 |
| Net Cash Flow | −14 | 5 | 5 | 2 | 3 | −3 |
| Free Cash Flow | 28 | −35 | −202 | 140 | −234 | −161 |
| CFO/OP | 100 | 90 | 108 | 69 | 107 | 78 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 15 | 24 | 19 | 16 | 16 | 21 |
| Inventory Days | 47 | 38 | 41 | 61 | 85 | 80 |
| Days Payable | 12 | 12 | 11 | 14 | 31 | 26 |
| Cash Conversion Cycle | 51 | 50 | 48 | 63 | 69 | 75 |
| Working Capital Days | −25 | −29 | −30 | −35 | −40 | −28 |
| ROCE % | — | 15% | 15% | 10% | 11% | 14% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Milky Mist Dairy Food insights
48 extracted metrics across FY21–FY27.
Documents
- Q1 FY27 concall · Sep 2026Transcript Recording
- Q1 FY27 concall · Aug 2026PPT
- 27 Aug 2026
- 30 Jun 2026
- 18 Nov 2025
Frequently Asked Questions about Milky Mist Dairy Food
What does Milky Mist Dairy Food Ltd do?
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What is the 52-week high and low of Milky Mist Dairy Food Ltd?
What is the Return on Equity (ROE) of Milky Mist Dairy Food Ltd?
Company Information
Incorporated in 2014, Milky Mist Dairy Food Ltd is in the business of processing of milk and manufacturing of milk related products.
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